By Adriano Marchese
Azimut Exploration Inc. said Thursday that it has signed a joint-venture agreement with a subsidiary of KGHM Polska Miedz S.A. for its copper-gold property in the James Bay region of Quebec.
The Canadian mineral exploration company said the agreement is with KGHM International Ltd. in which KGHM can acquire an initial 50% interest in the Kukamas property over a four-year period and contributing 5 million Canadian dollars ($3.7 million) in exploration expenditures.
KGHM also can earn an additional 20% stake with a further investment of at least C$4.2 million to complete and deliver a preliminary economic assessment study.
Azimut said it will undertake its first exploration program there early next year for C$700,000.
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(END) Dow Jones Newswires
December 08, 2022 07:04 ET (12:04 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.