James Bay Region
OPINACA PROJECT ("A" PROPERTY)
Azimut has several properties in the vicinity of Goldcorp's Eleonore (Roberto) gold deposit, east of the Opinaca Reservoir and about 320 km from Matagami or Chibougamau. These include the Opinaca Project, comprising four claim blocks forming the A and B properties, for a total of 649 mining claims covering 338 km2.
The southern limit of the Opinaca A property is only 4 kilometres from the Eleonore deposit, for which Goldcorp recently announced a resource averaging 12.6 g/t Au for a total of 9.4 million ounces of gold.
Ownerhip and partners
In April 2010, Azimut confirmed that its partner Everton Resources Inc had earned its 50% interest in the Opinaca Project (A and B properties).
In September 2010, Azimut announced the signing of a Letter of Intent with Aurizon Mines Ltd and Everton whereby Aurizon can acquire up to a 60% undivided ownership interest in the Opinaca property by incurring $6.0 million in exploration work over a four (4)-year period, and an additional 15% interest upon delivery of a bankable feasibility study.
Aurizon plans to initiate a $1.0 million exploration program consisting of surface sampling, geophysical surveys and 2,000 m of drilling in 2011.Exploration results at Opinaca A
The 2005 surface prospecting results for the Opinaca A property revealed a 1.7-kilometre-long trend of gold showings now known as the Inex Zone, with surface rock smaples grading up to 50.9 g/t Au.
In the summer of 2007, follow-up prospecting work led to the discovery of the Charles, Smiley and Lola targets, all of which are characterized by coinciding airborne electromagnetic conductors, induced polarization anomalies and geochemical anomalies. Rock chips from the Charles Target yielded gold values up to35.9 g/t Au.
Both the Charles and Smiley targets were subsequently tested by a 9-hole drilling program (1,600 metres) on the A and B properties in the winter/spring of 2008. Most of the drill holes intersected altered sediments containing variable amounts of sulphide mineralization. The most significant results at Opinaca A graded 4.2 g/t Au over 1 metre and 0.4 g/t Au over 1 metre from a drill hole on the Smiley Target. The exploration program also included 160 line-km of induced polarization (IP) and magnetic ground surveys.
Everton published a NI 43-101 Technical Report for the project in March that same year.
Relevant Press Releases
June 12, 2012
Azimut : Strategic Update
September 02, 2008
Azimut's update on Opinaca A and B, James Bay region, Quebec
December 07, 2007
Azimut and Everton plan a winter drill program at Opinaca
November 22, 2004
Azimut increases its holdings near the Eléonore Gold Discovery