Azimut controls a 330-kilometre Copper-Gold trend in Nunavik, Quebec
Longueuil, QC, March 31 – Azimut Exploration Inc. (“Azimut” or “the Company”) (TSXV: AZM) announces it has now completed the acquisition of what it considers to be an outstanding exploration domain for large-scale polymetallic deposits, including copper, gold, tungsten and rare earths, in Nunavik, northern Quebec.
Located about 140 kilometres east of the villages of Puvirnituq and Inukjuak, the domain is now covered by three (3) extensive, 100% owned properties: Rex, Rex South and NCG, totalling 13,132 claims for a surface area of 5,707 km2. The very encouraging 2010 exploration results prompted Azimut to expand its land position to cover all remaining quality targets along a 330-km trend defined mainly by a strong copper anomaly in lake-bottom sediments. A minimum of $6.6 million will be invested in 2011 to accelerate exploration, including $4.1 million by Azimut’s key partner Aurizon Mines Ltd. (“Aurizon”) at Rex South, and $2.5 million by Azimut directly on the Rex and NCG properties. An initial 10,000-metre drilling program will be performed this summer.In this context, the Company welcomes the Plan Nord development project recently announced in the Quebec Government budget. The project will help strengthen the economic growth of Nunavik, as well as the social benefits to be received by local communities, in accordance with sustainable development principles.
From north to south, the three (3) properties covering the copper trend are:
• The Rex Property, consisting of 5,672 claims in 7 claim blocks comprising a surface area of 2,416 km2;
• The Rex South Property, under option to Aurizon, consisting of 2,044 claims in 1 block comprising a surface area of 890 km2; Aurizon can earn a 50% interest by investing $5 million in exploration work over 5 years and an additional 15% interest with a bankable feasibility study (see press release of May 26, 2010);
• The Nunavik Copper-Gold Property (the “NCG”), consisting of 5,416 claims in 22 claim blocks comprising a surface area of 2,401 km2.
To date, three (3) main mineralized zones, largely outcropping, have been discovered on the Rex and Rex South properties:
• At Rex, the copper-rich IOCG-type RBL Zone and CM Zone are both multi-kilometre mineralized zones with widths ranging from 50 to 200 metres (see press releases of October 13, October 20 and December 20, 2010);
• At Rex South, the porphyry-type Augossan Zone (gold-silver-copper-tungsten) is a 6-km long by 50- to 300-metre wide mineralized zone, open in all directions (see press releases of November 8, 2010 and February 15, 2011).
At Rex and Rex South, significant additional targets have been identified and will be subject to comprehensive work in 2011 (see press releases of February 22 and 23, 2011). A 3,000-metre drilling program is planned at Rex and a 7,000-metre program at Rex South. On the NCG property, several very attractive targets with comparable footprints to the Rex and Rex South mineralized zones will be subject to intensive field reconnaissance.
The trend covered by the three properties is marked by an outstanding copper anomaly identified in lake-bottom sediments, about 330 km long by 20 to 30 km wide, with values consistently above 100 ppm Cu and up to 370 ppm Cu. Background copper values in northern Quebec average 30 ppm Cu based on the Quebec Government’s sampling of 37,214 lakes over a surface area of 418,100 km2. Other strong geochemical anomalies are present in several areas along the copper trend, most notably for rare earth elements, cobalt, molybdenum, arsenic and antimony. Prior exploration of this trend was very limited and patchy. Azimut recognized the region’s potential using the results of its systematic mineral potential assessments performed at the scale of Quebec. The modelling work analyzed multi-element lake-bottom sediment geochemistry data, magnetic and gravity data, remote sensing data, geological mapping, and historical exploration work.
This press release was prepared by Jean-Marc Lulin, P.Geo., acting as Azimut’s Qualified Person under NI 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, and partnership development. Azimut holds the largest mineral exploration portfolio in Quebec, including key gold, copper, uranium and rare earth element properties.
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.
For further information:
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 – Fax: (450) 646-3045