Vior Provides a Corporate Update And Planned Project Work Programs for Fall 2018
QUEBEC, CANADA, SEPTEMBER 19, 2017 – SOCIÉTÉ D’EXPLORATION MINIÈRE VIOR INC. (TSX VENTURE (VIO), FRANKFURT (VL51) (“Vior”) – is pleased to provide a corporate update on activities and details for the fall 2018 exploration programs on the Foothills, Big Island Lake and Ligneris projects in Quebec, as well as the Tonya project in Nevada. The highlight and focus will be on the comprehensive helicopter-borne geophysical surveys to be carried out on the three Quebec projects.
The Foothills rutile project is situated near the town of Saint-Urbain, a historic iron-titanium mining camp located about 100 kilometres east of Quebec City. The project which covers 315 km2 is subject to an Option and Joint Venture agreement where Iluka Exploration (Canada) Ltd. (“Iluka”), a wholly-owned subsidiary of Iluka Resources Limited (ASX: ILU) can earn a major interest in the project. Iluka is one of the largest producers of the high-grade titanium dioxide products of rutile and synthetic rutile.
During the summer of 2018 Vior and Iluka (“the Partners”) conducted a follow-up reconnaissance program on ground gravity anomalies generated from two surveys totaling 88 line-kilometers situated on both sides of the project. The program was successful at identifying a new massive ilmenite showing.
The partners have contracted CGG Multi-Physics to conduct in October, 2018 a HeliFalcon Airborne Gravity Gradiometer survey totaling 1,204 line-kilometers over four areas within the project. The HeliFalcon Airborne Gravity Gradiometer (AGG) is the only AGG system that can be cost-effectively flown in a helicopter. This provides for close following over almost any terrain. The low altitude and slow airspeed of the helicopter gives the HeliFalcon Gravity Gradient data the highest resolution commercially available and the best detail and sensitivity for mineral exploration. The survey will be a valuable tool to help detect ilmenite-rutile massive mineralization given its much higher specific gravity (density) compared to the anorthositic host rock. The targets generated from this comprehensive survey will lead to a field follow-up and potentially a new drilling program.
Big Island Lake
The Big Island Lake rutile project covers 37.8 km2 project situated approximately 25 kilometers north of the municipality of Havre-Saint-Pierre and 19 kilometers southwest of the Rio Tinto’s Lake Tio mine, in the North Shore region of Quebec. Big Island Lake is subject to an Option PRESS RELEASE – 2 – and Joint Venture agreement where Iluka can earn a major interest in the project. Big Island Lake is characterized by the presence of a series of massive rutile-rich ilmenite outcrops that can be observed over a strike length of more than 280 meters, ranging in thickness from 10 to 26 meters. In 2016, Vior had obtained titanium (TiO2) values from selected samples ranging from 44.2% to 48.4%, while channel sampling had yielded TiO2 values of 41.6% over 7.7 meters and 45.2% over 2.2 meters
During the summer of 2018, the partners completed a 7-hole exploration drilling program totaling 1,080 meters on selected rutile-ilmenite targets. Drill samples are currently being processed in the laboratory and the results should be available in the fall of 2018.
In October, 2018 a comprehensive HeliFalcon Airborne Gravity Gradiometer, as well as a magnetic survey will be carried out over the Big Island Lake project to detect other high density bodies that may represent massive ilmenite-rutile mineralisation that will be followed up in the field.
Vior will be conducting in October, 2018 a comprehensive helicopter-borne deep electromagnetic VTEM-type survey over its wholly-owned Ligneris project situated approximately 80 kilometers north of the LaRonde mining complex and 100 kilometres northeast of the city of Rouyn-Noranda, in the Abitibi region of Quebec. The aim of the survey is to detect gold and semi-massive sulphide mineralization in the deep extensions (never tested) of the existing mineralization on the project. The survey will cover nearly 40 km2 for 892 line-kilometers at a 50-meter line spacing. A ground follow-up is planned soon after the survey.
The project is mostly covered by a series of felsic and intermediate volcanics strongly altered in sericite, ankerite and carbonates. Mineralization referred as the North, Central and South zones is characterized by clusters and veinlets of pyrite and sphalerite within halos of alteration reaching over 100 meters in size.
Historical drilling on Ligneris returned intercepts grading up 6.5 g/t Au over 3.9 meters, 4.8 g/t Au over 2.4 meters and 4.1 g/t Au over 1.6 meters in the Central zone, and 6.1 g/t Au over 4.6 meters, and 18.5 g/t Au over 7.2 meters in the South zone. A core relogging assessment report by Barrick in 1997 concluded that the extension potential of the mineralized zones is likely to be at depth on Ligneris.
The Tonya gold project covers 501 hectares located in the Pershing County, 65 kilometers north of the town of Lovelock, Nevada. Vior Gold (USA) LLC, a wholly-owned subsidiary of Vior Inc., has signed an agreement with the Gold Range Company LLC for the acquisition of the exclusive mineral rights on the project.
The project is located at the northern end of the Humboldt Mountain Range which forms the core of the Rye Patch mineral belt and encompasses a number of gold deposits, mines and prospects, including the Florida Canyon Mine (2.3 M oz. gold produced), the Coeur Rochester mine (1.65 M oz. of gold and 148 M oz. of silver produced), the Relief Canyon mine and the Spring Valley deposit, recently discovered and developed.
The Tonya project has geological similarities to the nearby gold mines, as it is also covered by the limestones of the Natchez Pass Formation and the argillites of the Grass Valley Formation, which host the mineralization in those deposits. The pathfinder elements in the property’s historic soils reveal the presence of clusters of anomalies in gold, antimony and arsenic. Interpretation of previous work indicates that the Tonya Project covers the upper levels of an epithermal gold system similar to other gold deposits in the belt. Some historical results of rotary drilling suggest a potential for higher gold values at depth.
Vior is currently completing a mapping and sampling survey in preparation for a soil sampling program over selected areas that will be undertaken in Fall 2018. The soil sampling program aims at better delineating the gold target areas for an upcoming drilling program.
Vior’s management team is fully aware of the difficult and challenging environment that exists in the junior mining space at the moment. However, Vior with its healthy treasury is well positioned to weather the storm and more importantly is looking to take advantage of some great project acquisition opportunities and values that currently exist in the market.
Our corporate objective is to acquire either individually or in concert with a partner a high impact project in a top mining jurisdiction. We believe that the timing is now to create tremendous shareholder value for the future. Our goal is to complete such an acquisition before early 2019.