Azimut Exploration Inc. (TSXV:AZM; OTCQX:AZMTF) announced that it has entered into a binding purchase and sale agreement with Dios Exploration Inc. for the acquisition of the K2 Property, which is adjacent to Azimut’s Elmer Property in the Eeyou Istchee James Bay region of Quebec.
The agreement will provide 100% interest of K2 to Azimut in return for a cash payment of C$120,000 as well as the issuance of 200,000 common shares of the company. Dios will be retaining a 2% NSR royalty on the K2 claims, subject to a buydown of 1% NSR for C$3M. The agreement is still subject to approval by the TSX Venture exchange.
This acquisition will provide Azimut with a more consolidated strategic position along the Lower Eastmain Archean greenstone belt. This is where the company already has a defined initial gold resource at the Patwon Zone. K2 includes 25 gold and copper-gold-silver prospects and will extend the Elmer Property by an additional 7km of strike length.
Post acquisition of K2, the Elmer Property will comprise 658 claims (346.6km2) in one block over a 42.8km strike length.
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