Azimut Exploration Inc. announced that the third drilling phase has started on the Wapatik Property (the "Property") after an encouraging maiden drilling program and second drilling phase. This 1,100-metre follow-up program (5 holes) aims to further assess the nickel-copper potential of an ultramafic intrusion discovered in 2021 on the Property. As previously indicated, 3D magnetic inversion modelling indicates a potential for sulphide accumulation at the bottom of the intrusion with an interpreted basin-shaped geometry, which remains untested by previous drilling programs. Pulse-EM borehole surveys will be conducted to enlarge the search radius for each hole and provide information about the possible extension of any conductors encountered.

The Property, located in the Eeyou Istchee James Bay region of Quebec, is under option to Mont Royal Resources Limited. Mont Royal can acquire an initial 50% interest in the Property by spending $4 million in exploration expenditures over four (4) years and can earn a further 20% interest with an additional investment of $3 million and the delivery of a preliminary economic assessment over three (3) years. Azimut is the operator.

Previously reported salient drilling results are: Hole WAP22-003: 2.68% Ni, 1.30% Cu, 0.09% Co over 3.30 m (from 143.4 m to 146.7 m), including: 3.63% Ni, 0.48% Cu, 0.12% Co over 1.0 m, and 3.04% Ni, 0.75% Cu, 0.10% Co over 1.1 m. Hole WAP22-009: 1.16% Ni, 3.85% Cu over 0.8 m (from 152.0 m to 152.8 m). Hole WAP22-007: 0.29% Ni, 0.25% Cu over 18.0 m (from 129.0 m to 147.0 m). Hole WAP22-010: 0.27% Ni, 0.41% Cu over 15.75 m (from 60.0 m to 75.75 m).

Hole WAP22-008: 0.33% Ni, 0.35% Cu over 1.1 m (from 116.9 m to 118.0 m), and 0.34% Ni, 0.43% Cu over 1.71 m (from 129.54 m to 131.25 m). Hole WAP22-011: 0.27% Ni, 0.27% Cu over 3.0 m (from 11.1 m to 14.1 m).