Azimut Exploration posts drill results from Pilipas property, James Bay Region, Quebec
Azimut Exploration Inc. [TSXV: AZM; OTCQX: AZMTF] reported results from the maiden 3,065-metre drill program on the Pilipas property in the Eeyou Istchee James Bay region of Quebec, Canada.
Ophir Metals Corp. [TSXV: OPHR; OTCQB: OPHRF] conducted the program as project operator under the option agreement. Twenty-three holes were drilled, with 19 on the HW1 Pegmatite (2,655 m) and four on the HW2 Pegmatite (410 m). Assays results are pending for two holes (PLP24-013 and PLP24-021).
The 2024 drill program successfully extended the known mineralized zone at the HW1 Prospect to 300 metres laterally and 90 metres vertically. Hole PLP24-007 returned the most significant mineralization from the program with 1.22% Li2O over 53.2 metres, including a higher-grade interval of 1.70% Li2O over 22.3 metres. Hole PLP24-011 intersected 1.00% Li2O over46.51 metres within a wider interval of 0.79% Li2O over 71.18 metres.
The result from this campaign extends the mineralized pegmatite at HW1 northward by an additional 150 m, for a total strike length of 300 metres from the southern edge of the discovery outcrop. Both PL24-007 and PLP24-011 targeted the northern extension of the HW1 Pegmatite. PLP24-019 intersected a 0.5-metre quartz vein with trace sulphides, grading 4.76 g/t gold over the width of the vein (25.8 to 26.3 m).
Drilling at HW2 returned one notable intercept, with 0.22% Li2O over 5.05 metres from hole PLP24-017.
The true widths of the drill intervals are undetermined at this stage. Final interpretations and geological modelling are ongoing as the analytical results are received.
Ophir also initiated a prospecting program in early December to further assess a pegmatite outcrop (HW3) that returned significant cesium and lithium values (14.2% Cs2O and 0.71% Li2O) from a grab sample. The HW3 pegmatite outcrop is approximately 20 metres long by 15 metres wide, located 60 metres east of the Billy Diamond Highway. The prospecting program will focus on collecting saw-cut channel samples to better assess the grade and width of the cesium mineralization.
The Pilipas Property (135 claims, 70.7 km2) is located along the Billy-Diamond Highway near hydroelectric power lines. Pilipas is adjacent to and on strike from the Munischiwan Property (Azimut–SOQUEM Inc. JV project), which displays many similar geological features.
Pilipas is underlain by the Lower Eastmain greenstone belt, part of the La Grande Subprovince of the Archean Superior Province. Pilipas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites and intrusion-related and volcanogenic massive sulphide 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 making payments totalling 6 million shares of Ophir and $100,000 in cash. Ophir has completed the first anniversary payments by delivering 1,000,000 shares and $25,000 in cash.
Azimut holds the largest mineral exploration portfolio in Quebec, controlling strategic land positions for copper-gold, nickel and lithium. Its wholly owned flagship project, the Elmer Gold Project, is at the resource stage (311,200 oz Indicated; 513,900 oz Inferred) and has a strong exploration upside. Azimut is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system) enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and a strong balance sheet, with 85.6 million shares issued and outstanding.