Azimut Exploration Inc. [TSXV-AZM; OTCQX-AZMTF] reported additional assay results from the maiden 5,000-metre core drilling program on the Galinee property in the Eeyou Istchee James Bay region of northern Quebec, Canada.
The previously reported results from the first hole (GAL23-001) include 2.48% Li2O (lithium oxide) over 72.7 metres. Drilling will resume in March to accelerate the definition of the mineralized zone.
Azimut and its partner SOQUEM Inc. have ranked the Galinee property as one of their top priorities for 2024. In addition to drilling, a property-scale comprehensive prospecting phase will also be conducted over the summer. Azimut is the operator of the work program.
Azimut holds the largest multicommodity mineral exploration portfolio in Quebec (gold, copper, nickel and lithium) and is one of the province’s most active explorers.
Highlights: Hole GAL23-003 returned 1.56% Li2O over 36.6 metres (from 194.4 m to 231 m), including 2.41% Li2O over 21.2 metres (from 195.5 m to 216.7 m).
Hole GAL23-009 returned 2.13% Li2O over 44.1 metres (from 120.3 m to 164.4 m), including 3.35% Li2O over 13 metres (from 150.4 m to 163.4 m), and 1.13% Li2O over 16.5 metres (from 346.5 m to 363 m), including 1.69% Li2O over 9.2 metres (from 346.5 m to 355.7 m).
Hole GAL23-011 returned 1.71% Li2O over 37 metres (from 209 m to 246 m), including 2.95% Li2O over 15 metres (from 212 m to 227 m), including 5.13% Li2O over six metres (from 216.5 m to 222.5 m).
Hole GAL23-012 returned 1.31% Li2O over 41.3 metres (from 188 m to 229.3 m), including 2.68% Li2O over 4.5 metres (from 189.5 m to 194.0 m) and 2.75% Li2O over 12.7 metres (from 210.6 m to 223.3 m).
Hole GAL23-014 returned 1.63% Li2O over 17.5 metres (from 233 m to 250.5 m), including 2.56% Li2O over 5.2 metres (from 233 m to 238.2 m).
The main objective of this maiden drilling program was to test the down-dip extension of the deposit on the adjacent Adina property, where Winsome Resources announced an initial inferred mineral resource estimate of 59 million tonnes at 1.12% Li2O.
The mineralized intercepts disclosed in this press release strongly suggest they represent the down-dip extension of the Adina deposit onto Galinee.
As currently defined, the lithium-bearing zone on the property has a strike length of 700 metres and trends roughly east-west. It 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.
Seventeen holes have been drilled to date for a total of 4,914.9 metres. Eleven holes (including GAL23-001) have cut significant spodumene mineralization. The true widths of the drill intervals have not been determined at this stage.
Galinee displays strong exploration potential supported by Azimut’s project database and the results recently acquired by other companies on surrounding properties. The region is considered a significant emerging lithium district.
At Galinee, a cumulative 60 km of highly prospective strike length has been delineated: The currently drilled area, in the northernmost part of the Property, is part of a more extensive prospective zone that continues for 12 km east and more than 21 km along the northwest part of the project.
In the southern half of the property, several sectors with a cumulative strike of 27 km also display a favourable geological context coupled with attractive lake sediment anomalies in lithium.
Target definition and ranking are also supported by lithogeochemical data, till sampling results and remote sensing analysis.
At the regional scale, known lithium pegmatite occurrences appear spatially correlated with the Trieste Formation, a sheared mafic greenstone belt with iron formations, partly bounded by paragneisses. Trieste has a relatively distinct low magnetic footprint, comprising thin, strongly magnetic interlayered horizons. At the current exploration stage, spodumene pegmatite mineralization roughly delineates a regional corridor 18 km long by 1 km wide.
The Galinee Property (649 claims, 335 km2) is a 50/50 joint venture between Azimut and SOQUEM, operated by Azimut. The 36-km-long project is about 50 km north-northwest of the Renard diamond mine (Stornoway) and 60 km south of the Trans-Taiga Road, a regional highway.
Azimut’s wholly owned flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration upside. The company also controls a strategic land position for copper-gold, nickel and lithium.
Azimut maintains rigorous financial discipline and a strong balance sheet, with 85.4 million shares issued and outstanding.
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