PATWON GOLD DISCOVERY

2021-06-28

Azimut Explores 60 km of Greenstone Belt Hosting the Patwon Gold Discovery, James Bay Region, Quebec Longueuil, Quebec – Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) is pleased to report it has commenced an extensive exploration program on two wholly-owned properties, Elmer and Wapatik, covering 60 kilometres of favourable geological strike in the greenstone belt hosting the Patwon gold discovery. Azimut has a controlling position over this underexplored but highly prospective belt in the James Bay region of Quebec. Extensive favourable structures for gold mineralization have been identified on both properties (see Figures 1 to 3). Azimut has recently disclosed significant drilling results in the expanding Patwon gold zone, including 24.0 g/t Au over 18 m (see press releases dated May 19, June 2 and June 22, 2021). Assay results are pending for the remaining 54 holes from the program (17 on Patwon and 37 on new targets). Extensive Till Sampling and Prospecting Phase On the 35-kilometre-long Elmer Property, the Company will conduct a systematic till sampling survey to extend the 2020 survey covering the 3- by 8-kilometre priority corridor surrounding the Patwon discovery. Nine (9) distinct gold-in-till clusters identified during the initial survey consisted mainly of pristine gold grains, helping define new drilling targets in the vicinity of the discovery (see press releases dated January 19 and March 18, 2021). Detailed prospecting work will follow the 2021 till sampling phase. On the 25-kilometre-long Wapatik Property, located 13 km east of the Elmer Property along the same geological strike, the Company takes a similar approach, performing an initial systematic till sampling survey followed by detailed prospecting work. The Wapatik project is under option to Mont Royal Resources Limited (“Mont Royal”) (ASX: MRZ). Mont Royal can acquire from Azimut a 50% interest over four (4) years by spending $4 million in exploration expenditures and a further 20% interest for an additional investment of $3 million (see press release dated September 22, 2020). The 2021 exploration program amounts to $600,000 and is fully funded by Mont Royal. Azimut is the operator. Prospective Context for Gold Mineralization along Strike from Patwon Over the past few months, Azimut has conducted a systematic geological and structural reinterpretation of both properties to define and rank exploration targets. The reinterpretation was supported by new magnetic, remote sensing and field data. High-resolution magnetic data was acquired in early 2021 when NOVATEM of Mont-Saint-Hilaire (Quebec) flew a heliborne survey (5,116 line-km on 25-m spaced lines) over the entire Wapatik Property. The geological and structural reinterpretation covers a cumulative 60-kilometre strike along the Lower Eastmain greenstone belt in the Archean La Grande Subprovince, approximately 10 kilometres north of the boundary with the Opinaca Subprovince. The Elmer Property comprises 515 claims (271.3 km2 ). The Wapatik Property comprises 220 claims (115 km2 ). Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release Dr. Jean-Marc Lulin, P.Geo., prepared this press release as Azimut’s Qualified Person under National Instrument 43-101. François Bissonnette, P.Geo., Operations Manager, Simon Houle, P.Geo., Chief Geologist, and Mathieu Landry, P.Geo., VP Technology and Business Development, have also reviewed the content of this press release.