Canada's Azimut Initiates Re-Evaluation of Mineral Resource Estimate for the Patwon Gold Deposit

en.Wedoany.com Reported - On November 3, Canadian mining company Azimut Exploration initiated a new mineral resource estimate for the Patwon gold deposit in Quebec, commissioning engineering consultancy Norda Stelo to re-evaluate the gold resources in accordance with the Canadian NI 43-101 standards of disclosure for mineral projects. The evaluation will incorporate data from 10 drill holes totaling 5,407.05 meters completed in 2026, as well as updated development cost and gold price assumptions, and is expected to be completed by the end of 2026.

The Patwon gold deposit is located within the Elmer property, which is wholly owned by Azimut. The company's 2026 drilling program focused on testing mineralization extensions to the east and west of the existing resource boundaries, with drill hole spacing of approximately 100 to 200 meters. In the eastern extension area, drill hole ELM26-265 returned 7.05 meters grading 3.15 g/t gold from 481.15 to 488.20 meters depth, including a high-grade interval of 4.30 meters grading 5.01 g/t gold; in the west, drill hole ELM26-259 returned 8 meters grading 2.26 g/t gold from 383 to 391 meters depth. Both mineralized intervals lie outside the existing resource estimate boundaries.

The 2026 drilling program was carried out by Nouchimi-RJLL Drilling of Quebec, using one drill rig to complete 10 diamond drill holes, with drilling concluding in mid-June. Drill core samples were sent to Actlabs in Val-d'Or, where gold content was determined using PhotonAssay technology, and 48 elements were analyzed using inductively coupled plasma methods. The company also plans to continue step-out drilling along the existing resource boundaries at approximately 50-meter spacing, and to test mineralized extension areas to the east and west of the deposit.

Azimut subsequently conducted geological mapping, reprocessing of geophysical data, mechanical trenching and geochemical sampling within the Elmer property, collecting 86 channel samples, 38 grab samples and 69 rock geochemical samples. Geological mapping covered approximately 9 kilometers of the northern felsic rock sequence, including the Wolf North, Lac Boulder and AJ-2 mineralized showings, and identified multiple sulfide mineralized horizons and alteration zones ranging from meter-scale to tens of meters.

The current mineral resource estimate for the Patwon gold deposit was completed in 2023 using a gold price assumption of US$1,800 per ounce, with measured resources of 4.99 million tonnes grading 1.93 g/t gold containing 311,200 ounces of gold, and inferred resources of 8.22 million tonnes grading 1.94 g/t gold containing 513,900 ounces of gold. The new estimate will adjust the resource model based on the additional drilling results and updated cost and gold price parameters.

The Elmer property currently comprises 658 mining claims covering 346.6 square kilometers and extending approximately 42.8 kilometers along the Elmer structural corridor. The company will determine the next-stage development plan for the Patwon gold deposit based on the 2026 drilling, surface exploration and updated mineral resource estimate results.