Announcement • Jul 16
Azimut Exploration Inc. And KGHM International Ltd. Launch 2026 Drilling Campaign At Kukamas Property
Azimut Exploration Inc. announced that a comprehensive partner-funded exploration program is commencing on the Kukamas Property in the Eeyou Istchee James Bay region of Quebec, Canada. The Property is subject to an option agreement with KGHM International Ltd. KGHM has earned a 50% interest in the Property and has elected to enter the second option phase to earn an additional 20% interest upon delivery of a preliminary economic assessment. Azimut remains the operator of the 2026 program. The $3.4 million work program will be deployed over the two blocks of the Property. Priority is given to the advancement of the high-grade nickel-PGE (platinum group element) Perseus discovery through an induced polarization survey over the komatiite sequence hosting the mineralized zone to identify its footprint and generate new drilling targets (completed), and 5,000 metres of diamond drilling, mostly dedicated to expanding Perseus. Detailed mapping and mechanical trenching of the southern part of the claim block will further define copper and copper-gold targets associated with a felsic-intermediate volcaniclastic sequence. Additional advanced reprocessing of electromagnetic anomalies (Geotech VTEMTM) and a high-resolution heliborne magnetic-electromagnetic survey to cover the northern part of the claim block (40 km2, 550 line-kilometres at 100-metre line spacing) will be conducted. Prospecting traverses over selected parts of the claim block, which remains largely unexplored, are planned. TMC Geophysics of Val-d’Or, Québec, completed an IP survey covering a 1.8-kilometre strike extent of the Perseus komatiite sequence and centred on the Perseus Ni-PGE Main and East Zones. Overall, 22.57 line-kilometres were surveyed using a dipole-dipole array (a = 37.5 m; n = 1 to 8). Line spacing was 25 metres over the Perseus Zone and 50 metres elsewhere. The survey was conducted to complement previously acquired magnetic and electromagnetic ground and airborne data, specifically to detect disseminated-type magmatic sulphide mineralization. The survey defined moderate to very strong chargeability anomalies within the komatiite sequence to the south and southeast of the Perseus Zone. These anomalies are considered high-priority drill targets to extend the Perseus Zone and discover additional sulphide mineralization. The primary objectives of the drilling program are: 1) to expand the Perseus Main and East zones updip, downdip and along strike to the south; and 2) to test new targets defined by the recently completed IP survey. Some drilling is allocated on targets defined by detailed mapping and trenching work in the southern part of the Kukamas East Block. The initial 2024 field discovery of the Perseus Zone, as well as the results of the maiden 2024 (9 holes, 1,998 m) and follow-up 2025 core drilling programs (14 holes, 3,803.8 m) were reported in press releases dated September 23, 2024, January 20, 2025, May 29, 2025, and February 26, 2026. Previously reported results notably include: Perseus Main Zone: 2.98% Ni, 0.32% Cu, 2.25 g/t PGE over 8.0 m, incl. 3.74% Ni, 0.41% Cu, 2.82 g/t PGE over 6.0 m (channel); 1.10% Ni, 0.15% Cu, 1.02 g/t PGE over 9.0 m, incl. 1.42% Ni, 0.19% Cu, 1.36 g/t PGE over 6.0 m (channel); 1.64% Ni, 0.11% Cu, 1.12 g/t PGE over 8.50 m incl. 3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.50 m (Hole KUK24-001); 8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.90 m (Hole KUK24-002); 0.81% Ni, 0.52 g/t PGE over 24.2 m, incl. 1.63% Ni, 0.14% Cu, 1.61 g/t PGE over 1.25 m and 3.46% Ni, 0.21% Cu, 2.44 g/t PGE over 0.75 m (Hole KUK24-003); 6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.60 m incl. 19.6% Ni, 0.81% Cu, 9.43 g/t PGE over 0.75 m (Hole KUK24-007); 1.41% Ni, 0.15% Cu, 0.85 g/t PGE over 15.25 m, incl.1.77% Ni, 0.18% Cu, 1.11 g/t PGE over 10.75 m and 3.09% Ni, 0.26% Cu, 1.85 g/t PGE over 2.70 m (Hole KUK25-010); 1.77% Ni, 0.20% Cu, 1.04 g/t PGE over 7.50 m, incl. 5.44% Ni, 0.30% Cu, 2.29 g/t PGE over 1.00 m (KUK25-012); 4.27% Ni, 0.45% Cu, 2.63 g/t PGE over 8.60 m, incl. 6.32% Ni, 0.65% Cu, 3.59 g/t PGE over 4.60 m and 9.15% Ni, 0.40% Cu, 3.86 g/t PGE over 1.60 m (Hole KUK25-013); 1.09% Ni, 0.10% Cu, 0.64 g/t PGE over 11.55 m, incl. 2.24% Ni, 0.22% Cu, 1.55 g/t PGE over 3.55 m and 4.48% Ni, 0.39% Cu, 3.69 g/t PGE over 0.90 m (Hole KUK25-015). Perseus East Zone: 0.90% Ni, 0.32 g/t PGE over 9.05 m (Hole KUK24-001); 3.18% Ni, 0.15% Cu, 1.17 g/t PGE over 1.70 m (Hole KUK24-007); 0.64% Ni over 25.30 m, incl. 0.74% Ni over 16.5 m and 0.94% Ni, 0.45 g/t PGE over 8.90 m (Hole KUK25-014); 0.55% Ni, 0.20 g/t PGE over 27.00 m (Hole KUK25-015); 0.62% Ni, 0.36 g/t PGE over 14.00 m, incl. 0.78% Ni, 0.50 g/t PGE over 7.00 m and 1.09% Ni, 0.12% Cu, 0.75 g/t PGE over 2.00 m; and 0.60% Ni, 0.16 g/t PGE over 11.40 m, incl. 0.74% Ni, 0.21 g/t PGE over 6.40 m (Hole KUK25-017); 0.42% Ni, 0.16 g/t PGE over 15.00 m; 0.66% Ni, 0.26 g/t PGE over 12.00 m, incl. 0.82% Ni, 0.32 g/t PGE over 7.50 m; and 0.49% Ni, 0.11 g/t PGE over 12.00 m (Hole KUK25-018). The Perseus Main Zone strikes north and dips steeply to the west. It is now defined over a strike extent of 135 metres and to a vertical depth of 100 metres by 15 holes drilled on five east-west sections spaced at 30 to 35 metres. The mineralization is characterized by metric to decimetric intervals of massive, semi-massive, net-textured, bleb-textured and/or disseminated pentlandite-pyrrhotite-(chalcopyrite). The second phase of drilling confirmed the high nickel content of the magmatic sulphide mineralization. Results to date indicate that the Main Zone remains open at depth and to the south. The Perseus East Zone appears to be a stacked, subparallel mineralized horizon located approximately 100 metres east of the Main Zone and has been tested to a vertical depth of 150 metres. It is characterized by a wide envelope of disseminated sulphides, including locally thin net-textured to semi-massive intervals. Based on detailed surface mapping, this horizon lies within a stratigraphically lower komatiite flow sequence to the Main Zone. It remains open in all directions and is untested near the surface. The two stacked mineralized horizons at Perseus are hosted within komatiitic to peridotitic komatiite flows. Detailed mapping during the summer of 2025 defined at least seven distinct komatiite flow sequences over a 3-kilometre NNW strike, often in contact with sulphide-facies iron formations. This ultramafic volcanic package is subdivided into a thick central effusive zone (the Perseus Complex) and relatively thinner lava flows along the northern extension of the complex (Perseus North).