WABAMISK GOLD PROPERTY

Azimut acquired the Wabamisk Property in 2004 based on the results of its gold-potential modelling of the entire James Bay region. The property is located roughly 800 km north of Montreal, and 290 km north of Chibougamau. As at April 21, 2016, ownership of the property is 49% Azimut and 51% Goldcorp, and it consists of 470 claims in 1 block for a total surface area of 248.7 km2.

Proximity to Clearwater Gold Project and infrastructure
The Wabamisk Property is near the major Clearwater (Eau Claire) gold deposit belonging to Eastmain Resources, which is supported by permanent road and hydro-electric infrastructure.

In a 43-101 compliant technical report filed in June 2015, Eastmain Resources announced combined (in-pit and underground) measured and indicated resources of 7.225 Mt at 4.09 g/t Au for 951,000 ounces gold, and inferred resources of 5.072 Mt at 3.88 g/t Au for 633,000 ounces gold.

Context comparable to Éléonore gold mine property
The Wabamisk Property has a comparable geological context and geochemical signature to Goldcorp’s Éléonore gold mine property, roughly 70 km to the north.

Partnership with Goldcorp
In 2011, Goldcorp earned its 51% interest in the Wabamisk property. In October 2011, Azimut announced that Goldcorp had elected to pursue its second option on the property, whereby it can earn a 70% interest by funding additional exploration work and completing a bankable feasibility study within ten (10) years.

Recent exploration highlights
In 2015, Goldcorp funded a $103,000 IP survey program following the targeting phase on the property that identified altered shear zones warranting additional work. Significant results from the 2014 program (mapping and 195 grab samples) included the following assays: 2.42% Cu, 0.41 g/t Au and 23.6 g/t Ag (grab sample); 1.42% Cu and 7.1 g/t Ag (grab sample); and 1.01% Cu, 0.67 g/t Au and 9.1 g/t Ag (boulder).

Pre-2010 exploration programs
Initial exploration in 2005 identified several major gold target areas on the property. Most of the known historical gold showings occur within these areas. A soil geochemistry survey in 2006 was followed by prospecting, geological mapping, soil sampling and rock sampling in 2007. The 2008 program consisted of line cutting, IP geophysical surveying, prospecting, geological mapping and rock sampling. The 2009 program, which tested several quality gold targets, included soil sampling, prospecting, grab sampling and channel sampling, and an initial diamond drilling program that focused on the east half of the property. Drill holes mainly intersected sulphides or graphite with little or no gold.

In 2010, Goldcorp completed an 8-hole (2,800 m) diamond drilling program that identified two main prospective areas for gold in the west half of the property. At the GH Prospect, the best intercept in six (6) drill holes yielded 2.3 g/t Au over 4.3 m within a large envelope defined by an interval of 0.7 g/t Au, 0.39% Sb and 0.20% As over 19 m. This gold-antimony-arsenic zone is associated with a diorite intrusion and metasedimentary rocks. Mineralization is marked by Sb and As sulphides as disseminations and veinlets accompanied by sericitization and silicification. The area forms a target zone 3.5 km long, outlined by coincident soil (Sb, As) and geophysical (IP) anomalies. The alteration and mineralization footprint indicates a strong exploration potential both along strike and at depth. The second prospective sector, the Dome-ML Prospect, is 1.7 km long and yielded several historical high-grade gold values (up to 80.7 g/t Au) in grab samples taken from sheared and altered mafic volcanic units and a dioritic intrusion.

In 2012 and 2013, Goldcorp funded work programs that included a soil geochemistry survey (3,890 samples), prospecting (456 grab samples) and a high-resolution helicopter-borne magnetic survey (3,502 line-km). These programs led to the discovery of a new prospective area in the western part of the property, where prospecting returned 12.45 g/t Au in a quartz vein grab sample and a soil survey yielded several significant gold anomalies.

Relevant Press Releases

February 20, 2014
Azimut’s partner Goldcorp commences targeting phase on the Wabamisk gold property, James Bay region, Quebec
October 18, 2011
Azimut’s partner Goldcorp exercises its second option on the Wabamisk gold property, James Bay region, Quebec

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