Region
James Bay
Introduction
The Kaanaayaa property is 35 km south of the Trans Taiga Road, a nearly 600-km-long gravel highway running east-west through the James Bay region, and a powerline next to the highway, and 42 km south of the LG-4 airport. It is located east of the Corvet and Pikwa properties. Kaanaayaa is attractive for its large-scale multi-element footprint and several Li-Cs anomalies in lake-bottom sediments. Its significant lithium exploration potential is supported by data analysis and its strategic location relative to the emerging Corvette (Patriot Battery Metals) lithium district, and the property’s favourable geology marked by metasediments and mafic to intermediate volcanics cut by several small but potentially fertile granitic intrusions. In addition, an adjacent property, jointly held by Osisko Exploration James Bay Inc. and Newmont Corporation, hosts several significant gold prospects.
In July 2023, Azimut announced the signing of an option to joint venture agreement with Rio Tinto Exploration Canada Inc ("Rio Tinto"). Rio Tinto can acquire an initial 50% interest on the property from Azimut over 4 years by funding $7 million in exploration expenditures and by making cash payments totalling $850,000. Rio Tinto can earn an additional 20% interest over 5 years with further work expenditures of $50 million. Azimut holds the right, should it choose, to be funded to production by way of secured loan from Rio Tinto by granting Rio Tinto an additional 5% interest in the property (for a total interest of 75%). Azimut will be the operator during the first option phase and Rio Tinto will be operator during the second option phase.
