Symbol: AZM.TSX Venture
LONGUEUIL, QC, Jan. 21 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut")
announces that Les Mines Opinaca Ltée ("Opinaca"), a wholly-owned subsidiary
of Goldcorp Inc., will terminate its right to increase its interest by 6.67%
in the Eleonore South project in favour of proceeding with future exploration
as a joint venture. As a final option payment on the property, Azimut will
receive a payment of $100,000: $80,000 from Eastmain Resources Inc.
("Eastmain") and $20,000 from Opinaca. Project owners are: Azimut 33.33%,
Opinaca 33.33% and Eastmain 33.34%. In 2009, Eastmain will propose and carry
out a new exploration program, including diamond drilling, as operator and
manager of the joint venture. The approved program will require funding by all
partners in order to maintain their ownership.
In 2008, 16 drill holes totalling 3,129 m were completed to test a
variety of exploration targets based on geochemical, geophysical and
geological criteria. Seven of the 16 drill holes were collared in the JT
Target area to test for the depth extension of gold mineralization previously
identified through trenching, which exposed a highly prospective zone more
than 400 m wide. Gold-bearing metasedimentary rocks associated with
disseminated arsenopyrite and aluminous rock alteration were intersected in
each of the seven JT drill holes. The gold-bearing intervals are of a similar
geological character to that observed at the Roberto gold deposit.
Assays from these holes include:
- 10.8 g/t Au over 0.5 m and 1.54 g/t Au over 5.7 m in hole ES08-08
- 0.70 g/t Au over 10 m in hole ES08-09
- 0.49 g/t Au over 7.5 m in hole ES08-11
- 7.06 g/t Au over 0.5 m in ES08-12
- 10.4 g/t Au over 0.5 m and 0.46 g/t Au over 8.2 m in hole ES08-13
Azimut considers the results of this initial drilling phase to be
New developments at other Azimut gold properties in the James Bay region
- Wabamisk property: Goldcorp Inc. will undertake a drilling program
starting this winter.
- Opinaca A and B properties: Everton Resources Inc. has renewed its
options and a payment of $60,000 has been received by Azimut.
- Opinaca D property: Eastmain has informed Azimut that it is withdrawing
from its option to earn a 50% interest. About $980,000 has already been
spent by Eastmain, resulting in the definition of drill targets. Azimut
believes that this property has good exploration potential.
This press release was prepared by geologist Jean-Marc Lulin acting as
Azimut's Qualified Person under NI 43-101. Azimut is a mineral exploration
company using a proprietary targeting methodology combined with considerable
exploration know-how to discover major ore deposits.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Jean-Marc Lulin, President and Chief Executive
Officer; Normand Champigny, Executive Vice President, (450) 646-3015, Fax:
(450) 646-3045; firstname.lastname@example.org; www.azimut-exploration.com