Dr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM EXPAND LITHIUM DRILLING DISCOVERY AT GALINEE

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

Since the first announcement reporting the drilling discovery of spodumene pegmatites (see press release of Oct. 23, 2023), the new intercepts released today confirm a significant lithium zone currently recognized over 700 metres along strike. This zone remains completely open to the east and south.

Azimut and its partner SOQUEM Inc. are strongly encouraged by these initial results. The 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 zone. To date, 12 holes have been drilled totalling 3,435.9 metres. Azimut is acting as the operator.

Highlights:

• The new significant spodumene-bearing intercepts are as follows (visual observations, distances along core, assay results pending):
  • Hole GAL23-006:
    • 11.6 metres (from 216.8 m to 228.4 m, including a 0.8 m fault gouge from 222.2 m to 223.0 m): 5 per cent to 30 per cent to 40 per cent coarse spodumene crystals;
  • Hole GAL23-007:
    • 12.3 metres (from 228.7 m to 241 m): Generally less than 5 per cent spodumene but including a spodumene-rich interval (20 per cent) from 234.45 m to 235 m;
  • Hole GAL23-009:
    • 21.5 metres (from 120.3 m to 141.8 m): 10 per cent to 15 per cent coarse spodumene crystals;
    • 14 metres (from 150.4 m to 164.4 m): 15 per cent to 20 per cent coarse spodumene crystals;
    • 13.8 metres (from 345 m to 358.8 m): 5 per cent to 30 per cent spodumene;
  • Hole GAL23-010:
    • 4.85 metres (from 104.15 m to 109 m): Less than 5 per cent spodumene;
    • 1.10 metres (from 116.4 m to 117.5 m): Less than 5 per cent spodumene;
    • 7.65 metres (from 121.2 m to 128.85 m): Up to 7 per cent spodumene;
  • Hole GAL23-011:
    • 31.6 metres (from 203.6 m to 220.1 m, including 3.95 m of amphibolite from 231.95 m to 235.9 m): 15 per cent to 25 per cent (locally up to 60 per cent to 65 per cent) coarse spodumene crystals;
  • Hole GAL23-012:
    • 7.4 metres (from 186.6 m to 194 m): 15 per cent to 20 per cent coarse spodumene crystals;
    • 12.7 metres (from 210.5 m to 223.2 m): 25 per cent to 30 per cent coarse spodumene crystals.
• Spodumene crystals range from a few to 50 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, lepidolite and colombo-tantalite. 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 the mineralized drill intercepts suggest they correspond to the down-dip extension of the adjacent Adina Main zone (Winsome Resources), which dips shallowly to the south. A preliminary interpretation indicates very shallow dips (subhorizontal to 10 to 15 degrees) to the south. The holes GAL23-005 and -008 are not mineralized.
• Additional drilling is targeting a two-kilometre-long target area to expand the mineralized zone farther east and south. 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 (Winsome Resources) has been delineated over an east-west strike length of 1,300 metres with a shallow dip to the south.
• The property displays strong and extensive targets, particularly a minimum 20-kilometre-long anomalous lithium trend in lake sediments in the northern part of the property (which includes the target area described above), largely correlating with an amphibolite unit. Outcrops within this 20-kilometre-long target are rare, but the geochemical footprint underscores significant exploration potential (see press release of Oct. 23, 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 inductively coupled plasma (laboratory codes: ME-MS61, ME-MS41, ME-MS89L). Azimut applies industry-standard quality assurance/quality control 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 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.

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 (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.

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.

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