Azimut Exploration Inc.

Pilipas

Region

James Bay

Size

7,100 Ha

Metals

Li, Au/Cu

Target Style

Shear-related Cu-Au systems / VMS / Pegmatite-hosted lithium

Stage

Early Stage - Technical Assessment

Operator

Ophir Metals

Ownership

100% Azimut - Option to Ophir Gold

2024 Planned Program

Prospecting / Drilling

Introduction

The Pilipas property is a project adjacent to the north of the Munischiwan project (Azimut - SOQUEM JV) and the west of the Elmer East project (Quebec Precious Metal Corporation). Pilipas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites as well as for intrusion-related and volcanogenic massive sulphides gold-copper systems. The Billy-Diamond Highway passes through the centre of the property.

In December 2023, the Company announced the signing of option agreement with Ophir Gold Corp. Ophir can earn up to a 70% interest in the Property from Azimut over 3 years by funding $4 million in exploration expenditures, and by making payments totalling 6 million in shares of Ophir and $100,000 in cash.

Ophir Metals Corp.(formerly Ophir Gold Corp.), as operator under the option agreement, is completing an inaugural lithium-focused surface exploration program on the property and made the discovery of spodumene bearing pegmatite outcrops on the property.

The Pilipas property is located along strike with the Munischiwan project, which displays many of the similar geological features and has yet to be assessed for lithium mineralization.

2024 Exploration - Ophir Option:

A comprehensive prospecting program was completed by Ophir over the entire property in May and June 2024 with more than 460 grab samples collected. A large number of pegmatite outcrops were confirmed in the field and sampled. Assay results are pending and will be used to vector towards favorable zones for lithium mineralization.

A spodumene bearing pegmatite occurrence was discovered on the property at the Highway showing (“HW1”). This spodumene pegmatite is open in multiple directions with an approximate strike length of over 150 m and width of up to 30 m. It remains open to north and west. The outcrop is situated in close proximity to infrastructure and approximately 200 m east of the Billy Diamond Highway. At the HW1 showing, spodumene crystals up to 50 cm in size were observed.

In addition, spodumene mineralization was also identified approximately 500 m to the south of the HW1 showing, in seven discontinuous pegmatite outcrops ranging from 1 to 5 m wide and over a strike length of approximately 450 m.

Work will continue on the prospective trend defined between the HW1 outcrop and the Ninaaskuwumin pegmatite outcrop (Quebec Precious Metals) situated approximately 3.7 km to the southeast. Drilling is planned later in the 2024 field season.

Past Exploration:

The Pilipas property is in structural continuity with the InSight Prospect on the Munischiwan property (up to 100.5 g/t Au, 435.0 g/t Ag, 156.0 g/t Te and 1.67% Cu). The 2019 IP survey on Munischiwan suggests that the prospect may extend onto Pilipas.

Pilipas was covered by a regional mapping program carried out by the Ministry of Energy and Natural Resources (MERN) in 1978. Limited exploration work by previous explorers included:

A geophysical (VTEM) survey in 2006 covering most of the property (630 line-km at a nominal line spacing of 100 m and 50 line-km at 1000-m spacing) and a magnetic survey in 2013 (2,514 line-km with 25-m spacing and 137 line-km with 500-m spacing).
A regional lake-bottom sediment survey (13 samples) and limited rock sampling (32 grab samples).
A soil sampling survey in 2005 covering most of the property (former partner Eastmain Resources Inc., now Fury Gold Mines Ltd.: 1,045 samples analyzed for 35 elements).

The Pilipas property is located in the La Grande Subprovince (Archean Superior Province). It is underlain by volcano-sedimentary rocks of the Lower Eastmain greenstone belt: conglomerate, sandstone, basalts and felsic to intermediate tuffs. These lithologies are intruded by tonalite and granodiorite. Two regional NW-SE dextral faults transect the southwestern and northeastern parts of the property. Metamorphism reached greenschist to upper amphibolite facies.