Azimut Exploration is proud to have entered into two Strategic Alliances with Société québecoise d’exploration minière (SOQUEM Inc.), a subsidiary of Investissement Québec. The first Alliance was announced on September 26, 2016 to explore prospective gold targets in the James Bay–Eeyou Istchee region. The second Alliance was announced on February 25, 2019 to advance three major copper-gold properties through substantial exploration programs in Nunavik.
SOQUEM is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
Azimut has two ongoing strategic alliances with SOQUEM:
- The first strategic alliance with SOQUEM covers 176,300-km2 of the James Bay – Eeyou Istchee territory in Québec. The objective of this four-year Alliance is to identify, acquire and explore highly prospective gold targets in the prospective James Bay-Eeyou Istchee territory. It was subsequently expanded with seven additional properties in 2017 (July 13, 2017 PR) and two more in 2018 (October 03, 2018 PR). The main terms of the Strategic Alliance have been disclosed in the September 26, 2016 press release and revised in 2019 (Read more).
- In 2019, Azimut establishes a second strategic alliance with SOQUEM to advance three major copper-gold properties through substantial exploration programs in Nunavik (Read more).
Azimut is currently operator of both alliances.
Newmont (TSX: NGT, NYSE: NEM) is a leading gold company and a producer of copper, silver, zinc and lead. The Company’s world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925 worldwide.
Azimut is pleased to be in partnership with Newmont on two gold properties in the James Bay region of Québec where Newmont also operates the Éléonore gold mine.
The Eleonore South Property, contiguous to the Éléonore mine property, is subject to a three-way joint venture agreement signed in 2006 between Azimut, Les Mines Opinaca Ltée (a wholly-owned subsidiary of Newmont) and Fury Gold (formerly Eastmain Resources Inc.). Ownership of the property is as follows (as at November 21, 2016): Azimut 26.6%, Newmont 36.7% and Fury Gold 36.7%.
At the Wabamisk Property, 70 km south of the Éléonore mine, Newmont earned a 51% interest in 2011. Newmont is the operator.
Éléonore is a world-class, state-of-the-art facility that is among the largest gold mines in Quebec.
Éléonore is located in Eeyou Istchee/James Bay, in a remote corner of the Northern Quebec region, 800 kilometres north of Montreal on the 52nd parallel. Its first gold pour was on October 1, 2014, and it achieved commercial production on April 1, 2015.
Gold comes from the Roberto Deposit, which is marked by complex folding and faulting and is still open down plunge. The ore is mined from four horizons using sill and stope techniques, then processed onsite using a conventional circuit that includes crushing, grinding, gravity, flotation and cyanidation. Overall gold recoveries are 92%.
The operation has begun to develop a fifth mining horizon and build a production shaft, both of which will bring Éléonore closer to its full production capacity.
February 26, 2008
Azimut’s partner Goldcorp exercises Option at Eleonore South
HECLA MINING COMPANY
Azimut Exploration is pleased to have become partners with Hecla Mining Company (NYSE: HL) after it acquired former Azimut partner, Aurizon Mines Ltd, in 2013.
Hecla is a primary leading, low-cost silver producer with operating silver mines in the United States and Mexico, and is a gold producer with an operating mine (Casa Berardi) in Quebec, Canada. Expected 2016 production is 13.5 to 14.0 million ounces of silver and 207,000 ounces of gold.
In addition to its diversified silver and gold operating and cash-flow generating base, Hecla has a number of exploration properties and pre-development projects in six world-class silver and gold mining districts in North America.
Overview of original agreement
In September 2010, the Opinaca A and B properties became subject to a three-way agreement between Azimut, Everton Resources and Aurizon Mines Ltd (now Hecla Quebec Inc., a wholly owned subsidiary of Hecla Mining Co.), whereby Hecla has the option to acquire a 50% interest in the Opinaca A and B properties (later amended) by making cumulative cash payments of $580,000 and incurring a total of $6.0 million in exploration work over four years (later amended).
According to the original agreement, Hecla may earn 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 from the election date, and by delivering an independent pre-feasibility study on or before the fourth anniversary. Azimut Exploration will receive cash payments of $290,000 on the first option and $150,000 on the second option, and its resulting interest will be 20%. In addition, in the event that mineral resources of at least 2 million ounces of gold at an average grade of at least 6 g/t Au are discovered before the end of the eighth year of the initial option agreement, Hecla shall make a payment of $1.5 million in Hecla common shares, subject to regulatory approval. Azimut Exploration will receive 50% of these issued shares.
Amendments and option renewal on the Opinaca B Property
- On November 15, 2013, an amendment was made to extend the work schedule by two (2) additional years.
- On November 14, 2014, a second amendment was made to exclude all claims comprising the Opinaca A property from the agreement. All other terms remain unchanged.
- On November 25, 2015, Azimut Exploration announced that Hecla had renewed its option to acquire a 60% interest in the Opinaca B property.
MONT ROYAL RESOURCES
Azimut Exploration is pleased to have partnered with Mont Royal Resources Limited (ASX:MRZ), an Australian company, to advance the exploration of quality Au-Cu targets in the Eeyou-Istchee James Bay territory, Quebec.
Since incorporation, Mont Royal Resources has acquired a 100% interest in four exploration licences in Western Australia, comprising the Edjudina Project, which is considered to be prospective for Archaean lode style gold deposits. The tenements comprising the Edjudina Project are held in the name of the Company’s wholly owned subsidiary, Mont Royal Exploration Australia Pty Ltd.
For further information regarding Mont Royal Resources Limited, please visit the ASX platform (ASX:MRZ) or the Company’s website www.montroyalres.com
Overview of original agreement
On September 22, 2020, Azimut announced the signing of a joint venture option agreement with Mont Royal Resources Limited (ASX: MRZ) regarding the Wapatik Property in the James Bay region of Quebec. 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 covers approximately 24.4 km of the Lower Eastmain greenstone belt, part of the Archean La Grande Subprovince and is located along the same geological trend as the Elmer Property where Azimut announced a significant gold discovery in 2020 (press releases of January 14, July 27 and September 15, 2020). The presence of extensive linear faults subparallel to the geological strike is considered highly prospective for structurally controlled gold mineralization and copper-gold intrusion-related mineralization.
The property consists of a single block of 220 claims covering 115 km2 and benefits from excellent nearby infrastructures, including road access and power lines. Past exploration on the Property has been limited. Azimut is currently operator of the project. (Read more)