Azimut CEO hails James Bay nickel discovery at Kukamas among career best

The Perseus nickel discovery Azimut Exploration (TSXV: AZM; US-OTC: AZMTF) announced late last month on its Kukamas property ranks among the top of CEO Jean-Marc Lulin’s 35-year career, he says.

Named the Perseus zone, the deposit has high-grade nickel at surface, along with copper and platinum group element (PGE) credits. Channel sampling returned 2.98% nickel, 0.32% copper, and 2.25 grams platinum-group metals per tonne over 8 metres. Surface grab samples reached up to 9.35% nickel.

“This is one of the best nickel discoveries ever made in James Bay,” the geologist told The Northern Miner in a telephone interview. “It’s brand new and opens up real potential. It stands out from anything I’ve been part of before.”

Lulin says Azimut’s data-driven AZtechMine system uncovered the target. Azimut’s private data analytics platform uses advanced algorithms. They identify priority targets from vast, public datasets.

Azimut’s next steps at Kukamas are to complete geophysical surveys, expand prospecting, and prepare for an initial drilling program to delineate the Perseus zone.

Channel sampling at Azimut and KGHM’s Kukamas nickel project, in Quebec. Credit: Azimut Exploration

Major partnership

Poland’s KGHM International has an earn-in option on Kukamas, signed in 2022.

The deal allows KGHM to earn a 50% stake by investing $5 million over four years, while Azimut remains the operator. It can reach 70% by delivering a preliminary economic assessment and spending another $4.2 million. Kukamas’ copper-gold and nickel-copper-cobalt-PGE potential drew KGHM’s initial initerest. Prospecting returned strong geochemical signals and historical samples that graded up to 10.63 grams of gold per tonne and 20.7% copper.

“KGHM has serious mining expertise. They’re fully engaged in the project,” Lulin said. “This is no recycled story. It’s a real surface discovery, with high-grade nickel sitting right out in the open.”

Quebec is a key player in nickel mining. Glencore’s (LSE: GLEN) Raglan mine is a major operation. Last year, Quebec produced about 55,000 tonnes of nickel, accounting for a sizable part of Canada’s total output of the battery metal.

Best discovery

Lulin is credited with many discoveries, including weighty finds in gold, copper, and nickel. He helped discover the Patwon gold zone at the Elmer property, which today holds 5 million tonnes indicated at 1.93 grams gold per tonne for 311,200 oz. of metal, and 8.2 million tonnes inferred at 1.9 grams gold for 513,000 oz. of metal.

It’s viewed as one of the most promising gold finds in northern Quebec since the 2004 Éléonore deposit.

“This one is special,” he said of Kukamas. “It validates our approach and shows we’re delivering real results.”

With drilling imminent, the Perseus zone is wide open. “It’s a straightforward success with room to only get bigger,” he added.

Lithium update

Alongside its nickel prospecting at Kukamas, Azimut is exploring its hard rock lithium assets in Quebec’s James Bay Lowlands, an emerging lithium district. Azimut’s prospecting and drill work at the Galinée deposit shows it is a likely extension of Winsome Resources‘ (ASX: WR1) Adina deposit. 

Prospecting over the past six months at Galinée revealed spodumene-rich boulders grading up to 5.36% lithium oxide (Li₂O) in poorly exposed areas.

Systematic till sampling has found many spodumene crystals. This points to nearby high-potential pegmatite bodies, the company said in an Oct. 10 press release.

SGS Canada’s tests on Galinée drill core samples from 4,915 metres of drilling last year and over 3,000 metres earlier this summer delivered strong results. Lithium recoveries reached 86% using dense media separation and magnetic separation. Spodumene concentrates with over 6.9% Li₂O meet chemical-grade standards for hydrometallurgical processing. This boosts the project’s development prospects.

Azimut’s next plans to conduct follow-up drilling and prospecting to expand high-potential targets at Galinée.

Azimut shares last traded at 61¢ apiece, up 25% over the past month since the discovery was announced. It is also up 42% from its 12-month low at 43¢, but down by about 40% over the period. It had touched a high at $1.10. Azimut has a market capitalization of $52 million.