Azimut to start 10,000 m drill program at Elmer
Flagship Elmer Gold Project Reactivated with 10,000m Program Following Antimony Breakout
On January 22, 2026, Azimut Exploration announced the commencement of a 10,000-metre diamond drill program on its 100%-owned flagship Elmer property in the James Bay region of Quebec. The program focuses on expanding the Patwon gold deposit (currently hosting ~311k oz Indicated and ~513k oz Inferred resources) and testing proximal targets. Crucially, the company explicitly stated that following these results, they plan to issue an updated NI 43-101 resource estimate and a Preliminary Economic Assessment (PEA). This announcement follows immediately after the January 21, 2026 news regarding a major antimony-gold advance at their separate Wabamisk property.
This news is Material - Positive as it signifies the simultaneous advancement of the company's two primary value drivers. * Asset Rotation: While the market's recent attention (and the sharp price rally to $1.01) was driven by the critical mineral (Antimony) narrative at the Wabamisk property, the return to the flagship Elmer Gold project mitigates the risk of being a "single-commodity play." * Path to Economics: The explicit mention of a PEA represents a transition from pure exploration to development/economic scoping. This is a critical de-risking step that often leads to a re-rating of the stock if the economics prove robust. * Capital Allocation: The ability to launch a 10,000m program immediately after a 5,000m program at Wabamisk demonstrates strong liquidity, likely bolstered by the May 2025 financing ($8.7M) and the sale of non-core assets (Galinee).
Azimut Exploration is a mineral exploration company focused on Quebec, Canada, utilizing a proprietary data processing methodology (AZtechMine) to generate targets. * Flagship Project (Elmer): Located in the James Bay region. It hosts the Patwon Gold Zone. * Resource (2024 Estimate): 311,200 oz Indicated (1.93 g/t Au) and 513,900 oz Inferred (1.94 g/t Au). * Status: Moving toward PEA. * Secondary Flagship (Wabamisk): Emerging high-grade Antimony-Gold project (Fortin Zone) with a strike length of 1.8km. * Business Model: Hybrid model of self-funded exploration (Elmer/Wabamisk) and optioning properties to partners (KGHM, Rio Tinto, etc.) to generate royalty streams and minimize dilution.