07:50 AM EST, 01/22/2026 (MT Newswires) -- Azimut Exploration ( AZMTF ) announced Thursday a 10,000-meter diamond drill program aiming to expand the Patwon Gold Deposit on its wholly owned Elmer Property in the Eeyou Istchee James Bay region of Quebec, Canada.

The company said this program follows the internal scoping study it conducted in 2025 and will initially focus on expanding the known gold resource and testing well-defined targets in close proximity to Patwon. On positive results, this phase will be followed by an updated NI 43-101 mineral resource estimate using prevailing gold price assumptions, and a preliminary economic assessment (PEA).

"A systematic review of previous drilling data indicates potential for resource growth to the west, directly along strike with known resources at relatively shallow depths between 300 and 700 meters," said the company in a statement. "The current resource shell boundary is not constrained by barren holes."

The company said the resource block model suggests a higher-grade gold rake plunging moderately to the west, the extension of which has not yet been tested by drilling. Azimut said it will initiate several technical studies immediately following this brownfield drill program on positive results, to prepare for the PEA.

Shares of the company closed up 9.8% to $1.01 on Wednesday on the TSX Venture Exchange.