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Azimut and SOQUEM Announce Major Drill Intercept in First Hole on Galinée: 2.48% Li2O over 72.7 metres

LONGUEUIL, Quebec, Jan. 09, 2024 (GLOBE NEWSWIRE) — Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to report exciting assay results from the first hole of the maiden 5,000-metre core drilling program on the Galinée Property (the “Property”) in the Eeyou Istchee James Bay region of Quebec, Canada. Based on a visual examination of the drill core, other significant lithium intercepts are expected from this program.

Azimut and its partner SOQUEM Inc. (“SOQUEM”) have ranked the Galinée Property as one of their top priorities for 2024. Following receipt of the results of this maiden program, a new drilling campaign will be designed to accelerate the definition of the mineralized zone. A property-scale comprehensive prospecting phase will also be conducted over the summer. Azimut is the operator of the work program.

In addition to Galinée, eight (8) of Azimut’s other properties will be subject to lithium exploration programs in 2024 (see About Azimut section below). Azimut holds the largest multicommodity mineral exploration portfolio in Quebec (gold, copper, nickel, lithium) and is one of the province’s most active explorers.

HIGHLIGHTS (see Figures 1 to 7 and Table 1)

3.38% Li2O over 18.0 m (from 174.0 m to 192.0 m)
3.27% Li2O over 12.7 m (from 199.5 m to 212.2 m)

    1.30% Li2O over 7.0 m (from 323.4 m to 330.4 m)

Regional Analysis and Property-Scale Exploration Potential (see Figures 8 to 11)

Galinée displays a strong exploration potential supported by the project database and the results recently acquired by other companies on surrounding properties.

Emerging lithium district:

Drilling Contract and Analytical Protocols

Chibougamau Drilling Ltd of Chibougamau (Quebec) is drilling with a core diameter of BTW.

Core samples are sent to ALS Laboratories in Val-d’Or (Québec) for ICP multi-element analysis (laboratory codes: ME-MS61, ME-MS89L, ME-ICP82b). Azimut applies industry-standard QA/QC procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates.

The lithium content related to spodumene mineralization can only be accurately determined by assay analysis. The true widths of the drill intervals have not been determined at this stage. Grab samples are selective by nature and unlikely to represent average grades.

The Galinée Property

The Galinée Property (649 claims, 335 km2) is a 50/50 joint venture between Azimut and SOQUEM, operated by Azimut. The 36-kilometre-long project is about 50 kilometres north-northwest of the Renard diamond mine (Stornoway) and 60 kilometres south of the Trans-Taiga Road, a regional highway.

Qualified Person

Dr. 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 of Exploration, and François Bissonnette (P.Geo.), Operations Manager, also reviewed the contents of this press release.

About SOQUEM

SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A proud partner and ambassador for the development of Quebec’s mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.

About Azimut

Azimut 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 (Canada). Its wholly owned flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration upside. The Company also controls a strategic land position for copper-gold, nickel and lithium (see the document: Azimut in Numbers).

In addition to Galinée, eight other properties will be subject to lithium exploration programs in 2024:

  JBL1* Pilipas (Ophir option)
  Corvet* (Rio Tinto option) Pikwa (SOQUEM JV)
  Kaanaayaa* (Rio Tinto option) Pontois* (SOQUEM JV)
  Wapatik* (Mont Royal option) Dalmas* (SOQUEM JV)
     
  * Azimut is operator  
     

The Company uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system) enhanced by extensive exploration know-how. Azimut’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 85.2 million shares issued and outstanding.

Contact and Information

Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015

Jonathan Rosset, Vice President Corporate Development
Tel: (604) 202-7531
info@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 related to the drilling results from the Galinée Property. 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 “consider”, “anticipate”, “expect”, “estimate”, “intend”, “project”, “plan”, “potential”, “suggest” 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. Many factors could cause such differences, particularly volatility and sensitivity to market metal prices, the impact of changes in foreign currency exchange rates and interest rates, imprecision in reserve estimates, recoveries of gold and other metals, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, community and non-governmental organization actions, changes in government regulations and policies, including laws and policies, global outbreaks of infectious diseases, including COVID-19, 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. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Report filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company’s business.

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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