Opus One Resources Outlines Three Gold Targets on Its Fecteau Property
MONTREAL, Feb. 27, 2019 (GLOBE NEWSWIRE) — OPUS ONE Resources Inc. (the “Company” or “OPUS ONE”) – (TSX Venture Exchange: OOR), is pleased to announce that the till Survey carried out in the summer and fall of 2018 returned three gold targets, including two that are located in portions of the property that were not known to hosts gold showings. Overall, the survey indicates that the entire southern portion of the property host anomalous gold in the till. Nevertheless, three anomalous areas stand out from assay results as well as gold counts. The westernmost anomaly is found in an area previously known to host gold showings in trenches and drilling. The Survey confirms the importance of this sector as a potential target for gold mineralization.
Two anomalous areas were also discovered in the southeastern portion of the property where no gold was ever reported. This is a very exciting development on our Fecteau property. These anomalies are of the same level (in ppb’s Au) as anomalies found down ice at Monster Lake or Eleonore, according to Rémi Charbonneau, Ph.D., P. Geo, who carried out the survey and interpreted the results. The best till result returned 1920 ppb Au which is a very high value for this type of sample treatment. Anomalies are defined by areas exhibiting multiple results above 150 ppb Au. Typically, in this sector of the Abitibi, sources of gold anomalies are located up ice a few kilometres to the northeast of the anomalies. The property is large enough to host these potential gold bearing structures.
The company intends to extend its till sampling coverage on the property as well as complete a program of boulder tracing in order to define the sources of these anomalies and propose trenching and eventually drilling programs. Orogenic gold is known to occur in the district, including on the Fecteau property, in the form of gold bearing quartz veins. The most promising project of this very prospective district is Windfall where a significant gold deposit is being outlined by Osisko Mining.
For the management of the company, results of the till sampling program were very satisfying and justify additional field work for the coming summer. The objective of Opus One is to be able to define drill targets for the winter of 2019-20.
In other news, the company has decided to abandon two of its options in the Abitibi, the WinWin and Grizzly projects. After two years of exploration, it was decided that results and market conditions did not justify paying for coming commitments on these projects. The company intends to continue its effort to find quality acquisitions in Quebec as well as in Latin America where its team possesses extensive experience.
Mr. Louis Morin, CEO, states: « Opus One remained active through the course of 2018, although it was a challenging year for mining exploration companies. We took a very careful approach in order to maximize the efficiency of the company’s resources while avoiding dilution in a difficult market. On a cost-reward basis, we took decisions not to continue our work commitment for two properties we had optioned as results obtained did not justify spending more of our money. Results generated by till Survey program on our Fecteau Property took a while to obtain as this is a painstaking sampling / assay / compilation work plan. Nevertheless, it was worth the wait as 3 totally new and significant gold targets have been outlined. The Fecteau Property is well located within Urban-Barry gold camp, one of the busiest mining districts in Canada. Opus One is actually reviewing different projects located in Latin America countries that are mining friendly and where geo-political risk is minimal. »
OPUS ONE RESOURCES will exhibit in Toronto at Booth 2125 during PDAC 2019 convention from March 3rd till March 6th in Toronto Convention Center. You are welcome to visit our booth and meet with our team for an update about the ongoing and upcoming activities.
About OPUS ONE Resources Inc.
Opus One Resources Inc. is a mining exploration company focused on discovering high quality gold and base metals deposits within strategically located properties in proven mining camps, sometimes close to existing mines in the Abitibi Greenstone Belt, north-western Quebec and north-eastern Ontario – one of the most prolific gold mining areas in the world. Opus One holds assets in Val-d’Or, Matagami and Chibougamau areas. Bachelor Extension property is adjacent to Bonterra Resources Inc.- Bachelor Gold Mine, Vezza Extension and Vezza North are located few kilometers West and North of Nottaway Resources Vezza Mine. Courvillle property is located east of Val D’Or.
Opus One has also optioned Fecteau property, easily accessible by a broad network of all-season roads: Fecteau property, located in the Urban-Barry greenstone belt, east of Osisko Mining’s Windfall Lake deposit, currently one of the most active exploration areas in Canada.
Pierre O’Dowd, P. Geo, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.
This news release contains statements that may constitute « forward-looking information » within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of OPUS ONE, or the assumptions underlying any of the foregoing. In this news release, words such as « may », « would », « could », « will », « likely », « believe », « expect », « anticipate », « intend », « plan », « estimate » and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the Fecteau Property, or if any of them do so, what benefits OPUS ONE will derive. Forward-looking information are based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond OPUS ONE Resources Inc.’ control. These risks, uncertainties and assumptions include, but are not limited to, those described under « Risk Factors” in OPUS ONE’s management discussion and analysis for the year ended August 31, 2018, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. OPUS ONE does not intend, nor does OPUS ONE undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Louis Morin, CEO & Director
T (514) 591-3988
Michael W. Kinley, CPA, CA
President, CFO & Director
T (902) 826-1579
F (902) 826-2550
C (902) 402-0388
Visit Opus One’s website: www.OpusOneResources.com
Photos accompanying this announcement are available at