MINTO PROPERTIES: NORTH, CENTRAL AND SOUTH

Radiometric prospecting at the Central Minto property

Uranium properties in Nunavik

Azimut owns three Minto properties—North, Central and South—in central Nunavik, northern Quebec. The Minto properties are divided as follows:

North Minto: 648 claims for a total surface area of 297.2 km²; this property is covered by a letter of intent with Rukwa Uranium Ltd

South Minto: 377 claims for a total surface area of 176.2 km²; this property is covered by a letter of intent with Rukwa Uranium Ltd

Central Minto: 381 claims for a total surface area of 178.0 km²

Central Quebec Uranium Lineament

The three Minto properties and the South Bienville property are aligned along a regional-scale, lake-bottom sediment uranium anomaly that Azimut calls the "Central Quebec Uranium Lineament". This roughly north-south geochemical trend measures 350 km long by 10-30 km wide and correlates well with late Archean intrusions and crustal-scale structures. Azimut identified the significant uranium potential of this trend through its predictive modeling that covered most of Quebec and Labrador.

North and South Minto

Azimut and its partner Rukwa Uranium Ltd discovered uranium mineralization during their 2008 field program on the North Minto (109 rock samples) and South Minto properties (9 rock samples). Mineralization had never before been reported on these Minto properties.

The highlight was a sample from North Minto grading up to 1.21% U₃O₈ (U/Th ratio of 25,600). This high grade prospect is related to a regional-scale structure, and this target may represent a major late-stage structurally-controlled mineralized system.

Mineralization at North Minto is hosted mainly in pegmatite dykes and granite. Significant mineralization has been identified in the southwestern portion of the property over a 2-km-long target area. It occurs along an important northwest-trending structure that coincides with a contact between tonalites and granites. Metavolcanic and metasedimentary rocks are proximal to this contact. The mineralization shows a good spatial correlation with lake-bottom sediment and helicopter-borne radiometric anomalies.

The most interesting prospect at South Minto has been identified in the central portion of the property along an important structure and correlates with high values in uranium in lake-bottom sediment and helicopter-borne uranium anomalies. The best grades were 1.21% U₃O₈ and 0.89% U₃O₈ with U/Th ratios of 25,600 and 10,800 respectively. The two samples correspond to chlorite-rich rocks with anomalous values in gold (up to 267 ppb), lead (up to 0.39%) and copper (up to 759 ppm).

A radiometric survey started in 2007 was completed during the 2008 program (6,795 line-km), covering both properties.

Central Minto

At the Central Minto property, the 2008 program yielded samples grading up to 0.65% U₃O₈.

Partnership

Azimut granted Rukwa Uranium Ltd the option to earn a 50% interest on the North and South Minto properties and an additional 15% interest upon the delivery of a bankable feasibility study. To date, Rukwa has been the operator of the field programs.

Relevant Press Releases

April 08, 2009
Azimut and Rukwa discover uranium mineralization grading up to 1.21% U₃O₈ at North Minto and South Minto, Nunavik, Quebec

January 22, 2009
Azimut and Abitex discover uranium mineralization grading up to 0.65% U₃O₈ at Central Minto, Nunavik, Quebec

April 03, 2008
Azimut and Central Uranium identify major uranium targets on the Central Minto property in northern Quebec

April 02, 2008
Azimut and Rukwa Uranium identify major uranium targets on the North Minto and South Minto properties in northern Quebec

May 01, 2007
Azimut and Central Uranium sign 2 Letters of Intent for the Central Minto and South Bienville Properties, Northern Quebec

April 02, 2007
Azimut and Rukwa Uranium sign 2 Letters of Intent for the North Minto and South Minto properties, Northern Quebec

May 29, 2007
Azimut's update on 13 uranium exploration properties in Quebec