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Azimut and Rio Tinto Sign Agreements for the Corvet and Kaanaayaa Lithium Properties, James Bay Region, Quebec
Azimut and Rio Tinto Sign Agreements for the Corvet and Kaanaayaa Lithium Properties, James Bay R...
About this update from Azimut Exploration, Inc.
[{"type":"text","content":"\n \n \n \n Azimut and Rio Tinto Sign Agreements for the Corvet and Kaanaayaa Lithium Properties, James Bay Region, Quebec\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSXV: AZM\n \n OTCQX: AZMTF\n \n \n \n \n LONGUEUIL, QC\n \n \n ,\n \n \n July 10, 2023\n \n \n /CNW/ -\n \n Azimut Exploration Inc.\n \n (\"Azimut\" or the \"Company\") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the signing on\n \n July 7, 2023\n \n of two (2) Option to Joint Venture Agreements (the \"Agreements\") with\n \n Rio Tinto Exploration Canada Inc.\n \n (\"RTEC\" or \"Rio Tinto\") for its wholly-owned\n \n Corvet and Kaanaayaa lithium properties\n \n (the \"Properties\"). The Agreements contemplate an aggregate value of up to\n \n C$115\n \n .7 million in expenditures and cash payments.\n \n \n The Properties are located in\n \n Quebec's\n \n Eeyou Istchee James Bay region (\n \n \n see Figures 1 to 3\n \n \n ).\n \n \n Rio Tinto Exploration Canada is a Canadian subsidiary of Rio Tinto Group (\n \n LSE: RIO, ASX: RIO\n \n ), a leading global mining group focused on finding, mining and processing the Earth's mineral resources.\n \n \n \n HIGHLIGHTS\n \n \n \n \n Under the Agreements, Rio Tinto can acquire an initial 50% interest on each of the Properties from Azimut over four (4) years by funding\n \n $7 million\n \n in exploration expenditures and by making cash payments totalling\n \n $850,000\n \n per property (combined $14 million in expenditures and\n \n $1\n \n .7 million in payments, including\n \n $250,000\n \n on signing per property). Azimut will be the operator during this first option phase. Exploration expenditures and cash payments, including a firm commitment of\n \n $1\n \n .5 million per property in the first 12 months, will initiate following the lifting of wildfire restrictions in\n \n Quebec\n \n (the \"Commencement Date\").\n \n \n Rio Tinto can earn an additional 20% interest over five (5) years with further work expenditures of\n...