Dr. Jean-Marc Lulin reports

AZIMUT AND KGHM TO UNDERTAKE A MAIDEN DRILLING PROGRAM ON THE KUKAMAS PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. will start a 2,000-metre maiden diamond drilling program in November on the Kukamas property in the Eeyou Istchee James Bay region of Quebec. The property is subject to an option agreement with KGHM International Ltd., with Azimut as the operator.

The program is designed to test several quality targets defined by geophysical, geochemical and prospecting work conducted on the property since 2023.

Drilling will focus on the Perseus zone, a recently announced high-grade nickel discovery (see press release of Sept. 23, 2024). Perseus is associated with an ultramafic volcanic unit, and its features indicate a potentially highly fertile system. In addition to nickel, the zone also yielded significant copper and platinum group element (PGE) grades. The most notable results from channel sampling and grabs include:

• 2.98 per cent nickel, 0.32 per cent copper and 2.25 grams per tonne PGE over 8.0 metres, including 3.74 per cent nickel, 0.41 per cent copper and 2.82 grams per tonne PGE over 6.0 metres;
• 1.10 per cent nickel, 0.15 per cent copper and 1.02 grams per tonne PGE over 9.0 metres, including 1.42 per cent nickel, 0.19 per cent copper and 1.36 grams per tonne PGE over 6.0 metres;
• Up to 9.35 per cent nickel, 3.04 per cent copper, 3.78 grams per tonne platinum and 8.99 grams per tonne palladium as best grades from different sawn rock samples.

Another nickel target to be tested is the Halley showing, returning up to 1.36 per cent nickel, 0.12 per cent copper and 0.89 gram per tonne PGE in grabs, located 3.8 kilometres south of Perseus. The showing correlates with a strong one-kilometre-long electromagnetic conductor (see press release of April 2, 2024).

Drilling and geophysics contract and analytical protocols

Chibougamau Diamond Drilling Ltd. of Chibougamau, Que., has been contracted to conduct the drilling program using a BTW core diameter.

Geophysique TMC of Val d'Or, Que., completed a 20.7-line-kilometre DeepEM ground survey (Fluxgate method) over the Perseus zone and its potential extensions within a 1.5-kilometre-by-1.0-kilometre target area. The line spacing was 50 metres or 100 metres. The survey also included 27 line kilometres of ground magnetics over the same area.

Rock samples are sent to ALS Laboratories in Val d'Or. Samples are analyzed by four-acid digestion with ICP-MS finish for a 48-element suite and by fire assay with ICP-AES finish for gold, platinum and palladium. Overlimit nickel and copper assays (1 per cent) are reanalyzed using four-acid digestion with ICP-AES finish. Selected samples are analyzed for the full PGE suite (platinum, palladium, iridium, osmium, rhenium and ruthenium) using fire assay with ICP-MS finish. Azimut applies industry-standard quality assurance/quality control procedures to its drilling programs. All batches sent for analysis include certified reference materials, blanks and field duplicates. Note that grab samples are selective by nature and unlikely to represent average grades.

About the Kukamas property

The property covers a 41-kilometre cumulative strike length and comprises 537 mining claims in two claim blocks covering 272.5 square kilometres. The project benefits from major infrastructure, including high-voltage power lines that cross the property as well as the all-weather Trans-Taiga Road and the La Grande-3 airstrip, located several kilometres to the south. The closest town is Radisson, 80 kilometres to the west-northwest.

Qualified person

Dr. Jean-Marc Lulin, PGeo, president and chief executive officer of the company, has prepared this press release and approved the scientific and technical information disclosed as Azimut's qualified person within the meaning of National Instrument 43-101.

About KGHM International Ltd.

KGHM International is a subsidiary of KGHM Polska Miedz SA, a Polish corporation that has been a major copper and silver producer for more than 60 years, with mining projects in Europe, North America and South America. Under the option agreement, KGHM can acquire an initial 50-per-cent interest in the property from Azimut by financing work expenditures of $5-million over four years. KGHM has a second option to earn an additional 20-per-cent interest according to certain terms and conditions, which include delivering a preliminary economic analysis and incurring work expenditures of at least $4.2-million over three years (see press release of Dec. 8, 2022).

About Azimut Exploration Inc.

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, controlling strategic land positions for copper/gold, nickel and lithium. Its wholly owned flagship project, the Elmer gold project, is at the resource stage (311,200 ounces indicated and 513,900 ounces inferred) and has a strong exploration upside. Azimut is also advancing the Galinee lithium discovery with its joint venture partner SOQUEM Inc.

Azimut uses a pioneering approach to big-data analytics (the proprietary AZtechMine expert system) enhanced by extensive exploration know-how. The company's competitive edge is based on systematic regional-scale data analysis. Azimut maintains rigorous financial discipline and a strong balance sheet, with 85.6 million shares issued and outstanding.

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