Azimut Exploration Inc.

Pilipas

Region

James Bay

Size

7,100 Ha

Metals

Li, Au/Cu

Target Style

Shear-related Cu-Au systems / VMS / Pegmatite-hosted lithium

Stage

Early Stage - Technical Assessment

Operator

Azimut

Ownership

50% Azimut - JV with Ophir Metals

2026 Planned Program

Program TBD

Introduction

The Pilipas property is a project adjacent to the north of the Munischiwan project (Azimut - SOQUEM JV) and the west of the Elmer East project (Quebec Precious Metals Corporation). Pilipas displays significant exploration potential for lithium-cesium-tantalum (LCT) pegmatites as well as for intrusion-related and volcanogenic massive sulphides gold-copper systems. The Billy-Diamond Highway passes through the centre of the property.

In December 2023, the Company announced the signing of option agreement with Ophir Gold Corp (now Ophit Metals). In 2026, Ophir elected not to enter into the second phase of the option agreement and a 50/50 JV was formed.

The Pilipas property is located along strike with the Munischiwan project, which displays many of the similar geological features and has yet to be assessed for lithium mineralization.

2024/2025 Exploration - Ophir Option:

A comprehensive prospecting program was completed by Ophir over the entire property in May and June 2024 with 494 grab samples collected. A large number of pegmatite outcrops were confirmed in the field and sampled.

A spodumene bearing pegmatite occurrence was discovered on the property at the Highway showing (“HW1”). This spodumene pegmatite is open to the northwest with an approximate strike length of over 150 m and width of up to 30 m. The outcrop is situated in close proximity to infrastructure and approximately 200 m east of the Billy Diamond Highway. At the HW1 showing, 16 spodumene pegmatite grab samples returned grades up to 3.47% Li₂O and 15 samples returned values higher than 1.0% Li₂O.

A 2,000-metre drilling program commenced in late summer 2024. The best interval graded 1.22% Li₂O over 53.2 m, including 1.70% Li₂O over 22.3 m. Nineteen (19) holes were drilled on HW1 (2,655 m) and four on HW2 (410 m). The program successfully extended the known HW1 zone laterally to 300 metres and vertically to 90 metres. The reported highlights are as follows (true widths undetermined):

Hole PLP24-007: 1.22% Li2O over 53.20 m, incl. 1.70% Li2O over 22.30 m
Hole PLP24-011: 1.00% Li2O over 46.51 m, incl. 1.38% Li2O over 16.36 m
Hole PLP24-003: 1.14% Li2O over 13.41 m
Hole PLP24-019: 4.76 g/t Au over 0.5 m

Past Exploration:

The Pilipas property is in structural continuity with the InSight Prospect on the Munischiwan property (up to 100.5 g/t Au, 435.0 g/t Ag, 156.0 g/t Te and 1.67% Cu). The 2019 IP survey on Munischiwan suggests that the prospect may extend onto Pilipas.

Pilipas was covered by a regional mapping program carried out by the Ministry of Energy and Natural Resources (MERN) in 1978. Limited exploration work by previous explorers included:

A geophysical (VTEM) survey in 2006 covering most of the property (630 line-km at a nominal line spacing of 100 m and 50 line-km at 1000-m spacing) and a magnetic survey in 2013 (2,514 line-km with 25-m spacing and 137 line-km with 500-m spacing).
A regional lake-bottom sediment survey (13 samples) and limited rock sampling (32 grab samples).
A soil sampling survey in 2005 covering most of the property (former partner Eastmain Resources Inc., now Fury Gold Mines Ltd.: 1,045 samples analyzed for 35 elements).

The Pilipas property is located in the La Grande Subprovince (Archean Superior Province). It is underlain by volcano-sedimentary rocks of the Lower Eastmain greenstone belt: conglomerate, sandstone, basalts and felsic to intermediate tuffs. These lithologies are intruded by tonalite and granodiorite. Two regional NW-SE dextral faults transect the southwestern and northeastern parts of the property. Metamorphism reached greenschist to upper amphibolite facies.