Proactive Investors - Azimut Exploration Inc (TSX-V:AZM, OTCQX:AZMTF) is a multi-commodity mineral explorer with a strong position in Quebec as the province is emerging as a potential lithium leader.
In conversation with Proactive at PDAC 2024, CEO Jean-Marc Lulin spoke about the company’s strategic approach to exploration in the province and recent achievements, including the discovery with partner SOQUEM of 2.48% lithium over 72.7 meters at the Galinée property.
Proactive: Azimut has been exploring in Quebec for many, many years, and you've amassed a real portfolio of multi-commodity resources over there in the province. So, tell us a little bit about your strategy in Quebec.
J-ML: The strategy is very, very clear. Quebec has a great mineral potential, not only for gold but for many other commodities. The way we work, we are processing the data-rich database in Quebec. And this is leading us to recognize, retain, and stake what we believe are the very best targets.
And lithium is certainly a focus at the moment. There's been a lot of work on some lithium targets in Quebec. What can you tell us about what you're seeing there?
Quebec is really an emerging province for lithium potential, very comparable to Western Australia. Over the past few years, many new discoveries have been made by Australian explorers and also by Quebec-based companies, including Azimut. We have one of the best exploration portfolios for lithium, and we just announced a discovery with our partners, SOQUEM, 2.48% lithium over 72.7 meters, which is a great result. We will further advance this discovery.
And now Rio Tinto (LON:RIO) has an interest in one of these lithium projects as well?
Yes, Rio Tinto has an option agreement on two of our lithium properties. We signed this option agreement last July. They will invest, on an option basis, up to $114 million on two great properties, and we will advance as soon as it is possible a prospective program, hopefully followed up by a drill program.
We've talked a lot about lithium, but we can't miss the gold and some of the copper projects that you've got going on. But let's talk about gold. Agnico Eagle is a big shareholder as well, they must be interested in some of these gold properties that you have?
Agnico Eagle is a very supportive shareholder, owning 12% of our shares. We made a discovery in the year 2020, the Elmer discovery. Currently, we have outlined 820,000 ounces of gold at a grade of 1.9 grams per ton. There are many surrounding targets, including high-grade targets, which must be drilled to increase the resource base. We're well-positioned to advance that program.
Before we wrap up, we're here at PDAC 2024. The mood is little different these days because it's definitely been a little bit tougher in the junior market. What impressions are you getting from the show?
There are still strong believers in the mining industry. On our side, we are very optimistic. We are well supported by our shareholders. We're well supported by our partners as well. We have many ideas in mind which must be developed, and these ideas will be developed on the ground. In 2024, for us, there is no change. We're well supported by our shareholders and also by our partners.
Quotes have been edited for clarity and style