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Vior to Acquire the Former High Grade Belleterre Gold Mine Consolidating a District Scale Project Package in Abitibi-Témiscamingue, Quebec

04.02.2021  |  Accesswire

MONTREAL, February 4, 2021 - Vior Inc. ("Vior" or the "Corporation") (TSXV:VIO)(FRANKFURT:VL51) is pleased to announce the signing of an option agreement for the acquisition of 100% of the mining titles of the former high-grade Belleterre gold mine, as well as the significant addition of an exploration land package extending over a strike length of 37 kilometers in the Belleterre area, located 95 kilometers south of Rouyn-Noranda, Quebec.

The Corporation has acquired a 100% interest in 340 new claims in addition to signing an option agreement for the acquisition of 9 claims and 2 mining concessions hosting the former Belleterre mine, which produced more than 750,000 oz. @ 10.73 g/t gold and 95,000 oz @ 1.37 g/t silver, between 1936 and 1959 (source: Sigeom MERN). This new land package is in addition to the strategic project acquisition announced by the Corporation on January 28, 2021, now bringing a total of 394 high-potential gold claims in the Belleterre volcanic band, covering 21,888 hectares.

"The acquisition of the old high grade mine area along with the new land packages now ensures Vior a prominent place as a player in the volcano-sedimentary belt of Belleterre. The sector has been under-explored for the past 50 years and has never been the subject of any significant consolidation by previous holders. We now believe that our current land position will allow us to work with a more global and systematic vision thereby optimizing the potential for a new discovery. In addition, the presence of Osisko Mining Inc. in the sector should have the effect of boosting exploration activities at Belleterre", stated Marc L'Heureux, Vice President of Exploration at Vior.

Historically at the Belleterre project and in its immediate vicinity, gold was predominantly the only commodity of economic value to be explored. It was usually associated with sulphides or occasionally in native form in quartz veins and fractures, or in a state of substitution. Most of the veins that have been mined or worked in the area are located within a 5 km radius of the old Belleterre mine. However, several gold showings and prospects have been found in the surrounding area, such as the Conway, Paquin, Audrey and Blondeau veins as well as the Aubelle deposit. The Belleterre Mine gold deposit is the only one to have been in active production. At closure in 1959, total production from the Belleterre mine was 2.18 million metric tonnes at an average grade of 10.73 g/t Au and 1.37 g/t Ag with approximately 95% of the ore mined coming from Vein No 12.

Vior's exploration team is currently fine tuning their geological model (to be released in the coming weeks) that will be the basis for its exploration program for the Belleterre Project beginning in Spring 2021. The Corporation intends to carry out systematic prospecting and sampling surveys which will be supported by the development of a new metallogenic model and geophysical targets.

Claims agreements and acquisitions

A block of 18 claims covering 1,021 hectares (identified in medium green in the figure above) was purchased by the Corporation from Sphinx Resources Ltd. for the sum of $10,000 and the issuance of 100,000 shares of the Corporation. A 1% Net Smelter Royalty ("NSR") is granted to the seller and may be repurchased for $1M.

Vior also acquired from a syndicate of two independent prospectors a 100% interest in a group of 21 claims covering 1,222 hectares (partially identified in light blue in the figure above) in return for a payment of $10,000 and the issue of 90,000 Corporation shares. A 1% NSR royalty is granted to sellers and may be repurchased for $1M.

Vior bought from Exploration Sagidor inc. a group of 24 claims totaling 1,398 hectares (identified in light green in the figure above) in consideration for a payment of $20,000 and the issue of 250,000 shares of the Corporation. A 1% NSR royalty is granted to the seller and may be repurchased for $1M.

The Corporation acquired from another syndicate of two independent prospectors a 100% interest in a group of 29 claims covering 1,689 hectares (partially identified in light blue in the figure above) for a payment of $10,000 and the issue of 250,000 shares of the Corporation. A 1% NSR royalty is granted to sellers and may be repurchased for $1M.

Vior has acquired Globex Mining Enterprises Inc. a 100% interest in 6 claims covering 349 hectares (identified in dark green in the figure above) in consideration for the issuance of 150,000 shares of the Corporation. A 2% gross metal royalty ("GMR") is granted to the seller, half of which may be repurchased for $1M.

The Corporation has signed a purchase option agreement with 9293-0122 Québec inc., which is the holder of 9 claims and 2 mining concessions, including the site of the former Belleterre Mine. The seller has submitted a request for the abandonment of the mining concessions to the Ministry of Energy and Natural Resources (in accordance with Article 122 of the Mining Law) for conversion of the concessions into mining claims. Vior can earn a 100% interest in the 11 mining titles by making the following cash payments and issuance of Corporation shares:

Date of payment

Amount

November 6, 2020

Cash deposit completed

$10,000

At the signing of the option agreement

Cash

$120,000

March 20, 2021

Cash

$120,000

Transfer of claims in trust

Cash and/or Share Issuance*

$600,000

Transfer of claims in trust

Cash

$250,000

12 months after the fifth Payment

Cash and/or Share Issuance*

$500,000

18 months after the fifth Payment

Cash and/or Share Issuance*

$500,000

Total:

$2,100,000

*Share issuance is at the discretion of the Corporation and shares can be issued at a price equal to the 10 day VWAP at the time of issuance.

All of the above share issuance transactions will be subject to approval by the TSX Venture Exchange at the time of the issuance.

In addition, the Corporation has also map-designated as part of the Belleterre project a total of 242 claims covering an area of ??14,086 hectares, which it already holds a 100% interest in.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Mr. Marc L'Heureux, P.Geo., who is the Corporation'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
mfedosiewich@vior.ca

Marc L'Heureux
Vice-President, Exploration
Tel.: 450-646-1790
mlheureux@vior.ca

Website: 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.

SOURCE: Vior Inc.



View source version on accesswire.com:
https://www.accesswire.com/627821/Vior-to-Acquire-the-Former-High-Grade-Belleterre-Gold-Mine-Consolidating-a-District-Scale-Project-Package-in-Abitibi-Tmiscamingue-Quebec


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