Azimut and SOQUEM Announce Major Drill Intercept in First Hole on Galinée

2.48% Li2O over 72.7 metres

Regional Analysis Highlights an Emerging Lithium District

LONGUEUIL, Quebec, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to report exciting assay results from the first hole of the maiden 5,000-metre core drilling program on the Galinée Property (the “Property”) in the Eeyou Istchee James Bay region of Quebec, Canada. Based on a visual examination of the drill core, other significant lithium intercepts are expected from this program.

Azimut and its partner SOQUEM Inc. (“SOQUEM”) have ranked the Galinée Property as one of their top priorities for 2024. Following receipt of the results of this maiden program, a new drilling campaign will be designed to accelerate the definition of the mineralized zone. A property-scale comprehensive prospecting phase will also be conducted over the summer. Azimut is the operator of the work program.

In addition to Galinée, eight (8) of Azimut’s other properties will be subject to lithium exploration programs in 2024 (see About Azimut section below). Azimut holds the largest multicommodity mineral exploration portfolio in Quebec (gold, copper, nickel, lithium) and is one of the province’s most active explorers.

HIGHLIGHTS (see Figures 1 to 7 and Table 1)

• Hole GAL23-001: 2.48% Li₂O over 72.7 m (from 139.5 m to 212.2 m) including:

3.38% Li₂O over 18.0 m (from 174.0 m to 192.0 m)
3.27% Li₂O over 12.7 m (from 199.5 m to 212.2 m)

    1.30% Li₂O over 7.0 m (from 323.4 m to 330.4 m)

• The main objective of this maiden drilling program was to test the down dip extension of the deposit defined on the adjacent Adina property, where Winsome Resources Ltd (“Winsome”) announced an initial inferred mineral resource estimate of 59 million tonnes at 1.12% Li₂O (Winsome’s press release of December 11, 2023).

• The previously disclosed visual observations of spodumene pegmatites in the Galinée drill core supported the downdip extension of the Adina deposit onto the Property (see press releases of October 23 and November 29, 2023).

• The visual examination of the drill core also indicated a roughly east-west-trending lithium zone with a strike length of 700 metres at Galinée. This zone remains largely open to the east and south. More drilling will better define the geometry and true thickness of the pegmatite bodies. Initial data suggest a shallow dip to the south ranging from subhorizontal to 15 degrees.

• To date, seventeen (17) holes have been drilled, totalling 4,914.9 metres. Eleven (11) holes (including GAL23-001) have cut significant spodumene mineralization. Pending assay results will be reported as soon as they become available.

• Spodumene crystals generally range from a few to 50 centimetres long, with greyish-beige to greenish-beige colours. A portable LIBS (Laser Induced Breakdown Spectroscopy) analyzer was used to confirm the presence of lithium. Other associated minerals include quartz, white feldspar, tourmaline and, less frequently, garnet, apatite, lepidolite and colombo-tantalite. Holmquistite, a typical lithium-bearing amphibole formed at the margins of lithium-rich pegmatites, has also been observed. The host rock is dark green amphibolite.

Regional Analysis and Property-Scale Exploration Potential (see Figures 8 to 11)