11:10:58 EST Sun 10 Nov 2024
Enter Symbol
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Azimut Exploration Inc
Symbol AZM
Shares Issued 80,318,844
Close 2024-05-01 C$ 0.63
Market Cap C$ 50,600,872
Recent Sedar Documents

Azimut Exploration sells JBN-57 property to Patriot

2024-05-02 10:04 ET - News Release

Mr. Jean-Marc Lulin reports

AZIMUT SELLS TO PATRIOT BATTERY METALS ITS JBN-57 PROPERTY, JAMES BAY REGION, QUEBEC

Azimut Exploration Inc. has signed a sale and purchase agreement with Patriot Battery Metals Inc. for its wholly owned JBN-57 property, in the Eeyou Istchee James Bay region of Quebec.

Under the agreement, Patriot has acquired a 100-per-cent interest in the property from Azimut for a cash payment of $500,000 and the issuance of 150,000 shares of Patriot. Azimut will retain a 2.0-per-cent NSR royalty on the property. The parties were dealing at arm's length. The monetization of this claim block in the Azimut portfolio provides the company with additional funds to advance work programs on its flagship projects.

The JBN-57 property (39 claims, 19.95 square kilometres) is located nine kilometres south of the Trans-Taiga Road. The property is adjacent to Patriot's Corvette project and directly on strike with the major lithium pegmatite trend identified on the Corvette property. The property was staked as part of a regional nickel targeting exercise but also displays exploration potential for lithium-cesium-tantalum (LCT) pegmatites. Azimut conducted an assessment of its potential in 2023, including a short prospecting phase.

This press release was prepared by Dr. Jean-Marc Lulin, PGeo, acting as Azimut's qualified person within the meaning of National Instrument 43-101.

About Azimut Exploration Inc.

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. The company holds the largest mineral exploration portfolio in Quebec. Its wholly owned flagship project, the Elmer gold project, has advanced to the resource stage with a strong exploration upside. The company also controls strategic land positions for copper-gold, nickel and lithium and is one of the province's most active explorers.

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