Azimut Exploration Inc.

Galinée

Region

James Bay

Size

29,000 Ha

Metals

Li, Au

Target Style

Shear-zone hosted / Intrusion-related Au systems / Li-bearing pegmatites

Stage

Early Stage - Targets Identified

Operator

AZM

Ownership

50% AZM / 50% SOQUEM

2024 Planned Program

Prospecting, drilling

Introduction

The 36-km-long Galinée property is held as a 50/50 JV project with SOQUEM. It is located about 50 km north-northwest of the Renard diamond mine (Stornoway Diamonds Canada), which sits at the northern end of Route 167, a permanent all-season road connecting the mine to the provincial highway network via Mistissini and Chibougamau. The property also lies about 60 km south of the eastern end of the Trans-Taiga Road, a 666-km gravel highway branching off the Billy-Diamond Highway.

The Galinée project borders to the south the Adina deposit, where Winsome Resources Ltd announced a mineral resource estimate in May 2024. At Adina, two east-west subparallel spodumene-bearing pegmatite zones, dipping shallowly to the south, have been traced. In late 2023 and early 2024, Azimut completed 8,000m of drilling in two phases to test the extension of the adjacent Adina Main Zone on Galinée. Excellent lithium results have been reported.

On a larger scale, the Galinée project displays multiple well-defined prospects, including a 20-km-long lithium-cesium-gallium-tin anomaly in lake sediments in the northwestern part of the property. Outcrops in this area are rare, but its strong geochemical footprint underscores significant exploration potential roughly coincident with a NE-SW-trending sheared greenstone belt.

Lithium Exploration

In September 2023, Azimut completed an initial prospecting program on the Galinée property and identified a spodumene-bearing pegmatite boulder field containing at least 12 mineralized boulders in a 650- by 350-m area (PR of September 06, 2023). Most boulders are angular to sub-angular, generally indicative of short transport distances from the bedrock source (a few metres to several hundred metres). The area has few outcrops but the overburden appears thin. 9 of the 12 mineralized boulders returned lithium grades ranging from 0.5% Li₂O to 4.09% Li₂O.

In Q4 2023, a maiden drill program was completed with seventeen holes drilled (PR of January 9, 2024 and PR of February 23, 2024). A second phase was completed in early 2024, and the results confirmed a wide and high-grade lithium zone on the property, which now appears to be one of the most significant lithium pegmatite discoveries in the James Bay region (PR of May 8, 2024 and PR of June 19, 2024). Drilling will continue this summer.

The best results to date include:

Hole GAL24-025:
- 1.62% Li₂O over 158.0 m, including:
  - 2.20% Li₂O over 89.65 m, including:
    - 3.33% Li₂O over 29.6 m
Hole GAL23-001
- 2.48% Li₂O over 72.7 m including:
  - 3.38% Li₂O over 18.0 m
  - 3.27% Li₂O over 12.7 m
Hole GAL24-020:
- 2.68% Li₂O over 54.60 m, including:
  - 2.26% Li₂O over 8.50 m and
  - 3.48% Li₂O over 35.85 m

The lithium zone has a strike length of 700 metres and trends roughly east-west. It remains largely open on the Property to the east and south, with the thickness and grade variabilities expected for these types of pegmatitic bodies. The mineralized zone at Galinée likely represents the southern extension of the Adina deposit on the adjacent project belonging to Winsome Resources Ltd.

Initial drilling data indicate a shallow dip to the south, from subhorizontal to 15 degrees. Additional intercepts from the current program show that some pegmatite bodies dip to the north, suggesting that the pegmatite system consists of coalescing branches with variable dips. Hole GAL24-020 intersected at least one of the north-dipping branches at shallow depth, returning very high-grade lithium intervals starting at a vertical depth of 80 metres.

Spodumene crystals generally range from a few centimetres to half a metre long but occasionally reach gigantic sizes (up to 1.65 m). The colour ranges from whitish to greyish-beige or greenish-beige. Other associated minerals include quartz, white feldspar, tourmaline and, less frequently, garnet, apatite, lepidolite, tantalite and maybe pollucite. Holmquistite, a typical lithium-bearing amphibole formed at the margins of lithium-rich pegmatites, is also observed. Dark green amphibolite is the dominant host rock.

At a much larger scale, the Galinée property displays strong exploration potential supported by Azimut’s project database and recently acquired results on surrounding properties belonging to other companies. The region is considered an emerging lithium district. A cumulative 60 kilometres of highly prospective strike length has been outlined on the property (see PR of February 23, 2024). A comprehensive property-scale till sampling and prospecting program is underway to identify additional drilling targets.

Previous Exploration Activitities

Previous work in the area was carried out between 1995 and 2017, including several geochemistry surveys (soil and till), a 6-hole drilling program, several prospecting campaigns, heavy mineral sampling (diamond exploration) and a heliborne geophysical survey (magnetic and radiometric). Two historical showings correspond to linear magnetic highs along the northeastern edge of the property:

The Savon Gold showing (1.18 g/t Au), discovered by Virginia Mines in 2009, is characterized by mineralized altered basalt. A quartz-veined boulder found 175 m to the east of the Savon Gold showing yielded 1.74 g/t Au.

The Pankot’s Palace showing (5.09 g/t Au) is characterized by millimetric veins of chalcopyrite and pyrite cutting fine-grained biotite paragneiss.

A multi-property assessment program in 2018, funded by partner SOQUEM, included fieldwork on the Galinée property, which led to the discovery by prospecting of the sub-cropping, tonalite-hosted Gamora Prospect (up to 2.17 g/t Au), recognized over an area of 130 m by 30 m. Twenty-six (26) grab samples yielded values above 0.1 g/t Au, including six (6) samples returning values from 0.53 g/t Au to 0.84 g/t Au and one (1) sample returning 2.17 g/t Au (PR of November 13, 2018). About 5 km to the west, a gold grain dispersal train in till yielded a sample containing 52 delicate gold grains, suggesting a proximal common source. A very unusual multi-kilometre cluster of gold values in lake-bottom sediments was also identified (PR of May 31, 2018).

The Galinée property is located in the La Grande Subprovince about 15 km north of the Quentin shear zone, which marks the boundary with the Opinaca Subprovince. The rocks that underlie the property are mostly felsic intrusives – tonalite, granite and granodiorite. Other lithologies include the biotite-rich Salomon River paragneiss in the western part of the property and Trieste amphibolite along with basalts and gabbros in a shear zone. Metamorphism is at upper amphibolite to granulite facies.

June 19, 2024

Azimut and SOQUEM Cut an Outstanding Interval of 1.62% Li2O over 158.0 m, Including 2.20% Li2O over 89.65 m, Galinée Lithium Property, James Bay Region, Quebec

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