Azimut Announces Filing of NI 43-101 Technical Report for the Patwon Gold Zone, Elmer Property, James Bay Region, Quebec - Seite 2

A sensitivity analysis indicates low variability of the MRE under various gold price and cut-off grade scenarios, underscoring the robustness of the Patwon Zone.

Preliminary metallurgical tests indicate non-refractory free-milling gold that is easily recoverable through a combination of gravity circuit and conventional cyanide leaching. Recovery rates reach up to 94%, with gravity recoveries up to 37%.

The MRE confirms the quality of the gold mineralization in the Patwon Zone and supports additional exploration to further expand the mineral inventory in its vicinity. Furthermore, Azimut considers the 35-kilometre-long Elmer Property to remain at an early exploration stage with strong gold potential. Two objectives have been defined for the upcoming drilling program, which is scheduled to commence in March 2024:

• Expand the Patwon Gold Zone, which remains open near-surface along strike, using shallow drill holes from surface down to a vertical depth of 300 metres; and
• Follow up on significant gold-bearing zones along shear zones directly on strike or subparallel to Patwon. The main drill-ready target zones have a cumulative strike length of 20.5 kilometres.

Qualified Persons

InnovExplo Inc., a mining consulting firm based in Val-d’Or (Quebec), prepared the MRE as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The independent qualified persons for the MRE, within the meaning of NI 43-101, are Martin Perron (P.Eng.), Chafana Hamed Sako (P.Geo.) and Simon Boudreau (P.Eng.), all from InnovExplo Inc.

Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as Azimut’s qualified person within the meaning of NI 43-101.

About Azimut

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The Company holds the largest mineral exploration portfolio in Quebec (Canada). Its wholly owned flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong exploration upside. The Company also controls a strategic land position for copper, gold, nickel and lithium (see the document: Azimut in Numbers).