RIO Rio Tinto Limited

By Adriano Marchese

Azimut Exploration said Monday it has signed two joint-venture option agreements with Rio Tinto Exploration Canada for its lithium properties in Quebec.

The Canadian mineral exploration company said the joint venture agreement options are for its wholly-owned Corvet and Kaanaayaa lithium properties in the James Bay region of the province.

Under the terms of the agreements, Rio Tinto can acquire an initial 50% interest on each of the properties over four years by funding exploration costs of 7 million Canadian dollars ($5.3 million) and cash payments of C$850,000 per property.

In total for both properties, Rio Tinto would spend C$14 million in expenditures and about C$1.7 million in payments, Azimut said.

Rio Tinto can earn an additional 20% interest over five years with further work expenditures of C$50 million per property.

Azimut said that the first year exploration program would be to assess and test the lithium potential of the properties.

However, the company noted that while the main focus will be to identify lithium-cesium-tantalum pegmatites, there is also potential for gold-copper and magmatic nickel-copper-cobalt mineralizations.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

July 10, 2023 11:24 ET (15:24 GMT)

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