Azimut and Mont Royal Sign Joint Venture Option Agreement for the Wapatik Property,
Azimut and Mont Royal Sign Joint Venture
Option Agreement for the Wapatik Property,
James Bay Region, Quebec
Symbol: AZM.TSX Venture
LONGUEUIL, QC
,
Sept. 22, 2020
/CNW Telbec/ -
Azimut Exploration Inc.
("Azimut" or the
"Company") (TSXV: AZM) is pleased to announce the signing of a joint venture option agreement
with
Mont Royal Resources Limited
("Mont Royal") (ASX: MRZ) regarding the
Wapatik Property
(the "Property") in the
James Bay
region of Quebec (
see Figure 1
).
Mont Royal
can acquire from Azimut a 50% interest over four (4) years with
$4 million
in exploration
expenditures and can earn an additional 20% interest with an additional investment of $3 million,
including the delivery of a preliminary economic assessment study ("PEA"). The Wapatik Property is
located along the same geological trend as the Elmer Property where Azimut announced a
significant gold discovery earlier this year (press releases of
January 14
,
July 27
and
September 15,
2020
).
The Wapatik Property consists of a single block of 220 claims covering 115 km
2
. The Property
benefits from excellent infrastructure, including road access and power lines. It covers approximately
24.4 km of the Lower Eastmain greenstone belt, part of the Archean La Grande Subprovince. The
Property, which hosts extensive linear faults subparallel to the geological strike, is considered highly
prospective for structurally controlled gold mineralization and copper-gold intrusion-related
mineralization. Past exploration in the Property has been limited. The first exploration phase will
consist of a property-scale heliborne geophysical survey, systematic till sampling and prospecting.
Azimut will be the operator.
Mont Royal
can acquire a 50% interest in Wapatik under the following conditions:
Minimum work expenditures of
$600,000
the first year (firm commitment) and
$800,000
,
$1,200,000
and
$1,400,000
in the three (3) subsequent years for a total of
$4,000,000
.
Cash payments of
$20,000
on the first anniversary and
$20,000
on the three (3) subsequent
anniversaries for a total of
$80,000
.
Upon
Mont Royal
earning a 50% interest, it has the option of earning an additional 20% interest by
delivering a PEA under the following conditions:
Minimum work expenditures of
$1,000,000
per year for three (3) years.
Cash payments of
$40,000
per year for three (3) years for a total of
$120,000
.
If
Mont Royal
decides not to exercise this additional option, it must pay Azimut
$50,000
in cash as
final payment.
The second option period may be extended by three (3) years under the following conditions:
Earn-in expenditures of at least
$1,000,000
per extension year.
Cash payment of
$100,000
per extension year.
The transaction is conditional upon
Mont Royal
receiving shareholder approval at its forthcoming
annual general meeting on or before
November 15, 2020
.
This press release was prepared by Dr.
Jean-Marc Lulin
, P.Geo., acting as Azimut's qualified
person under National Instrument 43-101.
About Mont Royal Resources
Mont Royal Resources Limited is an Australian company incorporated for the purpose of pursuing
various mining opportunities in the resources sector, with the aim of building shareholder value by
acquiring, exploring, evaluating and exploiting mineral resource project opportunities.
For further information regarding Mont Royal Resources Limited, please visit the ASX platform
(
ASX:MRZ
) or the Company's website
www.montroyalres.com
.
About Azimut
Azimut is a mineral exploration company whose core business is centred on target generation and
partnership development. The Company uses a pioneering approach to big data analytics (the
proprietary
AZtechMine
TM
expert system) enhanced by extensive exploration know-how. Azimut
maintains rigorous financial discipline and has 69.1 million shares outstanding. Azimut's competitive
edge against exploration risk is founded on systematic regional-scale data analysis and multiple
concurrently active projects. Azimut holds the largest mineral exploration portfolio in
Quebec
.
www.azimut-exploration.com
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.
View original content:
http://www.newswire.ca/en/releases/archive/September2020/22/c2146.html
%SEDAR: 00003284E
For further information:
Jean-Marc Lulin, President and CEO or Mathieu Landry, VP Technology
and Business development, Tel.: (450) 646-3015, Fax: (450) 646-3045, info@azimut-
exploration.com
CO: Azimut Exploration Inc.
CNW 07:00e 22-SEP-20