Opus One Gold Corp (TSX-V: OOR) (the
“
Company” or “
Opus One”) is
pleased to announce that it has observed several pegmatites during
the completion of its field season on its Wemindji and LaGrande
properties located in the northern portion of the Eeyou Itschee
James Bay mineral district.
As the world's focus on sustainable energy
sources continues to grow, the demand for lithium has surged,
primarily driven by its critical role in lithium-ion batteries used
in electric vehicles and renewable energy storage systems. To meet
this increasing demand, exploration for lithium resources has
expanded to previously untapped areas, and one such area of great
interest is James Bay.
Eeyou Itschee James Bay, located in Northern
Quebec, is known for its geological potential, and recent surveys
have identified significant lithium prospects in the region's
pegmatites. These lithium pegmatites are rich in the mineral
spodumene, a key source of lithium.
The first property acquired by Opus One Gold is
called ‘LaGrande” and is located within the La Grande lithium
exploration district. The property is located approximately 70 km
to the west of the Corvette discovery (Patriot Battery Metals) and
10 km to the south of the Cancet discovery (Windsome Resources).
The property consists of 3 claim blocks covering an area of 1,541
hectares. Prospecting programs outlined the presence of at least 18
pegmatites on the three blocks. Two of the three blocks are
accessible by the Trans-Taïga road using ATV’s. The third (and
smallest) block is more remote.
The second property, called ‘Wemindji’, is
located near the village of the same name, immediately to the west
of the MIA Lithium discovery (Q2 Metals). It consists of 1 claim
block covering 2,590 hectares. The property is located north of the
road leading to Wemindji and is easily accessible with ATV’s. The
MIA Lithium discovery consists of a series of spodumene bearing
pegmatites located along an ENE-WSW axis which might continue west
onto the Wemindji property. Our initial prospecting program
outlined a dozen pegmatites sites on the Wemindji property.
The summer field program was delayed because of
severe wildfires covering the entire region. Only in the fall could
the properties be finally accessed by land. A prospecting and
sampling program was completed on both properties in September. The
prospecting program identified multiple pegmatites occurrences on
both properties. The pegmatite intrusions range in thickness from a
meter up to several meters. Their length is quite variable but
could be hundreds of meters. In most cases, pegmatite extensions
are hidden under overburden which makes it difficult to assess
their true length.
Lithogeochemical sampling was carried out on
both properties in order to identify lithium mineralization which
is mostly in the form of spodumene (lithium silicate) in the
region. All samples were sent to an accredited laboratory for
analysis. Results are pending.
Louis Morin CEO of Opus One commented: Because
of the large territory covered by exceptional regional scale
wildfires during summer 2023 period, access by road to our Eeyou
Itschee James Bay projects was blocked until September.
Fortunately, compliant weather in September allowed two prospector
crews to access properties, open trails and perform exploration
work on two distinctive trips. Many pegmatite occurrences have been
observed on both properties. Collected samples have been submitted
to ALS laboratory for assays. We consider our initial pegmatites
observations as very encouraging for future work follow-up on our
lithium properties.
Coming up before year end is a field sampling
program both on Noyell and Courville gold properties to collect
more data for future drill programs. Although our Noyell is at a
definition drilling stage, we intend to acquire better knowledge
from some unexplored portions of the property. Those planned
sampling programs for 2023 are fully financed.
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
the Val-d'Or and Matagami mineral districts.
A qualified person, Pierre O’Dowd P.Geo, has
verified the data disclosed, including sampling, analytical, and
test data underlying the information or opinions contained in the
written disclosure as required by section 3.1 and 3.2 of
NI43-101.
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 anticipated
exploration program on the project, the results of such exploration
program, the development of the project and what benefits Opus One
will derive from the project, the expected demand for lithium.
Forward-looking information is 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’ control.
These risks, uncertainties and assumptions
include, but are not limited to, those described under “Financial
Instruments” and “Risk and Uncertainties in Opus One’ Annual Report
for the fiscal year ended August 31st, 2022, 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 the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the release.
For more information, please
contact:
Louis Morin
Chief Executive Officer & Director
Tel.: (514) 591-3988
Michael W. Kinley, CPA, CA
President, Chief Financial Officer &
Director
Tel: (902) 402-0388
info@OpusOneGold.com
Visit Opus One’s website:
www.OpusOneGold.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/13e304b8-1b53-4bd6-bcef-e105e000a690
Opus One Gold (TSXV:OOR)
Historical Stock Chart
From Nov 2024 to Dec 2024
Opus One Gold (TSXV:OOR)
Historical Stock Chart
From Dec 2023 to Dec 2024