06:48 AM EDT, 05/02/2024 (MT Newswires) -- Azimut Exploration Inc. ( AZMTF ) , which gained 5% yesterday, on Thursday announced the signing of a Sale and Purchase Agreement with Patriot Battery Metals Inc. ( PMETF ) for its wholly-owned JBN-57 Property, in the Eeyou Istchee James Bay region of Quebec.

Under the agreement, Patriot has acquired a 100% interest in the Property from Azimut for a cash payment of $500,000 and the issuance of 150,000 shares of Patriot. Azimut will retain a 2.0% NSR royalty on the property. Thursday's statement noted the parties were dealing at arm's length. It said the monetization of this claim block in the Azimut portfolio provides it with additional funds to advance work programs on its flagship projects.

Thursday's statement noted the JBN-57 Property is located 9 kilometres south of the Trans-Taiga Road. The property is adjacent to Patriot's Corvette Project and directly on strike with the major lithium pegmatite trend identified on the Corvette Property. "The property was staked as part of a regional nickel targeting exercise but also displays exploration potential for lithium-cesium-tantalum (LCT) pegmatites". Azimut conducted an assessment of its potential in 2023, including a short prospecting phase.