Partners and Agreements
About Everton Resources Inc.
Azimut Exploration is pleased to be partners with Everton Resources Inc. (TSXV: EVR), a Canadian-based junior exploration company with gold, silver and copper properties in the Dominican Republic and Quebec, Canada.
In Quebec, Everton is focused on gold in the James Bay region where its landholdings include a 50% interest in Azimut's Opinaca A and B properties. Opinaca A is contiguous to Goldcorp’s Éléonore gold mine property, whereas Opinaca B is 8 km east of the Éléonore Property and contiguous to the Cheechoo Property held by Sirios Resources Inc.
Everton earned its 50% interest in the Opinaca A and B properties in early 2010.
Opinaca B Option
Overview of the agreement
In September 2010, the Opinaca A and B properties became subject to a three-way agreement between Azimut, Everton and Aurizon Mines (now Hecla Mining). The agreement was later amended to cover only the Opinaca B Property.
According to the agreement, Hecla (through its wholly owned subsidiary Hecla Québec Inc.) must make cumulative cash payments of $580,000 and incur a total of $6.0 million in exploration work over four years (extended by two years in 2013) to earn an initial 50% interest in the Opinaca B Property (as amended in 2014). Hecla has the option to acquire an additional interest of 10%, for a total interest of 60%, by making cumulative cash payments of $300,000 and incurring at least $3 million in exploration expenditures over three years, and by delivering an independent pre-feasibility study on or before the fourth anniversary.
In November 2015, Azimut announced that Hecla had renewed its option to acquire a 60% interest in the Opinaca B property. Should Hecla fulfil its obligations, the resulting interests for Azimut and Everton will be 20% each.
As at April 21, 2016, Azimut and Everton each hold a 50% interest in the Opinaca A and B properties.