Azimut Provides Update on its Exploration Activities in Quebec
For immediate release
September 09, 2024
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut Provides Update on its Exploration Activities in Quebec
Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) ( TSXV:AZM) ( OTCQX:AZMTF) is
pleased to provide an update on its 2024 summer exploration activities in the Eeyou Istchee James Bay region of
Quebec (see Figure 1 ). This field season stands out as one of the most productive ever for the Company. Work
programs over seventeen (17) properties will be completed by the end of October , with a collective minimum
budget of $10 million, including $6 million provided by our partners. The results, which will be regularly disclosed as
they become available, will be used to guide follow-up work.
Azimut is a Quebec-focused explorer with the province’s largest mineral portfolio. The Company uses an advanced
targeting methodology (AZtechMineTM) and a multicommodity strategy focused on gold, copper, nickel and lithium
(see press release of June 11, 2024). This approach is applied to enhance the probability of success while mitigating
the exploration and commodity market risks.
Nine (9) of the programs are self-funded, four (4) are co-funded under joint ventures with SOQUEM, and the other
four (4) are partner-funded under option agreements with Rio Tinto, KGHM and Ophir Metals. A total of 3,001 rock,
1,385 till (glacial sediments) and 504 lake sediment samples have been collected since the start of the field season,
and 3,449 m have been drilled on the Elmer project. Drilling is ongoing at Pilipas.
Main completed programs are summarized below.
Self-funded Programs – 100% Azimut
Property
Metals Work completed Initial comments
ELMER
Gold
Diamond d rilling: 16 holes totalling
3,449 m to test 4 multi-kilometre
targets.
Prospecting: 700 grab samples from
outcrops.
Till sampling analysis : Gold grain
counts on 107 till samples from the
2022 reverse circulation drilling
program.
Field recognition of an extensive
prospective zone for volcanogenic gold-
silver-copper-zinc mineralization in the
northern part of the pro perty (Wolf –
A21 target zone).
Discovery of the Equinox Zone
(copper-gold-silver-bismuth-tellurium)
14 km east of the Patwon Gold Zone
(see press release of July 9, 2024).
WABAMISK
Gold-Antimony,
Lithium
Prospecting: 283 grab samples from
outcrops.
Azimut regained its 100% interest
through a transaction with a f ormer JV
partner (see press releases of August 8
and September 9, 2022).
Comprehensive compilation and target
ranking. The GH Zone (gold-antimony)
was ranked as a top priority target.
Recent p rospecting supports the
significant potential of this zone. Assay
results are pending.
JBL1
Lithium
High-resolution remote sensing data
analysis.
Reconnaissance prospecting on 11
extensive target areas yielding 60 grab
samples from outcrops.
Highly differentiated pegmatite bodies
have been identified.
50/50 Azimut – SOQUEM JV
Property
Metals Work completed Initial comments
GALINÉE
Lithium
Metallurgical tests by SGS Canada on
lithium-bearing drill core intervals.
Till sampling: 794 samples.
Prospecting: 54 grab samples ( 38
from boulders, 16 from outcrops).
Best drill result to date of 1.62% Li2O
over 158.0 m , including 2.20% Li 2O
over 89.65 m ( see press release of
June 19, 2024).
Spodumene crystals were
documented in numerous till samples
delineating new target areas.
Spodumene pegmatite boulders have
been identified within target areas
defined by the till survey.
PIKWA
Lithium
Till sampling: 484 samples.
Prospecting: 432 samples (20 channel
samples and 412 grab samples from
outcrops).
Spodumene crystals were
documented in several till samples
delineating new targets.
Highly differentiated spodumene-
bearing pegmatites have been
identified.
PONTOIS
Lithium, Gold
Till sampling: 107 samples.
Prospecting: 249 grab samples from
outcrops.
Highly differentiated pegmatites have
been observed and sampled.
Azimut’s Properties under Option Agreements
CORVET
(Rio Tinto
option)
Lithium
Prospecting: 133 grab samples (122
from outcrops, 11 from boulders).
Highly differentiated pegmatite bodies
have been identified.
KAANAAYAA
(Rio Tinto
option)
Lithium
Prospecting: 217 grab samples (204
from outcrops, 13 from boulders).
Highly differentiated pegmatite bodies
have been identified.
KUKAMAS
(KGHM
option)
Nickel-Copper,
Gold-Copper
Infill lake sediment geochemical
survey: 215 samples.
High-resolution remote sensing data
analysis.
Prospecting: 343 samples (40
channel samples; 290 grab samples
from outcrops and 13 from boulders).
Follow-up p rospecting has confirmed
the project’s significant potential for
nickel-copper-PGE mineralization (see
press release of April 2, 2024). Field
progress will be described upon receipt
of assay results.
PILIPAS
(Ophir Metals
option)
Lithium
Prospecting: 494 grab samples (437
from outcrops, 20 from boulders).
Diamond drilling: 2,000 m program in
progress.
Discovery of the HW1 and HW2
lithium showings (see press
releases of June 25 and August 7,
2024).
Other 2024 exploration work on Azimut’s properties includes:
CHROMASKA (nickel-chromium, 100% Azimut)
- Prospecting: 36 grab samples from outcrops (completed)
CORNE (nickel-copper, 100% Azimut)
- Infill lake sediment geochemical survey: 132 samples (completed)
MERCATOR (nickel-copper, 100% Azimut)
- High-resolution remote sensing analysis (in progress)
- Infill lake sediment geochemical survey: 130 samples (completed)
- Prospecting (planned)
MERCATOR WEST (gold, 100% Azimut)
- Prospecting (planned)
SALAMANDRE (formerly “JBL13”) (lithium, 100% Azimut)
- Infill lake sediment geochemical survey: 27 samples (completed)
- High-resolution remote sensing analysis (in progress)
- Prospecting (planned)
PI (formerly “JBN73”) (lithium, nickel-copper, 100% Azimut)
- Prospecting (planned)
DALMAS (lithium, SOQUEM JV)
- Till sampling and prospecting (in progress)
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 – Standards of Disclosure for Mineral Projects . Rock Lefrançois (P.Geo.), Vice President of
Exploration, also reviewed the contents of this press release.
Corporate Information
Agnico Eagle Mines Limited (“Agnico Eagle”) and Azimut have entered into an amended and restated investor rights
agreement pursuant to which, among other things, Agnico Eagle was granted the right to participate in future equity
issuances and top-up its holdings in relation to certain dilutive issuances in order to maintain its pro rata ownership
in Azimut at the time of such issuance or to acquire up to a 15% ownership interes t, on a partially diluted basis, in
Azimut.
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.
Contact and 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
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 essenti ally 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, the impact of changes in foreign currency exchange rates and interest rates, imprecision in reserve
estimates, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining condi tions,
changes in government regulations and policie s, including laws and polic ies, 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 assumpt ions
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.