- Centerra Gold (TSX:CG; NYSE: CGAU) optioned two properties in Quebec from Azimut Exploration (TSXV: AZM; OTCQX: AZMTF), each of which hosts strong anomalies indicative of gold and copper mineralization.
- Azimut is a junior miner active across a multi-commodity portfolio in Quebec, including the Elmer project, whose Patwon deposit hosts a resource of 825,100 ounces of gold.
- Azimut Exploration stock has given back 32.53% year-over-year and 73.08% since 2021.
Established producer Centerra Gold (TSX:CG; NYSE: CGAU) optioned two properties in Quebec from Azimut Exploration (TSXV: AZM; OTCQX: AZMTF), each of which hosts strong anomalies indicative of gold and copper mineralization.
The 320.4-square-kilometre Corvet property features grab samples up to 7.86% copper and 1.83 grams per ton (g/t) gold along an arsenic, bismuth, copper and antimony zone in lake sediments. The land package resides south of PMET Resources‘ Shaakichiuwaanaan lithium deposit.
This article is a journalistic opinion piece which has been written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
The 235.9-sq.-km Kaanaayaa property, just east of Corvet, hosts multi-kilometre-long geochemical anomalies, also in lake sediments, highlighted by the Moly prospect to the northeast, which yielded 2024 grab samples up to 7.39 g/t gold, 3.98 g/t silver, 0.95% molybdenum, 0.33% bismuth and 0.14% copper.
Centerra may earn up to a 70% interest in the properties by paying C$850,000 in cash, funding C$16 million in exploration expenditures and completing a preliminary economic assessment with a minimum resource estimate of one million gold-equivalent ounces.
According to Tuesday’s news release, a maiden till sampling program on both properties is scheduled for mid-October, to be followed by field validation in spring 2027.
Centerra currently owns or controls 12.67% of Azimut’s issued and outstanding shares, with major producer Agnico Eagle Mines (TSX:AEM) holding an 11% stake.
The options join Azimut’s growing collection of partnerships and joint ventures, including deals with SOQUEM and Ophir Metals.
About Azimut Exploration
Azimut Exploration is a junior miner active across a multi-commodity portfolio in Quebec, including the Elmer project, whose Patwon deposit hosts a resource of 825,100 ounces of gold.
Azimut Exploration stock (TSXV: AZM; OTCQX: AZMTF) is up by 9.8% on the news trading at C$0.56 as of 9:58 am ET. The stock has given back 32.53% year-over-year and 73.08% since 2021.
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