AZM.V · 2021-09-15 12:00:00

Azimut and SOQUEM Drill the District-Scale Rex and Rex South Copper-Gold Properties in the Nunavik Region of Quebec Symbol: AZM.TSX Venture

Corporate Updates

Azimut and SOQUEM Drill the District-Scale

Rex and Rex South Copper-Gold Properties in

the Nunavik Region of Quebec

Symbol: AZM.TSX Venture

LONGUEUIL, QC

Sept. 15, 2021

/CNW Telbec/ -

Azimut Exploration Inc.

("Azimut" or the

"Company") (TSXV: AZM) is pleased to announce that the summer drilling program on the Rex-

Duquet ("Rex") and

Rex South

copper-gold properties has been completed on eight significant

targets, including iron oxide copper-gold ("IOCG") mineralization, reduced intrusion-related gold-

polymetallic systems and copper-gold mineralization in shear zones.

The projects are part of a major

Strategic Alliance

("the Alliance") signed between Azimut and

SOQUEM

Inc.

("SOQUEM") (

see press release of

May 15, 2019

). In 2021, SOQUEM funded a

$4-

million

exploration program on both properties comprising 48.8 km of ground geophysics (induced

polarization; "IP"), 2,890 metres (17 holes) of diamond drilling, and channel sampling. Assay results

are pending. Azimut is the operator of the Alliance.

The region offers significant potential for commodities deemed

critical

strategic

by the

Quebec

and Canadian governments, specifically copper, tellurium, bismuth, tungsten, tin, molybdenum,

rhenium, indium and rare earth elements. The Rex and Rex South properties cover a region

considered by the Company's management to be a new mineral province with the potential to host

large-scale deposits.

The properties are part of the Rex Trend, a strong 300-kilometre-long copper anomaly in lake-

bottom sediments ("LBS") coupled with a strong 100-kilometre-long rare earth anomaly. The Alliance

aims to unlock the mineral potential of this largely underexplored region.

2021 Exploration Program

(

see Figures 1 to 4

)

The 2021 summer program comprised:

Ground geophysics to further define and rank drilling targets (approximately 48.8 line-km of IP

and 72.6-line-km of magnetics). This preparatory work started in April and was completed in

June.

Diamond drilling totalling 2,890 metres in 17 holes (

2,152 m

in 12 holes on Rex and 738 m in

5 holes on

Rex South

The key features of the main target zones that were drill-tested during the 2021 program are

summarized below. They correspond to previously reported results.

Note that grab samples are

selective by nature and unlikely to represent average grades

RBL Zone

(Rex)

The RBL Zone is at least

3 kilometres long by 50 to 200 metres wide

, with up to

11.3% Cu

grab samples. Mineralization primarily consists of chalcopyrite (lesser digenite, covellite) and pyrite.

Copper mineralization is present as disseminations and in veinlets, stockworks, centimetric to

decimetric massive sulphide blebs, semi-massive veins and breccia cement.

The zone is marked by a wide alteration corridor (

50 m

400 m

wide), conformable with a NNW-

trending brittle fault. Alteration mainly consists of pervasive potassic alteration that obliterates

primary gneissic host rocks, accompanied by pervasive silica, quartz veins and veinlets, chlorite and

epidote. The corridor displays an extensive stockwork of quartz-magnetite/hematite veins and

veinlets and polymictic breccias.

RBL exhibits characteristics of a major IOCG-type hydrothermal-magmatic system with possible

significant down-dip extensions. Other comparable zones in the Rex Trend appear to be related to

brittle faults (the KAAM, Mousquetaires, CM, Jemima, Impact and Sombrero zones), highlighting the

regional-scale potential for this type of deposit, likely related to deep-rooted crustal-scale structures.

Mousquetaires

Zone

(Rex)

Mousquetaires is a target zone at least

1.5 kilometres long by 200 metres wide

related to a

copper-bearing brittle fault cutting a foliated iron formation. The zone returned grades up to

13.65% Cu

0.12% Mo

25.9 g/t Te

and

14.25 g/t Re

from different grab samples. This zone, which

shows alteration and vein types comparable to the RBL Zone, may represent the strike extension of

the RBL Zone located 10 kilometres to the NNW.

Subtle Zone

(Rex)

The Subtle target zone is recognized over an area

500 metres long by 150 metres wide

, striking

NNW with a subvertical dip and largely open along strike. It is interpreted as a shear-hosted

mineralized system, returning high grades of

580 g/t Au

915 g/t Ag

and

7.87% Zn

from grab

samples, including up to

11.7 g/t Te

0.5% W

and

0.25% Mo

PAK Zone and PAK North Zone

(Rex)

The PAK and PAK North zones lie on strike with the Subtle Zone. They form a group of

prospects distributed over a distance of 7 kilometres

that yielded up to

133.5 g/t Au

851 g/t Ag

9.09% Zn

>500 g/t Te

1.6% Cu

and

0.87% W

in grab samples and proximal boulders.

Augossan Zone

(

Rex South

)

The Augossan Zone represents a large polymetallic envelope (Au, Ag, Cu, W, Sn, Te, Bi, Rb, Mo) at

the contact between an oval-shaped (5 km by 15 km) fluorite-topaz-bearing A-type intrusive complex

(the Qalluviartuuq Intrusive Complex) and volcano-sedimentary rocks. Augossan measures about

8,000 metres long by 100 to 350 metres wide

, as defined by extensive prospecting results and

data from previous reverse circulation ("RC") reconnaissance drill holes. The zone remains open in

all directions, notably toward the intrusion.

Delineation work returned grades of up to

47.2 g/t Au

90.0 g/t Ag

2.56% Cu

60.8 g/t Te

4.62% W

7.53% Sn

0.36% Mo

0.77% Bi

, and

0.25% Rb

in grab samples.

Channel sampling notably yielded

7.53% Sn, 0.72% W

and

0.14% Cu

over

2.7 m

. Highlights from a

previous RC drilling program include

0.14% W

over

15.24 m

0.12% W

and

0.35% Cu

over

7.62 m

;

1.28 g/t Au

8.41 g/t Ag

and

0.12% Cu

over

6.1 m

;

1.10 g/t Au

and

2.60 g/t Ag

over

9.14 m

Copperton Zone

(

Rex South

)

The Copperton Zone is hosted in a variably sheared, steeply dipping feldspathic intrusion, and in

amphibolites and gneissic metasediments. The mineralized corridor is recognized over a

strike

length of 3.5 kilometres and a width of 20 to 100 metres

. Mineralization is mainly disseminated

to semi-massive chalcopyrite, pyrite and pyrrhotite. The best grades were

9.56 g/t Au

82.7 g/t Ag

9.56% Cu

38.4 g/t Te

and

0.23% W

in various grab samples.

Dragon North Zone

(

Rex South

)

The Dragon North target zone is hosted in foliated mafic and felsic volcanics striking NW and dipping

to the NE. It is approximately

450 metres long by 90 metres wide

and appears spatially correlated

with a magnetic high. Mineralization is mainly chalcopyrite accompanied by lesser pyrite and

magnetite, with the best grab samples grading

4.05% Cu, 0.6% Mo

and

2.78% Cu, 0.13% Mo

Alteration is mainly silicification.

Dragon Zone

(

Rex South

)

Dragon is hosted in felsic orthogneiss. Mineralization occurs as chalcopyrite in quartz veins and

veinlets associated with tourmaline. Alteration is marked by epidote and hematite. The best grades

from grab samples are

3.67% Cu

11.2 g/t Au

and

48.5 g/t Te

. The preliminary

strike extent of

this zone is about 2 kilometres.

Widths are still undefined.

About the Rex Trend

The district-scale Rex and Rex South properties have provided a controlling land position over the

giant LBS copper anomaly

of the Rex Trend since 2009. The anomaly correlates well with more

than 150 polymetallic prospects and mineralized zones (

see press releases of

November 6

and

November 25, 2019

The Rex Trend is a vast underexplored region of

Northern Quebec

. The Rex and Rex South

properties were staked after the Company applied its proprietary

AZtechMine

expert system to

copper-gold predictive modelling over 1,247,900-km

The Rex-Duquet Property (2,040 claims) comprises three (3) main claim blocks totalling 871.5 km

with a cumulative length of 74 kilometres. The Rex South Property (2,343 claims) consists of two (2)

claim blocks totalling 1,020.6 km

with a cumulative length of 68 kilometres.

About the Azimut-SOQUEM Nunavik Alliance and 2021 program

The Alliance, announced on May 15, 2019, comprises two (2) option phases representing a total

investment of up to

$40 million

First Option ($16 million for 50%):

SOQUEM has the option to earn an initial 50% interest in

the Rex-Duquet,

Rex South

and Nantais properties by investing $16 million in exploration work

over a period of four (4) years, the first two (2) years being a firm commitment of $4 million

each year.

Second Option (

$8 million

, plus a PEA per designated property for an additional

10%):

SOQUEM will have the option to earn an additional 10% interest in each designated

property (for a total 60% interest in each property) by investing $8 million per designated

property over a period of two (2) years and delivering a preliminary economic assessment

("PEA").

Geosig Inc. of

Quebec City

(

Quebec

) conducted the geophysical surveys over the Rex and Rex

South properties. The IP survey used a pole-dipole array with readings every 25 metres (n=1 to 8).

Drilling was completed by Chibougamau Drilling Ltd of

Chibougamau, Quebec

. The hole diameter is

BTW.

Drill core samples are sent to AGAT Laboratories from

Mississauga, Ontario

, and ALS Minerals in

Val-d'Or, Quebec

. Azimut applied industry-standard QA/QC procedures to the program. Certified

reference materials, blanks and field duplicates are included in all batches of drill core sent to the

laboratories.

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., Azimut's Operations Manager. SOQUEM's professionals were also part of the

exploration team.

About SOQUEM

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

discovery and development of mining properties in

Quebec

. SOQUEM also contributes to

maintaining strong local economies. 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 centres on target generation and

partnership development. The Company is actively advancing the

Patwon gold discovery

on its

100%-owned flagship Elmer Property

in the

James Bay

region.

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, a strong balance sheet and has 81.7 million shares issued and

outstanding. Azimut's competitive edge against exploration risk is based on systematic regional-

scale data analysis and multiple concurrently active projects.

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.

SOURCE

Azimut Exploration Inc.

View original content:

http://www.newswire.ca/en/releases/archive/September2021/15/c3216.html

%SEDAR: 00003284E

For further information:

Contact and Information: Jean-Marc Lulin, President and CEO, Tel.: (450)

646-3015 - Fax: (450) 646-3045, [email protected], www.azimut-exploration.com

CO: Azimut Exploration Inc.

CNW 06:30e 15-SEP-21

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