Symbol: AZM.TSX Venture
Mont Royal can acquire from Azimut a 50% interest over four (4) years with
The Wapatik Property consists of a single block of 220 claims covering 115 km2. The Property benefits from excellent infrastructure, including road access and power lines. It covers approximately 24.4 km of the Lower Eastmain greenstone belt, part of the Archean La Grande Subprovince. The Property, which hosts extensive linear faults subparallel to the geological strike, is considered highly prospective for structurally controlled gold mineralization and copper-gold intrusion-related mineralization. Past exploration in the Property has been limited. The first exploration phase will consist of a property-scale heliborne geophysical survey, systematic till sampling and prospecting. Azimut will be the operator.
Mont Royal can acquire a 50% interest in Wapatik under the following conditions:
- Minimum work expenditures of
$600,000 the first year (firm commitment) and$800,000 ,$1,200,000 and$1,400,000 in the three (3) subsequent years for a total of$4,000,000 . - Cash payments of
$20,000 on the first anniversary and$20,000 on the three (3) subsequent anniversaries for a total of$80,000 .
Upon Mont Royal earning a 50% interest, it has the option of earning an additional 20% interest by delivering a PEA under the following conditions:
- Minimum work expenditures of
$1,000,000 per year for three (3) years. - Cash payments of
$40,000 per year for three (3) years for a total of$120,000 .
If Mont Royal decides not to exercise this additional option, it must pay Azimut
The second option period may be extended by three (3) years under the following conditions:
- Earn-in expenditures of at least
$1,000,000 per extension year. - Cash payment of
$100,000 per extension year.
The transaction is conditional upon Mont Royal receiving shareholder approval at its forthcoming annual general meeting on or before
This press release was prepared by Dr.
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About Azimut
Azimut is a mineral exploration company whose core business is centred on target generation and partnership development. The Company uses a pioneering approach to big data analytics (the proprietary AZtechMineTM expert system) enhanced by extensive exploration know-how. Azimut maintains rigorous financial discipline and has 69.1 million shares outstanding. Azimut's competitive edge against exploration risk is founded on systematic regional-scale data analysis and multiple concurrently active projects. Azimut holds the largest mineral exploration portfolio in
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