Azimut Provides Strategic Update
Azimut Provides Strategic Update
LONGUEUIL, QC
,
Feb. 23, 2023
/CNW/ -
Azimut Exploration Inc.
("Azimut" or the "Company")
(TSXV: AZM) (OTCQX: AZMTF) is pleased to provide an update on its exploration activities and an
outlook of its growth strategy.
HIGHLIGHTS
Largest mineral exploration portfolio in
Quebec
with at least 10 work programs planned for
2023.
Elmer Gold Project advancing toward the mineral resource estimate stage, with an open-pit
scenario as the first phase.
Major strategic land position for lithium with strong and extensive targets, including two projects
with significant discoveries directly on strike on adjacent properties. Aggressive field
assessment phase to be implemented as early as possible after the winter season.
Major strategic land position for nickel-copper-cobalt-PGE (200 targets) following advanced
regional targeting for massive sulphide deposits of the Eagle's Nest target type.
Focus on the Eeyou Istchee James Bay region, one of the most prospective regions in
Canada
with excellent community relationships, governmental support for exploration activities and
infrastructure, including paved highways, airports and a world-class hydro-electric power grid.
Core Expertise and Business Strategy
Azimut conducts advanced data processing applied to mineral exploration using its proprietary
predictive methodology (AZtechMine
TM
) to generate exploration projects in underexplored
regions. The objective is to increase the discovery probability through state-of-the-art targeting.
This initial key step is closely linked with extensive field validation programs.
Partnerships with senior and junior companies are developed on these projects, increasing the
discovery odds by concurrently conducting multiple exploration programs and minimizing the
need for recurrent financings. This preserves the capital structure over time and supports value
creation per share.
Azimut may decide to advance projects in its own based on specific criteria.
Structured Exploration Portfolio and Responsible Approach
(
see Figures 1 to 3
)
Azimut holds the largest multi-commodity mineral exploration portfolio in
Quebec
, focusing on
gold, copper, nickel and lithium. The Company's multi-commodity portfolio mitigates typical price
variations and provides a broader investment appeal. The selected commodities correspond to
the anticipated long-term demand, particularly in an energy transition context.
Azimut holds 28 main exploration projects totalling 17,846 claims covering 8,781 km
2
in two
regions: Eeyou Istchee James Bay (24 projects) and Nunavik (4 projects). Partnerships have
been developed on 12 projects: 9 under strategic alliances with SOQUEM Inc. and 3 projects
with KGHM International Ltd, Hecla Mining Company and Mont Royal Resources Ltd.
Azimut's activities are guided by high environmental, social and governance standards. Azimut
was one of the three exploration companies in 2007 that initiated the successful Nunavik Restor-
Action Fund, a regional environmental program for rehabilitating historical mining sites. The
program was set up with the support of the Government of
Quebec
, the Kativik Regional
Government and participating mining companies. The Company also supports a similar
rehabilitation program in the Eeyou Istchee James Bay region.
2023 Main Objectives
(
see Figures 4 to 10
)
Elmer (Gold)
: Deliver a compliant 43-101 maiden resource estimate for the Patwon Zone and
continue drill testing additional prospective targets in the vicinity. Held 100% by Azimut.
Kukamas (Copper-Gold, Nickel-Copper)
: Initiate property-scale exploration with an airborne
magnetic-electromagnetic survey and follow-up prospecting. Under option by KGHM.
Wapatik (Nickel-Copper)
: Conduct follow-up drilling of encouraging initial results, including
2.68% Ni and 1.30% Cu over
3.30 m
within an ultramafic intrusion. Under option by
Mont Royal
.
Pikwa
and
Galinée (Lithium)
: Implement an aggressive field program to assess the lithium
potential on these two properties directly on strike with the two most important recent lithium
discoveries (Corvette of Patriot Battery Metals, Adina of Winsome Resources) in the Eeyou
Istchee James Bay region. JV Azimut (50%) – SOQUEM (50%).
Corvet
and
Kaanaayaa (Lithium)
: Implement an aggressive field program to assess the lithium
potential on these properties located south of the Corvette discovery area. Held 100% by
Azimut.
James Bay Lithium Project (Lithium)
: Assess one of the largest lithium portfolios in the Eeyou
Istchee James Bay region (16 claim blocks, 2,234 claims) through reconnaissance prospecting
supported by remote sensing and advanced geochemical targeting. Held 100% by Azimut.
James Bay Nickel Project (Nickel-Copper-Cobalt-PGE)
: Advance one of the largest nickel
exploration initiatives in
Eastern Canada
(112 claim blocks, 200 distinct targets, 3,709 claims)
through an initial airborne magnetic and electromagnetic survey with field validation follow-up.
Held 100% by Azimut.
Other projects of great interest to the Company's management will be subject to data
processing, target ranking and possibly focused field evaluation (
Wabamisk, Rex,
Rex South
,
etc.
).
Reference Documents
Press release of
June 5, 2022
: Azimut Expands its Positioning for Nickel in the James Bay
Region.
Press release of
October 19, 2022
: Azimut and Mont Royal Resume Drilling at Wapatik.
Press release of
October 27, 2022
: Azimut and Mont Royal Discover by Prospecting a Second
Nickel-Copper-Bearing Intrusion at Wapatik.
Québec Mines + Énergie Conference,
November 23, 2022
: The
James Bay Nickel
Project: 200
new highly prospective targets in an underexplored region.
Québec Mines + Énergie Conference,
November 23, 2022
: The Rex Trend: An emerging
mineral province with a focus on critical and strategic minerals in Nunavik,
Northern Quebec
.
Press release of
December 8, 2022
: Azimut and KGHM Sign Joint Venture Option Agreement
for the Kukamas Copper-Gold Property, James Bay Region,
Quebec
.
Press release of
January 17, 2023
: Azimut Reports 15 Mineralized Holes from the Patwon Gold
Zone at Elmer.
Press release of
January 23, 2023
: Azimut Identifies Significant Lithium Exploration Potential on
its Extensive Land Holdings in the James Bay Region,
Quebec, Canada
.
Press release of
February 8, 2023
: Azimut and KGHM Commence a 3,000 km Airborne
Geophysical Survey to Cover the Kukamas Cu-Au Property, James Bay Region,
Quebec
.
Azimut Updated Corporate Presentation (
February 23, 2023
)
.
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
. Its
wholly-owned flagship
Elmer Gold Project
is actively advanced to the initial resource stage in the
James Bay
region.
Azimut uses a pioneering approach to big data analytics (the proprietary
AZtechMine
TM
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 79.5 million shares issued and outstanding.
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. 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/February2023/23/c4649.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,
CO: Azimut Exploration Inc.
CNW 06:30e 23-FEB-23