Announcement • May 22
Azimut Exploration Inc Reports Results Of Third Diamond Drilling Program On Fortin Antimony-Gold Zone, Wabamisk Property
Azimut Exploration Inc. reported the complete results of its third diamond drilling program on the Fortin antimony-gold zone (the “Fortin Zone”) on its wholly owned Wabamisk Property in the Eeyou Istchee James Bay region of Québec, Canada. A total of 27 holes were drilled in this program for 5,108 metres (holes WS26-87 to was 26-113). Since its discovery by prospecting in 2024, Azimut has drilled a total of 113 holes (17,394 m) on the Fortin Zone and surrounding targets. This includes a separate gold zone (“Fortin South”), located about 100 metres south and subparallel to Fortin, which has been further delineated during this program. In addition, Azimut has drilled 46 holes (6,651.2 m) since late last year on the Rosa gold zone, located 15 kilometres west of Fortin. The results of the second program (20 holes for 3,018.2 m) will soon be reported. These recent discoveries underscore the strong exploration potential of the Wabamisk Property, which is emerging as a district-scale play. The planned work for 2026 will accelerate the definition of the zones and test new targets through an extensive ground geophysical survey (in progress), mechanical stripping, prospecting, and diamond drilling. This program presents the results from the third delineation phase on the Fortin Zone. The main objective of the program was to expand the mineralized body and further delineate wide high-grade lenses using incremental and infill holes. The 27 holes (5,108 m) of this phase were drilled at an average of 100-metre spacing, and locally 50-metre in-fill spacing, down to a maximum vertical depth of 300 m. Antimony mineralization appears fairly continuous along strike. The main surface showing (the Fortin outcrop) and drilling data in its vicinity indicate better grades and thicknesses with a possible rake plunging at 50 degrees to the east. An additional objective was to test the Fortin Zone at depth to look for potential gold enrichment related to antimony-gold vertical zonation, as documented in several deposits worldwide. One hole tested this hypothesis (WS26-113) at a vertical depth of 500 metres with no significant results. However, the hole encountered the albitic unit over 20.1 metres, starting at 537.4 metres along the hole, and two gold grains were observed between 520 and 521 metres downhole in a conglomeratic metasedimentary unit. Given the system's large size, the gold enrichment hypothesis requires further testing. The Fortin South sector, located about 100 m south of the Fortin Zone, has been traced along a minimum 1,300-metre strike by 18 drill holes returning at least 0.5 g/t Au. Gold mineralization is associated with disseminated to semi-massive arsenopyrite and variable quartz veining in sheared metasedimentary rocks. Steeply dipping to the south and open in all directions, this zone appears to correlate well with induced polarization and arsenic soil anomalies. Preliminary geometry of the Fortin Zone Strike-length: At least 1.8 kilometres, based on 74 mineralized holes, within a broader 2.4-kilometre-long prospective corridor, based on 2 holes drilled on the eastern and western extensions (WS25-22 and WS25-34, respectively). Thickness: Intervals grading above 0.1% Sb range from 5 to 50 metres wide along the hole, averaging roughly 20 metres. Dip: To the south at approximately 70 to 75 degrees. Vertical extent: Tested from surface down to 300 metres. Open at depth. The antimony-gold mineralized system is associated with a massive albitic stratiform hydrothermal alteration zone (the “albitic unit”), within a thick detrital metasedimentary sequence. Evidence of very strong albitic alteration, with progressive replacement of host rocks, has been documented. This alteration is possibly controlled by the original rock’s porosity and fracturing. The massive albitic unit has been intersected by 102 holes over a lateral distance of 2.65 kilometres. Its thickness varies from several metres to over 90 metres. The multi-kilometre lateral continuity of the albitic unit may suggest a kilometre-scale vertical extent. The mineralized system is currently recognized almost continuously over a distance of 1.8 kilometres and remains open along strike and at depth. Antimony sulphides (berthierite: FeSb2S4, gudmundite: FeSbS, stibnite: Sb2S3) and native antimony are associated with intense quartz veining and brecciated facies within the albitic unit, and are commonly associated with other sulphides (arsenopyrite, pyrrhotite, pyrite). Sericite is the main alteration mineral, locally accompanied by chlorite, epidote and carbonate. Massive to semi-massive mineralization occurs along the southern sheared and locally folded contact between the albitic unit and less-altered metasedimentary host rocks (mostly siltstones). The northern contact is also mineralized, but drilling to date suggests it is less continuous than the southern contact. The quartz vein network is mostly subparallel to the east-west schistosity. The rheologic contrast between the brittle albitic unit and the more ductile metasedimentary rocks appears to be one of the key controls on mineralization at the scale of the Fortin Zone. Antimony-rich systems are unusual in Archean settings in Québec. The mineralized albitic unit on the Wabamisk Property lies along the major tectono-metamorphic boundary separating the volcano-plutonic La Grande Subprovince and the metasedimentary Opinaca Subprovince. This geological environment has already been recognized as prospective for gold, exemplified by the Eleonore gold deposit. At Wabamisk, the antimony-rich zone may transition to a deeper gold-rich zone. Mineralogical and metallurgical characterization of the mineralized material, including comminution and flotation testwork, is progressing and will be reported at completion. The price of antimony has been very volatile over the last 2 years, due to ongoing supply shortages exacerbated by trade disputes. Antimony is listed as a critical mineral by the Canadian and American governments and the European Commission. Three countries account for about 90% of the world’s production, estimated to be 100,000 tonnes in 2024: China 60%, Tajikistan 17% and Russia 13%. Antimony is not currently mined at scale in Canada or the United States. In August 2024, China imposed restrictions on antimony exports, leading to significant supply disruptions. While some restrictions have since been lifted, antimony remains subject to broader export controls, highlighting the importance of diversifying critical mineral supply chains outside of China.
