Mr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM DRILL WIDE LITHIUM-BEARING PEGMATITE INTERCEPTS AT GALINEE, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has released significant intercepts of spodumene pegmatites from the maiden core drilling program on the Galinee property in the Eeyou Istchee James Bay region of Quebec.

All drill holes carried out so far intersect spodumene pegmatites, currently recognized over a distance of 400 metres laterally. Intercepts of up to 78.4 metres in core length were observed in the first four holes totalling 1,252.8 metres. Additionally, prospecting results from a mineralized boulder field in the same area (see press release of Sept. 6, 2023) have yielded grades up to 4.09 per cent Li2O (lithium oxide).

Azimut and its partner, SOQUEM Inc., are strongly encouraged by these initial drilling and prospecting results. The continuing drilling program, initially planned for 1,600 metres, has now been expanded to a minimum of 5,000 metres to accelerate the delineation of this discovery. A two-kilometre-long area immediately east of the first four holes appears as a highly prospective target zone. Azimut is acting as the operator.

Highlights:

• The main spodumene-bearing intercepts in the core are as follows (visual observations, assay results pending):
  • Hole GAL23-001: 78.4 metres (from 133.8 metres (m) to 212.2 m), including a 1.3-metre amphibolite interval (from 195.1 m to 196.4 m), and another intercept of 7.25 metres (from 323.4 m to 330.65 m);
  • Hole GAL23-002: 8.9 metres (from 105.5 m to 114.4 m). This hole was planned to reach a length of 400 m but was abandoned at a depth of 253.8 m due to drilling difficulties;
  • Hole GAL23-003: 26.85 metres (from 195.5 m to 222.35 m);
  • Hole GAL23-004: 16.5 metres (from 203.6 m to 220.1 m).
• Spodumene crystals range from a few centimetres to 20 to 25 centimetres long, with greyish-beige to greenish-beige colours. A portable LIBS analyzer (laser induced breakdown spectroscopy) was used to confirm the presence of lithium. Other associated minerals include quartz, white feldspar, tourmaline, and, less frequently, garnet, apatite and possibly lepidolite. Holmquistite, a typical lithium-bearing amphibole in the margins of lithium-rich pegmatites, has also been observed. The host rock is dark green amphibolite.
• The geometry of these mineralized drill intercepts may partly correspond to the downdip extension of the adjacent Adina Main zone (Winsome Resources), which dips shallowly to the south. The 78-metre-long spodumene-bearing intercept of hole GAL23-001 could be a subparallel zone above the Adina Main zone. This geometry will be further defined by additional drilling.
• Prospecting over this area has uncovered a spodumene-bearing pegmatite boulder field, as previously reported (see press release of Sept. 6, 2023). The area has few outcrops but the overburden appears thin (less than five m). The source of some of the angular to subangular boulders could be the non-outcropping sectors on the property where drilling is under way. Nine of the 12 mineralized boulders returned lithium grades ranging from 0.5 per cent Li2O to 4.09 per cent Li2O.
• Based on these initial drill intercepts and prospecting results, additional drilling is strongly warranted over the two-kilometre-long target area immediately east of the first four holes. This target area is supported by a well-defined lake sediment footprint combining key lithium pathfinder elements (lithium-cesium-rubidium-gallium-tin) and a favourable magnetic context. According to public data, the adjacent Adina Main zone is currently delineated over an east-west strike length of 1,000 metres with a shallow dip to the south.
• The Galinee property displays strong and extensive targets, particularly a minimum 20-kilometre-long lithium anomalous trend in lake sediments in the northern part of the property (which includes the target area described above) that correlates well with an amphibolite unit. Outcrops within this 20-kilometre-long target are rare, but the geochemical footprint underscores significant exploration potential. During the prospecting program conducted this summer, 107 grab rock samples were collected on the project and assay results are pending.

The lithium potential of the Galinee property has been steadily emphasized since January, 2023, by reporting its strong lake sediment geochemical footprint (see press releases of Jan. 23 and Feb. 23, 2023), its immediate proximity to the significant Adina discovery (see press release of June 13, 2023) and the subsequent discovery of a spodumene-bearing pegmatite boulder field on the property (see press release of Sept. 6, 2023).

Drilling contract and analytical protocols

Chibougamau Drilling Ltd. of Chibougamau, Que., is carrying out the drilling operations using a core diameter of BTW.

Samples are sent to ALS Laboratories in Val d'Or, Que., for a multielement suite analysis using ICP (laboratory codes: ME-MS61, ME-MS41 and ME-MS89L). Azimut applies industry-standard QA/QC (quality assurance/quality control) procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates.

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

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.

Other Azimut active exploration programs

Substantial concurrent exploration programs have been conducted this summer season, or are still under way, following a lengthy period of access restrictions related to widespread forest fires (see press release of Aug. 21, 2023). Material results will be reported on a timely basis.

Completed field work:

• Elmer (gold), 100 per cent AZM: Survey of the drill hole collars on Patwon to finalize the mineral resource estimate;
• JBN57 (lithium), 100 per cent AZM: 25 grab rock samples (prospecting);
• Kukamas (copper-gold), KGHM option: 110 grab rock samples (prospecting);
• Wapatik (lithium, nickel-copper), Mont Royal option: 202 grab rock samples (prospecting);
• Pikwa (lithium), AZM-SOQUEM JV: 646 grab rock samples (prospecting);
• Pontois (lithium), AZM-SOQUEM JV: 132 grab rock samples (prospecting).

Field work in progress:

• Corvet (lithium), Rio Tinto option: Prospecting, lidar and hyperspectral surveys, lake sediment sampling;
• Kaanaayaa (lithium), Rio Tinto option: Prospecting, lidar and hyperspectral surveys, lake sediment sampling;
• James Bay Lithium (lithium), 100 per cent AZM: prospecting.

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.

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