Azimut Exploration Begins New Patwon Gold Resource Estimate After 5,407 Metres of Drilling

Azimut Exploration Inc. has begun a new NI 43-101 mineral resource estimate for the Patwon Gold Deposit on its wholly owned Elmer Property in the Eeyou Istchee James Bay region of Québec, following the completion of its 2026 diamond drilling program. The company announced the work on November 3, 2026, according to GlobeNewswire.

Azimut's 2026 Patwon Drill Results

Azimut Exploration is a Canadian mineral exploration company that uses its proprietary AZtechMine™ big data analytics methodology to generate and advance gold, copper, nickel and lithium projects in Québec, according to akta.pro company records.

The 2026 program drilled ten holes, ELM26-259 to ELM26-268, for a total of 5,407.05 metres, with drilling operations ending in mid-June. The campaign was initially planned for 10,000 metres but was shortened due to severe winter conditions. Drilling targeted the deposit's extensions with widely spaced holes of 100 m to 200 m to the east and west.

The two most significant intercepts outside the resource shell were 3.15 g/t Au over 7.05 m from 481.15 m to 488.20 m, including 5.01 g/t Au over 4.30 m, in hole ELM26-265, and 2.26 g/t Au over 8.00 m from 383.00 m to 391.00 m in hole ELM26-259. The company said the results support systematic additional drilling at 50-metre step-outs from the resource shell.

Norda Stelo of Val-d'Or, Québec, has been retained to prepare the updated NI 43-101 estimate, which will include the 2026 drill results, updated costs and gold price assumptions. The company said the updated estimate is expected to be completed by the end of 2026.

Patwon's 2023 Resource Figures

The current NI 43-101 compliant estimate for Patwon, completed in 2023, used a gold price of US$1,800 per ounce and gave Indicated resources of 311,200 ounces in 4.99 million tonnes grading 1.93 g/t Au and Inferred resources of 513,900 ounces in 8.22 million tonnes grading 1.94 g/t Au. At US$2,160 per ounce, the highest price in the sensitivity analysis, the estimate gave Indicated resources of 324,800 ounces in 5.71 million tonnes grading 1.76 g/t Au and Inferred resources of 585,400 ounces in 10.85 million tonnes grading 1.68 g/t Au.

Azimut's Earlier 2026 Deals and Drilling

In October 2026, Azimut announced a 3 km by 5 km gold vein field on its Wabamisk property in Québec, with a new gold indicator named Ginger showing up to 3.71 g/t Au, and plans for at least 7,000 m of diamond drilling later this year, GlobeNewswire reported. In August 2026, Azimut closed a $7 million private placement, issuing 6,038,647 flow-through shares and 3,333,332 hard-dollar shares, with Centerra Gold increasing its stake from 9.84% to 12.67%, according to Azimut-Exploration.

What Comes After the Patwon Estimate

Azimut said that after the updated estimate, it will determine the best way to further advance the Property, and that several parties have recently expressed interest in the project. The company also said significant drilling is planned at Wabamisk later this year and in 2027.