Azimut Options Two Large Gold Properties in Abitibi.QUEBEC--(BUSINESS WIRE)--Jan. 16, 1997--AZIMUT (ME AZM AZM The ISO 4217 currency code for Azerbaijani Manat. .) Azimut Exploration Inc. ("Azimut") is pleased that it has entered into two option agreements: one with Cambior Inc. ("Cambior") and the other one with Cambiex Exploration Inc. ("Cambiex") and Cambior giving Azimut the right to earn a 50 percent interest in two large gold properties located in the Noranda mining camp, Abitibi, Quebec. The Flavrian and Lepine-Bassignac properties contain numerous gold showings and located near past and current gold producers. In order to acquire its interest, Azimut must invest $3.5 M on Flavrian and $2.2 M on Lepine/Bassignac over the next five years. In 1997, minimum exploration expenditures on the two properties will be $200,000. Cambior will act as operator, and Azimut will hold, during the option period, a casting vote CASTING VOTE, legislation. The vote given by the president or speaker of a deliberate assembly; when the votes of the other members are equal on both sides, the casting vote then decides the question. Dane's Ab. h.t. CASTRATION, crim. law. The act of gelding. on both management committees. If any discovery results from this exploration program, Cambior will have the right to earn back a 12.5 percent interest by providing and funding the feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. and the development of the deposit. The Flavrian property is located 6 kilometres northwest of the currently producing Silidor Mine (3.2 MT @ 5.0 g/t gold) and 16 kilometres west of the city of Rouyn-Noranda. Encompassing 266 claims (9,353 hectares), the property covers most of the Flavrian intrusive in·tru·sive adj. 1. Intruding or tending to intrude. 2. Geology Of or relating to igneous rock that is forced while molten into cracks or between other layers of rock. 3. Linguistics Epenthetic. host of the past producers Pierre Beauchemin (1.5 MT @ 5.0 g/t gold) and Elder mines (2.1 MT @ 5.1 g/t gold). The property itself includes the former Quesabe mine (100,000 T @ 8.6 g/t gold) and numerous significant showings, some of which have seen little previous work. For example, in the southeast half of the property they are 8 showings and only a dozen diamond drill holes have been drilled. These showings are most often located in proximity to lineaments similar to the one hosting the Silidor Mine. In 1996, stripping work on the Buffam showing revealed Silidor-type alteration Modification; changing a thing without obliterating it. An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations of the parties to it. over tens of metres with the best grab samples Noun 1. grab sample - a single sample or measurement taken at a specific time or over as short a period as feasible sample - a small part of something intended as representative of the whole assays reaching 24.5, 13.3 and 10.6 g/t gold. The Lepine-Bassignac property surrounds Cambior's Yan Vezina mill (presently in operation) as well as the now-closed Yvan Vezina mine (1,1 MT @ 3,8 g/t gold). Located 35 kilometres north of Rouyn- Noranda, the property consists of 195 claims (7,284 hectares) and straddles the Destor-Porcupine Break for more than 10 kilometres. It is in the vicinity of this regional fault that the majority of the Timmins gold producers are located, as well as the Harker-Holloway mine (5,8 MT @ 6,8 g/t gold) located just west of the Quebec-Ontario border. On the property, less than 30 percent of the length of the fault zone has been drilled with the deepest intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. being only 250 metres. A recent examination of available drill data and core has revealed the typical Harker-Holloway alternation alternation /al·ter·na·tion/ (awl?ter-na´shun) the regular succession of two opposing or different events in turn. alternation of generations metagenesis. as well as gold values reaching 4.6 g/t over 2.0 metres. Azimut Exploration Inc. is a junior company dedicated to the acquisition and development of high quality properties in Canada and throughout the world. Azimut id listed on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg (3.6 M shares issued) under the symbol "AZM". CONTACT: Exploration Azimut Inc. Jacquelin Gauthier, 418/692-0692 418/694-0331 (FAX) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion