Azimut and Aurizon expand district-scale polymetallic discovery at Rex South, Nunavik, Quebec

LONGUEUIL, QC, Oct. 31, 2011 /CNW Telbec/ - Azimut Exploration Inc ('Azimut') ('Aurizon') have received the first set of results from the major exploration program performed in 2011 on the Rex South property. The program successfully led to the discovery of several new mineralized zones. The Rex South property is emerging as a new mineral district with strong potential for a number of gold, strategic and base metal deposits along a 30-km trend in Northern Quebec (see appended map).

This release reports on the results for 1,159 of the 2,530 rock samples collected by prospecting. Pending results include the remaining 1,371 prospecting samples in addition to 3,171 drill samples from 53 holes (totalling 4,934 m of drilling) and 149 channel samples. Additional releases will be issued when further results become available.

Prospecting highlights include the discovery of the Copperton Zone, a 3 km-long mineralized system very similar in nature to the Anorthosite Zone located 5 km to the NW (see press release of November 8, 2010 for description and previous results). Grab sample assays from the Copperton Zone include:

- 7.9 g/t Au, 82.7 g/t Ag, 9.28% Cu
- 3.0 g/t Au, 12.0 g/t Ag, 2.72% Cu
- 2.3 g/t Au, 5.7 g/t Ag, 1.17% Cu
- 2.47 g/t Au, 0.67% Cu

Other significant prospecting results include the following assays for five (5) areas representing new discoveries or new extensions of known prospects:

    - 121.0 g/t Ag, 2.67% Cu, 0.30% W, 0.34% Zn  Ferrus
    - 20.6 g/t Au, 0.07% Bi, 78.2 g/t Te         Le Breuil
    - 0.4 g/t Au, 0.78% Cu,                      Dragon
    - 1.83 g/t Au, 1.76% Cu, 0.76% Zn            Anorthosite
    - 2.86% Cu                                   Jemima

Pending assays include those from an infill sampling program on the Augossan Zone and extensive sampling of the Aura Zone, two large areas identified as priority targets following the 2010 program. Additional assays are also pending for the Le Breuil trend and the new Jemima Zone.

Mineralized zones and prospects discovered since 2010 on the Rex South property collectively cover a trend at least 30 km long and can be categorized into three (3) main deposit types:

    (1)      Gold-silver-copper-tungsten related to granitic intrusions:
             Three multi-kilometre mineralized zones (7-km-long Augossan,
             4-km-long Anorthosite,3-km longCopperton) and four prospects
             (Pegor, Ferrus, Dragon, Le Breuil) are located along, or close
             to the contact between a 15 km x 5 km ovoid-shaped,
             fluorite-bearing, granitic intrusion and volcano-sedimentary
             host rocks. In addition to gold (Au), silver (Ag), copper (Cu)
             and tungsten (W), mineralization often includes highly
             anomalous values in bismuth (Bi), molybdenum (Mo), tin (Sn),
             tellurium (Te), rhenium (Re), beryllium (Be) and rubidium
             (Rb). A preliminary mineralogical study identified topaz in
             association with W, Sn, Bi and Mo mineralization. As well a
             second fluorite-bearing granitic intrusion was discovered on
             the property at the end of the 2011 program.

    (2)       Gold-only: Located 7 km north of the Augossan Zone, the Aura
             Zone appears as a 300 m x 700 m mineralized zone with strong
             alteration, including tourmaline in veinlets or stockworks
             accompanied by silica and albite. The Aura Zone may represent
             the northern lateral extension of the Augossan-Anorthosite
             intrusion-related mineralized system.

    (3)      Iron Oxide Copper Gold ('IOCG'): At least three distinct
             IOCG-type zones have been identified (Sombrero, Impact and
             Jemima), characterized by disseminated to semi-massive
             chalcopyrite associated with hematite occurring in veins,
             veinlets or as breccia cement, along with strong pervasive
             potassic alteration, silica, chlorite and epidote.
             Mineralization and related alteration clearly crosscut the
             Archean gneissic country rocks and this may indicate a late or
             post Archean age.

Summary of results by commodity

The best assays from the current set of results are summarized below, according to commodity. It should be noted that grab samples are selective by nature and unlikely to represent average grades on the property. A more comprehensive description of the mineralized zones and prospects will be presented when all results, including drilling, become available.

- Gold: 71 samples returned grades above 0.1 g/t Au, including 17 samples ranging from 1.0 g/t to 20.6 g/t Au

- Silver: 89 samples returned grades above 1.0 g/t Ag, including 11 samples ranging from 10.0 g/t to 121.0 g/t Ag

- Copper: 79 samples returned grades above 0.1 % Cu, including 29 samples ranging from 0.5% to 9.28% Cu

- Tungsten: 14 samples returned grades above 0.05 % W, including 8 samples ranging from 0.1% to 1.09% W.


Several areas also returned significant values for the following commodities:

- Bismuth: 18 samples with values ranging from 100 to 732 ppm Bi
- Tin: 26 samples with values ranging from 50 to 945 ppm Sn
- Molybdenum: 13 samples with values ranging from 0.01% to 0.14% Mo
- Rubidium: 43 samples with values ranging from 0.05% to 0.36% Rb

In addition, significant values have been locally obtained for tellurium (up to 78.2 ppm Te), rhenium (up to 0.319 ppm Re), and beryllium (up to 325 ppm Be).

Rock samples were assayed by ALS Chemex in Val-d'Or, Quebec, using an ICP method with check analysis for tungsten using X-Ray fluorescence. Aurizon, the project operator, has the option to earn up to 65% interest in the property upon delivery of a bankable feasibility study. The 2011 program, funded by Aurizon, amounted to $4.5 million.

Azimut acquired the Rex South (2,138 claims), Rex (5,708 claims) and NCG (5,396 claims) properties based on the results of its systematic targeting efforts across the province of Quebec. These properties collectively provide a controlling land position along a 330-km polymetallic prospective trend in Nunavik.

This press release was prepared by Jean-Marc Lulin, P.Geo., acting as Azimut's Qualified Person under NI 43-101.

Azimut is a mineral exploration company with the objective of discovering major ore deposits. The Company's core business is project generation using cutting-edge targeting methodologies, along with partnership development. Azimut holds the largest mineral exploration portfolio in Quebec, including key gold, copper, uranium and rare earth element properties.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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CONTACT:

Azimut Exploration Inc.
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 - Fax: (450) 646-3045
info@azimut-exploration.com
www.azimut-exploration.com