The Canadian miner said its drill program yielded higher results than the current inferred resource.

This represents a 10% growth in total tonnes when compared with the maiden inferred resource.

The license was issued for an initial period of 20 years.

Newmont has identified five target areas, none of which have been drill tested.

Drill highlights include 36.6 metres of 2.43 g/t gold from outside of the current resource limits.

Azimut considers the intercepts the most significant gold exploration results in the James Bay region since the discovery of Éléonore.

New resource estimate for the Media Luna deposit was 12.6Mt at 5.55 g/t gold-equivalent in the indicated category.