Azimut Exploration Inc. (“Azimut” or the
“Company”) (
TSXV: AZM)
(
OTCQX: AZMTF) is pleased to provide a
detailed overview of its 100% owned
James Bay Lithium
Property (“
JBL” or the
“
Property”) comprising 13 claim blocks
(“
JBL1” to “
JBL13”, 2,954 claims,
1,539.2 km2) in the Eeyou Istchee James Bay region of Quebec, the
largest of which is JBL1. This press release also underscores
Azimut’s multifaceted lithium exploration strategy.
The province of Quebec is hosting an
unprecedented exploration boom for lithium. Azimut is aggressively
pursuing several concurrent programs in the James Bay region to
validate key targets and promptly reach the drilling stage (see
press releases of January 23 and August 21, 2023). Azimut’s lithium
exploration work currently focuses on eight (8) extensive
properties totalling 5,976 claims over 3,094.1 km2 (see Figure
1).
Quebec is well positioned to play a key role in
the green energy transition, with strong support from the
provincial government. It benefits from an unrivalled strategic
advantage, combining the following main factors (see Figure 2):
- An emerging world-class lithium
potential in the James Bay region;
- Excellent infrastructure and
hydropower availability at low cost;
- Sustainable and constructive
relationships with the Cree First Nations;
- One of the best mining
jurisdictions worldwide; and
- The development of a
multibillion-dollar EV manufacturing industry in the southern part
of the province.
New lithium mines in Quebec are expected to
become a major feedstock source for the processing industry.
HIGHLIGHTS (see Figures 3 to
13)
The JBL Property comprises 13 claim blocks
(2,954 claims) that Azimut will explore through self-funded
programs.
JBL1 (1,679 claims, 872.3
km2)
- This 52-km-long by 28-km-wide claim
block corresponds to a prominent regional-scale lithium-prospective
area identified through the Company’s systematic multi-parameter
data processing conducted at the scale of the James Bay region
(over 154,555 km2) (see press release of January 23, 2023 and
targeting approach below).
- JBL1 is ranked by Azimut as one of
the strongest and largest lithium footprints in lake sediments in
the James Bay region, supported by other pathfinder elements
(cesium, rubidium, gallium, and tin) related to LCT pegmatites.
These geochemical anomalies generally correlate well with already
recognized pegmatites and peraluminous granites with pegmatitic
textures. Multispectral remote sensing analysis led to the
recognition of numerous additional quality targets (>100).
Substantial prospecting work will soon commence for this claim
block. Azimut believes that the features of the JBL1 targets are
very promising, and their field validation is a critical step.
- Quality infrastructure (roads,
power lines) is present near the claim block, including the access
road to the Eleonore mine (Newmont) 35 km to the east.
JBL2 to JBL7
(563 claims in total, 288.7 km2)
- These six (6) claim blocks are east
and north of the JBL1 claim block. Target screening has been
conducted using the same parameters as JBL1 and will be subject to
field prospecting. At least 82 distinct outcropping targets have
been identified by combining lake sediment anomalies, known
pegmatite outcrops and remote sensing analysis.
- The road to the Eleonore mine is
about 15 km south of the JBL2, JBL3 and JBL4 claim blocks.
JBL8 to JBL12
(332 claims in total, 172 km2)
- These five (5) claim blocks are
south of the Corvet Property (100% Azimut) which was recently
optioned to Rio Tinto (see press release of July 10, 2023). The
same criteria for the JBL1 to JBL7 blocks have been applied to the
target selection on these claims. At least 16 distinct outcropping
targets will be subject to field validation.
JBL13 (380 claims, 206.1
km2)
- This 17 by 21-kilometre claim block
displays a strong footprint combining
lithium-cesium-rubidium-gallium in lake sediments. It is about 30
km east of the all-season Billy-Diamond Highway and 115 km west of
the Moblan lithium deposit (Sayona-SOQUEM).
Azimut’s Targeting Approach
The Company’s proprietary
AZtechMine™ processing approach uses
regional-scale numerical data (multi-element lake sediment
geochemistry, magnetic data, and gravity data) to characterize the
specific footprints of already known mineralized systems in the
bedrock and previously unrecognized/unexplored areas with
comparable footprints. These unrecognized areas may represent new
exploration targets, which are further outlined and ranked by
considering additional criteria (geology, structures, etc.).
Azimut conducted a predictive analysis for
lithium over the James Bay region (154,555 km2) using lake sediment
geochemistry to extract the statistical footprints of known
mineralized sites (deposits, prospects). The resulting
regional-scale prospectivity map indicates that known
bedrock-hosted lithium mineralization is generally characterized by
a composite lithium-cesium-rubidium-gallium-tin footprint in
proximal lake sediments. At the current early stage of regional
lithium exploration, numerous targets still need to be validated in
the field. This will lead to further refine Azimut’s predictive
modelling for the region.
The identified targets have been further ranked
by considering other data (regional and local), including the
geological, structural and metamorphic framework, the presence of
peraluminous intrusive suites, and lithogeochemical, mineralogical
and till data. Multispectral remote sensing analysis also helped
recognize the footprint of possible pegmatitic outcrops.
Azimut’s Lithium Exploration
Strategy
The Company is advancing its major lithium
portfolio in the James Bay region using three approaches:
1) Azimut’s self-funded
projects on two (2) wholly owned properties:
- James Bay Lithium (2,954
claims)
- JBN57 (39 claims)
2) Joint ventures with
SOQUEM on four (4) properties:
- Pikwa (509 claims), Galinée (649
claims), Pontois (226 claims), and Dalmas (120 claims)
3) Option
agreements with:
- Rio Tinto on the
Corvet (877 claims) and Kaanaayaa (421 claims) properties
- Mont Royal
Resources on the Wapatik Property (220 claims)
Azimut’s management cautions that results or
discoveries on surrounding properties are not necessarily
indicative of mineralization hosted on the Company’s
properties.
Qualified Person
Dr. 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 Azimut
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.
Contact and Information
Jean-Marc Lulin, President and
CEOTel.: (450) 646-3015
Jonathan Rosset, Vice President Corporate
DevelopmentTel: (604)
202-7531info@azimut-exploration.com www.azimut-exploration.com
Cautionary note regarding
forward-looking statements
This press release contains forward-looking
statements, which reflect the Company’s current expectations
regarding future events related to the drilling results from the
James Bay Lithium 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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