Vior Options Osisko Mining’s Gold Property at Belleterre, Completing Its District Scale Mining Camp Consolidation
MONTREAL, QC / ACCESSWIRE / August 25, 2021 / Vior Inc. (« Vior » or the « Corporation »), (TSXV:VIO)(FRA:VL51) is pleased to announce that it has entered into an Option Agreement (the « Option ») with Osisko Mining Inc. (« Osisko ») for their 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 hectares (35.74 sq km) and adjacent to Vior’s existing district-scale land package now totalling 531 claims covering 29,129.48 hectares (291.30 sq km).
« This Option is very strategic for Vior as it fully-consolidates our district-scale gold project at Belleterre and allows us to focus on the continuities of the gold system in the brownfield areas of our project. We are very pleased to partner with Osisko, a high-quality partner who has an excellent track record of success in Quebec for exploring, project development and value creation for its stakeholders. » stated Mark Fedosiewich, President & CEO of Vior.
About the Option Agreement:
Osisko has agreed to grant to Vior the exclusive and irrevocable right to acquire a 51% undivided interest (which may be increased to 75%) in the Property.
Option Terms:
Vior shall have the right until the 3rd(third) anniversary of this Option to acquire a 51% undivided interest in and to the Property (the « First Option ») by:
- issuing common shares to Osisko for a value totalling $225,000 in accordance with the following schedule:
- $75,000 on or before the first anniversary of this Agreement, which shall be a firm commitment by Vior;
- $75,000 on or before the second anniversary of this Agreement; and
- $75,000 on or before the third anniversary of this Agreement
- incurring work commitments totalling at least $1,250,000 as follows:
- a minimum of $250,000 on or before the first anniversary of this Agreement; and
- a further $1,000,000 on or before the third anniversary of this Agreement.
Subject to the prior exercise of the First Option, Vior shall have the right to acquire an additional 24% undivided interest in the Property (the « Second Option ») by incurring additional Work Commitments totalling at least $1,750,000 over a three-year period.
Upon satisfaction of the Option, Vior and Osisko will form an industry standard joint venture agreement (the « Joint Venture« ) on the property with Vior acting as the operator of the Joint Venture to carry on operations with respect to the Property.
If either Party’s Joint Venture interest is reduced to 10% or less, that Party’s Joint Venture interest shall be automatically converted to a 1% net smelter return royalty (the « NSR ») and the Joint Venture shall be automatically terminated.
Figure 1. Regional Map of Vior’s Land Package in the Belleterre Area
Vior Strengthens Technical Team at Belleterre Project:
Vior is also pleased to announce that it has retained the technical firm – 3DGeo Solution Inc – under the leadership of Kenneth (Ken) Williamson, MSc, PGeo, to assist in a Phase 1 structural modelling and drill targeting mandate. Ken is a Senior consulting and structural geologist with over 15 years experience in Exploration and Mining geology; specializing in 3D litho-structural modelling and mineral resource targeting and estimation. « Ken’s expertise and record of success is well recognized in the Abitibi and North America. Working alongside Vior’s technical team, Ken will help develop a comprehensive structural model encompassing the old and the newly acquired field geologic data set, as well as drill target generation for our upcoming Fall drilling program. » stated Laurent Eustache, Executive VP.
Following the Phase 1 mandate, 3DGeo Solution Inc. will focus on a second Phase mandate to create a 3D Geo-model of the past producing areas of the Belleterre project. « We are excited to initiate work and join forces with Vior’s technical team on their promising Belleterre project. Vior has initially mandated us to focus on the Brownfield areas at Belleterre, including the high-grade past producing Belleterre mine. Such collaboration will allow us to revisit historical data and interpretations using modern tools, and we are very confident that it will help to unlock the full economic potential of the property » stated Kenneth Williamson, President of 3DGeo Solution Inc.
In addition, and subject to regulatory approval, Vior has retained Greg Ferron (the « Consultant ») to provide investor relations services. Mr. Ferron will receive $4,000 per month for an initial six months period, which term can be extended by mutual consent. Pursuant to its stock option plan, Vior has 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 vesting as to 1/4 of the options granted every three months.
Qualified Person:
The technical content disclosed in this press release was reviewed and approved by Laurent Eustache, Executive Vice-President for Vior and Qualified Person as per NI 43-101.
About Vior:
Vior is a Hybrid 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
mfedosiewich@vior.ca
Laurent Eustache
Executive Vice-President
Tel. : 514-442-7707
leustache@vior.ca
Web Site: www.vior.ca
SEDAR : Vior inc
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the Belleterre project, the expected positive exploration results, the timing of the exploration results, the ability of the Corporation to continue with the exploration program, the availability of the required funds to continue with the exploration and the approval from the Ministère de l’énergie et des ressources naturulles (« MERN ») of the request for abandonment of the two mining concessions filed by 9293-0122 Québec Inc. are forward-looking statements. Forward-looking statements are generally identifiable by use of the words « will », « should », « continue », « expect », « anticipate », « estimate », « believe », « intend », « to earn », « to have’, « plan » or « project » or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Corporation’s ability to control or predict, that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, the possibility that future exploration results will not be consistent with the Corporation’s expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks, the refusal by the MERN to approve the request for abandonment of the two mining concesisons held by 9293-0122 Québec Inc. as well as those risks identified in the Corporation’s annual Management’s Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Corporation has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any 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.