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
km2) 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 km2) 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.