Azimut Exploration, Rio Tinto Sign Agreements for Quebec Properties JV
11 July 2023 - 1:39AM
Dow Jones News
By Adriano Marchese
Azimut Exploration said Monday it has signed two joint-venture
option agreements with Rio Tinto Exploration Canada for its lithium
properties in Quebec.
The Canadian mineral exploration company said the joint venture
agreement options are for its wholly-owned Corvet and Kaanaayaa
lithium properties in the James Bay region of the province.
Under the terms of the agreements, Rio Tinto can acquire an
initial 50% interest on each of the properties over four years by
funding exploration costs of 7 million Canadian dollars ($5.3
million) and cash payments of C$850,000 per property.
In total for both properties, Rio Tinto would spend C$14 million
in expenditures and about C$1.7 million in payments, Azimut
said.
Rio Tinto can earn an additional 20% interest over five years
with further work expenditures of C$50 million per property.
Azimut said that the first year exploration program would be to
assess and test the lithium potential of the properties.
However, the company noted that while the main focus will be to
identify lithium-cesium-tantalum pegmatites, there is also
potential for gold-copper and magmatic nickel-copper-cobalt
mineralizations.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
July 10, 2023 11:24 ET (15:24 GMT)
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