LONGUEUIL, Quebec, December 2 2024 (GLOBE NEWSWIRE) — Exploration Azimut Inc. (“Azimut” or the “Company”) (TSXV : AZM) (OTCQX : AZMTF) announces the start of a core drilling program focused on the recent discovery of a corridor with high antimony content (the ” Zone Fortin ») sur sa Wabamisk property, 100% owned, located in the Eeyou Istchee Baie James region (“James Bay”) in Quebec (see figures 1 to 4).
Azimut undertakes 5,000 m diamond drilling program to evaluate the geometric and grade continuity of this corridor. An initial phase of 2,000 m will be completed before the end of this year. Depending on positive results, the additional 3,000 m of drilling will be carried out in early 2025. With approximately $9 million in cash, the Company has all the funds required for this drilling program.
The discovery of a system with a high antimony content in Quebec constitutes a rare opportunity considering the status of critical mineral of this substance and the risque current supply disruption (see explanations below).
As already disclosed (see press release of October 29, 2024), the 2024 prospecting program revealed a antimony-rich system demonstrated by channel sampling (3,92% Sb sur 14,0 m) and by numerous selected high-grade samples (up to 24.8% Sb) taken over a distance of 1.2 km within the Fortin Zone. Of l’or (up to 7.27 g/t Au in selected samples) is generally present with antimony. Please note that the selected samples are selective in nature and are unlikely to represent average levels.
Geoscientific data makes it possible to identify a prospective antimony-gold corridor with a minimum length of 3.5 km. The corridor is associated with a large shear zone, and located between a metasedimentary unit to the north (the Auclair Formation) and a mafic volcanic unit to the south (the Natel Formation). It is marked by a strong antimony signature in lake, till and soil sediments. Antimony indices (contents greater than 0.5% Sb) are also well correlated with induced polarization (“PP”) anomalies in chargeability, associated with a magnetic horizon of moderate intensity. The spatial distribution of the indices suggests a 30 m wide envelope for the mineralized zone.
A recently completed high-resolution helicopter-borne magnetic survey (381 km of lines covering an area of 1 km by 8 km with lines spaced every 25 m) more precisely defined the extension of the target zone. A string of magnetic anomalies, well correlated with the antimony indices and the PP anomalies, highlights the priority targets which will be drilled during this program (see figures 5 and 6).
About antimony
Risk of supply shortage
Antimony is classified as a critical mineral by the governments of Canada and the United States, as well as the European Commission. Five countries represent around 91% of global production, estimated at 83,000 tonnes in 2023, including China (48.2%) and Tajikistan (25.3%). Currently, antimony is not mined in Canada or the United States. In August 2024, China imposed restrictions on the export of antimony leading to a significant reduction in exports in October and increasing the risk of supply disruptions. Prices have increased sharply since the start of the year, reaching a record level of around US$34,000 per tonne in November for antimony metal on the international market. For comparison, copper had an average price in November of around US$9,500 per tonne.
Types of deposits and contents
Most antimony deposits are found associated with siliceous-clastic sedimentary rocks and significant fault and fracture systems. Stibnite is the main mineral of economic interest. The deposits mainly correspond to hydrothermal systems where antimony is exploited as the main product, or as a secondary product of gold deposits. Quartz-stibnite and replacement deposits constitute the majority of current mining production. They are generally located in the peripheral parts of orogenic gold deposits, or linked to intrusions. The main examples are Xikuangshan in China (mineral reserves of 11.5 Mt at 3.5% Sb in 1980) and Sarylakh in Russia (resources of 2.17 Mt at 6% Sb and 6 g/t Au). Canadian examples include Beaver Brook in Newfoundland and Lake George in New Brunswick. The classic example of deposits in the Archean is the former Consolidated Murchison mine in South Africa. The tonnage and content references above are historical and do not correspond to NI 43-101 standards. The primary source of information for this section is USGS Professional Paper 1802-C (2017).
About the Wabamisk Property
Wabamisk is 100% owned by Azimut and includes 544 claims covering 287.9 km² (39.5 km by 9.2 km). It is located 13 km east of the Clearwater property (Fury Gold Mines), 42 km northeast of the Whabouchi lithium deposit (Nemaska Lithium) and 70 km south of the Éléonore gold mine ( Newmont). Major power lines cross or pass near the eastern end of the project. The Northern Route passes 37 km south of Wabamisk. The closest community is Nemaska, a Cree municipality located 55 km to the southwest.
Geophysics and drilling contracts, analytical protocols and project management
Novatem Inc., based in Mont-Saint-Hilaire, Quebec, carried out the helicopter-borne magnetic survey. Nouchimi / Forages RJLL Inc. of Rouyn-Noranda, Quebec, will carry out the drilling program with a core diameter of NQ.
The rock samples are sent to ALS laboratories in Val-d'Or, Quebec, where the gold is analyzed by fire assay with atomic absorption and gravimetric finish for grades above 3.0 g/t Au. The samples are also analyzed for a suite of 48 elements by ICP. Samples with results exceeding the 1.0% Sb threshold are reanalyzed by 4-acid digestion using ICP-AES. Azimut applies industry standard QA/QC procedures for these drilling programs. Certified reference samples, blanks, and duplicate drill samples are included in all shipments for analysis.
The project is under the direction of Alain Cayer (Geo.), Project Director.
Qualified person
Jean-Marc Lulin, geologist, President and CEO of the Company, prepared this press release and approved the scientific and technical information disclosed as a qualified person within the meaning of National Instrument 43-101.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation in target generation and partnership development. It holds the largest portfolio of mining exploration projects in Quebec, and controls strategic positions for copper-gold, nickel and lithium. Her project-fare Elmer (or)100% owned, located in the James Bay region, is at the resource stage (311,200 ounces indicated; 513,900 ounces presumed*) and presents strong exploration potential. Azimut is also progressing on the lithium discovery of Galinée in joint participation with SOQUEM.
The Company implements an exclusive pioneering methodology in the analysis of geoscientific big data (the expert system AZtechMine™), supported by solid exploration know-how. Azimut's competitive approach is based on the systematic analysis of regional data. Benefiting from a strong balance sheet, the Company maintains rigorous financial discipline and has 85.6 million shares issued and outstanding.
Contact et information
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015
Jonathan Rosset, Vice-President Corporate Development
Tel.: (604) 202-7531
[email protected] www.azimut-exploration.com
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*: “Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec, Canada”, prepared by: Martin Perron, P.Eng., Chafana Hamed Sako, P.Geo., Vincent Nadeau-Benoit, P.Geo. and Simon Boudreau, P.Eng. of InnovExplo Inc., dated January 4, 2024.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events related to drilling results on the Wabamisk Property. To the extent that any statements in this document contain information that is not historical, then such statements are essentially forward-looking and can often be identified by the use of words such as “believes”, “anticipates”, “forecasts”, “estimates”. », “expects”, “projects”, “plans”, “potential”, “suggests” and “believes”. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There are several factors that could cause such a difference, including the volatility and price sensitivity of metals in the market, the impact of changes in foreign currency exchange rates and interest rates, imprecision reserve estimates, recovery of gold and other metals, environmental risks including increased regulatory burden, unforeseen geological conditions, difficult mining conditions, actions taken by communities and non-governmental organizations, regulatory and policy changes governmental risks, including laws and policies, global outbreaks of infectious diseases, and the inability to obtain necessary permits and approvals from governmental authorities, as well as other risks related to development and operations. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. The reader is encouraged to carefully review the detailed discussion of risks in our most recent Annual Report filed on SEDAR+ for a more complete understanding of the risks and uncertainties affecting the Company's business.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release.
