Otish Energy Acquires the Chicobi Gold Property, Abitibi Area, Quebec
02 Décembre 2009 - 3:24PM
Marketwired
Otish Energy Inc. (the "Company") (TSX VENTURE: OEI) has entered
into a property purchase and sale agreement (the "Agreement") with
Sylvie Charbonneau (the "Vendor"), from Morin-Heights, Quebec, to
acquire (the "Acquisition") a 100% interest in 54 mineral claims
forming the Chicobi Property in the Ligneris Township, Abitibi Area
of Quebec (the "Property"). In consideration of the Acquisition,
the Company has agreed to pay the Vendor the sum of $15,000 and
issue 120,000 common shares in its capital stock upon Exchange
approval and claim title transfer. The property is subject to a 1%
NSR in favor of the Vendor. The Company will have the option to
reduce the NSR, at any time, to 0.5% for a cash payment of
$1,000,000 to the Vendor.
The Chicobi Property covers approximately 2,932 hectares and is
located roughly 125 kilometres northwest of Val-D'Or, Quebec.
Several gravel roads transect the Property providing an excellent
access. To the north, the Property is contiguous to Vior's Ligneris
gold property where previous diamond drill intersections have
yielded values up to 70 g/t of Au. The property is bordered to the
south by the Berry-Desboues syenite that hosts several gold
showings. Agnico Eagle Mines holds a Property near or including
that syenite.
The Chicobi volcano-sedimentary belt comprises the Octave
formation consisting of felsic tuff, rhyolite and intermediate
volcanics and the Chicobi Group constituted of wacke, siltstone and
mudstone that are sometimes interbedded with iron formations.
Several felsic intrusives are also present.
The Company will quickly review all the existing information
relevant to this Property and recommend an appropriate exploration
program. The Company plans a diamond drill campaign in the Fall of
2010 to follow-up on ground prospecting anomalies.
About Otish Energy : The Company explores for unconformity-type
uranium deposits, both above and below the basin unconformity, for
Rare Earth Elements and gold.
Benoit Moreau, P. Eng. Vice President, Exploration for Otish
Energy, is a qualified person (is such is defined in National
Instrument 43-101) and is responsible for the geological
information presented herein.
This news release may contain forward-looking statements based
on assumptions and judgments of management regarding future events
or results. Such statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements.
The Company disclaims any intention or obligation to revise or
update such statements.
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.
Contacts: Otish Energy Inc. Steve Smith President (604) 642-0115
steve.smith@telus.net Otish Energy Inc. Benoit Moreau Vice
President - Exploration (514) 759-8702
bmoreau@otishenergyinc.com
Otish Energy Inc. (TSXV:OEI)
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