AZM.V · 2023-01-23 12:00:00

Azimut Identifies Significant Lithium Exploration Potential on its Extensive Land Holdings in the James Bay Region, Quebec, Canada

Exploration Programs

Azimut Identifies Significant Lithium

Exploration Potential on its Extensive Land

Holdings in the James Bay Region, Quebec,

Canada

LONGUEUIL, QC

Jan. 23, 2023

/CNW Telbec/ -

Azimut Exploration Inc.

(

"Azimut"

or the

"Company"

) (TSXV: AZM) (OTCQX: AZMTF) is pleased to report that the Company has conducted

an in-depth review of the lithium exploration potential at the scale of the Eeyou Istchee James Bay

region (the "

James Bay

region"), where the Company holds an extensive multi-commodity property

portfolio. Six of the Company's properties described below (3,370 claims covering 1,741 km

) have

been identified as

highly prospective for lithium

(

see Figures 1 to 15

HIGHLIGHTS

Two of Azimut's projects

held in a 50/50 joint venture with

SOQUEM Inc.

are positioned in the

immediate vicinity of the two most recent and exciting lithium discoveries in the

James

Bay

region:

The

Pikwa

Property

lies along the western strike extension of the geological corridor

hosting impressive lithium mineralization reported by

Patriot Battery Metals

on their

Corvette Property; and

The

Galinée Property

lies directly south of a major mineralized drill interval reported by

Winsome Resources

on their Adina Property.

Two of the Company's wholly-owned projects

, the

Corvet Property

and the

Kaanaayaa

Property

, display significant lithium exploration potential supported by data analysis and their

strategic locations relative to the emerging Corvette lithium district.

Azimut has also acquired several

unexplored lithium targets in 16 claim blocks

to form the

James Bay Lithium Project ("JBL")

, acquired by map designation. JBL is the result of the

Company's province-wide predictive potential modelling for lithium, driven by its proprietary

processing methodology

AZtechMine

The Company will undertake its first lithium-specific exploration programs in 2023 on its own

(Corvet, Kaanaayaa), jointly with SOQUEM (Pikwa, Galinée), and/or through potential new

option agreements (JBL).

Azimut is one of the largest multi-commodity explorers in

Quebec

. The Company holds leading

exploration properties for gold, copper, nickel and lithium and is actively advancing its flagship

Elmer Gold Property

to the resource stage

Key Advantages of the Province of

Quebec

and the Eeyou Istchee James Bay Region

The Province of

Quebec

is recognized as one of the best mining jurisdictions in the world. The key

advantages of the

James Bay

region are the quality of its infrastructure (major road access, hydro-

electric power grid, airports), the supportive relationship with the Cree First Nation, the excellent

geoscientific database, a favourable Archean geological setting with already known lithium deposits,

and an early exploration stage.

PROPERTY SUMMARY

Azimut assessed the lithium potential of the

Pikwa, Corvet

and Kaanaayaa

properties as part of a

district-scale analysis covering an area of 80 by 30 kilometres (2,400 km

). The assessment used

publicly available data, including regional and detailed multi-element lake-bottom sediment

geochemistry, lithogeochemistry, and regional geological and magnetic data. All three properties

were initially acquired for their gold-copper potential, which also warrants further exploration. A

smaller claim block,

JBN-57

(39 claims, 20 km

), part of Azimut's regional

James Bay Nickel

project, is also located in this area.

The Pikwa and Galinée properties are part of a Strategic Alliance concluded in 2016 with SOQUEM,

initially dedicated to gold exploration in the

James Bay

region. SOQUEM is a subsidiary of

Investissement Québec with a mission to promote the exploration, discovery and development of the

province's mineral resources.

The

Pikwa Property

(509 claims, 261 km

) is a 32-kilometre-long project located immediately west

of the Corvette Property belonging to Patriot Battery Metals. Geologic and magnetic data

strongly

suggest the existence of a 14-kilometre-long strike extension onto Pikwa of the same

geologic trend hosting the spodumene-bearing pegmatite bodies on Corvette

. Rock sampling

data from Pikwa, acquired during exploration programs

not

focused on lithium, returned highly

anomalous values in lithium (up to 447 ppm Li) and other associated pathfinder elements, including

tantalum (up to 79.2 ppm Ta), cesium (up to 167 ppm Cs) and rubidium (up to 960 ppm Rb). This

range of values can be indicative of proximal lithium mineralization. The lake sediment footprints for

lithium and other pathfinder elements—Cs, Rb, Gallium (Ga), Tin (Sn)—roughly coincide with the

favourable geologic trend, further underscoring the property's strong potential for lithium exploration.

The

Corvet Property

(549 claims, 282 km

) has a 33-kilometre strike length and straddles a major

tectonic boundary. The main geological features are several granitic intrusions surrounded by

paragneiss. The property covers an outstanding exploration target represented by an extensive and

prominent 26-kilometre-long lithium anomaly in lake sediments coupled with strong Rb, Cs, Ga and

Sn footprints.

The

Kaanaayaa Property

(421 claims, 216 km

) has a 25.6-kilometre strike length and hosts

several granitic intrusions surrounded by paragneiss and metavolcanics, including ultramafic rocks.

Several coincidental Li-Cs-Rb-Ga anomalies have been identified from detailed multi-element lake

sediment geochemistry.

The

Galinée Property

(562 claims, 290 km

) has a 33-kilometre strike length and hosts granitic

intrusions surrounded by sheared mafic metavolcanics and gabbro. Winsome Resources recently

disclosed an intercept grading 1.34% Li

O over

107.6 m

in the southern part of their Adina Property,

immediately adjacent to the Galinée Property. Based on publicly available data, one mineralized

hole drilled on Adina appears to have reached the Galinée boundary. Azimut's management

considers it very likely that comparable pegmatite bodies are present on Galinée. This view is

supported by the geology and lake sediment data collected by Azimut and SOQUEM. Azimut has

reprocessed detailed and regional lake sediment data over an area of 60 by 50 kilometres (3,000

) covering the Galinée and Adina properties and their surroundings. The northern part of Galinée

is marked by a strong lithium footprint, spatially associated with well-defined anomalies in Cs, Rb,

Ga and Sn, all of which are pathfinder elements for spodumene-bearing pegmatites.

The

James Bay Lithium Project

(16 claim blocks, 1,290 claims, 672 km

) covers strong regional

Li, Cs, Rb, Ga and Sn anomalies in lake sediments that may reveal significant spodumene-bearing

pegmatite bodies in close vicinity (classically at the kilometre scale or less). These claim blocks can

be efficiently assessed using exploration protocols already implemented by Azimut at the scale of

the

James Bay

region, notably through infill lake bottom surveys, advanced data processing and

prospecting work.

Azimut's Lithium Potential Assessment using AZtechMine

Azimut's completed a lithium potential assessment covering 1,169,080 km

at the scale of the

province of

Quebec

and over 154,555 km

at the scale of the

James Bay

region. This predictive

modelling applied to mineral exploration—the Company's core expertise—is supported by

Quebec's

world-class governmental digital database.

Already known lithium deposits and major occurrences are widely distributed across the region.

Azimut has characterized the footprint of most of these sites using AZtechMine

. This regional

analysis extracted many prospective targets with even stronger footprints, most of which Azimut has

acquired but will need to validate through fieldwork. Based on this assessment, the

James Bay

region truly 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

, with comparable tectono-metamorphic frameworks, ages and host lithologies.

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.

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

and

has a strategic multi-commodity positioning in the

James Bay

region with its gold, copper, nickel and

lithium projects. Azimut is actively advancing its wholly-owned flagship

Elmer Gold Project

to the

initial resource stage in the

James Bay

region.

Azimut uses a pioneering approach to big data analytics (the proprietary

AZtechMine

expert

system), enhanced by extensive exploration know-how. Azimut'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 79.4 million shares issued and outstanding.

This press release contains forward-looking statements, which reflect the Company's current

expectations regarding future events. 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 "anticipate", "expect", "estimate", "intend", "project", "plan" 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. There are many factors that could cause such differences, particularly volatility and

sensitivity to market metal prices, impact of change in foreign currency exchange rates and

interest rates, imprecision in reserve estimates, environmental risks including increased regulatory

burdens, unexpected geological conditions, adverse mining conditions, changes in government

regulations and policies, including laws and policies, 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.

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/January2023/23/c4688.html

%SEDAR: 00003284E

For further information:

Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450)

646-3045; Jonathan Rosset, Vice President Corporate Development, Tel: (604) 202-7531,

[email protected], www.azimut-exploration.com

CO: Azimut Exploration Inc.

CNW 06:30e 23-JAN-23

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