4.21 g/t Au over 39.5 m including 7.86 g/t Au over 14.0 m
3.28 g/t Au over 39.3 m including 9.57 g/t Au over 6.0 m

Azimut Exploration Inc. (TSX-V: AZM) is pleased to report that it continues to intersect wide, high-grade gold intervals at the Patwon discovery on the Company’s 100% owned Elmer Property in the James Bay region of Quebec.

Azimut recently completed a 15,135-metre (67 holes) diamond drilling program. This press release presents the results of (2) holes (813 m) from the program. The results for thirteen (13) other holes totalling 3,856.5 metres were previously reported (see press releases dated May 19 and June 22, 2021), and assay results are pending for the remaining 52 drill holes (15 on Patwon and 37 on new targets) (see press release dated June 2, 2021).

A comprehensive till survey and prospecting phase is underway on the Property. A new 20,000-metre drilling program is being prepared. An overview of the Company’s drilling objectives will be provided once the program is finalized.

HIGHLIGHTS (Figures 1 to 8, Photos 1 to 5, Tables 1 to 4)

• Hole ELM21-092        4.21 g/t Au over 39.5 m
  • • • • 11.57 g/t Au over 3.0 m and
        • 7.86 g/t Au over 14.0 m
      • 6.80 g/t Au over 1.0 m (from 348.0 m to 349.0 m)
      • 8.30 g/t Au over 2.0 m (from 427.0 m to 429.0 m)
• Hole ELM21-100        3.28 g/t Au over 39.35 m (from 173.0 m to 212.35 m), including:

• 18 g/t Au over 4.3 m
• 08 g/t Au over 3.05 m
• 57 g/t Au over 6.0 m

• These new results continue to build a robust mineralized zone, including an impressive central core. This core zone tends to be wider with increasing depths, as suggested by the updated grade x thickness longitudinal section and cross-section L150E (Figures 5 and 8).
• The mineralized body is currently defined over a strike length of 500 metres and a minimum depth of 450 metres, where the mineralized system remains open with a possible gold grade increase with depth. The average estimated true width is about 35 metres based on previously released results from 44 drill holes. True widths can reach up to 80 metres.
• The central core extends from surface to a minimum depth of 450 metres, with an estimated true width of 50 metres and a grade x thickness factor ranging from 50 to 412 (based on true widths). This core zone correlates spatially with a vertically dipping felsic intrusion, indicating an excellent possibility for a kilometre-scale vertical extent of the Patwon zone. The core zone seems to widen to the west with depth.
• Delineation drilling to expand the Patwon zone has been conducted on systematic 50-metre centres. No infill drilling has been undertaken at this stage. Figures 6 to 8 illustrate the progress accomplished since the 996-metre (7 holes) maiden drilling program reported in January 2020.

The Elmer Property comprises 515 claims covering 271.3 km² over a 35-kilometre strike length. The Property is 285 kilometres north of the town of Matagami, 60 kilometres east of the village of Eastmain, and 5 kilometres west of the paved James Bay Road, a major all-season highway. The region benefits from quality infrastructure, including significant road access, a hydroelectric power grid and airports.

Drilling Contract and Analytical Protocols

The drilling contract was awarded to RJLL Drilling Inc. of Rouyn-Noranda, Quebec. The core diameter is NQ. Core samples are sent to AGAT Laboratories of Mississauga, Ontario. Gold is analyzed by fire assay, with atomic absorption and gravimetric finish for grades above 3.0 g/t Au. Samples are also analyzed for a 48-element suite using ICP. Azimut applies industry-standard QA/QC procedures to the program. Certified reference materials, blanks and field duplicates are included in all drill core batches sent to the laboratory.

Dr. Jean-Marc Lulin, P.Geo., prepared this press release as Azimut’s Qualified Person under National Instrument 43-101. The program is managed by François Bissonnette, P.Geo., Operations Manager and Simon Houle, P.Geo., Chief Geologist. Both have reviewed the content of this press release.

About Azimut

Azimut is a mineral exploration company whose core business centres on target generation and partnership development. The Company is actively advancing the Patwon gold discovery on its 100%-owned flagship Elmer Property in the James Bay region.

The Company uses a pioneering approach to big data analytics (the proprietary AZtechMine^TM expert system), enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline, a strong balance sheet and has 81.7 million shares issued and outstanding. Azimut’s competitive edge against exploration risk is based on systematic regional-scale data analysis and multiple concurrently active projects.