QUEBEC – Montreal-based AZIMUT EXPLORATION and its partner KENNECOTT EXPLORATION have acquired a substantial block of claims about 120 km northeast of the town of Sept-Iles. They are taking a shotgun-approach to exploration, looking for many kinds of mineralization.
The acquisition follows mineral potential modeling performed by Azimut over a region covering 500,000 km2, representing approximately one-third of Quebec. Strong geochemical and geophysical signatures over the staked ground indicate an exploration potential for deposits of copper, uranium, rare earth elements and gold. Close to 20 mineral occurrences have been recorded on these claims.
It makes a certain amount of sense to investigate all types of mineral potential, especially on newly staked claims.
According to the terms of the July 2004 agreement between Azimut and Kennecott, Kennecott can acquire a 60% interest by investing $1 million per project, each project having a maximum surface area of 300 km2. Kennecott can acquire 20% of additional interest upon delivery of a feasibility study.
See www.Azimut-Exploration.com for news about the progress of exploration on these claims.