Azimut Exploration Expands Elmer Project by Acquiring K2 Property
Azimut Exploration Expands Its Elmer Project
Azimut Exploration Inc. is thrilled to announce a significant development concerning its flagship project, the Elmer Property. With their recent binding purchase agreement with Dios Exploration Inc., Azimut has now set its sights on the K2 Property, strategically situated alongside the Elmer Property in Quebec's Eeyou Istchee James Bay region.
K2 Property Acquisition Details
As part of the acquisition, Azimut will gain a 100% interest in 103 claims that collectively span 54.3 km². This strategic move involves a cash payment of C$120,000 and the issuance of 200,000 common shares of Azimut. Dios Exploration will maintain a 2.0% Net Smelter Return (NSR) royalty on the K2 claims, with an option to buy down 1.0% NSR for C$3,000,000. The transaction is pending approval by the TSX Venture.
Strengthening Strategic Position in Mining
This acquisition solidifies Azimut's strategic foothold in the Lower Eastmain Archean greenstone belt, where they have previously identified a gold resource on the Patwon Zone. The K2 block boasts 25 mineral prospects related to gold and copper-gold-silver, further extending the Elmer Property’s strike length by an impressive seven kilometers. Key mineralized features on the K2 claims include:
- Gold and copper-gold-silver veins within porphyritic felsic intrusions.
- Mineralization within sheared felsic volcanic rocks.
- Potential volcanogenic polymetallic settings, encompassing Cu-Ag-Au-Zn.
These identified prospects significantly enhance the mineral potential recognized at the Elmer Property, allowing the company to evaluate various growth opportunities as part of their ongoing scoping study.
About the Elmer Property
The Elmer Property is now a robust block that consists of 658 claims over an area of 346.6 km², achieving a remarkable 42.8-kilometer strike length. This expanse includes the new 103 claims acquired from Dios, as well as an additional 32 claims obtained through map designation. Nestled just 285 kilometers north of Matagami, the region is characterized by its exceptional infrastructure, making it conducive to mining activities.
Future Exploration Plans
As Azimut looks towards the future, rigorous exploration activities are planned for 2025, particularly focused on the Wabamisk and Kukamas projects. Both projects present significant opportunities for exploration in antimony-gold-lithium and nickel-copper-PGE, respectively. Additionally, the early exploration phase of the Galinée lithium discovery demonstrates Azimut's expansive vision in the mineral sector.
About Azimut Exploration Inc.
Renowned for its mineral exploration expertise, Azimut Exploration Inc. prioritizes the generation of targets and innovative partnerships. With a notable exploration portfolio in Quebec that includes strategic land positions for various minerals, the company is at the forefront of exploration in the resource sector.
Azimut's Elmer Gold Project features a resource stage with an estimated 311,200 oz Indicated and 513,900 oz Inferred gold. Utilizing advanced data analytics with their proprietary AZtechMine™ system and extensive exploration know-how, the company is positioned for continued growth and success, maintaining a strong balance sheet and financial discipline.
Contact Information
Jean-Marc Lulin, President and CEO
Tel.: (450) 646-3015 – Fax: (450) 646-3045
Jonathan Rosset, Vice President of Corporate Development
Tel: (604) 202-7531
Email: info@azimut-exploration.com, www.azimut-exploration.com
Frequently Asked Questions
What is the significance of the K2 Property acquisition?
The K2 Property acquisition enhances Azimut's strategic position and expands their exploration capabilities within the Elmer Property area.
How many claims has Azimut acquired in the K2 Property?
Azimut has acquired 103 claims that cover an area of 54.3 km² with this transaction.
What potential mineral resources does the K2 Property offer?
The K2 Property presents significant prospects for gold, copper, and silver mineralization, making it a vital part of Azimut’s exploration strategy.
What are Azimut's future exploration plans?
Azimut has planned extensive exploration activities in 2025, focusing on the Wabamisk and Kukamas projects, alongside reassessing the newly acquired K2 block.
Who are the key contacts at Azimut Exploration Inc.?
The primary contacts include Jean-Marc Lulin (President and CEO) and Jonathan Rosset (Vice President, Corporate Development).
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