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  • Property Map
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  • James Bay Region

    GOLD

  • 1 Opinaca A
  • 2 Opinaca B
  • 3 Eleonore South
  • 4 Opinaca D
  • 5 Wabamisk
  • CHROMIUM-PGE

  • 1 Eastmain West
  • OPINACA B GOLD PROPERTY


    Surface trenching and sampling at the Opinaca Project

    Location of the Opinaca B Property in relation to the Eleonore gold mine (Goldcorp) and the adjacent Cheechoo Property (Sirios Resources/Golden Valley Mines)

    Close-up of the Opinaca B Property showing the main prospects to date and the target zones for the summer 2016 exploration program

    Strategic position near Eleonore Gold Mine
    The Opinaca B Property lies 8 km east of Goldcorp’s Éléonore gold mine property and is adjacent to the Cheechoo Property held by Sirios Resources Inc. It is located approximately 850 km north of Montreal, and consists of 235 claims in 2 blocks for a total surface area of 122.9 km2 (as at April 21, 2016).

    Hecla option
    Azimut’s partner Everton Resources Inc. has a 50% interest on the Opinaca B property since April 2010. In September 2010, the property became subject to a three-way agreement between Azimut, Everton and Hecla Mining through its wholly owned subsidiary Hecla Québec (see below for terms of the agreement).

    Stronger discovery potential
    Recently released results for the adjacent Cheechoo Property held by Sirios (see map) strengthen the discovery potential of the Opinaca B Property. The results include 15.61 g/t Au over 9.70 m and 15.04 g/t Au over 12.35 m (see Sirios press release of March 29, 2016). Azimut recently added 42 new claims (22 km2) to Opinaca B to provide better control on the possible extensions of the exploration targets on the property.

    Hecla-funded 2016 drilling program
    A diamond drilling program by Hecla will test several high priority targets in the summer of 2016 (see map). The comprehensive $756,000 exploration program will also include prospecting, extensive mechanized trenching and the collection of about 2,000 rock samples. The program is supported by encouraging drilling and till results as discussed below.

    D8 Prospect
    The results of the 2015 program funded by Hecla outlined a package of IP anomalies, 150 to 200 m wide, carrying anomalous gold values in bedrock (up to 0.11 g/t Au in a trench). The best prospecting result was 3.0 g/t Au from a boulder of chloritized wacke with quartz-feldspar-tourmaline veinlets. In 2012, the area produced positive channel sample results, including 2.3 g/t Au over 1.0 m and 0.55 g/t Au over 4.0 m. The area is also characterized by gold anomalies in soil and till.

    The D8 Prospect lies along an east-west structure at the boundary between the Opinaca and La Grande geological subprovinces, and shares geological similarities with the Éléonore gold deposit. The prospect is characterized by a 20-m-wide sheared and altered sedimentary unit with amphibolite and quartz-tourmaline veinlets.

    Penelope Prospect
    The Penelope Prospect, about 2 km west of the D8 Prospect, yielded 10 bedrock samples with values above 0.1 g/t Au including four with values above 0.5 g/t Au, and a maximum grade of 4.26 g/t Au. Mineralization is associated with quartz-tourmaline veins and veinlets.

    Dominic Prospect
    Several kilometres north of the Penelope Prospect, diamond drilling on the Dominic Prospect in 2008 yielded 0.6 g/t Au over 1.2 m. This prospect falls within a wide exploration target defined for the 2016 exploration program.

    Claude Prospect
    In 2007, drilling by partner Everton on the Claude Prospect, in the centre of the property, yielded 0.22 g/t Au over 187 m, including 1.0 g/t Au over 21.5 m. This prospect lies within with one of the targets to be investigated by the summer 2016 program.

    Original option agreement with Hecla
    In September 2010, the Opinaca A and B properties became subject to a three-way agreement between Azimut, Everton and Hecla Québec Inc. According to the terms of that original agreement, Hecla has the option to acquire a 50% interest in each of the two properties by making cumulative cash payments of $580,000 and incurring a total of $6.0 million in exploration work over 4 years. Hecla may earn an additional interest of 10%, for a total interest of 60%, by making cumulative cash payments of $300,000 and incurring at least $3 million in exploration expenditures over 3 years from the election date, and by delivering an independent pre-feasibility study on or before the fourth anniversary. Azimut will receive cash payments of $290,000 on the first option and $150,000 on the second option, and its resulting interest will be 20%. In the event that mineral resources of at least 2 million ounces of gold at an average grade of at least 6 g/t Au are discovered before the end of the eighth year of the initial option agreement, Hecla shall make a payment of $1.5 million in Hecla common shares, subject to regulatory approval. Azimut will receive 50% of these issued shares.

    Amendments to the agreement and renewal

    • On November 15, 2013, an amendment was made to extend the work schedule by two (2) additional years.
    • On November 14, 2014, a second amendment was made to exclude all claims comprising the Opinaca A property from the agreement. All other terms remain unchanged.
    • On November 25, 2015, the Company announced that Hecla had renewed its option to acquire a 60% interest in the Opinaca B property.

    Relevant Press Releases

    April 21, 2016
    Azimut announces Hecla will commence a $756,000 exploration program on the Opinaca B gold property in the Eleonore mining camp

    January 22, 2016
    New results in the Eleonore Camp strengthen the discovery potential of the Eleonore South and Opinaca B properties

    November 25, 2015
    Azimut reports on Hecla Quebec’s progress on the Opinaca B gold property, James Bay region

    November 07, 2013
    Hecla Mining renews its option on the Opinaca A & B gold properties, James Bay region, Quebec

    November 19, 2012
    Azimut’s partner Aurizon advances on the Opinaca A & B gold properties, James Bay region, Quebec

    June 12, 2012
    Azimut : Strategic Update

    September 16, 2010
    Azimut, Aurizon and Everton sign a Letter of Intent for the Opinaca gold property, James Bay region, Quebec

    April 20, 2010
    Azimut and Everton: Partners at 50% on the Opinaca A and B gold properties, James Bay region, Quebec

    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

    August 09, 2007
    Azimut and Everton discover new mineralized zone at Opinaca, James Bay region, Quebec

    May 08, 2007
    Azimut and Everton release drilling results and provide an overview of the summer work program for Opinaca, James Bay region, Quebec

    January 17, 2007
    Azimut's partner Everton begins winter 2007 exploration program at Opinaca, James Bay region, Quebec

    September 20, 2006
    Azimut's partner Everton identifies a new gold target at Opinaca

    March 15, 2006
    Azimut: Airborne geophysical survey begins at Opinaca, James Bay, Quebec

    February 01, 2006
    Azimut and Everton identify new gold targets at the Opinaca project, James Bay, Quebec

    January 24, 2006
    Azimut: Second year option by Everton on the Opinaca project in James Bay, Quebec

    December 13, 2004
    Azimut and Everton sign agreements for four claim blocks near the Eléonore gold discovery in James Bay, Quebec

    November 22, 2004
    Azimut increases its holdings near the Eléonore Gold Discovery


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