AZM.V · 2019-11-25 12:00:00

Azimut and SOQUEM Report Encouraging Copper-Gold Results from the Rex South Property, Nunavik Region, Quebec Symbol: AZM.TSX Venture

Corporate Updates

Azimut and SOQUEM Report Encouraging

Copper-Gold Results from the Rex South

Property, Nunavik Region, Quebec

Symbol: AZM.TSX Venture

LONGUEUIL, QC

Nov. 25, 2019

/CNW Telbec/ -

Azimut Exploration Inc.

("Azimut" or the

"Company") (

TSXV: AZM

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

Rex South Property

(the "Property") under the

Azimut–SOQUEM Strategic Alliance

in the

Nunavik region (the "Alliance") (

see Figure 1

). The $4 million program, funded by SOQUEM, also

covered the

Rex Property

(

see press release of November 6, 2019

) and the

Nantais Property

(results to be announced).

The field campaign led to:

The discovery of a new copper-bearing mineralized zone (

Boreal Zone

) with grades up to

3.07% Cu

;

The extension of previously recognized mineralized zones (see press releases of

November 8,

2010

; October 31, 2011;

April 4, 2012

; and

September 13, 2012

) with the following significant

new grab sampling results:

Copperton:

up to

5.0 g/t Au

and

1.75% Cu

Dragon:

up to

4.05% Cu

Lebreuil:

up to

11.2 g/t Au

48.5 g/t Te

and

3.67% Cu

These results further emphasize

Rex South

as a district-scale exploration property with strong

potential for copper and gold as well as other associated commodities (silver, tellurium,

molybdenum, tungsten and tin). The Property hosts at least

11 mineralized zones

with kilometre-

scale extensions, most of them surrounding or in the vicinity of a 15 kilometre by 5 kilometre ovoid-

shaped granitic intrusion (the "Qalluviartuuq Intrusive Complex").

The upcoming 2020 exploration program, funded with an additional $4 million Alliance budget, will

accelerate the assessment of the best mineralized zones by diamond drilling and prospecting.

Azimut is the operator of the Alliance.

HIGHLIGHTS

(

see Figures 2 to 7 and Photos 1 to 9

)

Figure 2 shows the results obtained from the 2019 field program. Figures 3 and 4 summarize the

best results acquired to date on the Property.

Discovery of the

Boreal Zone

This zone appears as a hydrothermal breccia with angular fragments hosted in felsic

orthogneiss. It was identified over an area 300 metres long by 10 metres wide, with a NW-SE

trend and a subvertical dip. The Boreal Zone remains largely open along strike. Mineralization is

dominated by chalcopyrite accompanied by lesser pyrite and traces of bornite. Alteration is

characterized by abundant epidote, albite and silica. Ten (10) grab samples returned grades

above 0.5% Cu, including five (5) samples above 1% Cu with a peak value of

3.07% Cu

Extension of three mineralized zones:

Dragon

Copperton

and

Lebreuil

- The

Dragon Zone

is hosted in foliated mafic and felsic volcanics with a NW-SE strike and a

dip to the NE. This zone 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 highest values of

4.05% Cu, 0.6% Mo

and

2.78% Cu, 0.13%

in grab samples. Alteration is marked by silicification.

- The

Copperton Zone

is hosted in a variably sheared steeply dipping feldspathic intrusion, as

well as amphibolites and gneissic metasediments. The mineralized envelope 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 and pyrite. The best grades obtained during the

latest prospecting program were

5.0 g/t Au, 1.75% Cu

and

4.83 g/t Au, 1.5% Cu

- The

Lebreuil Zone

is hosted by felsic orthogneiss. Mineralization is in the form of 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 the Lebreuil Zone is about 2 kilometres, but widths are still

undefined.

A 4,611.7 line-kilometres heliborne magnetic, electromagnetic and spectrometric survey with

200-metre line spacing was flown over the Property by CGG Multi-Physics of

Mississauga

(

Ontario

) as part of the 2019 program. A Helitem time-domain system was used for the

electromagnetic survey. The results are still being processed and will be merged with other

exploration results to identify and rank drilling targets.

The Rex South Property (2,362 claims) consists of two (2) claim blocks totalling 1,029 km

with a

cumulative length of 68 kilometres. The 2019 prospecting program focused on the eastern claim

block. A total of 320 grab samples were collected primarily from outcrops.

Grab samples are

selective by nature and unlikely to represent average grades

About the Rex Trend

In 2009, Azimut acquired a controlling land position over a vast underexplored region of

Northern

Quebec

(the "

Rex Trend

") through its

Rex and Rex South

properties. The projects were staked

following the Company's proprietary

AZtechMine

expert system applied to copper-gold predictive

modelling over a 1,247,900 km

surface area. The primary objective was to identify world-class

exploration targets in the Quebec Government's

Plan Nord

territory.

The Rex Trend is defined as a strong 300-kilometre-long lake-bottom sediments copper anomaly

coupled with a strong 100-kilometre-long rare earth anomaly (press releases of March 31 and

July 22, 2011). Azimut considers the Rex Trend to be

new mineral province

related to a deep-

seated structural corridor (the "Allemand-Tasiat Zone") with the potential to host large-scale

deposits, including iron oxide copper-gold ("IOCG"), reduced intrusion-related gold-polymetallic

systems, copper-gold mineralization in shear zones, and volcanogenic massive sulphides. The Rex

Trend has features in common with the world-class Carajás Mineral Province in

Brazil

(press release

of April 4, 2012).

About the Azimut–SOQUEM Nunavik Alliance

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 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").

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 geologists 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/November2019/25/c4630.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 25-NOV-19

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