Azimut Acquires a Major Exploration Gold Property in Quebec's James Bay Region.QUEBEC CITY, Quebec -- Azimut Exploration Inc. ("Azimut") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AZM AZM The ISO 4217 currency code for Azerbaijani Manat. ) announces the acquisition by staking of a major exploration gold property in the James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see region totalling 834 claims over an area of 442 km2 (click here for map http://www2.ccnmatthews.com/database/fax/2000/AZM0202.pdf).The Eastmain property consists of two claim blocks: the West Block with 166 claims, and the East Block with 668 claims of which 218 had been previously acquired by Azimut.Confirmation of the newly acquired claims by the Ministry of Natural Resources, Wildlife and Parks is pending. Azimut considers the geochemical, geophysical and geological context of the Eastmain property to be extremely favourable for gold exploration.Among the key points: East Block: very strong arsenic geochemical anomaly (lake bottom sediments) traceable for 41 km across the property and associated with a band of metasedimentary rocks in contact with volcanics and granites.Several gold showings are present on the East Block or are immediately adjacent to it. West Block: very strong arsenic geochemical anomaly (lake bottom sediments) associated with volcanic rocks rocks which have been produced from the discharges of volcanic matter, as the various kinds of basalt, trachyte, scoria, obsidian, etc., whether compact, scoriaceous, or vitreous. See also: Volcanic in contact with granites. The East and West blocks of Azimut's Eastmain property are located approximately 20 km southeast of the Clearwater deposit (indicated and inferred resources of 750,000 ounces of gold according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 2003 estimate). The acquisition of the Eastmain project is the result of Azimut's regional-scale gold potential modeling covering 85,000 km2 in the James Bay region.This modeling also led to the acquisition of the Opinaca property (900 claims, 470 km2) in the vicinity of the major Eleonore gold discovery of Virginia Gold Mines. Azimut is a mineral exploration company utilizing cutting-edge targeting methodologies with the objective of discovering major ore deposits.Azimut has a strategic agreement with Kennecott, a subsidiary of the Rio Tinto Group Rio Tinto is a multinational mining and resources group founded originally in 1873. The group is one of the world's largest mining companies, with a pre-tax profit of approximately 10.2 billion US dollars in 2006 on consolidated turnover of 25.4 billion USD. , which covers a 500,000-km2 area outside the James Bay region.Azimut currently has 12.5 million issued shares. A map of the Eastmain Property is available on CCNMatthews' web site at the following address: http://www2.ccnmatthews.com/database/fax/2000/AZM0202.pdf The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. (TSX Venture) does not accept responsibility for the adequacy or accuracy of this release. AZIMUT EXPLORATION INC. (TSX VENTURE:AZM) |
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