Azimut and SOQUEM Cut Very High Grade Lithium Drill Intercepts on Galinée, James Bay Region, Quebec 2.68% Li2O over 54.6 m including 3.48% Li2O over 35.85 m
For immediate release
May 08, 2024
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut and SOQUEM Cut Very High Grade Lithium
Drill Intercepts on Galinée, James Bay Region, Quebec
2.68% Li2O over 54.6 m including 3.48% Li2O over 35.85 m
Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF)
is pleased to report the first set of results from the second phase of diamond drilling on the Galinée Property
(the “Property”) in the Eeyou Istchee James Bay region of Quebec, Canada.
During this second phase, 14 holes were drilled for a total of 3,203.65 metres, including two extended holes
(GAL23-012ext and -013ext) and two abandoned holes (GAL24 -019 and -027). Excellent visual results
from this phase were previously reported (see press release of April 18, 2024 ) and all assays are still
pending except for the hole announced today.
The current campaign, designed to further define and expand the high-grade lithium zone discovered during
the maiden drilling program of late 2023 ( see press releases of January 9 and February 23, 2024 ), will
continue into the summer. Azimut and its partner SOQUEM Inc. have ranked the Galinée Property as one of
their top priorities for 2024. Azimut is the operator of the work program.
HIGHLIGHTS (see Figures 1 to 4, Table 1)
• Hole GAL24-020: 2.68% Li2O over 54.6 m (from 89.25 m to 143.85 m), including
2.26% Li2O over 8.5 m (89.25 m – 97.75 m) and
3.48% Li2O over 35.85 m (108.0 m – 143.85 m)
• This interval was encountered in a white pegmatite cut over a length of 71.8 metres from 75.9 m to
147.7 m along hole (true width undetermined at this stage). The spodumene content was estimated
to be up to 40%, except for a strongly mineralized section with up to 70% spodumene over 14.6 metres
from 108 m to 122.6 m, with giant crystals reaching up to 1.4 metres long.
• Furthermore, hole GAL24-020 yielded significant grades for the following critical elements:
- Cesium: 1,253 ppm Cs2O over 39.5 metres (from 82.0 m to 121.5 m)
- Tantalum: 123.6 ppm Ta2O5 over 71.85 metres (from 75.85 m to 147.7 m)
- Gallium: 113.1 ppm Ga2O3 over 53.4 metres (from 90.45 m to 139.5 m)
- Rubidium: 7,242 ppm Rb2O over 42.65 metres (from 75.85 m to 118.5 m)
- Peak values of 0.54% Cs2O, 1,133 ppm Ta2O5, 225 ppm Ga2O3, and 2.17% Rb2O
Material Progress for the Galinée Discovery
The first two drilling programs have confirmed a sizeable lithium-rich mineralized system at Galinée:
• Currently, the lithium zone has a strike length of 700 metres and trends roughly east -west. It remains
largely open on the Property to the east and south. The variability in thickness and grade is as expected
for these types of pegmatitic bodies. The discovery at Galinée likely represents the southern extension of
the Adina deposit on the adjacent project belonging to Winsome Resources Ltd (see Figure 2).
• At Galinée, initial drilling data indicate a generally shallow dip to the south , from subhorizontal to
15 degrees. Additional intercepts from the current program indicate that some pegmatite bodies dip to the
north, suggesting that the pegmatite system consists of coalescing branches with variable dips. Hole
GAL24-020 intersected at shallow depth at least one of the north -dipping branches and returned very
high grade lithium intervals starting at a vertical depth of 80 metres (see Figure 3).
• Spodumene crystals generally range from a few centimetres to half a metre long but occasionally reach
gigantic sizes (up to 1.65 m). The colour ranges from whitish, greyish-beige to greenish-beige. 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, tantalite and maybe pollucite . Holmquistite, a typical lithium -bearing amphibole formed at the
margins of lithium-rich pegmatites, is also observed. Dark green amphibolite is the dominant host rock.
Property-scale Exploration
Azimut and SOQUEM consider Galinée’s lithium potential to be largely underexplored. In tandem with diamond
drilling, Azimut will conduct a comprehensive prospecting phase this summer to identify drill targets in highly
prospective areas with a cumulative length of 60 kilometres.
The region is widely considered an emerging lithium district. Winsome Resources Ltd published a mineral resource
estimate for the Adina Property, and other companies are rapidly advancing prospects on surrounding properties
(see Azimut press releases of June 13 and October 23, 2023; January 9 and February 23, 2024).
Drilling Contract and Analytical Protocols
Miikan Drilling Inc., a majority Cree-owned company, has been contracted for the current program. Miikan Drilling
is owned by local communities and Chibougamau Diamond Drilling Ltd of Chibougamau (Quebec). Drilling is
conducted with a core diameter of BTW.
Core samples are sent to ALS Laboratories in Montreal (Quebec) for ICP multi-element analysis (laboratory codes:
ME-MS61, ME-MS89L, ME-ICP82b). Azimut applies industry-standard QA/QC procedures to its drilling programs.
All batches sent for analysis include certified reference materials, blanks and field duplicates.
SGS Canada (Lakefield, Ontario) has been retained to conduct preliminary metallurgical tests on the
mineralization.
About the Galinée Property
The Galinée project (649 claims, 335 km 2) is a 50/50 joint venture between Azimut and SOQUEM, operated by
Azimut. The 36 -kilometre-long property is about 50 kilometres north -northwest of the Renard diamond mine
(Stornoway Diamonds (Canada) Inc.) and 60 kilometres south of the Trans -Taiga Road, an all -season regional
highway.
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. Rock Lefrançois (P.Geo.), Vice President Exploration, and François Bissonnette
(P.Geo.), Operations Manager, also reviewed the contents of this press release.
About SOQUEM
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and
development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A
proud partner and ambassador for developing the province’s mineral wealth, SOQUEM relies on innovation,
research, and strategic minerals to be well-positioned for the future.
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 , has advanced to the resource stage with a strong exploration upside. The
Company also controls strategic land positions for copper-gold, nickel and lithium and is one of the province’s most
active explorers.
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. Azimut maintains rigorous financial discipline and a strong balance
sheet, with 85.4 million shares issued and outstanding.
Contact and Information
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015
Jonathan Rosset, Vice President Corporate Development
Tel.: (604) 202-7531
[email protected] 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 Galinée 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 ot her
metals, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining con ditions,
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. Th e 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.