Wabamisk

Azimut began acquiring properties in the James Bay region in November 2003 based on targeting results from its regional-scale gold potential modelling of the region.

Azimut’s has one gold property in the Eastmain area, the Wabamisk property. It is located 290 km north of Chibougamau, or 80 km south of Goldcorp’s Eleonore deposit, and comprises 755 claims for a total area of 399.5 km².

Partnership

Goldcorp renewed its Wabamisk option commitments in 2010. In addition, the Company will be validating the work expenditures incurred on its Wabamisk property to confirm that Goldcorp has earned a 51% interest.

Geological context

The geological context and the geochemical signature are comparable to those of the Eleonore property hosting the Eleonore deposit. Goldcorp’s work on the Wabamisk property in 2005 identified several major gold targets. Most historical gold showings in the area are found in these target zones.

Exploration results

In 2006 a soil geochemistry survey was performed followed by a follow-up program in 2007, which consisted of prospecting, geological mapping, soil sampling and rock sampling. In 2008, exploration work consisted of line cutting, IP geophysical surveying, prospecting, geological mapping and rock sampling. The 2009 program was designed to test several quality gold targets and consisted of prospecting, grab sampling, channel sampling, an initial diamond drilling program and soil sampling.

The work performed to date highlighted the potential of four (4) priority sectors in the western half of the property, all of which remain untested by drilling and yielded historical gold values of up to 80.7 g/t Au in grab samples. The initial drilling program, which was designed to test a number of geochemical-geophysical targets in the eastern half of the property, mainly intersected sulphides or graphite with little or no gold. One hole yielded very encouraging results along a 75-m section with mineralized intervals.

In 2010, Azimut reported that Goldcorp completed an 8-hole diamond drilling campaign with the best intercept returning 2.3 g/t Au over 4.3 m.

Relevant Press Releases

September 14, 2010
Azimut reports encouraging drilling results on the Wabamisk Gold Property, James Bay region, Quebec

March 17, 2010
Azimut: Goldcorp starts drilling program at Wabamisk, James Bay region, Quebec

November 12, 2009
Azimut's partner Goldcorp makes progress on the Wabamisk gold property, James Bay region, Quebec

January 30, 2009
Azimut´s partner Goldcorp to drill at Wabamisk, James Bay region

December 13, 2005
Azimut's partner Placer Dome identifies gold targets at Wabamisk property, James Bay, Quebec

June 13, 2005
Azimut and Placer Dome add claims to the Wabamisk Property

May 04, 2005
Azimut and Placer Dome sign an agreement for the Wabamisk Property