BURREL LAKE

The Burrel Lake property (892 claims, 404.2 km²), owned 100% by Azimut, is located 40 km east of Ungava Bay in Nunavik, northern Quebec.

The nearest village is the Inuit coastal community of Kangiqsualujjuaq, equipped with an airport and port facilities. The property is about 160 km northeast of Kuujjuaq, the largest Inuit village in Nunavik and its administrative capital.

Discovery of a new uranium province

The discovery by Azimut and AREVA of several hundred uranium prospects has revealed the Ungava Bay region to be a new Canadian uranium province.

The Burrel Lake claim blocks are adjacent to the North Rae, Daniel Lake and Kangiq properties, also 100% owned by Azimut, and together they form a block of properties about 70 km long by up to 50 km wide that constitutes the Company’s dominant land position in the region.

Regional controls on mineralization

Many of the claims now constituting the Burrel Lake property were originally part of the Daniel Lake and Kangiq properties. Azimut's findings on these and other Ungava Bay properties can be summarized as follows in terms of regional controls on uranium mineralization:

The geological contact between Archean basement and Proterozoic metasedimentary rocks. Azimut's main property block formed by the North Rae, Daniel Lake, Kangiq and Burrel Lake properties covers this favourable geological contact along a 70 km continuous strike length. This type of setting is considered highly prospective for uranium on a worldwide basis.

Regional-scale late northwest-trending faults hosted in Archean basement.

Favourable lithologies within the Proterozoic metasedimentary package of the Lake Harbour Group. Reduced facies and carbonates represent high priority targets that have been subject to very limited exploration to date. Some of the Burrel Lake claims are underlain by Lake Harbour metasedimentary rocks.

Strategic advantages

Azimut’s Burrel Lake and other Ungava Bay properties benefit from three strategic advantages:

The properties have the potential for a large resource base at shallow depth, amenable to open pit mining.

The properties are well positioned, only a short distance from port facilities on the Ungava Bay coast, near deep sea water, and close to a permanent airport and other infrastructure.

The province of Quebec is recognized around the world as a low-risk region for exploration and mining.