Azimut and SOQUEM Sign Final Strategic Alliance Agreement
LONGUEUIL, QC and VAL-D’OR, QC, May 15, 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 signing of the final agreement of their expanded Strategic Alliance (the « Alliance »), following the execution of a letter agreement previously announced on February 25, 2019.
The Alliance comprises nine (9) gold and copper-gold major properties totalling 7,149 claims with a surface area of 3,277 square kilometres. The properties are located in the prospective Eeyou Istchee James Bay (« James Bay ») and Nunavik regions of Quebec. These regions are part of the Plan Nord strategy implemented by the Government of Quebec.
The Alliance represents a major change in the activity level of both companies and will combine their strengths, specifically Azimut’s big data analytics expertise in mineral exploration and SOQUEM’s mining exploration and development expertise. A key component of the Alliance will be the continued development of close ties with local communities in the Nunavik and James Bay regions. The Alliance builds on the technical success of the original James Bay strategic agreement in 2016.
HIGHLIGHTS OF THE TRANSACTION (see Figure 1)
- NUNAVIK: The agreement covers three major copper-gold properties (Rex-Duquet, Rex South and Nantais). The objective is to unlock the potential of known district-scale polymetallic targets.
- JAMES BAY: Amendments to the existing agreement relate to six gold properties explored under the Alliance since 2016.
- The agreement also sets out the conditions for additional predictive modelling elsewhere in Quebec.
HIGHLIGHTS OF THE PROPERTIES (see Figures 2 to 6)
- REX-DUQUET (Au, Ag, Cu, REE), Nunavik
- REX SOUTH (Au, Ag, Cu, Te, W, Sn, Ni), Nunavik
- NANTAIS (Au, Ag, Cu, Zn), Nunavik
- MUNISCHIWAN (Au, Ag, Cu), James Bay
- PIKWA (Au, Cu), James Bay
- PONTOIS (Au), James Bay
- DESCELIERS (Au, Cu, REE, Ni), James Bay
- GALINÉE (Au), James Bay
- DALMAS (Au), James Bay
Azimut has previously disclosed the above property highlights in press releases. Grab samples are selective by nature and unlikely to represent average grades.
The Alliance transaction remains subject to regulatory approvals by the TSX Venture Exchange.
This press release was prepared by Dr. Jean-Marc Lulin, P.Geo., acting as Azimut’s qualified person under National Instrument 43-101.
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.
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 (the AZtechMineTM expert system) enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and has 53.3 million shares outstanding.
Azimut holds the largest mineral exploration portfolio in Quebec. Azimut’s edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects. Other key properties include:
- Elmer (Au, Ag, Cu, Zn): 100% Azimut
- Duxbury (Au): 100% Azimut
- Kaanaayaa (Au, Cu): 100% Azimut
- Eleonore South (Au): Azimut–Newmont Goldcorp–Eastmain
- Wabamisk (Au): Azimut–Newmont Goldcorp
- Opinaca B (Au): Azimut–Hecla Mining–Everton
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.