Vior acquires a prospective gold land package near Lebel-sur-Quevillon, Quebec
QUEBEC, CANADA, MARCH 22, 2017 – SOCIÉTÉ D’EXPLORATION MINIÈRE VIOR INC. (TSX-V: VIO, FRANKFURT: VL51) – is pleased to announce the acquisition of the Mosseau project which is comprised of 65 claims for 31.3 square-kilometers located 22 kilometers east of the town of Lebel-sur-Quévillon, in the Abitibi region of Quebec (figure on Vior website).
The Mosseau project is considered to be highly prospective due to the presence of an historic mineral resource of 317,700 tonnes grading 3.4 g/t gold known as the Morono ‘’M zone’’ (Internal report: Les Mines Morono, by Guy J. Hinse, P.Eng., 1992), as well as several gold showings and drill intercepts associated shear zones that can be traced over a strike length of more than 10 kilometers on the project. The Morono ‘’M zone’’ resource is historical and was not either prepared under NI 43-101, nor verified and classified by a qualified person. Vior does not currently consider this estimate to be a current mineral resource under the National Instrument 43-101 designation.
Gold mineralization on the project is associated to shear zones mostly oriented parallel to the northwest – southeast trending stratigraphy at the near contact between the intrusive rocks of the Wilson pluton and the volcanics to the south. The mineralization at Morono ‘’M zone’’ appears in quartz-sericite schists with disseminated pyrite along a continuous 950-meter long shear zone of 5 to 15 meters in thickness. All historical drill holes at Morono ‘’M zone’’ have cross-cut the shear and the zone remains open at depth with the deepest drill intercept at 270 meters grading 4.42g/t gold over 5.84 meters (true width, hole M4-88; Ministry’s Assessment Report GM47624).
A series of parallel shear zones located several hundred meters away from the ‘’M zone’’ referred as the ‘’R, P and S zones’’ have returned drill cuts respectively up to 1.7 g/t gold over 1.04 meter (Ministry’s Assessment Report GM47624, 1988), 138 g/t gold over 0.46 meter (Breton, 1987), and 17.5 g/t over 0.91 meter (Ministry’s Assessment Report GM47624, 1988) (Note: the Company has not verified the information but considers the information relevant). Two kilometers to the south, the Kiask River fault zone is oriented parallel to those from the Morono area and hosts gold showing up to 12.1g/t gold (Tremblay, 2016). Limited work to date allowed to expose this Kiask zone over a width of at least 12 meters.
The Mosseau project was recently acquired partially by the map designation of 39 claims, the purchasing of 11 claims in consideration of a cash payment of $5,000, and the signing of two option agreements to acquire 100% interest in 15 claims. Vior can acquire from Les Ressources Tectonic a 100% interest in 9 claims hosting the entirety Morono ‘’M zone’’ that includes an historic gold resources in counterpart of a cash payment of $75,000 and the issuance of equivalent of $50,000 of Vior’s on signing. After 15 months, Vior can elect to pay an additional PRESS RELEASE – 2 – $50,000 in cash and issue the equivalent of $50,000 in shares to earn its 100% interest in the 9 claims. Tectonic would retain a 2% NSR, half of which can be bought back for $1.5 million. Vior can also acquire from an independent prospector syndicate a 100% interest in 6 claims hosting gold showings along the Kiask fault zone for a cash payment of $15,000 and the issuance of equivalent of $15,000 of Vior’s on signing. After 15 months, Vior can elect to pay an additional $15,000 in cash and issue the equivalent of $15,000 in shares to earn its 100% interest in the 6 claims. The prospector syndicate would retain a 2% NSR, half of which can be bought back for $1million. All transactions and agreements have been made between arm’s length parties and are exempt from any finder’s fees. The transactions contemplated by the option agreements are subject to acceptance by the TSX Venture Exchange.
Vior is currently planning the exploration program on the Mosseau property that is slated to begin in spring 2017. The program should include some geophysics, field reconnaissance and some drilling.