Vior Acquires New Nickel-Copper Property in La Tuque Region, Quebec
April 04 2008 - 10:04AM
Marketwired
QUEBEC CITY, QUEBEC (TSX VENTURE: VIO)(FRANKFURT: VL5) announces
that is has signed a letter of agreement with four vendors (the
"Vendors") pursuant to which Vior can acquire the Kennedy
nickel-copper property located 30 kilometres north of the town of
La Tuque, Province of Quebec.
The Property
The Kennedy property comprises 10 mining claims totalling 579
hectares and is adjacent or partly included in the Kennedy Lake
property already 100% owned by Vior. The Kennedy Lake property
comprises 104 claims covering 6022 hectares. These properties are
easily accessible by forest roads or all-terrain vehicles.
The Potential
From ground observations recently collected on the property, the
nickel-copper mineralization observed on the Kennedy showing is
associated with a pyroxenite intrusion similar to that observed on
the Lac Edouard property, (best mineralized intersection: 2% Ni et
0.5% Cu over 25.6 metres) located 35 kilometres to the
east-southeast.
Chosen samples from the Kennedy Lake mineralized pyroxenite
returned up to 0.8% Ni and 0.3% Cu. Drill hole F-4 (1972), returned
0.5% Ni and 0.3% Cu over 2.44 metres.
The Lake Kennedy mafic-ultramafic intrusion forms a
differentiated sill covering an area of one kilometre by 500
metres, with a west-northwest orientation. This sill consists of
peridonite, pyroxenite and gabbroic rocks. The intrusion is
embedded in gneiss quartzofeldspathic and in migmatites. The
pyrrhotite, chalcopyrite and pyrite mineralization, contained in
the pyroxenite, varies from 1% to 2% and reaches 10% at times.
Traces of mineralization can also be observed within the
gabbro.
The Agreement
Under the terms of the agreement, Vior has the option to acquire
a 100% interest in the Kennedy property upon fulfilling the
following conditions:
- The issuance of 250,000 common shares of Vior in favour of the
Vendors at the signature of the agreement; the optional issuance of
200,000 additional common shares on the 18th month following the
signature of the agreement and the final optional issuance of
50,000 shares on the 24th and 36th month respectively following the
signature of the agreement.
- Exploration expenditures of $50,000 during the first 12 months
of the agreement and additional expenditures of $100,000 during the
following 24 months for a total amount of $150,000 over the 36
month period
- 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.
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 www.vior.ca
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