Azimut’s partner Goldcorp commences targeting phase on the Wabamisk gold property, James Bay region, Quebec
February 20, 2014 (Source: CNW) — Azimut Exploration Inc (“Azimut”) (TSXV: AZM) is pleased to announce that its partner Goldcorp Canada Ltd (“Goldcorp”) (TSX: G) has begun a targeting phase on the Wabamisk property, with the objective of defining a new exploration program for 2014. This follows the discovery in 2013 of a new prospective area in the western part of the project where grab samples returned up to 12.45 g/t Au.
The Wabamisk property hosts numerous gold prospects in a geologic setting comparable to Goldcorp’s world-class Eleonore gold deposit located 70 km to the north (see map appended to the October 18, 2011 press release). In 2012 and 2013, the work performed by Goldcorp at Wabamisk included mapping and prospecting (456 grab samples), soil geochemistry (3,890 samples) and a high-resolution helicopter-borne magnetic survey (3,502 line-km). These programs led to the discovery of a new prospective area in the western part of the property, where prospecting returned 12.45 g/t Au in a quartz vein grab sample and a soil survey yielded several significant gold anomalies. These results led to the addition of 36 new claims to the property.
The project is 44 km long and comprises 680 claims covering a surface area of 360 km2. It is held 51% by Goldcorp and 49% by Azimut. Goldcorp has a maximum of ten (10) years to complete a feasibility study and earn an additional 19% interest on the property.
Azimut has built a strategic position for gold in the James Bay region with Wabamisk and four other properties:Eleonore South (Azimut-Goldcorp-Eastmain JV), Opinaca A and Opinaca B (Azimut-Everton JV, Hecla option), and Opinaca D (100% Azimut). The latter four projects, all in the vicinity of the Eleonore mine, comprise 1,147 claims covering a collective surface area of 599-km2. Goldcorp recently announced a significant increase in reserves at Eleonore (see press release of February 13, 2014: www.goldcorp.com). Production at the Eleonore mine is scheduled for late 2014.
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, along with partnership development. Azimut has 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.
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