AZM.V · 2021-11-22 12:00:00

Azimut Reports Positive Initial Metallurgical Results From Elmer Gold Recoveries up to 94% Symbol: AZM.TSX Venture

Metallurgy & Processing

Azimut Reports Positive Initial Metallurgical

Results From Elmer

Gold Recoveries up to 94%

Symbol: AZM.TSX Venture

LONGUEUIL, QC

Nov. 22, 2021

/CNW Telbec/ -

Azimut Exploration Inc.

("Azimut" or the

"Company") (TSXV: AZM) is pleased to report excellent preliminary metallurgical tests from two

representative samples from the Patwon Gold Zone on the Company's

100% owned Elmer

Property

(the "Property") in the

James Bay

region of

Quebec

The test program conducted by SGS Canada Inc. included chemical and metallurgical

characterization, comminution, and metallurgical testing. The objective was to obtain baseline

grindability and recovery data for a gravity separation and gravity tailings cyanidation flowsheet.

Azimut has undertaken a 20,000-metre core drilling program to expand the Patwon Zone and

prepare for a maiden NI 43-101 compliant resource estimate (

see press release of October

18, 2021

). The Patwon mineralized body presents a remarkably thick and continuous geometry

currently defined over a strike length of 500 metres and to a minimum depth of 450 metres with an

estimated true width averaging 35 metres. The core zone of this envelope, defined thus far by 25

drill hole intercepts, displays an average true width of 45 metres at an average grade of

2.86 g/t Au. The true width of the core zone can reach up to 82 metres (

see press release of

November 4, 2021

HIGHLIGHTS

The preliminary metallurgical tests for the Patwon Gold Zone indicate non-refractory

free-milling gold mineralization that is potentially easily recoverable by a combination of

gravity circuit and conventional cyanide leaching.

Combined gold recoveries

for

gravity and cyanidation

reached

94%

and

93%

for two

samples grading 3.92 g/t Au (sample MET-1) and 2.95 g/t Au (MET-2), respectively.

Gravity tests

resulted in a

gold recovery of 27%

fo MET-1 and

37%

for MET-2. These

excellent recoveries indicate the potential to include a gravity circuit in a process flowsheet.

Whole-gold extractions from

cyanide leaching

range from

88% to 93%

for MET-1 and from

91% to 95%

for MET-2. Gold recovery rates are very fast for the first 2 hours. The particle size

in the range studied (between 50 and 81 µm) does not appear to have a significant impact on

the speed of gold extraction.

Very low graphitic carbon values

(below the assay detection limit of 0.05%) suggest that a

carbon-in-pulp process might be preferable to carbon-in-leach for downstream gold recovery.

Comminution tests

(ball mill grindability) returned average Bond Work Index (BWI) values that

categorize MET-1 as

medium

and MET-2 as

moderately soft

More testwork will be undertaken to improve the 24- to 48-hour gold recoveries and optimize the

leach residence time. Improvements are expected with these tests. Cyanide and lime consumptions

are reasonable but could likely be reduced with further optimization.

Testwork Summary

SGS Canada Inc. conducted the tests in

Quebec City

using two representative composite drill core

samples corresponding to the following holes:

ELM20-031: 13.3 kg

(sample from 172.5 m to 188.6 m along core)

ELM20-51A: 17.2 kg

(sample from 198.15 m to 220.5 m along core)

Each composite was stage-crushed to P

100

of 6 mesh (3.35 mm), blended, and submitted for a

Bond ball mill grindability test (closing screen size of 150 µm). The remaining material from each

composite was stage-crushed to P

100

passing 10 mesh (2 mm), blended, and riffled into charges for

metallurgical testwork.

Semiquantitative ICP Scan Analysis

Representative 75-micron pulverized samples were submitted for an ICP scan analysis. The two

samples (MET-1, MET-2) were found to contain mostly silica (71.2%, 61.0%) and sulphur (0.92%,

1.41%) with negligible graphitic carbon (<0.05%).

Screened Metallics Protocol

The gold and silver head grades for the two composites were determined by screened metallics

tests conducted at 106 µm. The gold head grades obtained are 3.92 g/t Au for MET-1 and 2.95 g/t

Au for MET-2. The silver content is <0.5 g/t for both samples.

Mineralogy

Based on the QEMSCAN results, pyrite is the major sulphide mineral. Pyrite is well liberated (>90%)

and the remaining pyrite is mainly associated with silicates. The gangue is mainly composed of

quartz, feldspar, chlorite and mica.

Comminution

The hardness of the mineralized samples is measured through grindability testing. This step is very

important as it might affect the mining process plant design. Comminution testing performed in this

program included a single Bond ball mill grindability test on each sample to provide initial baseline

information on the Patwon Zone. The grindability test was completed at a closing screen size of

150 µm. Referring to the SGS database, the grindability of the two samples can be categorized as

medium for MET-1 with a BWI of 13.8 kWh/t, and moderately soft for MET-2with a BWI of 13.3

kWh/t.

Metallurgical Testing: Gravity Separation

The two samples were submitted to standard gravity separation for the recovery of free gold. The

tests were performed at a target grind size P

of 125 microns. The gravity separation was

performed using a Knelson concentrator and a Mozley mineral separator. Gold recovery reached

27% for MET-1, yielding a gold concentrate grade of 532 g/t, and 37% for MET-2, for a grade of

643 g/t.

Sample

Conc.

wt.

Conc.

Au g/t

Conc.

Ag g/t

Recovery

Au %

Recovery

Ag %

Tailing

Au g/t

Tailing

Ag g/t

Head Grade

Au cal. g/t

Head

Grade

Au direct g/t

MET-1

0.22%

532

83.6

27%

3.23

< 0.5

4.41

3.92

MET-2

0.14%

643

81.5

37%

19%

1.58

0.5

2.50

2.95

Metallurgical Testing: Cyanidation Testwork

Cyanidation tests were performed at different grind sizes between 50 and 81 microns. The gravity

tailings produced by the gravity separation tests were also submitted for cyanidation. Results are

presented in the table below:

Sample

Test #

Size

µm

Reagent

Addition

Reagent

Consumption

Extraction

48 h

Residue

g/t

Head Grade

Recovery

Gravity

Gravity + CN

NaCN

kg/t

CaO

kg/t

NaCN

kg/t

CaO

kg/t

Calc.

g/t

Direct

g/t

MET-1

CN-1

1.00

1.82

0.69

1.56

0.27

3.69

3.92

CN-2

1.10

1.82

0.73

1.42

0.47

4.53

CN-3

1.17

1.98

0.79

1.69

0.51

3.80

MET-1 Tail

CN-4

1.04

1.33

0.62

1.17

0.27

2.84

3.23

MET-2

CN-5

0.92

1.64

0.56

1.42

0.32

3.23

2.95

CN-6

0.97

1.68

0.58

1.49

0.15

2.94

CN-7

1.00

1.61

0.65

1.41

0.23

3.54

MET-2 Tail

CN-8

0.94

1.67

0.57

1.50

0.28

2.29

1.58

Summary of Cyanidation Test Results

The results from the cyanidation tests from the whole mineralized samples, ground to different

particle sizes show gold extractions ranging from 88% to 93% for MET-1 (tests CN-1 to CN-3) and

from 91% to 95% for MET-2 (tests CN-5 to CN-7). These results show that the particle size in the

range studied (between 50 and 81 µm) does not have a significant impact on gold extraction.

The final gold extractions for the gravity tailing cyanidation tests on MET-1 and MET-2 yielded 91%

and 89%, respectively. Based on the high amount of gold recovered by gravity (>25%),

incorporating gravity separation into the flowsheet would reduce the size and cost of a plant.

The cyanidation kinetic tests indicate very fast gold leaching rates. Between 63% and 73% of the

gold was leached from MET-1 after only 2 hours and between 58% and 68% from MET-2 during the

same time.

The Elmer Property

The Elmer Property comprises 515 claims covering 271.3 km

over a 35-kilometre strike length. The

Property is 285 kilometres north of

Matagami

, 60 kilometres east of the village of

Eastmain

, and

5 kilometres west of the paved James Bay Road, a major all-season highway. The region benefits

from quality infrastructure, including significant road access, a hydroelectric power grid and airports.

Dr.

Jean-Marc Lulin

, P.Geo., prepared this press release as Azimut's Qualified Person under NI 43–

101.

Simon Houle

, P.Geo., Chief Geologist, has reviewed the content of this press release. Results

for the metallurgical test program reported in this press release were reviewed and approved by

Guy Chevalier

, P.Eng., Senior Metallurgist for SGS and Qualified Person under NI 43-101.

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.

Cautionary note regarding forward-looking statements

This press release contains forward-looking statements, which reflect the Company's current

expectations regarding future events related to the metallurgical testing at the Elmer Property. To

the extent that any statements in this press release contain information that is not historical, the

statements are essentially forward-looking and are often identified by words such as "anticipate",

"expect", "estimate", "intend", "project", "plan", "potential", "suggest" and "believe". The forward-

looking statements involve risks, uncertainties, and other factors that could cause actual results to

differ materially from those expressed or implied by such forward-looking statements. There are

many factors that could cause such differences, particularly volatility and sensitivity to market

metal prices, impact of change in foreign currency exchange rates and interest rates, imprecision

in reserve estimates, recoveries of gold and other metals, environmental risks including increased

regulatory burdens, unexpected geological conditions, adverse mining conditions, community and

non-governmental organization actions, changes in government regulations and policies, including

laws and policies, global outbreaks of infectious diseases, including COVID-19, and failure to

obtain necessary permits and approvals from government authorities, as well as other

development and operating risks. Although the Company believes that the assumptions inherent in

the forward-looking statements are reasonable, undue reliance should not be placed on these

statements, which only apply as of the date of this document. The Company disclaims any

intention or obligation to update or revise any forward-looking statement, whether as a result of

new information, future events or otherwise, other than as required to do so by applicable

securities laws. The reader is directed to carefully review the detailed risk discussion in our most

recent Annual Report filed on SEDAR for a fuller understanding of the risks and uncertainties that

affect the Company's business.

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/November2021/22/c7864.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 06:30e 22-NOV-21

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