Azimut Exploration and Mont Royal Discover by Prospecting a Second Nickel-Copper-Bearing Intrusion at Wapatik

LONGUEUIL, Oct. 27, 2022 - Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce that the prospecting program undertaken this fall on the Wapatik Property (the "Property") led to the discovery of a new nickel-copper-bearing ultramafic intrusion 2 kilometres north of the ultramafic intrusion discovered in 2021 (see Figures 1 to 4 and Photos 1 to 2). This field result is viewed as an encouraging step, further demonstrating the nickel-copper potential of the Property and, at a larger scale, the James Bay region (press releases November 30, 2021 and July 05, 2022). Follow-up on this second intrusion will consist of an electromagnetic survey to detect the presence of conductors that could be related to massive sulphides.

The Property, located in the Eeyou Istchee James Bay region of Quebec, is under option to Mont Royal Resources Ltd. ("Mont Royal") (ASX: MRZ). Mont Royal can acquire an initial 50% interest in the Property by spending $4 million in exploration expenditures over four (4) years and can earn a further 20% interest with an additional investment of $3 million and the delivery of a preliminary economic assessment over three (3) years. Azimut is the operator.

The new intrusion reported in this release has little surface exposure but is marked by a strong magnetic footprint measuring about 1,000 m by 400 m. The best prospecting assay results to date are as follows:

Mineralization comprises disseminated chalcopyrite, pyrrhotite (and maybe pentlandite). Host rocks are massive pyroxenite and/or peridotite. These grab samples have been collected from sub-cropping blocks. Note that grab samples are selective by nature and unlikely to represent average grades.

Based on the magnetic data, another potential ultramafic body may exist further east, but this remains to be confirmed. Assay results from other prospecting targets sampled this fall are still pending.

As previously reported, a diamond drilling program (1,100 metres, 5 holes) is underway to continue evaluating the nickel-copper potential of the ultramafic body discovered in 2021 on the Property (see press releases of October 3 and October 19, 2022).

Dr. Jean-Marc Lulin (P.Geo.) prepared this press release as Azimut's qualified person within the meaning of National Instrument 43-101. Mathieu Landry (P.Geo.), Senior Consultant, Brigitte Dejou (P.Eng.), Project Manager, and François Bissonnette (P.Geo.), Operations Manager, all of Azimut, have also reviewed the content of this press release.

All rock samples are sent to ALS Laboratories (Val-d'Or, Quebec) and are analyzed for a 48-element suite using ICP. High-grade nickel and copper are analyzed using 4-acid digestion and ICP-AES finish. Gold, platinum and palladium are analyzed using lead oxide collection fire assay and ICP-AES finish. Azimut applies industry-standard QA/QC procedures to its programs.

Wapatik is a 25-kilometre-long project comprising one block of 220 claims (115 km²) in an area with excellent infrastructure, including road access and power lines. It covers a largely underexplored part of the Lower Eastmain greenstone belt of Archean age, on strike from Azimut's Elmer Property (Patwon Gold Zone), approximately 35 kilometres to the west.

Mont Royal Resources Ltd. (ASX: MRZ) is an Australian company that pursues various mining opportunities in the resources sector with the aim of building shareholder value by acquiring, exploring, evaluating and exploiting mineral resource project opportunities. Mont Royal has a binding JV option agreement with Azimut to earn up to 70% interest in the Wapatik gold-copper-nickel project. Mont Royal has also acquired 75% of Northern Lights Minerals' 536-km² package in the Upper Eastmain greenstone belt. The projects are prospective for precious (gold, silver) and base metals (copper, nickel) in the James Bay area, a tier-1 mining jurisdiction in Quebec, Canada. For further information regarding Mont Royal, please visit the ASX platform (ASX: MRZ) or the Company's website www.montroyalres.com

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The Company holds the largest mineral exploration portfolio in Quebec. Azimut is actively advancing its wholly-owned flagship Elmer Gold Project to the initial resource stage in the James Bay region. Azimut has also acquired a major nickel position in the region with its James Bay Nickel Project (95 claim blocks, 200 targets).

Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine^TM expert system), enhanced by extensive exploration know-how. The Company's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial discipline and a strong balance sheet, with 79.3 million shares issued and outstanding.

www.azimut-exploration.com

This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events related to the drilling results from the Wapatik 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 "consider", "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. Many factors could cause such differences, particularly volatility and sensitivity to market metal prices, the impact of changes 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.



Contact
Jean-Marc Lulin, President and CEO, Tel.: (450) 646-3015, Fax: (450) 646-3045; Jonathan Rosset, Vice President Corporate Development, Tel: (604) 202-7531; info@azimut-exploration.com