Azimut Exploration has reported high-grade drill results from its Wabamisk property in Quebec’s James Bay region, including intersections of both antimony and gold — a significant development as global antimony supply faces mounting pressure.
The company announced on Thursday that hole WS25-40 at the Fortin zone returned 6.5 metres grading 3.43% antimony and 2.37 grams per tonne (g/t) gold, beginning at a shallow depth of just 3 metres. The broader interval within that hole included 51.5 metres averaging 1.1% antimony and 0.38 g/t gold.
Azimut described the results as “very encouraging,” particularly amid a tightening global antimony market. The metalloid, listed as a critical mineral by Canada, the United States, and the European Union, has seen prices surge to roughly US$58,000 per tonne in Rotterdam. The increase follows China’s recent export restrictions; the country supplies approximately 60% of the world’s antimony. Notably, neither Canada nor the U.S. currently produce the mineral.
Strong Drill Campaign Performance
Azimut launched the Wabamisk drill program in late 2024, targeting surface discoveries at the Fortin zone. The campaign, expanded in January and completed in March, consisted of 51 diamond drill holes totaling 6,396 metres. The results are expected to inform a follow-up summer campaign, which will include 10,000 metres of infill and expansion drilling.
Among the highlights, hole WS24-06 intersected 22.7 metres grading 1.08% antimony and 0.53 g/t gold from a depth of 78.5 metres, including a higher-grade interval of 9.5 metres at 1.74% antimony and 1.15 g/t gold.
Of the 51 holes drilled, 28 returned intervals exceeding 0.2% antimony. Notably, 15 of those also delivered gold grades above 1 g/t over at least one metre, including eight with grades surpassing 4 g/t over comparable lengths.
Azimut believes the antimony-rich zone may transition into a deeper, gold-dominant system — a vertical zoning pattern seen in several similar deposits worldwide. Further drilling will test this hypothesis.
New Target Identified on Subparallel Trend
Approximately 300 metres south of the Fortin zone, five additional holes were drilled to explore a subparallel structural trend. Among them, hole WS25-35 intersected 8.8 metres grading 0.39 g/t gold from 28 metres downhole, including 1.49 g/t gold over 1.5 metres.
Wabamisk encompasses 662 mineral claims covering approximately 351 square kilometres. The project is situated 13 km east of Fury Gold Mines’ (TSX, NYSE: FURY) Clearwater property and lies within a mineral-rich corridor that includes Nemaska Lithium’s Whabouchi deposit and Dhilmar’s Eleonore gold mine, 70 km to the northwest. The nearest community is Nemaska, a Cree village municipality located 55 km southeast.
Market Reaction
Despite the positive results, Azimut shares slipped 1.7% to C$0.59 on the TSX Venture Exchange as of midday Thursday, giving the junior explorer a market capitalization of approximately C$51 million.
Azimut’s continued success in defining mineralized zones at Wabamisk positions it as a key exploration player in the James Bay region, particularly at a time when critical mineral supply chains are increasingly under scrutiny.
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