Azimut Exploration Inc.

Pikwa

Region

James Bay

Size

26,100 Ha

Metals

Li, Au-Cu-Co-Mo

Target Style

Intrusion-related Cu-Au systems / Li-bearing pegmatites

Stage

Drilling Stage

Operator

SOQUEM

Ownership

50% AZM / 50% SOQUEM

2024 Planned Program

Prospecting

Introduction

The Pikwa property is held in a 50/50 JV with SOQUEM. It is located 2 km south of the Trans-Taiga Road, a nearly 600-km-long gravel highway running east-west through the James Bay region, and 40 km east of the LG-3 hydroelectric generating station The property contains two primary areas of interest: the potential extension of a geologic trend hosting lithium-bearing pegmatite bodies on the adjacent Corvette property (Patriot Battery Metals Inc.) and the 20-km-long Copperfield Trend, a copper-gold target that appears to be on strike with a mineralized system on the adjacent Mythril property (Midland Exploration Inc.). The target deposit types are intrusion-related and shear zone-hosted systems.

Azimut acquired the Pikwa property after identifying a regional multi-element (As-Bi-Cu) anomaly in lake-bottom sediments and a largely coincident 20-km-long magnetic high during its technology-driven (AZTechMine™) mineral potential assessment of the James Bay region.

Lithium Potential

Geologic and magnetic data strongly suggest the existence of a 14-km-long strike extension onto Pikwa of the same geologic trend hosting the lithium-bearing pegmatite bodies on the Corvette property (Patriot Battery Metals) immediately to the east and the Cancet project (Winsome Resources) to the west. Rock sampling data from Pikwa returned highly anomalous values in lithium (up to 447 ppm Li) and other associated pathfinder elements, including tantalum (up to 79.2 ppm Ta), cesium (up to 167 ppm Cs) and rubidium (up to 960 ppm Rb). This range of values can be indicative of proximal lithium mineralization (PR of January 23, 2023). It should also be noted that lithium was not the focus of the prospecting work when the samples were collected.

In May 2023, Azimut announced the start of a lithium field campaign to be followed by core drilling, contingent on the success of the prospecting phase. Eight extensive lithium target areas have been outlined on Pikwa through a systematic review of the data acquired during their previous exploration programs on the property. Additional targeting criteria comprise:

advanced in-house processing of multispectral remote sensing data to identify potential pegmatite outcrops;
project-scale distribution of pathfinder elements in bedrock (lithium, cesium, rubidium, gallium, tin and tantalum); and
extensive lake-bottom sediment anomalies in underexplored sectors for lithium, outlined by the same pathfinder elements.

One key target is characterized by several peraluminous granitic bodies of the Vieux Comptoir intrusive suite in a favourable position along the prominent magnetic trend.

Copperfield Trend

The second area of interest is the Copperfield Trend, a 20-kilometre-long copper-gold target comprising East and West segments. Based on publicly available information, the trend appears to be along strike from a mineralized system on the adjacent Mythril property held by Midland Exploration Inc.

Exploration highlights include the following spatially correlated features:

A continuous IP corridor 10 km long and up to 400 m wide, characterized by moderate to strong chargeability anomalies generally well-correlated with magnetic highs.
Two electromagnetic (“EM”) conductors that correlate well with IP anomalies in the western part of the target (VTEM survey).
A strong polymetallic (copper-gold-silver-molybdenum) soil anomaly.
Mineralized outcrops and an extensive mineralized boulder field with grades reaching:
- up to 9.8% Cu, 13.45 g/t Au, 37.6 g/t Ag, and 1% Mo (from outcrops); and
- up to 20.1% Cu, 2.99 g/t Au, 58 g/t Ag and 0.24% Mo (from boulders).

The data point to a major copper-gold system centred on the 10-km-long Copperfield East Target. It is interpreted as a porphyry system emplaced along the margins of an intrusion and subsequently sheared during regional-scale tectonic events.

A maiden drilling program (11 holes, 2,085 metres) was initiated in fall 2020 to follow up on the results of several years of comprehensive field assessment programs, including lake-bottom sediment sampling, prospecting campaigns, soil geochemistry surveys and ground geophysics. Key significant results include (PR of May 17, 2023):

Hole PIK20-001:

0.46% Cu over 4.45 m (from 187.8 m to 192.25 m), including
3.38% Cu, 25.5 g/t Ag, 0.14% Zn over 0.5 m (from 191.25 m to 191.75 m)

Hole PIK20-003:

2.14 g/t Au over 1.50 m (from 27.5 m to 29.0 m)
0.28% Cu, 3.22 g/t Ag over 2.15 m (from 114.65 m to 116.8 m)
0.48 g/t Au, 0.15% Cu, 2.16 /t Ag over 0.95 m (from 127.45 m to 128.4 m)
0.85 g/t Au, 0.25% Cu, 0.33% Zn, 0.1% Pb over 0.6 m (from 149.4 m to 150 m)

Hole PIK20-007:

0.53% Cu over 2.65 m (from 30.5 m to 33.15 m), including
1.31% Cu and 112 ppm Mo over 0.9 m (from 32.25 m to 33.15 m)

Hole PIK20-008:

0.44 g/t Au over 1.5 m (from 81.0 m to 82.5 m)

Hole PIK20-011:

0.20 g/t Au, 1.16 g/t Ag, 0.11% Cu over 1.0 m (from 118.0 m to 119.0 m)
0.23% Cu, 2.1 g/t Ag, 282 ppm Mo over 0.6m (from 158.4 m to 159.0 m)

The Pikwa property is located on the southern edge of the La Grande Subprovince (Archean Superior Province), about 10 km from its contact with the Opinaca Subprovince. It contains an east-west volcano-sedimentary sequence bounded by tonalite to the north and south. The different sets of faults show dominantly thrusting movement. Granitic intrusions cut the volcano-sedimentary units. Metamorphism is at lower amphibolite facies. Mineralization is found mainly in biotite-rich gneiss interpreted as altered metadiorite or granodiorite.

August 21, 2023

Azimut Provides Update on its Exploration Activities

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