Azimut Reports Drilling Results from the Pilipas Property, James Bay Region, Quebec

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1.22% to me₂O is more than 53.20 m, of which 1.70% is Li₂Oh more than 22.30 p.m

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Longueuil, Quebec, Dec. 11, 2024 (GLOBE NEWSWIRE) — Azimut Exploration Company (“Azimut” or the “Company”) (TSXV: Azm) (otcx: azmtf) is pleased to report on the results of its first 3,065-metre drilling programme Pelebas’s property (“The Property”) is located in the Eeyou Istchee James Bay area of ​​Quebec, Canada. Ophir Metals Corp. (“Ophir”) (TSXV: OPHR) (OTCQB: OPHRF) is implementing the program as operator of the project under the option agreement. Twenty-three (23) holes were drilled, including nineteen (19) in HW1 pegmatite (2655 m) and four (4) in HW2 pegmatite (410 m). Assay results are pending for two punctures (PLP24-013 and PLP24-021).

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The 2024 drilling program has successfully expanded the known mineralized zone in Probability HW1 To 300 meters horizontally and 90 meters vertically. Hole PLP24-007 has restored the most significant mineralization from the program with 1.22% to me₂Oh more than 53.2 mincluding the highest score interval of 1.70% to me₂Oh more than 22.3 m. Intersected hole PLP24-011 1.00% to me₂Oh it’s over
46.51 m Within a wider interval than 0.79% LI₂Oh more than 71.18 m.

Highlights (See Figures 1 and 2 and Tables 1 and 2)

The result of this campaign extends the mineralized pegmatite in HW1 North by an additional 150 m, bringing the total strike length to 300 m from the southern edge of the discovery outcrop. PL24-007 and PLP24-011 targeted the northern extension of the HW1 Pegmatite. PLP24-019 intersects a 0.5 m long quartz vein with trace sulfides, grading 4.76 g/t Au across the width of the vein (25.8 to 26.3 m).

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Drilling at HW2 He returned a notable interception of 0.22% Li₂O more than 5.05 meters from hole PLP24-017.

The true width of the drilling intervals is not determined at this stage. Final interpretations and geological modeling continue until analytical results are received.

Ophir also began an exploration program in early December to further evaluate the pegmatite outcrop (“HW3“) which returned large values ​​for cesium and lithium (14.2% CS₂Hey And 0.71% for me₂O) From sample extract. The HW3 pegmatite outcrop is approximately 20 m long and 15 m wide, and is located 60 m east of the Billy Diamond Highway. The exploration program will focus on collecting samples from chainsaw-cut channels to better assess the grade and width of cesium mineralization. Please note that samples are selective in nature and are unlikely to represent average grades.

About the ownership of Pelebas

the Pelebas’s property (135 claims, 70.7 km²) along the Billy Diamond Highway near hydroelectric power lines. The Pelepas area is adjacent to and discontinuous from the Munichewan Estate (a joint venture of Azimut–SOQUEM Inc.), which displays many similar geological features.

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Pelepas lies under the lower Eastmain greenstone belt, part of the La Grande sub-county of the Upper Archean province. Pelebas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites and massive seep- and volcanic-related copper-gold-sulphide systems.

Under the option agreement signed in December 2023, Ophir can acquire up to a 70% interest in the property by financing $4 million in exploration expenses and making payments totaling 6 million Ophir shares and $100,000 in cash. Ophir completed the first anniversary payment by delivering 1,000,000 shares and $25,000 in cash.

Analytical protocols

Samples were delivered by Ophir field staff to the independent SGS Canada laboratory in Radisson, Quebec, for standard sample preparation (code PRP90), which includes drying at 105°C, crushing to 90% through 2 mm, 250 g gun splitting, and crushing to 90%. 85% pass 75 micron. The slurries were then shipped to the SGS Canada laboratory in Burnaby, British Columbia, where they were analyzed for a multi-element band (including Li and Ta) using sodium peroxide fusion with an ICP-AES/MS finish (code GE_ICM91A50). Gold analysis was performed with Au by fire assay (code GE_FAA30V5). A QA/QC protocol was integrated into the program, including the inclusion of certified reference materials and silica blanks at a rate of approximately 5% and 5%, respectively. Additional analysis of replicates of split samples and split rejections at a rate of approximately 5% was also completed to evaluate analytical accuracy at different stages.

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Due to Ophir’s established QA/QC protocols, samples from hole PLP24-013 were resubmitted for testing. The results will be announced when the company receives them.

Qualified person

Dr. Jean-Marc Lleulin (P.Geo.), President and CEO of Azimut, has prepared this press release and approved the scientific and technical information disclosed herein, as a Qualified Person of the Company within the meaning of National Instrument 43-101. Azimut reviewed field data provided by Ophir, who is acting as project operator.

About Azimut

Azimut is a leading mineral exploration company with a strong reputation for goal achievement and partnership development. The company has the largest mineral exploration portfolio in Quebec, controlling strategic land positions for copper, gold, nickel and lithium. Its wholly owned flagship project, Elmer Gould Projectin the resource phase (311,200 ounces shown; 513,900 inferred ounces*) and has a strong upside to explore. Azimut is also moving forward Discovery of lithium galene With its joint venture partner SOQUEM Inc.

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Azimut uses a pioneering approach to big data analytics (proprietary Aztec Mine™ Expert System) enhanced by extensive exploratory experience. The company’s competitive advantage is based on systematic analysis of data at the regional level. Azimut maintains strict financial discipline and a strong balance sheet, with 85.6 million shares issued and outstanding.

Contact and information

Jean-Marc Llewellyn, President and CEO
Phone: (450) 646-3015

Jonathan Rossett, Vice President of Corporate Development
Phone: (604) 202-7531
info@azimut-exploration.com www.azimut-exploration.com

Cautionary note regarding forward-looking statements

This press release contains forward-looking statements that reflect the Company’s current expectations regarding future events related to drilling results from the Pelebas Property. To the extent any statements in this press release contain non-historical information, statements are primarily forward-looking and are often identified by words such as “believes,” “anticipates,” “anticipates,” “estimates,” “intends,” and “projects.” , “plan,” “potential,” “proposal,” and “belief” 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.
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