Azimut Exploration and Poland’s KGHM Polska Miedź subsidiary KGHM Worldwide have signed a three way partnership (JV) settlement for the Kukamas Property within the Eeyou Istchee James Bay area in Quebec, Canada.
Underneath the settlement, KGHM can have the choice to accumulate an preliminary 50% stake within the Kukamas property from Azimut over a four-year interval, by incurring exploration expenditures of $5m.
Deliberate to start in early 2023, the primary exploration programme on the property will embody a high-resolution magnetic-electromagnetic heliborne survey, and an in depth lake-bottom sediment survey, amongst different actions.
Upon incomes a 50% curiosity within the property, KGHM can have the choice to earn a further 20% stake with an additional funding of a minimum of $4.2m.
This funding shall be used to finish and ship the property’s preliminary financial evaluation research (PEA).
If it decides to not train the extra stake choice, KGHM shall be required to make a closing fee of $75,000 in money to Azimut.
Situated inside the La Grande Subprovince, 7km north of the Opinaca Subprovince, the Kukamas copper-gold challenge consists of 536 claims in two blocks of claims.
In a press assertion, Azimut mentioned: “Kukamas shows one of many strongest geochemical footprints for copper-gold mineralised programs within the James Bay area, marked by robust values in copper, silver, arsenic and antimony in lake-bottom sediments.
“The geology is characterised by intensive shear zones, clastic metasediments, iron formations, and mafic to felsic metavolcanics surrounding granitic intrusions. The challenge is taken into account as largely underexplored.”