Azimut Updates on Surface Program Planned at Pilipas, James Bay Region, Quebec

LONGUEUIL, Quebec, May 14, 2024 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to provide an update on the exploration program planned for the Pilipas Property (the “Property”) in the Eeyou Istchee James Bay region of Quebec, Canada (Figure 1).

Ophir Gold Corp. (“Ophir”) (TSXV: OPHR) (OTCQB: OPHRF), as operator under the option agreement previously announced (see press release of December 11, 2023), has scheduled an inaugural lithium-focused surface exploration program on the Property. Expected to start on May 20^th, this work will evaluate numerous priority targets identified by Ophir during a data compilation and satellite imagery analysis completed on the Property.

The field activities will consist of three to four weeks of geological prospecting, rock sampling, and mapping, as well as the completion and interpretation of a Property-wide LiDAR and orthophoto survey. A total budget of approximatively $500,000 was presented to the Company for this work program. The results from the initial phase will be used to prioritize targets for drill testing later in the field season.

About the Pilipas Property

The Pilipas Property (135 claims, 70.7 km²) is located along the Billy-Diamond Highway and adjacent to the Munischiwan project (Azimut – SOQUEM JV) and Elmer East project (Quebec Precious Metal Corporation). Pilipas is underlain by the Lower Eastmain greenstone belt, part of the La Grande Sub-province of the Archean Superior Province. Pilipas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites as well as for intrusion-related and volcanogenic massive sulphides gold-copper systems.

Under the option agreement signed in December 2023, Ophir can acquire up to a 70% interest in the Property by funding $4 million in exploration expenditures, and by making payments totalling 6 million in shares of Ophir and $100,000 in cash.

Qualified Person

Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as the Company’s qualified person within the meaning of National Instrument 43-101.

About Azimut

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The Company holds the largest mineral exploration portfolio in Quebec. Its wholly owned flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration upside. The Company also controls strategic land positions for copper-gold, nickel and lithium and is one of the province’s most active explorers.