Centerra continues gold junior investment spree with acquisition of Azimut stake
Centerra Gold (TSX: CG) (NYSE: CGAU) has made another investment in the Canadian gold exploration space, this time with a 9.9% equity stake in Azimut Exploration (TSXV: AZM).In a press release Monday, Azimut announced that Centerra is buying 9.43 million shares of the company at C$0.60 per share, for a total approximate investment of C$5.65 million. At the time of announcement, Azimut’s shares traded at $0.56 apiece.The private placement would result in Centerra holding 9.9% of Azimut, which has a market capitalization of roughly C$47 million. By comparison, Centerra’s market capitalization is estimated at C$1.9 billion.The equity investment represents the second of its kind made by Centerra in recent days. Last week, the Canadian gold miner announced it bought 9.9% of British Columbia-focused Thesis Gold (TSXV: TAU). In late 2024, Centerra also acquired a 9.9% stake in Dryden Gold (TSXV: DRY), whose focus is in northwestern Ontario.Quebec explorationThe funds will be used by Azimut to advance several of its greenfield properties in Québec. Its flagship project is the Elmer gold project, which is at the resource stage with 311,200 oz. indicated and 513,900 oz. inferred. Work is currently underway to expand the gold mineralization that has to date been defined over a strike length of 600 metres.The company is also advancing the Galinée lithium discovery next to Winsome Resources’ Adina deposit under a joint venture with SOQUEM. In addition, it has made significant exploration progress on the Wabamisk (antimony-gold, lithium), Kukamas (nickel-copper-PGE) and Pilipas (lithium) projects.Azimut generates its exploration targets using big data analytics, enhanced by over 15 years of in-house field validation with over 500 new mineral prospects discovered across the province. Weiter zum vollständigen Artikel bei Mining.com
Quelle: Mining.com
