REX

Copper, Gold, Silver, Rare Earths

The 100% owned Rex property is located approximately 130 km east of Hudson Bay and the community of Puvirnituq in Nunavik, northern Quebec. The property covers a largely outcropping area 100 km long and 100 m wide or more, and comprises 5,672 claims in 7 claim blocks over a surface area of 2,416 km².

The Rex property was identified by Azimut’s systematic mineral potential modelling for gold, copper and rare earth elements (REE). The property is largely unexplored and represents a very strong geochemical footprint for these metals, especially in the case of REE, with one of the most extensive such footprints for REE at the scale of Quebec and Labrador.

IOCG deposit type

Azimut’s management is of the opinion that the Rex property has a district-scale footprint for IOCG deposits and considerable potential for additional discoveries. The IOCG deposit-type encompasses a wide spectrum of ore bodies, often polymetallic and of significant size, which may notably produce iron, copper, gold, uranium, silver, cobalt and REE. The best known IOCG example is Olympic Dam in Western Australia, one of the largest known deposits in the world.

Mineralized areas and results

Results received by the end of 2010 included copper grades up to 11.3 % Cu for 101 grab samples from the RBL Zone, measuring 3 km long by 50 to 200 m wide. Other major copper targets (the CM and Kaam zones) and copper-gold-silver targets (the Volcan, Pir and Pap prospects) yielded significant grades for copper (up to 4.4 % Cu), gold (up to 580 g/t Au), silver (up to 196.0 g/t Ag) and cobalt (up to 0.19% Co).

The RBL and CM zones, each of multi-kilometre extent, are related to large breccia systems spatially associated with regional-scale structures. These features may indicate significant depth to the systems, and Azimut considers both zones to be major IOCG-type targets.

Both zones show excellent potential for extensions based on their strong magnetic signatures and geochemical footprints in lake-bottom sediments. Furthermore, these two zones, spaced 27 km apart, demonstrate the regional scale of mineralization on the Rex property.

New target areas

In early 2011, Azimut announced the definition of five new target areas based on the results of airborne geophysics (15,969 line-km) and lake-bottom sediment geochemistry (2,006 samples). These new target areas show strong to very strong geochemical anomalies in lake-bottom sediments, notably for copper, rare earth elements and cobalt. Anomalous values for gold, arsenic, antimony, molybdenum, uranium and lead were also present at some targets.

The size of the new targets range from 7 to 20 km long and 3 to 7 km wide. Four of the target areas overlie regional-scale magnetic boundaries.

Some of the target areas on Rex may be related to deposit types typical of Archean greenstone belts, such as copper-gold mineralization in shear zones and volcanogenic massive sulphides.

Upcoming exploration program

Following up on its initial $1.8 million exploration program in 2010, Azimut will begin a major program in 20011, including drilling, with the objective of assessing large-scale surface and high-quality exploration targets. The program will be wholly funded by Azimut using the proceeds of the Company’s recent financing announced in early March.

Relevant Press Releases

March 31, 2011
Azimut controls a 330-kilometre Copper-Gold trend in Nunavik, Quebec

February 23, 2011
Azimut identifies new Copper and Rare Earth Element exploration targets at REX, Nunavik, Quebec

December 20, 2010
Azimut reports major progress in Nunavik

October 20, 2010
Azimut: New results confirm REX discovery

October 13, 2010
Azimut discovers district-scale copper (gold, silver) mineralization at REX, Nunavik, Quebec

September 28, 2010
Azimut completes comprehensive work program at REX,Nunavik, Quebec

June 21, 2010
Azimut starts $1.8-million exploration program at the REX Property (Copper-REE) in Nunavik, Quebec

March 04, 2010
Azimut: Large IOCG footprint recognized at the REX Property in Nunavik, Quebec

December 04, 2009
Gold-Silver-Copper prospects staked by Azimut expand the REX Property in Nunavik, Quebec

November 23, 2009
Azimut stakes a major Rare Earth Element-Copper exploration target in Nunavik, Quebec