Azimut Exploration Inc. (“Azimut” or the
“Company”) (
TSXV: AZM)
(
OTCQX: AZMTF) is pleased to provide an
update on its exploration programs in the Eeyou Istchee James Bay
region of Quebec. The access and travel restrictions imposed by the
Government of Quebec in response to the unprecedented forest fire
situation persisting since early June remain in place across a
significant part of the region.
The field programs on the Pikwa, Galinée and
Pontois lithium projects have resumed now that the restrictions
have been lifted for air access in these areas. Azimut is ready to
expand its activities on other key projects as the situation
improves. Over the summer and fall seasons, Azimut intends to
complete 10 (ten) programs through its agreements with leading
companies or as self-funded programs (see Figure 1):
Pikwa Property (Lithium),
SOQUEM JV, 509 claims, 260.9 km2The prospecting phase initiated in
May and operated by SOQUEM has resumed. This lithium-focused
program may be followed by core drilling, contingent on the success
of the prospecting phase. Pikwa is a 28-km-long project immediately
along strike of the Corvette property (Patriot Battery Metals),
where an initial inferred resource estimate of 109.2 Mt at 1.42%
Li2O was recently announced for the major CV5 discovery (see press
release of May 17, 2023).
Galinée Property (Lithium),
SOQUEM JV, 649 claims, 335 km2This 33-kilometre-long project is a
key priority for the Company. The planned 1,600-metre initial
drilling program will test an area adjacent to Winsome Resources
lithium discovery on the Adina project (see press release of June
13, 2023). The Galinée drilling phase should begin later this
summer, immediately following the intensive prospecting phase
already underway. Azimut’s field team is currently assessing ten
(10) excellent multi-kilometre target areas on the project.
Corvet Property (Lithium), Rio
Tinto Option, 877 claims, 451.2 km2A comprehensive prospecting
phase is scheduled to assess high-potential targets outlined by
strong lithium-cesium-rubidium-gallium-tin anomalies in lake
sediments (see press release of July 10, 2023). Additional work has
been planned and will be further detailed once the program
begins.
Kaanaayaa Property (Lithium),
Rio Tinto Option, 421 claims, 216.4 km2A prospecting phase is
scheduled to assess high-potential targets outlined by strong
lithium-cesium-rubidium-gallium anomalies in lake sediments (see
press release of July 10, 2023). Additional work has been planned
and will be further detailed once the program begins.
James Bay Lithium Property
(Lithium), 2,954 claims, 1,539.2 km2Azimut’s comprehensive
analysis of regional data identified numerous excellent lithium
targets, which the Company acquired to form the JBL Property,
currently comprising 13 claim blocks (see press release of January
23, 2023). The Company has ranked the 52 x 28 km
JBL1 block as one of the most prospective areas
for lithium in the James Bay region, and it has been prioritized
for a self-funded prospecting program. The block will be explored
from the Elmer Camp once the access restrictions are lifted in this
area.
Elmer Property (Gold), 515
claims, 271.3 km2Azimut has reported all the results from its
drilling programs (242 holes for 76,162.7 m) on the Patwon
Gold Zone and exploration targets elsewhere on the property (see
press release of June 29, 2023). The maiden resource estimate is
well underway. One remaining step is to survey the drill hole
collars on the Patwon Zone to refine the resource estimate. The
Company postponed the surveying task when the Elmer Camp had to be
evacuated in early June due to the forest fire situation. The
survey will be conducted once the project can be accessed.
Kukamas Property (Copper –
Gold), KGHM Option, 537 claims, 272.5 km2A
3,200-line-kilometre helicopter-borne high-resolution magnetic and
VTEMTMPlus electromagnetic survey was completed over the entire
project earlier this year (see press release of February 8, 2023).
The survey outlined highly prospective targets that will be the
subject of a partner-funded ground follow-up program.
Wapatik Property (Nickel – Copper,
Lithium), Mont Royal Option, 220 claims, 115
km2Exploration work has led to the discovery of significant
nickel-copper mineralization related to an ultramafic intrusion on
the property (see press release of April 24, 2023). Follow-up
drilling is planned for later this year. In addition, outcropping
lithium targets have been also identified and will be subject to an
initial field evaluation. The project is about 20 kilometres north
of Allkem’s lithium deposit (mineral resource of 110.2 Mt at 1.30%
Li2O, published in August 2023).
Dalmas Property (Lithium),
SOQUEM JV, 120 claims, 61.3 km2A prospecting phase will be
initiated to further assess previous encouraging rock sampling
results indicating the property’s lithium and tantalum
potential.
Pontois Property (Lithium),
SOQUEM JV, 226 claims, 115.1 km2A high-resolution heliborne
magnetic survey was conducted to outline potential lithium, gold
and copper targets. Follow-up prospecting work is underway.
Azimut’s management cautions that results or
discoveries on surrounding properties are not necessarily
indicative of mineralization hosted on the Company’s
properties.
Qualified PersonDr. Jean-Marc Lulin (P.Geo.)
prepared this press release as Azimut’s qualified person within the
meaning of National Instrument 43-101. Rock Lefrançois (P.Geo.),
Vice President Exploration, and François Bissonnette, Operations
Manager, have also reviewed the contents of this press release.
About AzimutAzimut is a leading mineral
exploration company with a solid reputation for target generation
and partnership development. The Company holds the largest mineral
exploration portfolio in Quebec. Its wholly owned flagship
Elmer Gold Project is advancing to the initial
resource stage in the James Bay region. Azimut also controls a
strategic land position for copper-gold, nickel and lithium.
Azimut uses a pioneering approach to big data
analytics (the proprietary AZtechMine™ expert
system) enhanced by extensive exploration know-how. The Company’s
competitive edge is based on systematic regional-scale data
analysis and concurrently active projects. The Company maintains
rigorous financial discipline and a strong balance sheet, with 79.9
million shares issued and outstanding.
Contact and Information
Jean-Marc Lulin, President and
CEOTel.: (450) 646-3015
Jonathan Rosset, Vice President Corporate
DevelopmentTel: (604)
202-7531info@azimut-exploration.com
www.azimut-exploration.com
Cautionary note regarding forward-looking
statements
This press release contains forward-looking
statements, which reflect the Company’s current expectations
regarding future events. To the extent that any statements in this
press release contain information that is not historical, the
statements are essentially forward-looking and are often identified
by words such as “anticipate”, “expect”, “estimate”, “intend”,
“project”, “plan” and “believe”. The forward-looking statements
involve risks, uncertainties, and other factors that could cause
actual results to differ materially from those expressed or implied
by such forward-looking statements. There are many factors that
could cause such differences, particularly volatility and
sensitivity to market metal prices, impact of change in foreign
currency exchange rates and interest rates, imprecision in reserve
estimates, environmental risks including increased regulatory
burdens, unexpected geological conditions, adverse mining
conditions, changes in government regulations and policies,
including laws and policies, and failure to obtain necessary
permits and approvals from government authorities, as well as other
development and operating risks. Although the Company believes that
the assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this document. The
Company disclaims any intention or obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise, other than as required to
do so by applicable securities laws.
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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