MONTREAL, QC / ACCESSWIRE / January 28, 2021 / VIOR INC. (“Vior” or the “Corporation”), (TSXV:VIO)(FRANKFURT:VL51) – is pleased to announce that it has entered into an Option Agreement (the “Option”) dated January 28, 2021, with Les Mines J.A.G. Ltd (or “J.A.G.”), to acquire 100% of the rights and interests in their Belleterre Project, located 95 km south of Rouyn-Noranda, Quebec.
“This acquisition is an important step forward for Vior as we build our strategic portfolio of projects. Over the past year we have evaluated numerous acquisition opportunities against our established criteria of being in a mining friendly jurisdiction, having a high and proven gold mining potential, having infrastructure nearby and easy access allowing for manageable exploration and development costs and most importantly having the potential to generate a significant return to our shareholders. This project at Belleterre meets every one of these criteria; historic resources, drill indications for potential resource expansion, some existing infrastructure at site, highway and local road access and reasonable proximity to a number of gold milling facilities with available capacity,” stated Mark Fedosiewich, President of Vior. “In the next few weeks, Vior will begin its work on the project by initiating a comprehensive data compilation program as well as reviewing many technical reports”.
“Exploration opportunities at Belleterre include extended mineralized zones associated with numerous underexplored gold veins as well as some felsic intrusions that are close to the existing mineralization at depth and along trend. Vior’s initial focus will be on exploration using a better characterization of the metallogeny of the Belleterre Greenstone Belt on the existing and any new mineral occurrences on the project” stated Marc L’Heureux, Vice President Exploration of Vior.
“The Belleterre project covers 2,220 hectares (43 claims) and is located in the heart of one of the forgotten, underexplored and very prospective Greenstone Belts in Quebec. This acquisition has the potential to become Vior’s flagship asset with tremendous value creation potential for its shareholders,” stated Laurent Eustache, Vice President of Corporate Development at Vior.
Highlights of the Belleterre Project:
- Located in the core of the mineral-rich Belleterre Greenstone Belt
- Covers 22 sq-km adjacent to the historic high-grade past producing Belleterre Mine – One of the oldest mines in Quebec with production from 1936 to 1959 of 2.18 Mt of gold at 10.7 g/t Au and 1.37 g/t Ag (750,000 oz. Au and 95,000 oz. Ag. Source: DV-85-08 report, MERN website, Examine database).
- Hosts the past producing Aubelle No.1 Gold Deposit and numerous gold prospects and showings.
- The property has not been explored or drilled at depths below 250 meters.
- Excellent infrastructure. Next to the town of Belleterre. Approximately 110 km south-west of Val-d’Or and 95 km south of Rouyn-Noranda with easy access by all-weather paved roads.
- Underexplored these past several decades, this project is strategically situated in the Belleterre mining district and will benefit from a rigorous and systematic exploration strategy.
Initial work plans for the project include:
- A thorough compilation of geological data and production history
- Evaluation of mineral resources left in the ground from past production
- Interpretation and characterization of mineralized zones
- Undertaking collaborative discussions with First Nations and local communities
- Follow-up exploration to better define exploration targets
- Initiating permitting for exploration and diamond drilling
About the Option Agreement:
Under the Option Agreement, Les Mines J.A.G. Ltd has granted the Option to the Corporation to acquire 100% of the rights and interests in their Belleterre Project which may be exercised by the Corporation following cash payments and the issuance of common shares of the Corporation (“Vior Share”) on or before the dates indicated below:
|
Payment Date |
Payment Amount |
Work Commitment |
|
|
On the execution of the Agreement |
Cash |
$15,000 |
$300,000 |
|
Jun 1, 2021 |
Cash |
$60,000 |
|
|
March 31, 2022 |
– |
||
|
Jun 1, 2022 |
Cash |
$50,000 |
$1,700,000 |
|
December 31, 2022 |
Cash |
$50,000 |
|
|
Jun 1, 2023 |
Cash |
$50,000 |
|
|
December 31, 2023 |
Cash |
$75,000 |
|
|
March 31, 2024 |
– |
||
|
Jun 31, 2025 |
Cash and/or Share Issuance |
$2,000,000 |
– |
|
Total: |
$2,300,000 |
$2,000,000 |
|
The Company may accelerate the exercise of the Option by making the required cash payments and Vior share issuances earlier than the timeframes contemplated above. The number of Vior Shares to be issued to Les Mines J.A.G. Ltd pursuant to the Option Agreement will be determined by dividing the dollar amount of Vior Shares to be issued at any point in time by the ten (10) day volume weighted average closing price of the Vior Shares on the day before such issuance of such Vior Shares, subject to the policies of the TSX-V. Concurrently with the exercise of the full 100% Option, Vior has agreed to grant to Les Mines J.A.G. Ltd a 10% NPI (Net Profit Interest) Royalty (the “Royalty”) with respect to production from the project, with the Royalty to be payable subject to the terms and conditions in the Option Agreement. Exercise of the Option Agreement is subject to receipt of all applicable regulatory approvals and consents. Vior will be the Operator of the project and will be responsible for carrying out all operations during the term of the Option. Closing of the transactions contemplated under the Option Agreement is subject to the typical customary conditions, including receipt of all regulatory approvals.
In addition and subject to regulatory approval, Vior has retained MI3 Communications Financières Inc. (“MI3”) to provide investor relations services. MI3 will receive $3,000 per month for the first three months and $5,000 per month for the subsequent three months.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Mr. Marc L’Heureux, P.Geo., who is the Company’s Qualified Person as per NI 43-101.
About Vior
Vior is a junior mining exploration company based in Quebec whose corporate strategy is to generate, explore, and develop high quality projects in proven and favourable mining jurisdictions in North America. Through the years, Vior’s management and technical team have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects.
For further information, please contact:
Mark Fedosiewich
President and CEO
Tel.: 613-898-5052
[email protected]
Marc L’Heureux
Vice-President, Exploration
Tel.: 450-646-1790
[email protected]
Website: www.vior.ca
SEDAR: Vior Inc.
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. This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Vior’s periodic reports including the annual report or in the filings made by Vior from time to time with securities regulatory authorities.
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Vior Inc.
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https://www.accesswire.com/626480/Vior-to-Acquire-Strategic-Project-Adjacent-to-the-Former-Belleterre-Mine-in-Abitibi-Tmiscamingue-Quebec