Azimut and Centerra Sign Option Agreement for the Corvet and Kaanaayaa Properties
Centerra Gold, through a wholly owned subsidiary, signed an option agreement with Azimut Exploration to earn up to a 70% interest in the Corvet and Kaanaayaa gold-copper exploration properties in Quebec's James Bay region. Centerra can earn an initial 51% over four years by funding $6 million in exploration and paying $250,000 in cash, with a second option for an additional 19% tied to a PEA showing at least 1 million gold-equivalent ounces and $10 million more in expenditures. Both properties are early-stage greenfield assets covering 556.3 km²; a till sampling program begins mid-October with field validation next spring.
Key figures
- Deal Value Usd
- 16000000
- First option
- 51% over 4 years via $6,000,000 expenditures and $250,000 cash
- Cash payments
- $850,000 total ($250,000 First Option, up to $600,000 Second Option)
- Earn in stake
- up to 70%
- Second option
- additional 19% over 6 years via PEA with min 1 Moz AuEq, $10,000,000 expenditures
- Properties area km2
- 556.3 combined (1,082 claims)
AI analysis
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