Dr. Jean-Marc Lulin reports

AZIMUT AND MONT ROYAL ADVANCE A LITHIUM-FOCUSED FIELD PROGRAM AT WAPATIK, JAMES BAY REGION, QUEBEC

A comprehensive lithium-focused prospecting program is under way on Azimut Exploration Inc.'s Wapatik property in the Eeyou Istchee James Bay region of Quebec. Eight extensive target areas have been identified on the property. Wapatik is about 20 kilometres north of Allkem's lithium deposit (mineral resource of 110.2 million tonnes at 1.30 per cent Li2O (lithium oxide), published in August, 2023).

The property is under option to Mont Royal Resources Ltd. Mont Royal can acquire an initial 50-per-cent interest in the property by spending $4-million in exploration expenditures over four years and a further 20-per-cent interest with an additional investment of $3-million and the delivery of a preliminary economic assessment over three years. Azimut operates this partner-financed program.

Highlights:

• The lithium targets on the property have been identified and ranked by processing the following property-scale data:
  • Multielement geochemistry of the lake sediments (from the provincial government's regional database);
  • Lithogeochemical results of previous (but not lithium-focused) programs (197 grab rock samples);
  • Till sampling results (154 samples);
  • High-resolution heliborne magnetic survey (5,116 line-kilometres on 25-metre spaced lines);
  • Multispectral remote sensing analysis to identify possible outcropping pegmatite bodies;
  • Lithostructural interpretation.
• Eight multikilometre target areas have thus been defined, including at least 30 distinct outcropping targets likely corresponding to pegmatites. Several of these outcrops are anomalous in lithium, cesium and tantalum (LCT), as well as other associated pathfinder elements for LCT pegmatites (rubidium, gallium, tin).

The Wapatik property also displays demonstrated potential for intrusion-related nickel-copper mineralization and shear-related gold mineralization, based on the results of exploration programs conducted by Azimut and Mont Royal since 2021 (see press releases of Dec. 7, 2021, June 29, Oct. 3, Oct. 27, 2022, April 24, 2023). Follow-up drilling on the nickel targets has already been planned but remains contingent on the outcome of the current lithium assessment phase.

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, operations manager, have also reviewed the contents of this press release.

About the Wapatik property

Wapatik is a 25-kilometre-long project comprising one block of 220 claims (115 square km) in an area with excellent infrastructure, including road access and power lines. It covers a largely underexplored part of the Lower Eastmain greenstone belt of Archean age, on strike from Azimut's wholly owned Elmer property (Patwon gold zone), approximately 35 kilometres to the west.

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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