Vior Acquires Gold and Base Metal Property in the Chibougamau-Chapais Area
February 28 2008 - 10:04AM
Marketwired
QUEBEC CITY, QUEBEC (TSX VENTURE: VIO)(FRANKFURT: VL5) announces
the signature of an agreement with Mr. Robert Gagnon ("the vendor")
by which it can acquired a 100% interest in the Barlow gold and
base metal property located 20 kilometres northwest of Chapais in
the Chibougamau area, Province of Quebec.
The Property
The Barlow property comprises 58 claims covering a surface area
of approximately 2171 hectares (21.72 square kilometres) in the
northeast section of the Abitibi Greenstone Belt. The property is
easily accessed by forest roads.
The Chapais area hosted several major former producing mines
including the Springer Mine - 12.5 million tonnes at 2.56% Cu and
1.23 g/t Au, the Perry Mine - 9 million tonnes at 3.06% Cu, 0.48
g/t Au and 21.94 g/t Ag and the Robitaille Mine - 196,000 tonnes at
2.04% Cu and 0.53 g/t Au.
The Barlow property covers the Blondeau formation and the
Cummings complex within the Gilman formation. Several fault systems
running in east-west and northeast-southwest directions can also be
observed on the property.
Four VMS showings containing pyrite, pyrrhotite, chalcopyrite
and sphalerite have been recognized on the property which has
remained relatively unexplored until now. Drilling in 1953 returned
values of 1.4% Cu over 6 feet (1.85 metres) without gold assays
having been performed (GM 4430-B). Values also obtained by
Falconbridge, (6.8% Zn over 0.6 metre, 3.3% Cu over 0.3 metre, 2
g/t Au over 0.5 metre and 4 g/t Ag over 1.6 metres (GM
27518,29157,30626) tend to confirm the VMS potential of this
area.
The Barlow property is also adjacent and within the possible
extension of the Cuvier deposit, (non-compliant Ni 43-101 resources
of 370,000 tonnes at 4 g/t Au). Closely associated with a shear
zone, this small deposit is located within the basalt/gabbros of
the Gilman formation. This northwest-southeast structure appears to
continue on the Barlow property.
The property is also adjacent to the East and West Barlow
properties recently purchased by MDN Inc. from Diagnos Inc. These
properties were identified by Diagnos using its CARDS
(computer-aided resources detection software) technology, which
helps define targets based on an analysis of all mining data bases
available for a given area.
The Agreement
Under the terms of the agreement, Vior has the option to acquire
a 100% interest in the Barlow property upon fulfilling the
following conditions:
- A cash payment of $10,000 upon signing of the agreement and
further optional payments of $10,000 on the 12th and 24th month
following the signature of the agreement.
- The issuance of 50,000 common shares of Vior in favour of the
Vendor at the signature of the agreement; the optional issuance of
50,000 additional shares on the 12th month of the agreement and
100,000 additional shares on the 24th and 36th month following the
signature of the agreement for a total of 300,000 common
shares.
- Exploration expenditures of $40,000 during the first 12 months
of the agreement; additional expenditures of $40,000 during the
following 24 months and $10,000 during the following 36 months for
a total amount of $90,000.
- A 1% NSR royalty if the property is brought into commercial
production. One half of this royalty can be repurchased at any time
for $1 million.
This agreement is subject to the approval of the regulatory
authorities. The common shares issued under the terms of this
agreement are subject to a four-month hold period after the
signature of the agreement.
This press release was prepared by Denis Chenard, Eng. a
Qualified Person as defined by National Instrument 43-101.
Sale of Uranium South Properties
Vior also announces that in partnership with Virginia Mines Inc.
("Virginia"), it has entered into an agreement with Northfield
Metals Inc. ("Northfield"), pursuant to which Northfield acquired
100 per cent interest in 297 claims jointly owned by Vior and
Virginia in exchange for 500,000 common shares of Northfield
(250,000 to Vior and 250,000 to Virginia). The agreement is also
subject to a 2 per cent net smelter return (NSR) royalty of which 1
per cent is in favour of Vior. Northfield may buy back 0.5 per cent
of this 1 per cent NSR royalty for $500,000.
Profile
Vior is a growing mining company focused on acquiring and
developing high quality, low risk gold and base metal resource
prospects in accessible mining areas of Quebec. The Company wholly
owns the Douay gold project on which an NI 43-101 compliant
independent resource evaluation was recently completed (See press
release dated November 7, 2007). Vior is aggressively pursuing
opportunities to develop working interests in mineral properties
that offer significant upside exploration potential. Vale Inco
Limited is the largest shareholder of Vior with an 11%
interest.
Sedar: Societe d'exploration miniere Vior inc.
The TSX Venture Exchange (TSX Venture) does not accept
responsibility for the adequacy or accuracy of this Press
Release.
Contacts: Vior Inc. Patrick Bradley President 514-235-1409
pbradley@vior.ca Vior Inc. Denis Chenard, P. Eng. Director,
Exploration 819-856-9743 datac.geo@tlb.sympatico.ca
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