Symbol: AZM.TSX Venture
LONGUEUIL, QC, Oct. 7, 2015 /CNW Telbec/ – Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) is pleased to announce that Osisko Gold Royalties Ltd. (“Osisko”), through their 100% owned subsidiary Osisko Exploration James Bay Inc., Newmont Northern Mining ULC (“Newmont”) and SOQUEM Inc. (“SOQUEM”) have agreed to transfer the Duquet Property (the “Property”) to Azimut.
The Duquet Property, located in Nunavik, Northern Quebec, consists of 30 claims in two blocks covering 12.8 km2. All the rights, titles and interests in the Property have been transferred to Azimut in consideration of an aggregate 2.25% net smelter return royalty (“NSR”) on the Property, with a 0.75% NSR granted to each of the Property’s three previous joint owners, Osisko, Newmont and SOQUEM.
Entirely positioned within the Rex Property (Cu-Au-W-REE) held 100% by Azimut (see appended map), the Duquet Property hosts significant gold and copper mineralization, including the following historical grab and channel results:
Azimut considers the transfer of the Duquet Property as a positive development for the Company. It adds excellent prospects on strike with known major targets on the Rex Property.
The Rex and Duquet properties are part of Azimut’s controlling position over a strong regional-scale lake-bottom sediment copper and rare earth anomaly. The Company has confirmed the potential of the region, which it calls the “Rex Trend” (press release on March 19, 2015). Azimut’s most significant results along the Rex Trend include the discovery of a 30 km by 10 km district-scale intrusion-related polymetallic mineralized system, and five Iron Oxide Copper Gold (IOCG) systems.
Azimut is a mineral exploration company with the objective of discovering major ore deposits. The Company’s core business is project generation using advanced processing methodologies, concurrently with partnership development. This press release was prepared by geologist Jean-Marc Lulin acting as Azimut’s Qualified Person under National Instrument 43-101.
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.
