Quebec-based Azimut Exploration (AZM-M) will spend at least $200,000 in 1997 to test two newly optioned properties in the province’s Abitibi greenstone belt.
The junior can earn a 50% interest in the Flavrian and Lpine-Bassignac properties from Cambior (CBJ-T) and Cambiex Exploration (CBX-T).
To do so, Azimut must spend $3.5 million on Flavrian and $2.2 million on Lpigne-Bassignac over the next five years. Cambior will act as operator and hold the right to earn back a 12.5% interest by providing and funding a feasibility study.
Flavrian is 6 km northwest of the Silidor gold mine and 16 km west of Rouyn-Noranda. The property encompasses 9,353 ha and covers most of the Flavrian intrusive, which hosts several past-producing gold mines, as well as numerous showings.
The Lpine-Bassignac property surrounds Cambior’s Yvan Vzina mill and its past-producing Yvan Vzina mine. Situated 35 km north of Rouyn-Noranda, the 7,284-ha property straddles the Destor-Porcupine break for more than 10 km.
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