Azimut Announces New Drilling Phase on the Elmer Gold Property - Seite 2

60.4 g/t Au, 122 g/t Ag (G)
42.65 g/t Au, 116.2 g/t Ag (G)
40.94 g/t Au, 116 g/t Ag (G)
1.06 g/t Au over 2.16 m (D)
1.38 g/t Au over 1.50 m (D)
2.51 g/t Au over 0.50 m (D)

- High-grade gold in quartz shear veins hosted by a gabbroic sill
- IP anomalies
- Limited past drilling

All results have been previously reported (press releases of June 29, 2023, and November 21, 2023)
D: drill core; C: channel sample; G: grab sample; IP: induced polarization
Au: gold; Ag: silver; Cu: copper; Te: tellurium
Note: Grab samples are selective by nature and unlikely to represent average grades

About the Elmer Property (see Figures 1 to 3)

The Elmer Property comprises 515 claims (271.3 km²) over a 35-kilometre strike length. It lies 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain, and 5 kilometres west of the paved Billy-Diamond Highway, a major all-season highway. The region benefits from excellent infrastructure, including significant road access, a hydroelectric power grid and airports.

Azimut’s maiden resource estimate for the Patwon Zone comprises 311,200 ounces at 1.93 g/t Au Indicated and 513,200 ounces at 1.94 g/t Au Inferred. The estimate was prepared using a gold price of $1,800 per ounce as a base case and includes a sensitivity study that considers a gold price of up to $2,160 per ounce. At this level, the estimated resources stand at 324,800 ounces at 1.76 g/t Au Indicated and 585,400 ounces at 1.77 g/t Au Inferred (see press releases of November 21, 2023, and January 4, 2024). The independent NI 43-101 Technical Report can be found under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.azimut-exploration.com).

The project greatly benefits from a comprehensive quality database that includes:

- High-resolution heliborne magnetic survey: 2,657 line-kilometres
- Induced polarization: 160 line-kilometres
- Till surveys: 391 samples
- Prospecting: 1,901 grab and channel samples
- Diamond drilling (from 2019 to 2023): 242 holes totalling 76,163 metres, including Patwon definition (167 holes, 60,609 m) and exploration drilling (75 holes, 15,554 m)
- Reverse circulation drilling (2022): 507 holes for bedrock sampling for a total of 6,681 metres
- Remote sensing and lithostructural interpretation

Qualified Persons

Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as Azimut’s qualified person within the meaning of National Instrument 43-101. Rock Lefrançois (P.Geo.), Vice President of Exploration, and Alain Cayer (P.Geo.), Project Manager, also reviewed the contents of this press release.