Azimut and Mont Royal Advance a Lithium-Focused Field Program at Wapatik, James Bay Region, Quebec
September 19 2023 - 6:30AM
Azimut Exploration Inc. (“Azimut” or the
“Company”) (
TSXV: AZM)
(
OTCQX: AZMTF) is pleased to report that a
comprehensive lithium-focused prospecting program is underway on
the Wapatik Property (the “Property”) in the Eeyou Istchee James
Bay region of Quebec. Eight (8) 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 Mt at 1.30%
Li2O, published in August 2023).
The Property is under option to
Mont Royal Resources
Limited (“Mont Royal”)
(ASX: MRZ). Mont Royal can acquire an initial
50% interest in the Property by spending $4 million in
exploration expenditures over four (4) years and a further 20%
interest with an additional investment of $3 million and the
delivery of a preliminary economic assessment over three (3) years.
Azimut operates this partner-funded program.
HIGHLIGHTS (see Figures 1 to
5)
- The lithium targets on the Property
have been identified and ranked by processing the following
property-scale data:
- Multi-element 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-km on 25-m spaced lines)
- Multispectral remote sensing
analysis to identify possible outcropping pegmatite bodies
- Lithostructural interpretation
- Eight multi-kilometre 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 December 7, 2021, June 29, October 3 and
October 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 PersonDr. Jean-Marc
Lulin (P.Geo.) prepared this press release as Azimut’s qualified
person within the meaning of National Instrument 43-101. Rock
Lefrançois (P.Geo.), Vice-President of Exploration, and François
Bissonnette, Operations Manager, have also reviewed the contents of
this press release.
About the Wapatik PropertyWapatik
is a 25-kilometre-long project comprising one block of 220 claims
(115 km2) 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 Mont RoyalMont Royal
Resources Limited (ASX: MRZ) is an Australian company that pursues
various mining opportunities in the resources sector with the aim
of building shareholder value by acquiring, exploring, evaluating
and exploiting mineral resource project opportunities. Mont Royal
has a binding JV option agreement with Azimut to earn up to 70%
interest in the Wapatik gold-copper-nickel project. Mont Royal has
also acquired 75% of Northern Lights Minerals’ 536-km2 package in
the Upper Eastmain greenstone belt. The projects are prospective
for precious (gold, silver) and base metals (copper, nickel) in the
James Bay area, a tier-1 mining jurisdiction in Quebec, Canada. For
further information regarding Mont Royal, please visit the ASX
platform (ASX: MRZ) or the Company’s website
www.montroyalres.com
About AzimutAzimut 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.
Contact and Information
Jean-Marc Lulin, President and
CEOTel.: (450) 646-3015 – Fax: (450) 646-3045
Jonathan Rosset, Vice President Corporate
DevelopmentTel: (604)
202-7531info@azimut-exploration.com www.azimut-exploration.com
Cautionary note regarding
forward-looking statementsThis press release contains
forward-looking statements, which reflect the Company’s current
expectations regarding future events related to the drilling
results from the Wapatik Property. To the extent that any
statements in this press release contain information that is not
historical, the statements are essentially forward-looking and are
often identified by words such as “consider”, “anticipate”,
“expect”, “estimate”, “intend”, “project”, “plan”, “potential”,
“suggest” and “believe”. The forward-looking statements involve
risks, uncertainties, and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward- looking statements. Many factors could cause such
differences, particularly volatility and sensitivity to market
metal prices, the impact of changes in foreign currency exchange
rates and interest rates, imprecision in reserve estimates,
recoveries of gold and other metals, environmental risks including
increased regulatory burdens, unexpected geological conditions,
adverse mining conditions, community and non-governmental
organization actions, changes in government regulations and
policies, including laws and policies, global outbreaks of
infectious diseases, including COVID-19, and failure to obtain
necessary permits and approvals from government authorities, as
well as other development and operating risks. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements, which only apply as of the date of this document.
The Company disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise, other than as required to
do so by applicable securities laws. The reader is directed to
carefully review the detailed risk discussion in our most recent
Annual Report filed on SEDAR for a fuller understanding of the
risks and uncertainties that affect the Company’s business.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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