Symbol: AZM.TSX Venture
LONGUEUIL, QC, Nov. 25, 2019 /CNW Telbec/ - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) is pleased to report the results from its 2019 exploration program on the Rex South Property (the "Property") under the Azimut–SOQUEM Strategic Alliance in the Nunavik region (the "Alliance") (see Figure 1). The $4 million program, funded by SOQUEM, also covered the Rex Property (see press release of November 6, 2019) and the Nantais Property (results to be announced).
The field campaign led to:
These results further emphasize Rex South as a district-scale exploration property with strong potential for copper and gold as well as other associated commodities (silver, tellurium, molybdenum, tungsten and tin). The Property hosts at least 11 mineralized zones with kilometre-scale extensions, most of them surrounding or in the vicinity of a 15 kilometre by 5 kilometre ovoid-shaped granitic intrusion (the "Qalluviartuuq Intrusive Complex").
The upcoming 2020 exploration program, funded with an additional $4 million Alliance budget, will accelerate the assessment of the best mineralized zones by diamond drilling and prospecting. Azimut is the operator of the Alliance.
HIGHLIGHTS (see Figures 2 to 7 and Photos 1 to 9)
Figure 2 shows the results obtained from the 2019 field program. Figures 3 and 4 summarize the best results acquired to date on the Property.
The Rex South Property (2,362 claims) consists of two (2) claim blocks totalling 1,029 km2 with a cumulative length of 68 kilometres. The 2019 prospecting program focused on the eastern claim block. A total of 320 grab samples were collected primarily from outcrops. Grab samples are selective by nature and unlikely to represent average grades.
About the Rex Trend
In 2009, Azimut acquired a controlling land position over a vast underexplored region of Northern Quebec (the "Rex Trend") through its Rex and Rex South properties. The projects were staked following the Company's proprietary AZtechMineTM expert system applied to copper-gold predictive modelling over a 1,247,900 km2 surface area. The primary objective was to identify world-class exploration targets in the Quebec Government's Plan Nord territory.
The Rex Trend is defined as a strong 300-kilometre-long lake-bottom sediments copper anomaly coupled with a strong 100-kilometre-long rare earth anomaly (press releases of March 31 and July 22, 2011). Azimut considers the Rex Trend to be a new mineral province related to a deep-seated structural corridor (the "Allemand-Tasiat Zone") with the potential to host large-scale deposits, including iron oxide copper-gold ("IOCG"), reduced intrusion-related gold-polymetallic systems, copper-gold mineralization in shear zones, and volcanogenic massive sulphides. The Rex Trend has features in common with the world-class Carajás Mineral Province in Brazil (press release of April 4, 2012).
About the Azimut–SOQUEM Nunavik Alliance
The Alliance, announced on May 15, 2019, comprises two (2) option phases representing a total investment of up to $40 million:
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut's qualified person under National Instrument 43-101. The field program is under the direction of François Bissonnette, P.Geo., Operations Manager, and Dr. Martin Tuchscherer, P.Geo., Chief Geologist, both from Azimut. SOQUEM's geologists were also part of the exploration team.
About SOQUEM
SOQUEM, a subsidiary of Ressources Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A proud partner and ambassador for the development of Quebec's mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.
About Azimut
Azimut is a mineral exploration company whose core business is centred on target generation and partnership development. The Company uses a pioneering approach to big data analytics (the proprietary AZtechMineTM expert system) enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and has 57.4 million shares outstanding. Azimut's tight share structure is a key asset for value creation. Since its founding in 1986, there have been no share consolidations.
Azimut holds the largest mineral exploration portfolio in Quebec. The Company's edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects. This includes two regional strategic alliances with SOQUEM for six (6) gold properties in the James Bay region and three (3) major gold-copper properties in the Nunavik region.
Azimut's other high-potential properties in the James Bay region comprise:
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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