Azimut Exploration Inc. reported the results from 15 additional mineralized holes from the Patwon Gold Zone on the Company's 100% owned Elmer Property (the Property) in the Eeyou Istchee James Bay region of Quebec. These new results further expand the Patwon Zone and refine its geometry with an upgraded 3D model. Patwon has now been outlined along a strike length of 690 metres, from surface to a depth of 860 metres (900 m along dip), with an average estimated true width of 35 metres and a dip of 70¦ to 75¦ to the north.

A new subparallel zone was identified about 300 metres north of the main Patwon Zone. It is marked by a prominent interval grading 82.1 g/t Au, 87.0 g/t Ag and 124.5 g/t Te over 0.5 m in hole ELM22-177. Another intercept from this zone returned 33.9 g/t Au, 40.8 g/t Ag and 58.1 g/t Te over 0.5 m from hole ELM22-134.

The current short-term objective for Elmer is to prepare a maiden mineral resource estimate following the receipt of the last assay results from the Patwon drilling program completed in December. In addition, exploration drilling has restarted at the untested targets delineated along strike or subparallel to the Patwon Zone. Assay results are pending for 36 exploration drill holes (8,699.1 m).

Azimut considers the 35-km-long Elmer Property to be at an early exploration stage, with strong potential for additional significant gold discoveries. Salient Facts: During the last drilling program (October 2021 to December 2022), 105 holes were drilled for 46,109.61 metres, including one abandoned hole. This total includes 57 delineation holes (34,473.66 m) on the Patwon Zone and 48 holes (11,635.95 m) on exploration targets in its vicinity.

At the date of this press release, the assay results from 51 of the delineation holes (32,789 m) have been released, and the assays from the other 6 (1,684.5 m) are pending. Assay results are also pending for 36 exploration holes (8,699.1 m). Patwon has now been traced down to 860 metres (900 m along dip) with 128 holes totalling 52,972 metres since the original announcement of the discovery (press release of January 14, 2020).

A new geometrically consistent subparallel zone appears about 300 metres north of the main Patwon Zone, with a minimum strike length of 460 metres. It displays several high-grade intervals, including: 82.1 g/t Au, 87.0 g/t Ag, 124.5 g/t Te over 0.5 m (from 264.0 m) in hole ELM22-177; 39.9 g/t Au, 40.8 g/t Ag, 58.1 g/t Te over 0.5 m (from 259.6 m) in hole ELM22-134. This new zone, which will require more drilling, could be included in a potential open pit shell.

It displays comparable grades with the already reported intercept from hole ELM21-88 (122.0 g/t Au, 160.0 g/t Ag, 307.0 g/t Te over 0.50 m), which is related to an E-W shear about 200 m south of Patwon. These high-grade gold-silver-tellurium intercepts in shear zones, located 500 metres apart, further underscore the strong potential for additional discoveries along the Patwon corridor. The additional drilling of Patwon's gold-bearing veins has led to a better assessment of the zone's geometry.

Gold mineralization is principally related to three (3) types of shear-controlled veins: Shear veins that strike NE-SW, roughly subparallel to the steeply dipping regional schistosity and lithological contacts; Extensional flat veins; and Subvertical Riedel-type veins, oriented NW-SE, that are constrained within the main mineralized envelope subparallel to the regional schistosity. Most of the delineation drilling has been oriented at N150 to cut the shear veins at a high angle to roughly determine the shape of the mineralized enveloppe. To better assess the contribution of the NW-SE Riedel-type veins, Azimut recently drilled six (6) holes at a high angle to the Riedel vein set (holes ELM22-204 to -209 drilled at ~N215 and ~N040).

The assays from these holes do not show a notable change in grade of the mineralized intervals and they confirm the overall excellent continuity of the zone. All indications are that the Patwon Zone remains open at depth and possibly along strike. The deepest drill hole results may indicate a slight change in the axis of the mineralized body to the east.

Exploration Drilling: A total of 48 exploration holes (11,635.95 m) have been drilled from October 2021 to December 2022. This program was designed to test (12) targets along strike and subparallel to Patwon following a systematic collection of data, including reverse circulation drilling (507 holes for 6,681 m), induced polarization surveys, prospecting and till sampling and a lithostructural reinterpretation of the Property . Eight (8) targets have been drilled so far.

Partial results have been delivered for four (4) of these targets from 12 holes totalling 2,936.85 metres. Results of interest include: Hole ELM21-131: 0.50 g/t Au over 1.25 m (from 75.5 m to 76.75 m); Hole ELM22-170: 0.80 g/t Au over 3.0 m (from 156.5 m to 159.5 m); Hole ELM22-194: 0.16 g/t Au over 29.9 m (from 65.5 m to 95.4 m); 0.14 g/t Au over 6.0 m (from 128.5 m to 134.5 m); 0.14 g/t Au over 5.8 m (from 146.0 m to 150.5 m); Hole ELM22-198; 0.93 g/t Au over 1.5 m (from 141.0 m to 142.5 m); Hole ELM22-200: 0.26 g/t Au over 13.1 m (from 55.0 m to 68.1 m) including: 1.40 g/t Au over 1.1 m.