Azimut Exploration Inc.

Wabamisk

Region

James Bay

Size

28,790 Ha

Metals

Au-Sb

Target Style

Shear-related Au systems

Stage

Drilling Stage

Operator

AZM

Ownership

100% Azimut

2025 Planned Program

Prospecting, Drilling

Introduction

The Wabamisk property is a ~40 km by 10 km gold project located about 70 km south of the Eleonore gold mine (Newmont Corporation) and has a comparable geological context and geochemical signature. It is also 13 km east of the Clearwater property (Fury Gold Mines Ltd) and 42 km northeast of the Whabouchi property (Nemaska Lithium Inc.). Major powerlines pass through or close to the property's eastern end, and the North Road highway passes 37 km to the south. The nearest town is Nemaska, a Cree community, 55 km to the southeast.

Azimut initially acquired the claims by map designation in 2005 following its James Bay-scale predictive modelling for gold. Wabamisk was optioned to Placer Dome in 2005 before it was transferred to Goldcorp Inc. which was then acquired by Newmont. In 2022, Azimut announced that it regained 100% ownership of the project (PR of August 8, 2022).

Since regaining full control of the Property, Azimut reprocessed the property’s large database to rank exploration targets. The 2024 prospecting program revealed an antimony-rich system demonstrated by channel samples (3.92% Sb over 14.0 m) and numerous high-grade grab samples (up to 24.8% Sb) collected along a 1.2-kilometre-long strike within the Fortin Zone. Gold (up to 7.27 g/t Au in grabs) commonly accompanies antimony.

Azimut is proceeding with a 5,000-metre diamond drilling program to assess the corridor’s strike and grade continuity.

2024 - Discovery of High-Grade Antimony Zone

In October 2024, Azimut announce the discovery of a high-grade antimony corridor on the property with channel samples (3.92% Sb over 14.0 m) and numerous high-grade grab samples (up to 24.8% Sb) collected along a 1.2-kilometre-long strike within the Fortin Zone. Gold (up to 7.27 g/t Au in grabs) commonly accompanies antimony. Note that grab samples are selective by nature and unlikely to represent average grades. Geoscientific data (prospecting, induced polarization and magnetism, lake sediment, till and soil geochemistry) support a minimum 3.5-kilometre length for the antimony-gold exploration corridor. Significant additional work is needed to appraise its full potential.

Based on these results, Azimut is proceeding with a 5,000-metre diamond drilling program to assess the corridor’s strike and grade continuity. An initial 2,000-metre phase will be completed before the end of the year. Contingent on positive results, the remaining 3,000 metres will be drilled in early 2025.

The 2024 summer prospecting program yielded 311 grabs and 28 channel samples. One of the objectives was to reassess a previously identified target area with known gold-antimony mineralization. 87 samples (21 from channels, 30 grabs and 36 sawed) were collected from the 1.0 by 3.5-kilometre target area. The results, which reveal significantly higher grades and better continuity than previously recognized, include 52 samples returning grades higher than 0.5% Sb:

29 samples grading 1.0% to 5.0% Sb; and
13 samples grading higher than 5.0% Sb, up to a maximum of 24.8% Sb.

The best channel (channel #1) returned:

3.92% Sb and 0.3 g/t Au over 14.0 m, including 11.84% Sb and 1.18 g/t Au over 3.0 m

Antimony mineralization appears as semi-massive to disseminated stibnite (Sb₂S₃) within a multi-metre-thick envelope of intense quartz veining, mostly subparallel to the east-west schistosity, generally dipping steeply to the south. North-south multi-centimetre-thick quartz-stibnite veins also crosscut the schistosity. Arsenopyrite and pyrrhotite are also present (1% to 3%). Stockwork and brecciated facies contain the highest antimony grades. Mineralized outcrops display a dark reddish mineral named kermesite, the product of partial oxidation of stibnite.

At the outcrop scale, the mineralized zone overlaps a contact between felsic tuffs and/or a porphyritic quartz diorite sill and sheared metasediments (siltstone). The highest-grade antimony samples (above 10% Sb) seem preferentially hosted in metasediments.

Previous Activities

Initial exploration in 2005 identified several major gold target areas that included most of the known historical gold showings. Since then, a soil geochemistry survey in 2006 was followed in 2007 to 2009 by prospecting (grab sampling), mapping, IP surveys, soil sampling, channel sampling, and a maiden diamond drilling program that intersected sulphides or graphite with little or no gold.

In 2010, Newmont completed an 8-hole (2,800 m) diamond drilling program that identified two prospective areas for gold in the western half of the property. The best result from six (6) holes on the GH Prospect was 2.3 g/t Au over 4.3 m within a large envelope defined by 19 m grading 0.7 g/t Au, 0.39% Sb and 0.20% As. This gold-antimony-arsenic zone is associated with a diorite intrusion and metasedimentary rocks. Mineralization is characterized by Sb and As sulphides as disseminations and veinlets accompanied by sericitization and silicification. The target zone is 3.5 km long, outlined by coincident soil (Sb, As) and geophysical (IP) anomalies. The alteration-mineralization footprint indicates strong exploration potential along strike and at depth.

The second area, the Dome-ML Prospect, is 1.7 km long and yielded several historical high-grade gold values (up to 80.7 g/t Au) in grab samples taken from sheared and altered mafic volcanic units and a dioritic intrusion.

From 2012 to 2015, Newmont funded work programs that included prospecting (651 grab samples), a soil geochemistry survey (3,890 samples), an IP survey over altered shear zones that warranted additional work, and a high-resolution helicopter-borne magnetic survey (3,502 line-km). These programs led to the discovery of a new prospective area in the western part of the property characterized by gold-in-soil anomalies and an assay of 12.45 g/t Au from a quartz vein in a grab sample. Other prospecting results included 2.42% Cu, 0.41 g/t Au and 23.6 g/t Ag (grab sample); 1.42% Cu and 7.1 g/t Ag (grab sample); and 1.01% Cu, 0.67 g/t Au and 9.1 g/t Ag (boulder).

In 2018, Newmont contracted Geo Data Solutions Inc. to fly a heliborne SkyTEM survey over the property at a line spacing of 100 m for a total coverage of 3,322 line-km. The objective was to enhance target definition by delineating high-quality conductors on the project.

The Wabamisk property is situated in the Archean Superior Province at the contact between the La Grande and Opinaca subprovinces. This boundary is controlled by a major E-W regional deformation corridor. The property is underlain by La Grande volcano-plutonic lithologies and Opinaca metasedimentary units. Wabamisk has a comparable geological context and geochemical signature to the Éléonore gold mine.