Azimut Updates on Surface Program Planned at Pilipas,
For immediate release
May 14, 2024
TSXV: AZM
OTCQX: AZMTF
Press Release
Azimut Updates on Surface Program Planned at Pilipas,
James Bay Region, Quebec
Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF)
is pleased to provide an update on the exploration program planned for the Pilipas Property (the “Property”)
in the Eeyou Istchee James Bay region of Quebec, Canada (Figure 1).
Ophir Gold Corp. (“Ophir”) (TSXV: OPHR) (OTCQ B: OPHRF), as operator under the option agreement
previously announced (see press release of December 11, 2023), has scheduled an inaugural lithium-focused
surface exploration program on the Property. Expected to start on May 20th, this work will evaluate numerous
priority targets identified by Ophir during a data compilation and satellite imagery analysis completed on the
Property.
The field activities will consist of three to four weeks of geological prospecting, rock sampling, and mapping,
as well as the completion and interpretation of a Property-wide LiDAR and orthophoto survey. A total budget
of approximatively $500,000 was presented to the Company for this work program. The results from the initial
phase will be used to prioritize targets for drill testing later in the field season.
About the Pilipas Property
The Pilipas Property (135 claims, 70.7 km2) is located along the Billy-Diamond Highway and adjacent to the
Munischiwan project (Azimut – SOQUEM JV) and Elmer East project (Quebec Precious Metal Corporation).
Pilipas is underlain by the Lower Eastmain greenstone belt, part of the La Grande Sub -province of the
Archean Superior Province . Pilipas displays significant exploration potential for lithium-cesium-tantalum
(LCT) pegmatites as well as for intrusion-related and volcanogenic massive sulphides gold-copper systems.
Under the option agreement signed in December 2023 , Ophir can acquire up to a 70 % interest in the
Property by funding $4 million in exploration expenditures, and by making payments totalling 6 million in
shares of Ophir and $100,000 in cash.
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.
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 in formation
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 geolog ical 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 appl y 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.