AZM.V · 2019-12-09 12:00:00

Azimut and SOQUEM confirm the Copperfield Trend as a Major Copper-Gold Target on the Pikwa Property, James Bay region, Quebec Mineralized Outcrops and Boulder Field with Grades Up to 20.1% Cu and 13.4 g/t Au along a 5.5 km by 0.5 km Corridor

Drill Results

Azimut and SOQUEM confirm the Copperfield

Trend as a Major Copper-Gold Target on the

Pikwa Property, James Bay region, Quebec

Mineralized Outcrops and Boulder Field with Grades Up to 20.1% Cu and 13.4 g/t Au along a

5.5 km by 0.5 km Corridor

LONGUEUIL, QC

Dec. 9, 2019

/CNW Telbec/ -

Azimut Exploration Inc.

("Azimut" or the

"Company") (

TSXV: AZM

) is pleased to report the full results from the 2019 exploration program on

the

20-kilometre-long Copperfield Trend

identified on the

Pikwa Property

(the "Property") in the

James Bay

region of

Quebec

(

see Figures 1 to 5

The encouraging results from 2019 include the discovery of high-grade mineralized outcrops and

proximal boulders (

up to 20.1% Cu

and

up to 13.45 g/t Au

) that correlates with a 5.5-kilometre-

long copper soil anomaly. These results warrant a substantial follow-up program that will comprise

ground geophysics (induced polarization) and a maiden diamond drilling program in early 2020.

The Property is part of the James Bay Strategic Alliance (the "Alliance") between Azimut and

SOQUEM Inc. ("SOQUEM"), a subsidiary of Ressources Québec. Major developments of the

Alliance were disclosed in the Company's press release of

May 15, 2019

. Azimut is the operator of

the Alliance.

The Property was acquired in 2016 following systematic gold predictive modelling over the

James

Bay

region (176,300 km

surface area) using the Company's

AZtechMine

expert system.

New Prospecting Results

In addition to the results already disclosed in the press releases dated

October 16

and

October 23,

2019

, a final batch of 169 grab samples yielded excellent results from the Copperfield Trend. The

best 30 samples

from this batch returned the following grades from outcrops (o) and boulders (b):

Copper (%)

Gold (g/t)

Silver (g/t)

Molybdenum (%)

Sample #

20.1

0.83

39.2

0.012

A0366572 (b)

8.99

1.89

28.3

A0366518 (b)

5.04

0.16

9.34

0.040

A0366597 (b)

5.00

0.73

32.3

0.047

A0366447 (b)

4.13

0.42

41.9

0.060

A0366701 (b)

3.86

0.77

27.5

0.106

A0366531 (b)

3.85

1.68

49.6

0.002

A0366702 (b)

3.81

0.43

25.2

0.010

A0366714 (b)

3.14

1.07

12.1

A0366532 (b)

3.09

0.70

30.2

0.014

A0366533 (b)

3.01

0.83

56.6

0.012

A0366530 (b)

2.25

0.11

4.22

A0366575 (b)

1.96

0.51

35.0

0.115

A0366589 (b)

Copper (%)

Gold (g/t)

Silver (g/t)

Molybdenum (%)

Sample #

1.74

0.15

12.9

0.111

A0366659 (b)

1.67

0.23

13.9

0.119

A0366659 (b)

1.60

0.67

11.4

0.007

A0366443 (o)

1.60

0.26

16.2

0.001

A0366524 (b)

1.59

0.28

11.9

0.020

A0366444 (b)

1.20

0.20

12.9

0.043

A0366528 (b)

1.17

0.15

6.8

0.001

A0366521 (b)

1.16

0.08

3.6

A0366657 (b)

1.08

1.34

5.5

0.004

A0366523 (b)

1.07

0.14

10.4

0.033

A0366663 (b)

1.06

0.142

8.73

0.002

A0366446 (b)

0.91

0.05

1.9

A0366448 (b)

0.56

2.01

24.1

0.019

A0366440 (o)

0.50

1.38

2.2

0.145

A0366571 (o)

0.43

3.54

13.0

>1.0

A0366570 (o)

0.37

0.79

4.6

0.135

A0366442 (o)

0.20

2.85

11.0

>1.0

A0366441 (o)

The number of grab samples collected from the area of the Copperfield Trend covered by the

geochemical soil survey now amounts to 268, including 141 samples from boulders and 127 from

outcrops. Outcrop exposure on the main soil anomaly is generally poor. The key results obtained to

date can be summarized as follows:

Copper

: 80 samples returned grades above 0.2% Cu, including 17 samples from 0.5% Cu to

1.0% Cu, and 40 samples above

1.0% Cu

up to

20.1% Cu

;

Gold

: 41 samples returned grades above 0.2 g/t Au, including 12 samples from 0.5 g/t Au to

1.0 g/t Au, and 11 samples above

1.0 g/t Au

up to

13.45 g/t Au

;

Silver

: 40 samples returned grades above 5.0 g/t Ag, including 15 samples from 10 g/t Ag to

20.0 g/t Ag, and 16 samples above

20 g/t Ag

up to

58 g/t Ag

;

Molybdenum

: 18 samples returned grades above 0.05% Mo, including 12 samples higher than

0.1% Mo

up to

1.0% Mo.

Well-Defined Polymetallic Target

The Copperfield Trend is a

20-kilometre-long robust copper-gold exploration target

on the

Property comprising two segments, "East" and "West", each 10 kilometres long.

Copperfield East

is defined as the spatial association of:

A strong regional-scale copper anomaly in lake-bottom sediments

("LBS")

centred on the

Property; the footprint also includes polymetallic components (molybdenum, silver, bismuth,

tungsten);

A strong copper-in-soil anomaly

, with a comparable polymetallic footprint as defined above,

well-delineated as a

5.5-kilometre-long by 500-metre-wide target

(locally up to

750 m

) within

the contours of the LBS copper anomaly; peak soil anomalies reach 294 ppm for copper, 1,610

ppb for gold, 625 ppb for silver and 24.1 ppm for molybdenum;

A significant mineralized boulder field

of mostly angular to slightly rounded boulders, well-

positioned within the long axis of the soil anomaly; the best grades from 141 sampled boulders

were

20.1% Cu

2.99 g/t Au

58 g/t Ag

and

0.246% Mo

;

Several high-grade mineralized outcrops

within the soil anomaly in the eastern part of the

target where glacial sediment cover is the thinnest; the best grades were

9.81% Cu

13.45 g/t

and

37.6 g/t Ag

(sample A0366271);

Two strong VTEM electromagnetic conductors

on strike with the western extension of the

strong soil anomaly; in this context, the VTEM anomalies represent attractive targets for

sulphide mineralization even though the soil geochemistry footprint in this area is weak due to

thick glacial sediment cover.

It is assumed that the strong and extensive

lake-bottom sediment

anomaly

and superimposed

soil

anomaly

, as well as the

mineralized boulder field

, can be directly explained by a major Cu-Au-Ag-

Mo mineralized system in the bedrock of the Property (already partly identified in mineralized

outcrops).

Copperfield West

is the westward strike extension of Copperfield East, and its interpretation is

supported by strong copper LBS anomalies and the same magnetic pattern as Copperfield East

(linear magnetic high). Limited exploration work has been conducted to date in this part of the trend.

The mineralization of the Copperfield Trend is characterized as follows:

The main host rock is biotite-rich gneiss (interpreted as altered metadiorite or granodiorite);

The dominant copper mineral is chalcopyrite occurring as disseminations or semi-massive veins

and veinlets accompanied by frequent bornite and chalcocite, and lesser amounts of malachite

and occasional azurite;

Other sulphides include molybdenite and, less frequently, pyrite and pyrrhotite;

The host rocks show varying degrees of alteration composed of biotite and potassium feldspar

(potassic alteration), sericite, epidote, chlorite and magnetite;

Mineralization generally occurs along foliation planes, often associated with quartz veinlets; and

Foliation strikes ENE-WSW and dips on average 50° to 60° to the south.

Comparison with the Giant Cu-Au-Ag-Mo Aitik Porphyry Deposit in

Sweden

Comparisons are useful in exploration to better recognize key features related to already known

deposits, thus optimizing the discovery process.

As reported in the press release dated

October 16, 2019

, several features of the Copperfield Trend

suggest it may represent an Archean analogue to

Sweden's

Paleoproterozoic Aitik porphyry Cu-Au-

Ag-Mo deposit.

The relevant geological features of the Aitik deposit are:

A geological context characterized by foliated and metamorphosed dioritic and volcanogenic-

sedimentary rocks of the Fennoscandian Shield;

Host rocks are biotite gneisses, quartz-muscovite-(sericite) schists and diorite;

The main sulphide minerals are disseminated chalcopyrite, pyrite and pyrrhotite and trace

amounts of molybdenite, local bornite and chalcocite;

Alteration mostly characterized by biotite, sericite and potassic alteration; epidote-calcite-

chlorite-quartz assemblages occur mainly along fault zones; quartz stockworks are present

along the margins of the intrusion; and

Foliation is well developed in the host rocks, dipping about 50° to the west; mineralization is

mainly structurally controlled; the entire rock package has been metamorphosed to amphibolite

grade.

In production since 1968, the Aitik mine owned by Boliden is the largest open pit operation in

northern

Europe

. The Aitik mine provides valuable parameters regarding geometry, size and grades

that could optimize the exploration strategy at Copperfield:

The main open pit (Aitik) measures 4 kilometres by 1.1 kilometre at surface and reaches a

depth of 450 metres. A second pit (Salmijärvi) measures 0.9 by 0.6 kilometre and reaches a

depth of 165 metres. The deposits average about 500 metres wide;

In 2018, mineral reserves (proven and probable) were estimated at

1.148 billion tonnes

0.22% Cu, 0.14 g/t Au

and

1.2 g/t Ag

. Total historical ore production from 1968 to 2018 is

821

million tonnes at 0.29% Cu, 0.17 g/t Au

and

1.8 g/t Ag

(Boliden Summary Report 2018);

A cut-off grade of 0.06% Cu is used for reserves and resources in the Aitik pit. The historical

stripping ratio (waste/ore) is 0.95.

The

Pikwa Property

(701 claims, 359.4 km

) is 40 kilometres long by 17 kilometres wide and

provides a controlling position over a major polymetallic target. It is located 303 kilometres east of

the Cree community of

Wemindji

in an area serviced by excellent infrastructure, including permanent

roads, power grids and airport facilities. The Trans-Taiga Road, a major gravel highway in the

region, crosses the Property, as do two power lines.

Updated sample breakdown from the 2019 program is as follows (re: press release of

October 16,

2019

276 grab samples; grabs are selective by nature and unlikely to represent average grades;

92 channel samples for a length of 83.9 metres;

1,454 soil samples (B horizon), including 1,183 samples from Copperfield East collected along

100-metre -spaced lines with samples every 50 metres on average;

10 till samples (10 pending results); and

168 lake-bottom sediment samples.

This press release was prepared by Dr.

Jean-Marc Lulin

, P.Geo., acting as Azimut's qualified

person under National Instrument 43-101. The field program is under the direction of François

Bissonnette, P.Geo., Operations Manager, and Dr.

Martin Tuchscherer

, P.Geo., Chief Geologist,

both from Azimut. SOQUEM's employees were also part of the exploration team.

About SOQUEM

SOQUEM, a subsidiary of Ressources Québec, is dedicated to promoting the exploration, discovery

and development of mining properties in

Quebec

. SOQUEM also contributes to maintaining strong

local economies. A proud partner and ambassador for the development of

Quebec's

mineral wealth,

SOQUEM relies on innovation, research and strategic minerals to be well-positioned for the future.

About Azimut

Azimut is a mineral exploration company whose core business is centred on target generation and

partnership development. The Company uses a pioneering approach to big data analytics (the

proprietary

AZtechMine

expert system) enhanced by extensive exploration know-how. Azimut

maintains rigorous financial discipline and has 57.4 million shares outstanding. Azimut's tight share

structure is a key asset for value creation. Since its founding in 1986, there have been no share

consolidations.

Azimut holds the largest mineral exploration portfolio in

Quebec

. The Company's edge against

exploration risk is founded on systematic regional-scale data analysis and multiple concurrently

active projects. This includes two regional strategic alliances with SOQUEM for six (6) gold

properties in the

James Bay

region and three (3) major gold-copper properties in the Nunavik region.

Azimut's other high-potential properties in the

James Bay

region comprise:

4 gold properties in the Eleonore camp (Eleonore South JV, Opinaca A, Opinaca B, Opinaca

D);

2 gold properties in the Lower Eastmain Greenstone Belt (Elmer, Duxbury); and

6 copper and copper-gold properties with strong regional-scale footprints (Kukamas, Masta,

Corvet, Kaanaayaa, Corne, Mercator).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

www.azimut-exploration.com

SOURCE

Azimut Exploration Inc.

View original content:

http://www.newswire.ca/en/releases/archive/December2019/09/c0892.html

%SEDAR: 00003284E

For further information:

Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015 - Fax: (450)

646-3045, [email protected]

CO: Azimut Exploration Inc.

CNW 07:00e 09-DEC-19

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