Azimut options more ground in Quebec

Two separate option agreements set the stage for Azimut Exploration (AZM-M) to earn interests in the Joutel and Malartic gold properties in Quebec’s Abitibi camp.

To earn a 50% interest in the Joutel property from Agnico-Eagle Mines (AGE-T), Azimut must invest $2 million in exploration over the next two years. If a discovery is made, Agnico-Eagle will have the right to boost its interest to 51% by spending at least $2 million on a bankable feasibility study.

Situated near its namesake town, the Joutel property covers a 15-km stretch of the Harricana fault, a regional structure hosting several past-producing mines (Eagle and Telbel). It has been drilled in the past, with the best intersections hitting 8.1 grams gold per tonne over 2.8 metres, 6.9 grams over 2.4 metres, and 7.2 grams over 1.6 metres.

Azimut can earn a 55% interest in the Malarctic property from Breakwater Resources (BRK-T) by spending $1 million on exploration over the next five years. The junior also must issue shares valued at at least $100,000 over this period. If a deposit is found, Azimut can boost its interest to 70% by funding a feasibility study.

The Malartic property covers 720 ha and is situated 8 km northeast of its namesake town. It straddles two fault zones and is near numerous past and present producers, including Kiena, Siscoe, Norlartic and Marban. Previous drilling returned mostly high-grade values over narrow widths, including: 94.6 grams over 0.35 metre, 30.5 grams over 0.34 metre, 19.5 grams over 1 metre, and 10.8 grams over 1.5 metre.