Azimut Exploration (TSX.V:AZM) has left the door open for a potential ASX listing as it works to define a maiden mineral resource at its flagship Elmer Gold Project in Quebec, Canada.
Speaking to Mining.com.au on the sidelines of the International Mining and Resources Conference (IMARC), Vice President of Corporate Development Jonathan Rosset says while no firm plans have been made regarding listing on the Australian bourse, there is a potential pathway for the company.
“There is no decision [on joining the ASX] as of yet. We are here for the first time in Australia to introduce the name and present our projects. There could be a path for a potential spin-off for an ASX-listing in the future, but for now, it is not something we are looking at short term.
“We are here for the first time in Australia to introduce the name and present our projects”
Azimut is the largest exploration claim owner in Quebec, we have a broad portfolio across multiple commodities, with our most advanced asset being a gold project called Elmer. We made a discovery in 2020 which we are now going to be delivering a maiden mineral resource calculation on.
That is going to be a first, major step for us in putting some ounces in the book.”
Rosset tells this news service the company is open to securing partnerships with smaller Australian companies.
When asked which companies seem attractive to Azimut, Rosset explains: “They have to be well capitalised and have a strong backing”.
Rosset adds that Azimut is no stranger to working with Australian companies.
“Earlier we did an option deal with Rio Tinto (ASX:RIO) — one of the largest miners in the world. We tend to partner with big-money companies but are also open to doing transactions with smaller players, they just have to be well-capitalised with strong backing.
We also have a partnership in place with an Australian company called Mont Royal Resources (ASX:MRZ) on a property called Wapatik. These partnerships are all structured around an option to earn an initial 50% and then a potential to earn a majority interest by delivering either significant investment on the property or PA-type level study.”
Mont Royal is seeking an initial 50% interest in Azimut’s Wapatik property by spending C$4 million on exploration over 4 years and a further 20% interest through an additional investment of C$3 million and the delivery of a preliminary economic assessment over 3 years.
However, for now, Azimut remains focused on ‘aggressively’ expanding its lithium exploration in Quebec, as well as on a drilling program at its Galinée 50:50 joint venture (JV) Project with Soquem, Rosset says.
“The most short-term interesting catalyst is we have a drill program on our Galinée properties, which is a 50:50 JV with Soquem. We started that drill program a few weeks ago, and we have already reported on a number of visual intercepts of lithium-bearing pegmatite. Assays are pending, drilling is still turning, so at the back end of this year, we hope to get assay results, as well as a better sense of the scale of that discovery.
That property is south of the Winsome (ASX:WR1) Adina discovery, which I think shows the potential to grow that system not only on the Adina side but in the Galinée project as well.”
“We started that drill program a few weeks ago, and we have already reported on a number of visual intercepts of lithium-bearing pegmatite”
More recently, the company announced the completion of a C$8.18 million bought deal private placement financing consisting of just under 5.075 million common shares, which includes the exercise of the underwriters’ option to purchase 177,300 additional hard dollar shares.
Azimut holds the largest mineral exploration portfolio in Quebec, Canada, as well as a strategic land position for copper-gold, nickel, and lithium.
Azimut’s wholly owned Elmer Gold Project is advancing to the initial resource stage in the James Bay region.
Mining.com.au is an official media partner of IMARC.
Write to Adam Drought at Mining.com.au
Images: Azimut Exploration