OPUS ONE Resources
Inc. (the “Company” or “OPUS ONE”) – (TSX Venture
Exchange: OOR), is pleased to announce that it has successfully
amended the original option agreement on the Fecteau property in
order to give the Company more time to complete its exploration
effort on this strategically located property. For more details,
see news release dated from June 27th, 2016.
The Fecteau property consists of 84 claims,
located in the Urban-Barry greenstone belt, some 25 km to the east
of Osisko’s Windfall deposit. It covers approximately 10 km of an
east-west striking felsic volcanic package ending at both ends with
a fold. Although the felsic package is of interest for base metal
exploration (based on numerous gossans along the top of the unit),
the overall environment, including the two folds at both ends of
the felsic package, is particularly favorable for gold
deposits.
In recent years, Opus One completed two programs
of till sampling as well as lithogeochemical sampling, prospecting,
trenching and limited drilling on a narrow quartz vein found at
surface. Results are pending from the laboratory for the
lithogeochemical sampling program. However, partial results are
available for the till sampling programs. These programs outlined
four gold target areas that have not been explored by drilling yet.
These four unexplored gold targets are clearly significant and more
exploration, in the form of ground geophysics and drilling, are
planned for the coming year. The gold anomalies in the till
(chemical analysis and gold counts) compare advantageously in
intensity and quality with other anomalies associated with known
deposits in the Abitibi and James Bay.
Based on these highly positive results, the
Company decided to present to the property owners a proposition to
amend the initial agreement in order to give the Company more time
to complete its exploration effort. Under the amendment, the
Company has agreed to pay the property owners an amount of $50,000,
half of which is payable in common shares of the Company at a
deemed price of $0.08 per share (312,500 common shares), as
consideration for the amendment. Furthermore, as per the amendment,
the Company now has until December 31, 2023 to acquire a 100 %
interest in and to the Fecteau Property by completing its remaining
payment and exploration expenditure obligations under the option
agreement. As such, the Company’s remaining option payments total
$250,000 (of which an amount of $75,000 is payable on or before
January 31, 2021) and exploration expenditures commitments total
$500,000 (of which an amount of $150,000 is to be incurred on or
before December 31, 2021). Also, the parties have agreed that 50%
of the remaining option payments to be completed by the Company
under the option agreement, as amended, shall be payable in common
shares of the Company at a price per share equal to the closing
price of such shares on the TSX Venture Exchange (the “Exchange”)
on the trading day immediately before the date of issuance, subject
to the minimum price allowed by the policies of the Exchange (for a
maximum of 2,500,000 common shares which may be issued under the
amendment). All shares issued by the Company under the amendment
shall be subject to a regulatory hold period of four months and one
day from the date of issuance. The amendment remains subject to the
approval of the Exchange.
About OPUS ONE
Resources Inc.
Opus One Resources Inc. is a mining exploration
company focused on discovering high quality gold and base metals
deposits within strategically located properties in proven mining
camps, close to existing mines in the Abitibi Greenstone Belt,
north-western Quebec and north-eastern Ontario - one of the most
prolific gold mining areas in the world. Opus One holds assets in
Val-d'Or, Matagami and Chibougamau areas. The Bachelor Extension
property is adjacent to the Bonterra Resources Bachelor gold mine,
the Vezza Extension and Vezza North properties are located a few
kilometers west and north of the Vezza mine, which until recently
was in production by Nottaway Resources Inc. private company. The
Noyell property is located a few kilometers east of the Vezza mine.
The Courville property is located east of Val D’Or. Opus One has
also optioned a property that is easily accessible by a good roads
network, the Fecteau property, located in the Urban-Barry township
which is host to the Windfall Lake deposit and which is currently
under intense development work by Osisko Mining and several other
exploration companies.
Pierre O’Dowd, P. Geo, [Independent Consulting
geologist] acts as a Qualified Person as defined in National
Instrument 43-101- Standards of Disclosure for Mineral Projects and
has reviewed and approved the technical information in this press
release.
Forward-Looking Statements
This news release contains statements that may
constitute "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking
information may include, among others, statements regarding the
future plans, costs, objectives or performance of OPUS ONE, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the development of
the Fecteau Property and what benefits OPUS ONE will derive
therefrom. Forward-looking information are based on information
available at the time and/or management's good-faith belief with
respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of
which are beyond OPUS ONE’s control. These risks, uncertainties and
assumptions include, but are not limited to, those described under
"Risk Factors” in OPUS ONE’s management discussion and analysis for
the last interim financial statements for the quarter ended May 31,
2020, a copy of which is available on SEDAR at www.sedar.com, and
could cause actual events or results to differ materially from
those projected in any forward-looking statements. OPUS ONE does
not intend, nor does OPUS ONE undertake any obligation, to update
or revise any forward-looking information contained in this news
release to reflect subsequent information, events or circumstances
or otherwise, except if required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For more information, please contact:
Louis Morin, CEO & Director T (514)
591-3988Info@OpusOneResources.com
Michael W. Kinley, CPA, CAPresident, CFO &
DirectorT (902) 826-1579F (902) 826-2550C (902)
402-0388mkinley@winassoc.biz
Visit Opus One’s website:
www.OpusOneResources.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a30f8335-839b-47d1-8d69-f39274778ef1
https://www.globenewswire.com/NewsRoom/AttachmentNg/33b66edc-452a-4d97-a177-58f544176573
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