Azimut to Conduct 10,000-metre Drill Program to Expand the Patwon Gold Deposit on the Elmer Property, James Bay region, Québec

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[{"type":"text","content":"Azimut to Conduct 10,000-metre Drill Program to Expand the Patwon Gold Deposit on the Elmer Property, James Bay region, QuébecInternal scoping study supports new work phase\nLONGUEUIL, Québec, Jan. 22, 2026 (GLOBE NEWSWIRE) -- Azimut Exploration Inc. (“Azimut” or the “Company”) (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce a new work phase aiming to expand the Patwon Gold Deposit on its wholly owned Elmer Property (the “Property”) in the Eeyou Istchee James Bay (“James Bay”) region of Québec, Canada (see Figures 1 to 4). This program follows the internal scoping study conducted by Azimut in 2025 and is strongly supported by the current gold price (see the press release of March 31, 2025i). The planned 10,000-metre diamond drill program will initially focus on expanding the known gold resource and testing well-defined targets in close proximity to Patwon. Contingent on positive results, this phase will be followed by an updated NI 43-101 mineral resource estimate using prevailing gold price assumptions, and a preliminary economic assessment (“PEA”). Building on the 2023 gold resource estimate The NI 43-101 compliant mineral resource estimate for Patwonii, completed in 2023 (the “2023 MRE”), yielded the following estimate using a gold price of US$1,800 per ounce: Indicated resources: 311,200 ounces in 4.99 million tonnes grading 1.93 g/t AuInferred resources: 513,900 ounces in 8.22 million tonnes grading 1.94 g/t Au The 2023 MRE provided the following estimate using a gold price of US$2,160 per ounce, the highest price considered by the sensitivity analysis: Indicated resources: 324,800 ounces in 5.71 million tonnes grading 1.76 g/t AuInferred resources: 585,400 ounces in 10.85 million tonnes grading 1.68 g/t Au In this latter case (US$2,160), the open-pit portion comprises 322,900 ounces at a grade of 1.76 g/t Au (Indicated) and 363,600 ounces at a grade of 2.04 g/t Au (Inferred). Resource growth potential (see Figure 4) A systematic review of previous drilling data indicates potential for resource growth to the west, directly along strike with known resources at relatively shallow depths between 300 and 700 metres. The current resource shell boundary is not constrained by barren holes. The resource block mod...

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