James Bay Region
Azimut has been acquiring properties in the James Bay region since 2003 based on the results of its systematic, regional-scale (172,000 km2) assessment of the area's gold potential.
In collaboration with its partners, Azimut has become one of the leading companies searching for gold in this underexplored region that many believe is an emerging new district. Azimut's James Bay portfolio now includes 14 properties (5,565 claims) covering 2914 km2.
Sediment-hosted gold represents the main exploration target for Azimut. At least six of the Company's properties contain this type of target, which is of considerable importance for the area since the 2004 discovery of the sediment-hosted Roberto gold deposit on the Eleonore project (see map). The initial resource estimate for Roberto is 2.7 Mt @ 7.3 g/t (1.8 million indicated and 0.9 million inferred gold ounces). The orebody is 1.9 km long and 1.1 km deep. Goldcorp Inc. acquired the Eleonore project from Virginia Gold Mines in 2006 and is now carrying out a feasibility study. The target is 5 million ounces.
Goldcorp and Everton Resources Inc. have completed independent drilling programs totalling approximately 5,250 metres on three of Azimut's James Bay properties. Results are pending.
In 2008, expenditures for Azimut's partner-funded gold exploration programs on its James Bay properties will total $3.6 million. Minimum cumulative work commitments from the Company's partners in this region reach almost $8 million from 2008 to 2011.
Key results for Gold
Map showing the key results for Opinaca A, B, D and Eleonore South
Opinaca A and B (optioned to Everton Resources)
- Drill results
- 2,000-m program in 2008
- 4.24 g/t Au over 1 m and 0.38 g/t Au over 1 m at the Smiley Target
- 0.55 g/t Au over 0.3 m and 0.60 g/t Au over 1.2 m at the Dominic Target
- 0.22 g/t Au over 187 m, including 1.4 g/t over 12 m in one drill hole at the Claude Target
- Surface results
- 6 surface rock samples grading more than 1 g/t Au (up to 51 g/t) along a 1.7-km trend forming the Inex Zone
- 44 surface rock samples grading more than 1 g/t Au (up to 36 g/t) along a 1.3-km corridor known as the Charles Prospect
- 2008 Technical Report
Eleonore South (three-way agreement between Azimut, Eastmain Resources and Goldcorp)
- Goldcorp exercised its right to increase its interest in the property to a total of 40% in early 2008
- JT Target: 300 x 600 m surface area with 54 surface channel samples grading more than 1 g/t gold (up to 37.8 g/t), including 1.49 g/t over 16 m and 5.33 g/t over 8 m
- $1 million exploration program for 2008, including 3,250-metres of drilling; results pending
- 2006 Technical Report
Wabamisk (optioned to Goldcorp)
- Four new showings, grab samples grading up to 8.2 g/t Au
- Several kilometre-scale geochemistry targets defined by Au, As and Sb soil anomalies
- $1 million exploration program for 2008: 110 km of ground geophysical surveying (induced polarization) and 2,500 m of drilling; results pending
Opinaca D property (optioned to Eastmain)
- Several strong gold-arsenic-antimony soil anomalies
- Compilation of results and drill target selection underway
- 2007 Technical Report