Dr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM TO DRILL-TEST STRONG LITHIUM TARGETS ON GALINEE PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. is preparing a minimum 1,500-metre diamond drilling program to test several excellent lithium targets on the Galinee property in the Eeyou Istchee James Bay region of Quebec. The property is a 50/50 joint venture between Azimut and Soquem, operated by Azimut. Prospecting work at Galinee is planned to start after the restrictions related to current fire conditions are lifted. The drilling program is scheduled to start in August.

Highlights

• The maiden drilling program will test the down-dip extent of the significant discovery reported by Winsome Resources on the adjacent Adina property. At Adina, two east-west subparallel spodumene-bearing pegmatite zones have now been traced by drilling over a strike length of 830 metres for the Main zone and 760 metres for the Footwall zone (Winsome's press release of May 10, 2023).
• Public data suggest the two mineralized zones on Adina dip south toward the Galinee property. The aim of the drilling program is twofold: 1) intersect the down-dip extensions of Winsome's Main and Footwall zones on Galinee, and 2) investigate the strong potential for additional subparallel spodumene-bearing pegmatites starting at shallow depth on Galinee, immediately south of but geometrically above Adina's Main zone.
• Azimut and Soquem will explore by prospecting 10 multikilometre-scale lithium target areas outlined on Galinee through a systematic review of the data acquired during previous work programs by the partners. Although those programs did not focus on lithium, the data provide excellent support for lithium targeting.
• The lithium targeting criteria take into account: a) the project-scale distribution of pathfinder elements in bedrock (lithium, cesium, rubidium, gallium, tin and tantalum); b) extensive lake-bottom sediment anomalies outlined by the same pathfinder elements; c) regional magnetic data; and d) remote sensing analysis. Data processing notably included detailed and regional lake sediment data collected over an area of 50 by 60 kilometres (3,000 square kilometres) covering the Galinee and Adina properties and their surroundings.

James Bay region: an emerging mineral province for lithium

Already known lithium deposits and major occurrences are widely distributed across the James Bay region, which appears to be an emerging mineral province for lithium. The region shares several features in common with large spodumene-bearing pegmatite districts worldwide, especially Western Australia, including comparable tectono-metamorphic frameworks, ages and host lithologies.

As previously reported (see press releases of Jan. 23, Feb. 23 and May 17, 2023), several lithium-focused exploration programs will be undertaken by Azimut this summer on the Pikwa, Dalmas and Pontois properties held in a joint venture with Soquem. In addition, Azimut has identified strong lithium potential on its Corvet property (877 claims), Kaanaayaa property (421 claims) and a newly generated James Bay lithium project (13 blocks of claims, 2,940 claims), all these properties being held at 100 per cent by the company.

Azimut's management cautions that results or discoveries on surrounding properties are not necessarily indicative of mineralization hosted on the company's properties.

The Galinee property

The Galinee property (649 claims, 335 square km) is a 36-kilometre-long project located about 50 kilometres north-northwest of the Renard diamond mine (Stornoway) and 60 kilometres south of the Trans-Taiga Road, a regional highway. The property hosts granitic intrusions surrounded by sheared mafic metavolcanics and gabbro. Previous exploration work conducted by Azimut and Soquem since 2017 comprises detailed lake-bottom sediment geochemistry (418 samples), soil sampling (216 samples), till sampling (207 samples) and prospecting (418 grab rock samples). The main result is the discovery of the tonalite-hosted Gamora gold prospect (up to 2.17 grams per tonne Au) (see press release of Nov. 13, 2018). About five kilometres to the west, a gold grain dispersal train in till yielded samples containing up to 688 delicate gold grains, suggesting a proximal source.

Qualified person

Dr. Jean-Marc Lulin (PGeo) prepared this press release as Azimut's qualified person within the meaning of National Instrument 43-101. Rock Lefrancois (PGeo), vice-president of exploration, and Francois Bissonnette (PGeo), operations manager, also reviewed the contents of this press release.

About Azimut Exploration Inc.

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. 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.

We seek Safe Harbor.