Dr. Jean-Marc Lulin reports

AZIMUT AND SOQUEM DELIVER MORE WIDE HIGH-GRADE LITHIUM DRILL INTERCEPTS ON GALINEE, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has released additional assay results from the maiden 5,000-metre core drilling program on the Galinee property in the Eeyou Istchee James Bay region of Quebec, Canada. The previously reported results from the first hole (GAL23-001) include 2.48 per cent Li2O (lithium oxide) over 72.7 metres (see press release of Jan. 9, 2024). Drilling will resume in March to accelerate the definition of the mineralized zone.

Azimut and its partner SOQUEM Inc. have ranked the Galinee property as one of their top priorities for 2024. In addition to drilling, a property-scale comprehensive prospecting phase will also be conducted over the summer. Azimut is the operator of the work program.

Azimut holds the largest multicommodity mineral exploration portfolio in Quebec (gold, copper, nickel and lithium) and is one of the province's most active explorers.

Highlights (see the table entitled "Summary of significant assay results Galinee property, James Bay region, Quebec"):

• Hole GAL23-003: 1.56 per cent Li2O over 36.6 m (from 194.4 m to 231 m), including 2.41 per cent Li2O over 21.2 m (from 195.5 m to 216.7 m).
• Hole GAL23-009: 2.13 per cent Li2O over 44.1 m (from 120.3 m to 164.4 m), including 3.35 per cent Li2O over 13 m (from 150.4 m to 163.4 m), and 1.13 per cent Li2O over 16.5 m (from 346.5 m to 363 m), including 1.69 per cent Li2O over 9.2 m (from 346.5 m to 355.7 m).
• Hole GAL23-011: 1.71 per cent Li2O over 37 m (from 209 m to 246 m), including 2.95 per cent Li2O over 15 m (from 212 m to 227 m), including 5.13 per cent Li2O over six m (from 216.5 m to 222.5 m).
• Hole GAL23-012: 1.31 per cent Li2O over 41.3 m (from 188 m to 229.3 m), including 2.68 per cent Li2O over 4.5 m (from 189.5 m to 194.0 m) and 2.75 per cent Li2O over 12.7 m (from 210.6 m to 223.3 m).
• Hole GAL23-014: 1.63 per cent Li2O over 17.5 m (from 233 m to 250.5 m), including 2.56 per cent Li2O over 5.2 m (from 233 m to 238.2 m).
• The main objective of this maiden drilling program was to test the down-dip extension of the deposit on the adjacent Adina property, where Winsome Resources Ltd. announced an initial inferred mineral resource estimate of 59 million tonnes at 1.12 per cent Li2O (see Winsome's press release of Dec. 11, 2023).
• The mineralized intercepts disclosed in this press release strongly suggest they represent the down-dip extension of the Adina deposit onto Galinee (see also press releases of Jan. 9, 2024).
• As currently defined, the lithium-bearing zone on the property has a strike length of 700 metres and trends roughly east-west. It remains largely open to the east and south. More drilling will better define the geometry and true thickness of the pegmatite bodies. Initial data suggest a shallow dip to the south, ranging from subhorizontal to 15 degrees.
• Seventeen holes have been drilled to date for a total of 4,914.9 metres. Eleven holes (including GAL23-001) have cut significant spodumene mineralization. The true widths of the drill intervals have not been determined at this stage. The lithium-bearing intervals are related to spodumene pegmatite, but may also include metric to multimetre low-grade subintervals of amphibolite.
• Spodumene crystals generally range from a few centimetres to 50 cm long, with greyish-beige to greenish-beige colours. A portable LIBS (laser-induced breakdown spectroscopy) analyzer was used to confirm the presence of lithium. Other associated minerals include quartz, white feldspar, tourmaline and, less frequently, garnet, apatite, lepidolite and tantalite. Holmquistite, a typical lithium-bearing amphibole formed at the margins of lithium-rich pegmatites, has also been observed. The host rock is dark green amphibolite.

Property-scale exploration potential

Galinee displays strong exploration potential, supported by Azimut's project database and the results recently acquired by other companies on surrounding properties. The region is considered a significant emerging lithium district:

• At Galinee, a cumulative 60 kilometres of highly prospective strike length has been delineated:
  • The currently drilled area, in the northernmost part of the property, is part of a more extensive prospective zone that continues for 12 kilometres east and more than 21 kilometres along the northwest part of the project.
  • In the southern half of the property, several sectors with a cumulative strike of 27 kilometres also display a favourable geological context, coupled with attractive lake sediment anomalies in lithium.
  • Target definition and ranking are also supported by lithogeochemical data, till sampling results and remote sensing analysis.
• At the regional scale, known lithium pegmatite occurrences appear spatially correlated with the Trieste formation, a sheared mafic greenstone belt with iron formations, partly bounded by paragneisses. Trieste has a relatively distinct low magnetic footprint, comprising thin, strongly magnetic interlayered horizons. At the current exploration stage, spodumene pegmatite mineralization roughly delineates a regional corridor 18 kilometres long by one kilometre wide.
• As previously disclosed (see press releases of June 13 and Oct. 23, 2023), Galinee and other neighbouring projects are marked by well-defined lake sediment anomalies in elements that are widely recognized as pathfinders for LCT (lithium, cesium and tantalum) pegmatites (lithium-cesium-rubidium-gallium-tin).
• Recent exploration results from the area indicate a good spatial correlation between bedrock lithium mineralization and proximal lake sediment anomalies of pathfinder elements for LCT pegmatites. These anomalies can then be used as a key criterion to define exploration targets in underexplored sectors. Most of these lake sediment anomalies spatially superimpose the Trieste formation, which appears thus far to be the main host for LCT pegmatites in the area.
• Certain aspects of Galinee's context are comparable with the apparent regional context for the CV5 lithium deposit (Patriot Battery Metals):
  • Spodumene pegmatite bodies hosted in sheared mafic greenstone belts belonging to the La Grande subprovince, close to the tectono-metamorphic boundary with the Opinaca subprovince;
  • Presence of peraluminous posttectonic intrusions (Vieux Comptoir and/or Tilly suites);
  • Well-defined lake sediment geochemical anomalies (lithium-cesium-rubidium-gallium-tin) spatially related to lithium mineralization.

Drilling contract and analytical protocols

Chibougamau Diamond Drilling Ltd., of Chibougamau, Que., is drilling with a core diameter of BTW.

Core samples are sent to ALS Laboratories in Val d'Or, Que., for ICP (inductively coupled plasma) multielement analysis (laboratory codes: ME-MS61, ME-MS89L and ME-ICP82b). Azimut applies industry-standard quality assurance/quality control (QA/QC) procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates.

About 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 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 85.4 million shares issued and outstanding.

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