AZM.V · 2020-10-06 12:00:00

Azimut and SOQUEM Initiate Drilling on a 10- km-long Copper-Gold Target on the Pikwa Property, James Bay region, Quebec

Exploration Programs

Azimut and SOQUEM Initiate Drilling on a 10-

km-long Copper-Gold Target on the Pikwa

Property, James Bay region, Quebec

LONGUEUIL, QC

Oct. 6, 2020

/CNW Telbec/ -

Azimut Exploration Inc.

("Azimut" or the

"Company") (TSXV: AZM) is pleased to announce the start of a minimum 2,000-metre (12-hole)

maiden diamond drilling program on the

Pikwa Property

(the "Property") in the

James Bay

region of

Quebec

. This drilling program follows a recently completed ground geophysical survey. The objective

is to test a

major 10-kilometre-long copper-gold target

(the

Copperfield East target

) defined by

several spatially coincident features (

see Figures 1 to 5

A continuous induced polarization ("IP") corridor 10 kilometres long and up to 400 metres wide

characterized by moderate to strong chargeability anomalies, generally well-correlated with

magnetic highs;

Two electromagnetic (VTEM) conductors that correlate well with IP anomalies in the western

part of the target;

A strong polymetallic (copper-gold-silver-molybdenum) soil anomaly; and

Mineralized outcrops and an extensive mineralized boulder field with grades reaching:

up to

9.8% Cu

13.45 g/t Au

37.6 g/t Ag

, and

1% Mo

(from outcrops); and

up to

20.1% Cu

2.99 g/t Au

58 g/t Ag

and

0.24% Mo

(from boulders).

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

SOQUEM Inc.

("SOQUEM"), a subsidiary of Investissement Québec. Azimut is the operator for 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.

Copperfield East: A Well-Defined Polymetallic Target

The results acquired to date point to a major copper-gold system centred on the 10-kilometre-long

Copperfield East target. It is interpreted as a

porphyry system

emplaced along the margins of an

intrusion and

subsequently sheared

during regional-scale tectonic events.

Copperfield East

is defined as the spatial association of:

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

("LBS") centred over the

Property. The footprint also includes polymetallic components (molybdenum, silver, bismuth and

tungsten).

A strong copper-in-soil anomaly

with a polymetallic footprint comparable to the LBS anomaly

defined above. The anomaly forms a well-delineated target

5.5 kilometres long by 500 metres

wide

(locally up to

750 m

) within the contours of the LBS copper anomaly. Peak values are 294

ppm for copper, 0.161 ppm for gold, 0.584 ppm for silver and 42.1 ppm for molybdenum.

A 10-kilometre-long corridor of IP-chargeable anomalies

of moderate to strong

amplitudes superimposed on the copper-in-soil anomaly. Most IP-chargeable anomalies

correspond to resistivity highs or occur along the contacts of more resistive units (probably

more silica-rich units). The anomalies are subcropping, continuous at depth, and generally dip

moderately to steeply to the south.

Two 500-metre-long VTEM conductors

that correlate with IP anomalies. In this context, the

VTEM anomalies represent attractive targets for massive to semi-massive sulphide

mineralization despite the weak soil geochemistry footprint due to thick glacial sediment cover.

A significant mineralized boulder field

of mostly angular to slightly rounded boulders that

follows 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

0.24% Mo

Several high-grade mineralized outcrops

within the soil anomaly in the eastern part of the

target where glacial sediment cover is thinnest. The best grades are

9.81% Cu

13.45 g/t Au

and

37.6 g/t Ag

(grab sample A0366271).

Collectively, the IP anomalies, copper-in-soil anomaly and mineralized boulder field are best

explained by a major Cu-Au-Ag-Mo mineralized system in the bedrock of the Property (already

partly identified in mineralized outcrops).

Grab samples are selective by nature and unlikely to

represent average grades.

The

Pikwa Property

(703 claims, 360.4 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.

Salient results supporting the Copperfield East target were disclosed in previous press releases:

Detailed LBS survey:

July 11, 2017

;

November 27, 2018

Heliborne VTEM and magnetic survey:

March 20

and

April 15, 2019

Prospecting results:

June 6

and

November 6, 2018

;

October 16

October 23

and

December 9,

2019

IP results:

April 27, 2020

An additional IP survey of 29.3 line-kilometres was conducted in

August 2020

to extend the IP

corridor westward. Geosig Inc. of

Quebec City

(

Quebec

) carried out the survey using a pole-dipole

array with 200-metre line spacing. Readings were taken every 25 metres (n=1 to 8) in the eastern

half of the survey and every 50 metres (n=1 to 12) in the western half. Geosig Inc. also conducted a

high-definition magnetic survey (43.8 line-km) on the same grid.

This press release was prepared by Dr.

Jean-Marc Lulin

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

person under National Instrument 43-101. Joël Simard, P.Geo., Senior Consulting Geophysicist for

Azimut, was responsible for processing and interpreting the survey data and has reviewed the

content of this press release.

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. 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 Exploration

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 is

actively advancing its

100%-owned

Elmer gold discovery

in the

James Bay

region.

Azimut maintains rigorous financial discipline and has 69.1 million shares outstanding. Azimut's

competitive edge against exploration risk is founded on systematic regional-scale data analysis and

multiple 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/October2020/06/c7401.html

%SEDAR: 00003284E

For further 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 07:00e 06-OCT-20

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