(Kitco News) - Azimut Exploration (TSXV: AZM) today announced the signing of a joint venture option agreement for its Kukamas property in the Eeyou Istchee James Bay region of Quebec with KGHM International.
KGHM International is a subsidiary of KGHM Polska Miedz S.A, a Polish corporation that has been a major copper and silver producer for more than 50 years, with mining projects in Europe, North America and South America.
The company said that under the agreement, KGHM International can acquire from Azimut an initial 50% interest in the property over four years with $5 million in exploration expenditures and can earn an additional 20% interest with a further investment of at least $4.2 million to complete and deliver a preliminary economic assessment study.
The Kukamas property covers a 41-kilometre cumulative strike length along a highly prospective greenstone belt (the Yasinski Group) within the La Grande Subprovince of the Archean Superior Province. The project is considered as largely underexplored, Azimut said.
The company added that historical grab samples collected on the project graded up to 10.63 g/t Au and 20.7 % Cu (it should be noted that grab samples are selective by nature and unlikely to represent average grades).
Azimut is a mineral exploration company focused on target generation and partnership development. The company indicated that it 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.
Azimut said it uses a pioneering approach to big data analytics (the proprietary AZtechMineTM expert system), enhanced by extensive exploration know-how, adding that its competitive edge is based on systematic regional-scale data analysis and concurrently active projects.
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