Azimut and SOQUEM to Drill-Test Strong Lithium Targets on Galinée Property, James
Azimut and SOQUEM to Drill-Test Strong
Lithium Targets on Galinée Property, James
Bay Region, Quebec
TSXV: AZM
OTCQX: AZMTF
LONGUEUIL,QC
,
June 13, 2023
/CNW/ -
Azimut Exploration Inc.
("Azimut" or the "Company")
(TSXV: AZM) (OTCQX: AZMTF) is pleased to announce it is preparing a minimum 1,500-metre
diamond drilling program to test several excellent lithium targets on the
Galinée Property
(the
"Property") in the Eeyou Istchee James Bay region of
Quebec
. The Property is a 50/50 joint venture
between Azimut and
SOQUEM
, operated by Azimut. Prospecting work at Galinée is planned to start
after the restrictions related to current fire conditions are lifted. The drilling program is scheduled to
start in August.
HIGHLIGHTS
(
see Figures 1 to 11
)
The maiden drilling program will test the down-dip extent of the significant discovery reported by
Winsome Resources
("Winsome") on the adjacent
Adina Property
. At Adina, two east-west
subparallel spodumene-bearing pegmatite zones have now been traced by drilling over a strike
length of 830 metres for the
Main Zone
and 760 metres for the
Footwall Zone
(
Winsome's
press release of
May 10, 2023
).
Public data suggests the two mineralized zones on Adina dip south toward the Galinée
Property. The aim of the drilling program is two-fold: 1) intersect the down-dip extensions of
Winsome's Main and Footwall zones on Galinée, and 2) investigate the strong potential for
additional subparallel spodumene-bearing pegmatites starting at shallow depth on Galinée,
immediately south of but geometrically above Adina's Main Zone (
see Figures 10 and 11
).
Azimut and SOQUEM will explore by prospecting ten (10) multi-kilometre-scale lithium target
areas outlined on Galinée through a systematic review of the data acquired during previous
work programs by the partners. Although those programs did not focus on lithium, the data
provides excellent support for lithium targeting.
The lithium targeting criteria take into account:
a)
the project-scale distribution of pathfinder
elements in bedrock (lithium, cesium, rubidium, gallium, tin and tantalum);
b)
extensive lake-
bottom sediment anomalies outlined by the same pathfinder elements;
c)
regional magnetic
data; and
d)
remote sensing analysis. Data processing notably included detailed and regional
lake sediment data collected over an area of 50 by 60 kilometres (3,000 km
2
) covering the
Galinée and Adina properties and their surroundings.
James Bay Region: an Emerging Mineral Province for Lithium
Already known lithium deposits and major occurrences are widely distributed across the
James Bay
region, which appears to be an emerging mineral province for lithium. The region shares several
features in common with large spodumene-bearing pegmatite districts worldwide, especially
Western Australia
, including comparable tectono-metamorphic frameworks, ages and host
lithologies.
As previously reported (
see press releases of
January 23
,
February 23
and
May 17, 2023
), several
lithium-focused exploration programs will be undertaken by Azimut this summer on the
Pikwa
,
Dalmas
and
Pontois
properties held in a joint venture with SOQUEM. In addition, Azimut has
identified strong lithium potential on its
Corvet Property
(877 claims),
Kaanaayaa Property
(421
claims) and a newly generated
James Bay Lithium project
(13 blocks of claims, 2,940 claims), all
these properties being held at 100% by the Company.
Azimut's management cautions that results or discoveries on surrounding properties are not
necessarily indicative of mineralization hosted on the Company's properties.
The Galinée Property
The Galinée Property (649 claims, 335 km
2
) is a 36-kilometre-long project located about 50
kilometres north-north-west of the Renard Diamond Mine (
Stornoway
) and 60 kilometres south of
the Trans-Taiga Road, a regional highway. The Property hosts granitic intrusions surrounded by
sheared mafic metavolcanics and gabbro. Previous exploration work conducted by Azimut and
SOQUEM since 2017 comprises detailed lake-bottom sediment geochemistry (418 samples), soil
sampling (216 samples), till sampling (207 samples) and prospecting (418 grab rock samples). The
main result is the discovery of the tonalite-hosted Gamora gold prospect (up to 2.17 g/t Au) (
see
press release of
November 13, 2018
). About 5 kilometres to the west, a gold grain dispersal train in
till yielded samples containing up to 688 delicate gold grains, suggesting a proximal source.
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 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 the development of
Quebec'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
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.
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 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.
SOURCE
Azimut Exploration Inc.
View original content:
http://www.newswire.ca/en/releases/archive/June2023/13/c7461.html
%SEDAR: 00003284E
For further information:
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
CO: Azimut Exploration Inc.
CNW 06:30e 13-JUN-23