Vior Options The Osisko Mine gold property in Belleterre, completing the consolidation of its district-wide mining camp
MONTREAL, QC / ACCESSWIRE / August 25, 2021 / Vior Inc. (“Vior” or the “Company”), (TSXV: VIO) (FRA: VL51) is pleased to announce that it has entered into an option agreement (the “Option”) with Mine Osisko inc. (“Osisko”) for its Blondeau-Guillet gold property (the “Property”) in the Belleterre region of Abitibi-Témiscamingue, located 95 km south of Rouyn-Noranda, Quebec. The property consists of 74 claims covering 3,573.65 hectareses (35.74 km²) and adjacent to the existing land complex on the scale of the Vior district, now totaling 531 claims covering 29,129.48 hectares (291.30 km²).
“This option is very strategic for Vior since it fully consolidates our district-wide gold project in Belleterre and allows us to focus on the continuities of the gold system in the brownfields of our project. We are very happy to partner with Osisko, a high quality partner who has an excellent track record of success in Quebec for exploration, project development and value creation for its stakeholders. said Mark Fedosiewich, President and CEO of Vior.
About the option contract:
Osisko has agreed to grant Vior the exclusive and irrevocable right to acquire an undivided 51% interest (which may be increased to 75%) in the Property.
Vior will have the right until 3rd(third) anniversary of this option to acquire a 51% undivided interest in and in the property (the “first option”) by:
issuance of common shares to Osisko for a total value of $ 225,000 according to the following schedule:
$ 75,000 at the latest on the first anniversary of this Agreement, which constitutes a firm commitment from Vior;
$ 75,000 no later than the second anniversary of this Agreement; and
$ 75,000 no later than the third anniversary of this agreement
initiating work totaling at least $ 1,250,000, as follows:
a minimum of $ 250,000 no later than the first anniversary of this agreement; and
an additional amount of $ 1,000,000 no later than the third anniversary of this Agreement.
Subject to the prior exercise of the first option, Vior will have the right to acquire an additional 24% undivided interest in the property (the “second option”) by initiating additional work totaling at least $ 1,750,000 on a three-year period.
Once the option is satisfied, Vior and Osisko will form an industry-standard joint venture arrangement (the “Joint venture“) on the property with Vior acting as the operator of the joint venture to continue operations relating to the property.
If either party’s interest in the joint venture is reduced to 10% or less, that party’s interest in the joint venture will automatically convert to a 1% royalty on the net smelter return (the “NSR”) and the joint venture will automatically terminate.
Figure 1. Regional map of the Vior subdivision in the Belleterre region
Vior strengthens the technical team of the Belleterre project:
Vior is also pleased to announce that it has retained the services of the technical firm – 3DGeo Solution Inc – under the direction of Kenneth (Ken) Williamson, MSc, PGeo, to assist in a structural modeling and targeting mandate. Phase 1 drilling. Ken is a senior consultant and structural geologist with over 15 years of exploration and mining geology experience; specialized in 3D litho-structural modeling and targeting and estimation of mineral resources. “Ken’s expertise and success are well recognized in Abitibi and North America. Working with the Vior technical team, Ken will help develop a comprehensive structural model encompassing the old and new field geological datasets, as well as the generation of drill targets for our next fall drilling program. “declared Laurent Eustache, executive vice-president.
Following the Phase 1 mandate, 3DGeo Solution Inc. will focus on a second Phase mandate to create a 3D Geo-model of the former production areas of the Belleterre project. “We are delighted to begin work and join forces with those of the Vior technical team on their promising Belleterre project. Vior initially mandated us to focus on the contaminated areas of Belleterre, including the old Belleterre mine in high grade production. Such collaboration will allow us to revisit historical data and interpretations using modern tools, and we are very confident that this will help unlock the full economic potential of the property, ”said Kenneth Williamson, President of 3DGeo Solution Inc.
In addition, and subject to regulatory approval, Vior has retained the services of Greg Ferron (the “Consultant”) to provide investor relations services. Mr. Ferron will receive $ 4,000 per month for an initial period of six months, which period may be extended by mutual consent. Under the terms of its stock option plan, Vior granted 150,000 stock options to the Consultant at an exercise price of $ 0.20 per share, exercisable for a period of five years. and vested at a rate of 1/4 of the options granted every three months.
The technical content disclosed in this press release has been reviewed and approved by Laurent Eustache, Executive Vice-President of Vior and Qualified Person under NI 43-101.
Vior is a Quebec-based junior hybrid mining exploration company whose business strategy is to generate, explore and develop high quality projects in proven and favorable mining jurisdictions in North America. Over the years, Vior’s management and technical team have demonstrated their ability to discover several high-quality gold deposits and mineral prospects.
For more information, please contact:
President and CEO
Phone. : 613-898-5052
Executive Vice President
Phone. : 514-442-7707
SEDAR: Vior inc
This press release contains forward-looking statements. All statements, other than historical facts, that deal with activities, events or developments that the Company believes, expects or anticipates will occur or may occur in the future, including without limitation , the exploration program planned for the Belleterre project, the expected positive exploration results, the schedule of exploration results, the Company’s ability to continue the exploration program, the availability of funds required to continue the exploration and approval by the Ministry of Energy and Natural Resources (“MERN”) of the request to abandon the two mining concessions filed by 9293-0122 Québec inc. are forward-looking statements. Forward-looking statements are generally identifiable by the use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend to” , “To earn”, “” to have “,” plan “or” project “or the negative of these words or other variations of these words or comparable terminology. Forward-looking statements are subject to a number of risks. and uncertainties, many of which are beyond the Company’s ability to control or predict, which could cause the Company’s actual results to differ materially from those discussed in the forward-looking statements. or actual events that differ materially from current expectations include, among other things, the estimated or forecast exploration expenses, the possibility that future exploration results may not be in accordance with the Company’s expectations, commercial and economic conditions. general mics, changes in world gold markets, sufficient labor and equipment being available uncertain, changes in laws and licensing requirements, unforeseen climate changes, title disputes and the claims, the environmental risks, the MERN’s refusal to approve the request to abandon the two mining concessions held by 9293-0122 Québec Inc. as well as these risks identified in the Company’s annual management report. If one or more of these risks or uncertainties materialize, or if the assumptions underlying forward-looking statements prove to be incorrect, actual results may differ materially from those described and, therefore, readers should not place undue reliance on the forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that could cause results not to be as anticipated, estimated or planned. The Company does not intend and assumes no obligation to update these forward-looking statements, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THE SOURCE: Vior, Inc.
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