Azimut Exploration has finalised the sale of its JBN-57 Property in the Eeyou Istchee James Bay region of Quebec, Canada, to Patriot Battery Metals.
The agreement entails a 100% interest transfer to Patriot for a cash consideration of C$500,000 ($365,676) and the issuance of 150,000 Patriot shares.
This transaction will provide Azimut with additional funds to further its flagship projects.
As per the agreement, Azimut will also retain a 2% net smelter return (NSR) royalty on the property.
Spanning 19.95km² and comprising 39 claims, the JBN-57 property is located 9km south of the Trans-Taiga Road.
Its proximity to Patriot’s Corvette Project and alignment with the significant lithium pegmatite trend on the Corvette Property enhances its value.
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By GlobalData
Originally staked for regional nickel targeting, the JBN-57 site also shows promise for LCT pegmatites.
Azimut’s assessment in 2023, which included a brief prospecting phase, confirmed the property’s potential for these valuable minerals.
In July last year, Azimut reached two joint venture (JV) option deals with Rio Tinto unit Rio Tinto Exploration Canada for its Corvet and Kaanaayaa lithium properties in Quebec’s Eeyou Istchee James Bay region.
Rio Tinto can initially pick a 50% stake in each of the properties over four years by funding C$7m for exploration and paying C$850,000 for each of the properties.
It can also secure another 20% interest in each of the properties over five years through additional work expenditures of C$50m for each property.
