Canada NewsWire
LONGUEUIL, QC, Aug. 9, 2017
Symbol: AZM.TSX Venture
LONGUEUIL, QC, Aug. 9, 2017 /CNW Telbec/ - Azimut
Exploration Inc. ("Azimut" or the"Company") (TSXV: AZM) is pleased to announce Phase 1 of a
8,000 m diamond drilling program has begun on the Eleonore South JV Property. Phase 2, comprised of 3,600 m, will begin in
January following a full assessment of the Phase 1 results. The drilling is part of a comprehensive $3.9 million program, following up on the 2016-2017 drill program (see press release of July 20, 2017) and guided by additional surface geological and geophysical exploration underway on the
Property. The Property is adjacent to Goldcorp's Eleonore mine property in the James Bay region
of Quebec (see attached figures).
Phase 1 is comprised of 20 holes (4,400 m) to be undertaken from early August to October. Phase 1 targets include:
- Follow-up drilling to assess the grade and geometric continuity of significant drilling results intersected in the tonalite
intrusion, including 4.9 g/t Au over 45.0 m (Hole ES17-64) and 0.65 g/t Au over 144.0 m (Hole ES17-60)
and to extend drilled geological sections southwards to the tonalite contact with metasediments. Nine (9) holes totalling 2,250
m are planned for this part of the program.
- Continue drill testing of the NE-SW striking, 4 km long by 500 m wide gold-bearing corridor outlined on the Property. This
corridor corresponds to a hydrothermally altered tonalite intrusion along or close to its contact with metasediments. An area
located south of the JT Prospect, marked by the changing direction of the intrusion-metasediment contact, is one of the
priority targets to be tested. Five (5) holes totalling 1,250 m are planned for this part of the program.
- An additional 900 m (6 holes) will be allocated to drill-test new targets developed from surface exploration.
About the Eleonore South Joint Venture Property
The Eleonore South Property is a three-way joint venture between Azimut Exploration Inc., Eastmain Resources Inc.
(TSX: ER) and Les Mines Opinaca Ltée ("Opinaca"), a wholly-owned subsidiary of Goldcorp Inc. (TSX: G;
NYSE: GG). Ownership in the Property is as follows: Azimut 26.6%, Eastmain 36.7% and
Goldcorp 36.7%. Azimut is the operator of the current program.
About Azimut Exploration
Azimut is a mineral exploration company with its core business centred on target generation and concurrent partnership
development. Targets are identified using advanced processing of large geoscientific databases enhanced by extensive exploration
know-how. Azimut holds a strategic position for gold and base metals in Quebec, including one of
the largest exploration portfolios in the James Bay region (20 properties covering 3,965
claims or 2,059 km2). In 2017, the exploration budget amounts to $6 million, 76% of which is funded by partners.
The Company has 45.4 million shares outstanding.
This press release was prepared by geologist Jean-Marc Lulin, acting as Azimut's qualified
person under National Instrument 43-101.
SOURCE Azimut Exploration Inc.
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