Azimut Announces Encouraging Lithium Prospecting Results from Pilipas, James Bay Region, Quebec
August 07 2024 - 6:00AM
Azimut Exploration Inc. (“Azimut” or the
“Company”) (
TSXV: AZM)
(
OTCQX: AZMTF) is pleased to report
encouraging initial results from multiple spodumene pegmatite
outcrops discovered during the recently completed surface sampling
program on the Pilipas Property (the “Property”) in the Eeyou
Istchee James Bay region of Quebec, Canada (Figure 1). Ophir
Metals (“Ophir”) (TSXV: OPHR) (OTCQB: OPHRF), as operator under the
option agreement, performed the initial lithium-focused prospecting
phase on the Property. Plans for a 2,000 m drilling program have
been finalized, and a rig is expected to be mobilized in August.
HIGHLIGHTS (see Figures 1 and
2)
- Validation of the Highway showing
(HW1), with sixteen (16) spodumene pegmatite grab
samples grading up to 3.47%
Li2O. Fifteen (15)
samples returned values higher than 1.0% Li2O over a 150 m
exposed strike length and 30 m width. HW1 remains open to the
northwest.
- Spodumene mineralization was also
identified 500 m south of HW1. This area – the HW2
showing – returned grades up to 1.98%
Li2O from six (6) grab
samples with grades higher than 0.5% Li2O.
- Outcrop samples collected 1.7 to
7.5 km east of HW1 yielded assays between 348 ppm and 604 ppm
Ta2O5. Tantalum is recognized as an excellent pathfinder element
for lithium in pegmatites.
- A total of 494 rock samples were
collected during the 2024 prospecting and mapping program. Assay
results for 138 samples remain to be received. Please note that
grab samples are selective by nature and unlikely to represent
average grades.
About the Pilipas Property
The Pilipas Property (135
claims, 70.7 km2) is located along the Billy-Diamond Highway near
hydroelectric power lines. Pilipas is adjacent to and on strike
from the Munischiwan project (Azimut – SOQUEM JV), which displays
many similar geological features.
Pilipas is underlain by the Lower Eastmain
greenstone belt, part of the La Grande Subprovince of the Archean
Superior Province. Pilipas displays significant exploration
potential for lithium-cesium-tantalum (LCT) pegmatites and
intrusion-related and volcanogenic massive sulphide gold-copper
systems.
Under the option agreement signed in December
2023, Ophir can acquire up to a 70% interest in the Property by
funding $4 million in exploration expenditures and making payments
totalling 6 million in shares of Ophir and $100,000 in cash.
Analytical Protocols
Samples were delivered by Ophir’s field staff to
SGS Canada’s laboratory in Radisson, Quebec, for standard sample
preparation (code PRP90), which includes drying at 105°C, crushing
to 90% passing 2mm, riffle splitting 250 g, and pulverizing to 85%
passing 75 microns. The pulps were then shipped to SGS Canada’s
laboratory in Burnaby, British Columbia, where they were analyzed
for a multi-element package (including Li and Ta) using sodium
peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). A
Quality Assurance/Quality Control protocol was incorporated into
the program and included the insertion of certified reference
materials and silica blanks at a rate of approximately 5 % and 5 %,
respectively.
Qualified Person
Dr. Jean-Marc Lulin (P.Geo.) prepared this press
release as the Company’s qualified person within the meaning of
National Instrument 43-101. Azimut has reviewed the field data
provided by Ophir as operator for the Property.
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 project, the
Elmer Gold Project, is at the resource stage
(311,200 oz Indicated; 513,900 oz
Inferred) and has a strong exploration upside. Azimut is
also advancing a significant lithium discovery on
the Galinée Property (a joint venture with
SOQUEM). The Company controls strategic land positions in the
province 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. Azimut maintains rigorous financial discipline and a
strong balance sheet, with 85.6 million shares issued and
outstanding.
During this 2024 summer period, active field
projects include:
- Elmer (gold) –
100% Azimut
- JBL1 (lithium) and
JBL13 (lithium) – 100% Azimut
- Mercator
(nickel-copper) and Corne (nickel-copper) – 100%
Azimut
- Galinée (lithium),
Pikwa (lithium) and Pontois
(lithium) – 50/50 Azimut-SOQUEM JV
- Corvet (lithium)
and Kaanaayaa (lithium) – Rio Tinto option
- Kukamas
(gold-copper, nickel-copper) – KGHM option
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
Pilipas 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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