LONGUEUIL, Quebec, May 22, 2025 (GLOBE NEWSWIRE) — Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to report very encouraging drilling results from its diamond drilling program on the antimony-gold Fortin Zone at its wholly owned Wabamisk Property (the “Property”) in the Eeyou Istchee James Bay (“James Bay”) region of Quebec, Canada.
The initial plan for 5,000 metres was expanded in January, and the program concluded in late March with a total of 51 diamond drill holes for 6,396 metres. The results of this program support the preparation of the summer drilling campaign, which will include 10,000 metres of infill and expansion drilling.
The recently completed drilling program was initiated in late 2024 to follow up on the Fortin Zone surface discovery (see press releases of October 29 and December 2, 2024). Partial results from the first 17 holes (2,090 metres) were previously reported (see press releases of January 16 and April 10, 2025). This press release presents the full set of results from the program (Tables 1 and 2).
The price of antimony has risen sharply due to ongoing supply shortages exacerbated by trade disputes, recently reaching US$58,000 per tonne in markets outside China.
HIGHLIGHTS (Figures 1 to 10, Tables 1 and 2)
The 10 best holes of the 28 with antimony grades above 0.2% Sb (composite average) are:
| 1.10% Sb, 0.38 g/t Au over 51.50 m (from 3.0 m to 54.5 m), including | |
| 3.43% Sb, 2.37 g/t Au over 6.50 m (from 3.0 m to 9.5 m), and | |
| 2.41% Sb, 0.18 g/t Au over 9.30 m (from 37.5 m to 46.8 m) | |
| 0.65% Sb, 0.13 g/t Au over 42.75 m (from 20.0 m to 62.75 m), including | |
| 1.43% Sb, 0.26 g/t over 10.55 m (from 52.20 m to 62.75 m) | |
| 1.08% Sb, 0.53 g/t Au over 22.70 m (from 78.5 m to 101.2 m), including | |
| 1.74% Sb, 1.15 g/t Au over 9.50 m (from 79.5 m to 89.0 m) | |
| 0.64% Sb, 0.24 g/t Au over 37.10 m (from 29.5 m to 66.6 m), including | |
| 1.71% Sb, 0.37 g/t Au over 13.30 m (from 29.5 m to 42.8 m) | |
| 1.01% Sb, 0.15 g/t Au over 17.85 m (from 20.15 m to 38.0 m), including | |
| 6.44% Sb, 0.67 g/t Au over 2.35 m (from 20.15 m to 22.5 m) | |
| 0.50% Sb, 0.12 g/t Au over 35.70 m (from 4.05 m to 39.75 m), including | |
| 1.70% Sb over 6.0 m (from 9.0 m to 15.0 m), and | |
| 1.20% Sb over 2.55 m (from 34.7 m to 37.25 m) | |
| 0.55% Sb, 0.12 g/t Au over 24.90 m (from 60.6 m to 85.5m), including | |
| 1.30% Sb, 0.18 g/t Au over 8.40 m (from 60.6 m to 69.0 m) | |
| 0.63% Sb, 0.38 g/t Au over 19.0 m (from 14.5 m to 33.5 m), including | |
| 1.04% Sb, 0.73 g/t Au over 8.7 m (from 15.8 m to 24.5 m), and | |
| 5.74 g/t Au over 1.0 m (from 22.0 m to 23.0 m) | |
| 0.33% Sb, 0.73 g/t Au over 31.73 m (from 2.77 m to 34.5 m), including | |
| 0.86% Sb, 1.41 g/t Au over 9.15 m (from 13.4 m to 22.55 m) | |
| 0.67% Sb, 0.24 g/t Au over 13.95 m (from 83.55 m to 97.50 m), including | |
| 1.03% Sb, 0.22 g/t Au over 6.45 m (from 91.05 m to 97.5 m) | |
Of the 28 holes with intervals grading more than 0.2% Sb, 15 also yielded gold intervals grading more than 1.0 g/t Au over at least 1.0 m, including 8 with grades above 4.0 g/t Au over at least 1.0 m (see Table 1).
Preliminary geometry of the Fortin Zone (see Figures 6 to 9)
– Strike-length: Minimum 1.0 kilometre, based on 31 mineralized holes, within a broader 2.4-kilometre-long prospective corridor, based on two (2) holes drilled at the eastern and western extensions (WS25-22 and WS25-34, respectively).
– Thickness: Intervals grading above 0.2% Sb range from 5 to 50 metres wide along the hole, roughly 25 metres on average.
– Dip: To the south at approximately 75 degrees.
– Vertical extent: Mostly tested from surface down to 50 metres; open at depth.
Mineralized system and geological context
- The antimony-gold mineralized system is hosted in an east-west striking subvertical feldspar porphyry intrusive sill and its sheared contacts with metasedimentary rocks (mostly siltstones). To date, 42 holes have intersected the sill over a lateral distance of 2.65 kilometres, and it remains open to the west. Its thickness varies from several metres to over 90 metres, with a steep dip to the south. So far, the sill has been intercepted vertically down to 140 metres, and a deeper extent is anticipated. The multi-kilometre lateral continuity of the sill could indicate a kilometre-scale vertical depth.
- Antimony sulphides (mostly stibnite: Sb2S3) are related to intense quartz veining within the sill and are commonly associated with other sulphides (arsenopyrite, pyrrhotite, pyrite). Sericite is the main alteration mineral, locally accompanied by chlorite, epidote and carbonate. The most abundant mineralization occurs along the southern contact where the sill meets sheared and folded metasedimentary rocks. The northern contact is also mineralized, but drilling to date suggests it is less continuous than along the southern contact. The quartz vein network is mostly subparallel to the east-west schistosity. The rheologic contrast between the brittle porphyry sill and the more ductile metasedimentary rocks appears to be one of the key controls on mineralization at the scale of the Fortin Zone.
- Approximately 300 metres south of the Fortin Zone, five (5) holes (WS25-35 to -39, totalling 870 m) tested a subparallel trend, mostly delineated by induced polarization anomalies coincident with gold showings. Hole WS25-35 yielded the significant results of 0.39 g/t Au over 8.80 m (from 28.20 m to 37.0 m), including 1.49 g/t Au over 1.50 m (from 35.5 m), and 2.73 g/t Au over 3.00 m (from 172.50 m to 175.50 m).
- Antimony-rich systems are unusual in Archean settings in Quebec. The mineralized sill on the Wabamisk Property lies along the major tectono-metamorphic boundary separating the volcano-plutonic La Grande Subprovince and the metasedimentary Opinaca Subprovince. This geological environment has already been recognized as prospective for gold, exemplified by the Eleonore gold deposit. At Wabamisk, the antimony-rich zone may transition to a deeper gold-rich zone. Further drilling will test for antimony-gold vertical zoning, a pattern observed in several deposits around the world.
About the Antimony Supply Shortage
Antimony is listed as a critical mineral by the Canadian and American governments and the European Commission. Three countries account for about 90% of the world’s production, estimated to be 100,000 tonnes in 2024 (China 60%, Tajikistan 17% and Russia 13%). Antimony is not currently mined in Canada or the United States. In August 2024, China imposed restrictions on the export of antimony, which led to a significant export reduction in October, increasing the risk of supply disruptions and potentially causing further price appreciation. Source: U.S. Geological Survey, Antimony Commodity Summary, January 2025.
About the Wabamisk Property
Wabamisk is a wholly owned project (39.5 km by 9.2 km) comprising 662 claims covering 350.5 km2. It lies 13 kilometres east of the Clearwater Property (Fury Gold Mines), 42 kilometres northeast of the Whabouchi lithium deposit (Rio Tinto – Nemaska Lithium), and 70 kilometres south of the Eleonore gold mine (Dhilmar). Major powerlines pass through or close to the Property’s eastern end, and the North Road highway passes 37 kilometres to the south. The nearest town is Nemaska, a Cree village municipality 55 kilometres to the southeast.
Drilling, Analytical Protocols and Project Management
Nouchimi-RJLL Drilling Inc. of Rouyn-Noranda, Quebec, conducted the drilling program using NQ core diameter.
Sawed half-core drill core samples were sent to ALS Laboratories in Val-d’Or, Quebec, where gold was analyzed by fire assay, with atomic absorption and gravimetric finishes for grades above 3.0 g/t Au. Samples were also analyzed for a 48-element suite using ICP. Overlimit antimony assays (1%) were reanalyzed using four-acid digestion and ICP-AES. Azimut applies industry-standard QA/QC procedures to its drilling programs. All batches sent for analysis included certified reference materials, blanks and field duplicates. Note that grab samples are selective by nature, unlikely to represent average grades, and may not represent true underlying mineralization.
The project is under the direction of Alain Cayer (P.Geo.), Azimut’s Project Manager.
Qualified Person
Dr. Jean-Marc Lulin (P.Geo.), Azimut’s President and CEO, prepared this press release and approved the scientific and technical information disclosed herein, including the previously reported results presented by Azimut in the figures supporting this press release. He is acting as the Company’s qualified person within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
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, controlling strategic land positions for gold, copper, nickel and lithium.
The Company’s wholly owned flagship project, the Elmer Gold Project, is at the resource stage (311,200 oz Indicated and 513,900 oz Inferred using a gold price of US$1,800 per ounce*) and has a strong exploration upside. Azimut is also advancing the Galinée lithium discovery with its joint venture partner SOQUEM Inc. In addition, significant exploration progress was made in 2024 on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-PGE) and Pilipas (lithium) projects.
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.
Contact and Information
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 – Fax: (450) 646-3045
Jonathan Rosset, Vice President Corporate Development
Tel.: (604) 202-7531
info@azimut-exploration.com www.azimut-exploration.com
The results of Azimut’s work on the Wabamisk Property since the acquisition of the project by the Company in 2005, including the work carried out by its former partner, have been presented in 23 press releases, including the results disclosed in this release. The press releases are available on the Company’s website or through SEDAR (www.sedarplus.ca). The technical reports related to this work have been filed with Quebec’s Ministry of Natural Resources and Forests and are accessible via SIGÉOM.
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* “Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec, Canada”, prepared by: Martin Perron, P.Eng., Chafana Hamed Sako, P.Geo., Vincent Nadeau-Benoit, P.Geo. and Simon Boudreau, P.Eng. of InnovExplo Inc., dated January 4, 2024.
Cautionary note regarding forward-looking statements
This press release contains forward-looking statements, which reflect the Company’s current expectations regarding future events related to the drilling results from the Wabamisk Property. To the extent that any statements in this press release contain information that is not historical, the statements are essentially forward-looking and are often identified by words such as “consider”, “anticipate”, “expect”, “estimate”, “intend”, “project”, “plan”, “potential”, “suggest” and “believe”. The forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Many factors could cause such differences, particularly volatility and sensitivity to market metal prices, the impact of changes in foreign currency exchange rates and interest rates, imprecision in reserve estimates, recoveries of gold and other metals, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, community and non-governmental organization actions, changes in government regulations and policies, including laws and policies, global outbreaks of infectious diseases, including COVID-19, and failure to obtain necessary permits and approvals from government authorities, as well as other development and operating risks. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required to do so by applicable securities laws. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Report filed on SEDAR+ for a fuller understanding of the risks and uncertainties that affect the Company’s business.
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.