Vior Announces Earn-In Agreement on Its Ligneris Gold Project, Quebec
27 Juin 2019 - 3:00PM
SOCIÉTÉ D’EXPLORATION MINIÈRE VIOR INC.
("Vior"), (TSX-Venture: VIO, FRANKFURT:
VL51) – is pleased to announce that it has entered into an
earn-in agreement with Ethos Gold Corp (“Ethos”) (TSX-V: ECC)
(OTCQB: ETHOF) allowing Ethos to earn up to a 70% interest in the
Ligneris Gold project from Vior. The Ligneris project is
strategically located in the world class Abitibi Greenstone Belt
which hosts numerous gold and base metal deposits and mines.
Highlights of the project
- The Ligneris Project comprises 94
claims covering 36.2 km2 located 80 km north of Agnico-Eagle’s
LaRonde Complex, and 90 km northeast of Rouyn-Noranda, in Quebec
(see Figure 1 below). The project has easy access through paved and
all-weather logging roads. Basic services are available from
the village of Taschereau located 35 km to the south.
- Mineralized zones are found within
an extensive hydrothermal alteration zone that can be followed over
kilometers in strike length and hundreds of meters in width, and
that are encompassed within broad ductile deformation zones. The
geochemical signature of the rocks and mineralization bear many
similarities to those at the LaRonde/Bousquet camp.
- Previous work by Vior (1984-1986),
Placer Dome (1987-1990) and Barrick (1997) included 204 drill holes
for approximately 40,000 meters mostly clustered around the
mineralized zones on the project. 75 of these 204 holes crosscut
significant gold and/or zinc intercepts. Only 7 holes reached
over 300 meters in depth.
- Mineralization consists of
disseminated pyrite and veinlets of sphalerite associated with
strong pervasive carbonatization and sericitic alteration within
dacitic volcanics. The mineralization was recognized in most of the
holes in the South, Central and North zones. Highlights of
historical intercepts include:
Company |
Zone |
Hole # |
Dip |
Azimuth |
From(m) |
To(m) |
Interval(m) |
Au(g/t) |
Zn(%) |
Ag(g/t) |
Placer Dome |
South |
275-073 |
-60 |
N330 |
173.9 |
184.5 |
10.6 |
13.47 |
|
|
Vior |
South |
LS-05 |
-45 |
N360 |
217.2 |
223.2 |
5.94 |
5.15 |
|
|
Placer Dome |
South |
275-95 |
-58 |
N240 |
180.7 |
183.6 |
2.9 |
62.0 |
|
|
Placer Dome |
Central |
275-53 |
-50 |
N330 |
163.0 |
187.0 |
24 |
0.91 |
|
|
Placer Dome |
Central |
275-51 |
-50 |
N330 |
32.3 |
33.0 |
0.69 |
73.0 |
|
|
Vior |
Central |
L84-04 |
-45 |
N360 |
47.3 |
52.7 |
5.43 |
4.92 |
|
|
Placer Dome |
North |
275-27B |
-57 |
N150 |
97.4 |
98.0 |
0.63 |
70.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Placer Dome |
Central |
275-141B |
-75 |
N150 |
306.6 |
308.0 |
1.45 |
|
2.79% |
216 |
Vior |
Central |
L84-04 |
-45 |
N360 |
133.0 |
138.9 |
5.88 |
|
1.90% |
13.6 |
The qualified person has not verified the
drilling data disclosed in this release, including sampling data
and assays. These data come from historical reports made between
1984 and 1990 by Sigma Mines Ltd., Placer Dome Inc. and Vior.
- A recent comprehensive airborne
VTEM survey by Vior, conducted by Geotech, defined 12 clusters of
deeper targets. Ethos will now commence a comprehensive compilation
of previous data, ground based geophysics, and further surface
sampling and mapping. This work will be utilized to fine tune
deeper targets for drilling.
- Drilling will test these deeper
targets below 300 meters.
- Previous exploration work including
drilling by Placer Dome Inc. and Vior has also identified
shallower, high grade targets, and recommended induced polarization
(“IP”) geophysics followed by drilling to test these targets. Ethos
will also pursue these shallower targets.
- Drilling is planned for the fall
and winter of 2019. Drilling can continue throughout the winter.
This program will utilize some of the unallocated flow through
funds that Ethos currently holds.
Earn-In Agreement Terms
Ethos can earn a 51% interest in the Ligneris
Project by paying Vior 1.0 million in Ethos shares and incurring
$3.0 million in expenditures over the first four years of the
agreement, according to the following schedule:
|
Work Commitment |
Ethos Shares |
Upfront |
|
200,000 |
Year 1 |
$750,000 |
225,000 |
Year 2 |
$750,000 |
250,000 |
Year 3 |
$750,000 |
325,000 |
Year 4 |
$750,000 |
|
Total |
$3,000,000 |
1,000,000 |
Following an earn-in of 51%, Ethos will have 60
days to elect to earn a further 19% interest (70% interest) by
spending an additional $4 million over the subsequent three
years.
Stated Mark Fedosiewich, Vior’s President and
CEO, “We are excited to work with Ethos’ outstanding technical and
management team. This is an opportunity to take a fresh new look at
a highly prospective project that has seen little exploration in
well over 20 years and to initiate the first ever systematic drill
program at depth on this project. Historic work at Ligneris has
defined a large mineralized system, including some significant
drill intervals of gold. Ligneris exhibits many similarities in
geology and mineralization to Agnico Eagle’s LaRonde mine which
reaches depths of over 3000 meters. Little historic drilling below
a depth of 300 meters has occurred at Ligneris. A recent deep EM
airborne survey has identified multiple geophysical targets at
deeper levels than were ever drilled. The plan is to refine these
targets with ground based geophysics and begin to drill them in
fall/winter 2019. Ethos has approximately $1.4 million in
unallocated flow through funds to spend in 2019, and after
reviewing dozens of projects, believes that Ligneris is an
outstanding project to pursue with these funds. The Vior team, led
by their VP Exploration, Marc L’Heureux, P.Geo., M.A.Sc., will be
the operator of the program at Ligneris. In addition to leading
Vior’s recent work at Ligneris, Marc spent 4 years working in the
Bousquet Camp which is part of the LaRonde complex, providing him
with a deep understanding of the LaRonde type model.”
The technical content disclosed in this press
release was reviewed and approved by Mr. Marc L'Heureux, P.Geo.,
who is the Company'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 FedosiewichPresident and CEOTel.:
613-898-5052mfedosiewich@vior.ca |
Marc L’HeureuxVice-president, ExplorationTel.:
450-646-1790mlheureux@vior.ca |
|
|
Website: www.vior.ca SEDAR: Société d’exploration
minière Vior inc. |
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c2636c66-529e-4795-b5fa-3b514ca1ca91
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