Azimut and SOQUEM expand their Strategic Alliance in Quebec Symbol: AZM.TSX Venture LONGUEUIL,QC and
Azimut and SOQUEM expand their Strategic
Alliance in Quebec
Symbol: AZM.TSX Venture
LONGUEUIL,QC and
VAL-D'OR, QC
,
Feb. 25, 2019
/CNW Telbec/ -
Azimut Exploration Inc.
("
Azimut
" or the "
Company
") (
TSXV: AZM
) and
SOQUEM Inc.
("
SOQUEM
"), a subsidiary of
Ressources Québec, are pleased to announce the execution of a letter agreement concerning major
developments in their strategic alliance in the Province of
Quebec
.
Highlights of the transaction
(
see figure
)
New Strategic Alliance in Nunavik
to advance three major copper-gold properties through
substantial exploration programs.
Amendments to the existing Strategic Alliance in
James Bay
related to six gold properties
explored by the Alliance since 2016.
This agreement follows the success achieved with the James Bay Alliance since 2016. The Azimut-
SOQUEM partnership relies on a sound work base that includes new technologies, targeted
management and the exploration of new territories. A key component to its success is the
development of close ties with the local communities of Nunavik and James Bay-Eeyou Istchee.
The expanded alliance will combine Azimut's big data analytics expertise in mineral exploration and
SOQUEM's mining development expertise in
Quebec
. This innovative approach will advance
properties having the footprint of potential mineral districts in the Plan Nord region of
Northern
Quebec
. This new alliance should add considerable value to the region's mineral potential and
improve its attractiveness to the global mining industry. The letter agreement also sets out the
conditions for additional predictive modelling elsewhere in
Quebec
.
1)
New Strategic Alliance in Nunavik
The principal terms of the new alliance in Nunavik are as follows:
First Option (
$16M
for 50%):
SOQUEM will have the option to earn an initial 50% interest in
the Rex-Duquet,
Rex South
and Nantais properties by investing
$16 million
in exploration work
during a period of four (4) years, the first two (2) years being a firm commitment of
$4 million
each year.
Second Option (
$8M
and PEA for additional 10%):
SOQUEM will have the option to earn an
additional 10% interest in each designated property (for a total 60% interest in each such
property) by investing
$8 million
per designated property during a period of two (2) years and
delivering a preliminary economic assessment ("PEA").
Azimut will be the operator of the Alliance.
Azimut has defined district-scale copper-gold exploration targets on its Rex-Duquet,
Rex South
and
Nantais properties where numerous gold and polymetallic prospects have been identified by the
Company since 2010 (see press release dated
January 16, 2018
). The high-quality of these targets
combined with Azimut's data coverage will allow these projects to quickly reach the drilling stage.
2)
Amendments to the Strategic Alliance in
James Bay
SOQUEM and Azimut have acquired and reported substantial exploration results since the beginning
of their alliance in the
James Bay
region of
Quebec
(see press release dated
September 26, 2016
).
This includes the discovery of the InSight Prospect (Au-Ag-Cu) on the Munischiwan Property (see
press releases dated
October 25, 2018
and
December 5, 2018
), the discovery of the Hyperion
Prospect (Au-Co-As) on the Pikwa Property (see press releases dated
November 6
and 27, 2018),
and other encouraging results on the Pontois and Galinée properties (see press releases dated
November 8
and 13, 2018).
The amended terms of the existing strategic alliance in
James Bay
are as follows:
A 50% back-in option for Azimut that will come into effect once SOQUEM has earned a 100%
interest in four (4) high-potential gold properties (Munischiwan, Pikwa, Pontois and Desceliers)
pursuant to the terms of the existing strategic alliance. Specifically, Azimut will have the option
to regain a 50% interest in the subject properties by conducting a total investment of
$3.31
million
in exploration work during a period of three (3) years, representing the same amount
initially invested by SOQUEM under the existing strategic alliance.
Azimut will remain operator during this earn-in option period, which will be transferred to
SOQUEM thereafter.
Azimut and SOQUEM will each retain a 50% interest in the Galinée and Dalmas properties.
Azimut will remain operator on these projects.
SOQUEM will relinquish its exclusive rights to acquire an interest in other properties wholly
owned by Azimut (Duxbury, Kukamas East, Corvet and Synclinal).
The transaction remains subject to regulatory approvals by the TSX Venture Exchange and the
execution of definitive agreements between SOQUEM and Azimut.
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut's qualified
person under National Instrument 43-101.
About SOQUEM
SOQUEM
, a subsidiary of Ressources Québec, has a mission to encourage the exploration,
discovery and development of mining properties in
Quebec
. SOQUEM also contributes to
maintaining strong local economies. Proud partner and ambassador for the development of
Quebec's
mineral wealth, SOQUEM relies on innovation, research and strategic minerals to be well
positioned for the future.
About Azimut
Azimut
is a mineral exploration company whose core business is centred on target generation and
partnership development. The Company uses a proprietary pioneering approach to big data
analytics (
AZtechMine
expert system) enhanced by comprehensive exploration know-how. Azimut
maintains rigorous financial discipline and has 53 million shares outstanding.
Azimut holds a strategic position for gold and base metals in
Quebec
totalling 29 properties
comprising 7,448 claims or 3,660 km
2
. Since 2003, Azimut has built considerable targeting and
operational experience throughout the vast
James Bay
and Nunavik regions.
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.
www.azimut-exploration.com
SOURCE
Azimut Exploration Inc.
View original content:
http://www.newswire.ca/en/releases/archive/February2019/25/c8009.html
%SEDAR: 00003284E
For further information:
Contact and information : Azimut Exploration Inc., Jean-Marc Lulin,
P.Geo., President and CEO, Tel.: (450) 646-3015, [email protected]; SOQUEM Inc.,
Michel Gilbert, P.Eng., Acting President and General Manager, Tel.: (819) 874-3773,
CO: Azimut Exploration Inc.
CNW 11:00e 25-FEB-19