Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 4, 2012 /CNW Telbec/ - Azimut Exploration Inc ("Azimut" or "the Company") (TSXV: AZM) announces that the Company has received new results from an in-fill sampling program performed on the Augossan Zone on its wholly owned Rex South Property in Nunavik, Northern Quebec. The Augossan Zone returned Copper-Tungsten-Gold-Silver grades within a broad mineralized envelope measuring 7,000 metres long by 100 to 350 metres wide (see appended maps). The next phase of exploration will consist of additional drilling to follow up on previous drilling intersections and to test new targets.
A total of 78 grab rock samples were collected along this zone in 2012, mostly from outcrops. Grab samples are selective by nature and unlikely to represent average grades. The best grades include:
|Copper (%)||Tungsten (%)||Gold (g/t)||Silver (g/t)||Sample #|
The results for all 788 samples collected from this zone from 2010 to 2012 can be summarized as follows:
- Copper: 136 samples returned grades higher than 0.1% Cu, including 25 samples with grades ranging from 0.5% to 2.56% Cu
- Tungsten: 71 samples returned grades higher than 0.05% W, including 49 samples with grades ranging from 0.1% to 4.62% W
- Gold: 141 samples returned grades higher than 0.1 g/t Au, including 28 samples with grades ranging from 1.0 g/t to 23.3 g/t Au
- Silver: 209 samples returned grades higher than 1.0 g/t Ag, including 49 samples with grades ranging from 10.0 g/t to 90.0 g/t Ag
Reconnaissance drilling performed in 2011 along the Augossan Zone totalled 4,333 m in 46 shallow holes (see press release dated April 4, 2012). A compilation of available results (drilling, channel, and grab samples) indicates that a number of significant targets along this zone have not yet been drill tested. The Augossan Zone straddles the contact zone between a 15 by 5 km granitic intrusion and its volcano-sedimentary host rocks (see press release dated October 31, 2011).
The Augossan Zone is of interest for its polymetallic potential, particularly its tungsten content. The price of tungsten has surged in recent years due to an increase in global demand and export restrictions from China, which accounts for about 83% of worldwide production. Current tungsten prices are US$360 per metric ton unit of WO3 (equivalent to US$45.40/kg or US$20.59/lb of tungsten metal).
Rock samples were sent to ALS Minerals in Val-d'Or, Quebec, and were assayed using an ICP method with check analysis for tungsten using X-ray fluorescence. On-site field operations were managed by Azimut's senior project geologist, François Bissonnette, P.Geo. This press release was prepared by geologist Jean-Marc Lulin, P.Geo., acting as Azimut's Qualified Person under National Instrument 43-101.
Azimut is a mineral exploration company with the objective of discovering major ore deposits. The Company's core business is project generation using cutting-edge targeting methodologies, along with partnership development. Azimut holds the largest mineral exploration portfolio in Quebec.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE: AZIMUT EXPLORATION INC.
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