Dr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM UNCOVER A SPODUMENE-BEARING PEGMATITE BOULDER FIELD AT GALINEE, JAMES BAY REGION, QUEBEC

A spodumene-bearing pegmatite boulder field containing at least 12 mineralized boulders has been identified on Azimut Exploration Inc.'s Galinee property in the Eeyou Istchee James Bay region of Quebec.

These encouraging preliminary field results obtained by Azimut and its partner Soquem Inc. confirm the strong prospectivity of the property and support the coming maiden drilling program targeting the area immediately south of the Adina lithium discovery (Winsome Resources). The minimum 1,600-metre core drilling program will be initiated shortly.

In addition to Galinee, substantial concurrent exploration programs are already under way or will soon commence following a lengthy period of access restrictions related to widespread forest fires. This includes work on projects for gold and copper-gold (Elmer and Kukamas) and lithium (Pikwa, Pontois, Dalmas, Corvet, Kaanaayaa, Wapatik and JBL) (see press releases of Aug. 21 and Aug. 28, 2023).

Highlights:

• The boulder field in the northern part of the property is characterized by the following features:
  • At least 12 spodumene-bearing pegmatite boulders in a 650-metre-by-350-metre area, not fully delineated at this stage. The area has extensive glacial sediment cover and only one outcrop (amphibolite). The dominant glacial direction is northeast to southwest;
  • Most boulders are angular to subangular, generally indicative of short transport distances from the bedrock source (a few metres to several hundred metres). It is possible that some of the spodumene-bearing boulders originated from the non-outcropping target area where the bedrock will be drill tested by the coming drilling program;
  • Boulder sizes range from 0.5 metre by 0.5 metre to 1.5 metres by 1.5 metres, with spodumene constituting 5 per cent to 20 per cent of the pegmatite;
  • Spodumene crystals range from a few centimetres to 20 to 25 centimetres long, with whitish and grey to pink colours. A portable LIBS analyzer (laser-induced breakdown spectroscopy) was used to confirm the presence of lithium;
  • Other associated minerals are quartz, potassium feldspar, white mica, apatite and tourmaline.
• These preliminary findings underscore the strong discovery potential for spodumene-bearing pegmatites on Galinee in the immediate vicinity of mineralized bodies on the adjacent Adina project belonging to Winsome Resources. Drilling on Adina has traced two east-west subparallel spodumene-bearing pegmatite zones, including the Main zone over a strike length of 1,000 metres. Public data suggest both zones have shallow dips toward Galinee.
• At Galinee, the aim of the drilling program is twofold: 1) intersect the down-dip extensions of Winsome's zones, 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 (see press release of June 13, 2023).
• On a larger scale, the Galinee property displays well-defined targets, including a 20-kilometre-long lithium-cesium-gallium-tin anomaly in lake sediments in the northwestern part of the property. Outcrops in this area are rare, but its strong geochemical footprint underscores significant exploration potential roughly coincident with a northeast-southwest-trending sheared greenstone belt.
• To date, 107 grab rock samples have been collected from target areas on the property and assay results are pending.

The Galinee property

The Galinee property (649 claims, 335 square kilometres) is a 50/50 joint venture between Azimut and Soquem, operated by Azimut. The 36-kilometre-long project is located 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 (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, the 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.

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