AZMTF News & Events

Azimut Exploration announced that the Company has undertaken a systematic diamond drilling program to further delineate the Fortin antimony-gold Zone on its wholly owned Wabamisk Property in the Eeyou Istchee James Bay region of Quebec, Canada. This second drill program will accelerate the definition of the Fortin Zone, a multi-kilometre-long antimony-gold-bearing feldspar porphyry sill hosted in sheared metasediments. The program follows up on previously reported exciting results, which included 1.1% Sb over 51.5 m. A salient result of the pre-drilling stripping phase was the uncovering of high-grade gold associated with antimony. The gold potential of the Fortin Zone may increase at depth, a pattern already observed in other antimony-gold deposits worldwide. Six stripped areas along the zone confirmed the continuity of antimony mineralization, returning high-grade values over a strike length of at least 1.5 kilometres. To date, 42 drill holes have intersected the sill over a lateral distance of 2.65 kilometres, and it remains open to the west. Summer Program Goals: Delineate the Fortin Zone with systematic drilling over a 1.5-kilometre strike and down to 200 metres vertically. The minimum 5,000-metre drilling phase is scheduled to be completed in August. A second phase of 5,000 metres will take place later this year to infill and/or expand the mineralized zone. Search for high-grade gold at depth related to a possible vertical zonation. In several deposits around the world, gold-rich sections occur at deeper levels than antimony mineralization. Recent channel results support the potential of finding high-grade gold within the Fortin Zone. Commence a mineralogical and metallurgical characterization of the mineralized material, which will include comminution testing and flotation testwork.

Azimut Exploration announced the commencement of a diamond drilling program that will focus on the recently discovered high-grade antimony corridor on its wholly-owned Wabamisk Property in the Eeyou Istchee James Bay region of Quebec. Azimut is proceeding with a 5,000-metre diamond drilling program to assess the corridor's strike and grade continuity. An initial 2,000-metre phase will be completed before the end of the year. Contingent on positive results, the remaining 3,000 metres of drilling will be carried out in early 2025. With approximately $9 million in its treasury, the Company is fully funded for this drill program. The discovery of a high-grade antimony system in Quebec presents a rare opportunity, given the commodity's status as a critical mineral and the current risk of a supply shortage. As previously disclosed, the 2024 prospecting program has revealed an antimony-rich system demonstrated by channel samples and numerous high-grade grab samples collected along a 1.2-kilometre-long strike within the Fortin Zone. Gold commonly accompanies antimony. Note that grab samples are selective by nature and unlikely to represent average grades. Geoscientific data support a minimum 3.5-kilometre length for the antimony-gold exploration corridor. The corridor is related to an extensive shear zone between a thick metasedimentary unit to the north and a mafic volcanic package to the south. It is marked by a strong antimony footprint in lake sediments, till and soil. The antimony showings correlate well with induced polarization chargeability anomalies and an axis of moderate magnetic intensity. The spatial distribution of the showings suggests a 30-metre-wide envelope for the mineralized zone. A recently completed high-resolution magnetic heliborne survey further defines the extent of the target zone. A string of magnetic anomalies, well correlated with antimony showings and IP anomalies, highlights the priority targets to be drilled during the current program.

Azimut Exploration announced the discovery of a high-grade nickel zone on the Kukamas Property in the Eeyou Istchee James Bay region of Quebec. The prospecting discovery, which includes significant copper and platinum group element grades, is still at an early stage but provides an exciting outlook for the project. Additional work is ongoing to further delineate the zone, including a magnetic and electromagnetic ground survey. Budgeting and planning are underway to initiate a maiden drilling program. The Perseus Zone is associated with an ultramafic volcanic unit and its features indicate a highly fertile system, underscoring the Property's excellent prospectivity. Best grades reach up to 9.35% Ni, 3.04% Cu, 3.78 g/t Pt and 8.99 g/t Pd from different sawed samples. Perseus is spatially linked to a north-trending string of strong EM conductors, 2 kilometres long, which correlates well with a strong nickel-copper-cobalt footprint in lake sediments. Another nickel showing discovered in 2023 on the Property is also associated with a 1-kilometre-long strong EM conductor. Other significant ultramafic bodies remain underexplored on the 41-kilometre-long Property. Since signing a joint venture option agreement with KGHM International, Azimut has carried out significant exploration activities on Kukamas and is the operator of the partner-funded program. The summer work program to date comprised a prospecting phase and an infill lake sediment sampling survey. Most results are still pending and will be disclosed once they become available. HIGHLIGHTS: High-grade mineralization defines a curvilinear steeply dipping, north- to southwest-trending outcropping zone, measuring approximately 56 metres long by up to 9 metres wide. Perseus appears open along strike and to the east. Thick overburden surrounding the mineralized zone limited the extent of the sampling coverage. The rock samples collected from the discovery outcrop comprise twenty-four 1-metre-long channel samples from two channels, each 12 metres long, and twenty grab samples cut with a saw. Channels were cut perpendicularly to the orientation of the mineralized zone. Note that grab samples are selective by nature and unlikely to represent average grades. Channel #1: Oriented N90o; total horizontal length of 12.0 metres, including two offset samples taken 4.9 m south of the main channel due to a local outcrop discontinuity along the main channel. 2.98% Ni, 0.32% Cu, 2.25 g/t PGE over 8.0 m including 3.74% Ni, 0.41% Cu and 2.82 g/t PGE over 6.0m. Channel #2: Oriented N150o; total horizontal length of 12.0 m. 1.10% Ni, 0.15% Cu, 1.02 g/t PGE over 9.0 m, including 1.42% Ni, 0.19% Cu, and 1.36 g/t PGE over 6.0 m.

Azimut Exploration provided an update on its 2024 summer exploration activities in the Eeyou Istchee James Bay region of Quebec. This field season stands out as one of the most productive ever for the Company. Work programs over seventeen properties will be completed by the end of October, with a collective minimum budget of $10M, including $6M provided by our partners. The results, which will be regularly disclosed as they become available, will be used to guide follow-up work. Azimut is a Quebec-focused explorer with the province's largest mineral portfolio. The Company uses an advanced targeting methodology and a multicommodity strategy focused on gold, copper, nickel and lithium. This approach is applied to enhance the probability of success while mitigating the exploration and commodity market risks. Nine of the programs are self-funded, four are co-funded under joint ventures with SOQUEM, and the other four are partner-funded under option agreements with Rio Tinto, KGHM and Ophir Metals. A total of 3,001 rock, 1,385 till and 504 lake sediment samples have been collected since the start of the field season, and 3,449 m have been drilled on the Elmer project. Drilling is ongoing at Pilipas.