Opus One Gold Corp (TSX-V: OOR) (the
“
Company” or “
Opus One”) is
pleased to announce that on May 23, 2023, it has reached an
agreement for the acquisition of a 100% interest in its first
property with strong lithium potential in the Eeyou Itschee
Territory, James Bay, Quebec, in a district that is currently being
intensively explored for its spodumene pegmatites by numerous
companies.
After months of property evaluations, the
company elected to get involved in this area of the James Bay which
is particularly active for lithium exploration. It took some time
for Opus One to secure these properties because of the restrictive
parameters established by the company for property acquisition:
- Properties selected must be located within prospective
districts.
- Properties selected must be accessible by land for low-cost
exploration and development (trucks or ATV’s).
- Properties must show excellent potential for discoveries.
The property is called ‘La Grande’ 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) and consists of 3 claim
blocks covering an area of 1,541 hectares. Prospecting by the
previous owner 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 terms of the option agreement between Opus
One and the owners consists of a cash payment of 40,000.00$CDN;
4,250,000 Opus One shares, valued at 0.05$ per share and 1,000,000
warrants exercisable at 0.10$ for a period of 18 months; all of the
above divided within 3 claims owners based on their ownership
percentage. The transaction is conditional upon TSX Venture
Exchange (the “TSXV”) approval.
The company is gearing up for a summer
prospecting, mapping and sampling program on the property. A field
crew should be mobilized in July, hoping that the wildfires issue
will be resolved by then. The field program is fully funded, and
all needed crew has been secured.
Louis Morin CEO of Opus One
commented: “We established a first partnership with
seasoned and dedicated prospectors. Our first lithium property
corresponds precisely to our corporate criteria as for
accessibility and mineral potential. At Opus One we are always
careful to wisely spend our funds to create maximum value for our
shareholders. We secured a first-class competent crew to conduct
our upcoming summer field program and we are fully financed to
proceed. We are also actively looking at other lithium projects to
enhance our portfolio.”
MAGNA TERRA MINERALS INC., the
company from winch Opus One is acquiring the Noyell gold property,
released an update about the property and the transaction on May
20, 2023. Opus One successfully completed its penultimate payment
in May, with the final payment due in May 2024. Once the final
payment will be completed, Opus One will own 100% of the Noyell
property.If you wish to consult Magna Terra’s press release, please
consult the following
link:https://feeds.issuerdirect.com/news-release.html?newsid=8495330933028191
OPUS ONE GOLD CORPORATION
Inc.
Opus One Gold Corp 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 now James Bay areas.
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 TSXV nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of the
release.
For more information, please
contact:
Louis Morin
Chief Executive Officer & Director
Tel.: (514) 591-3988info@OpusOneGold.com
Michael W. Kinley, CPA, CA
President, Chief Financial Officer &
Director
Tel: (902) 826-1579 info@OpusOneGold.com
Visit Opus One’s website:
www.OpusOneGold.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e06705db-dd86-4664-a855-ba1ec7ff0555
https://www.globenewswire.com/NewsRoom/AttachmentNg/28f3e37f-7778-415a-938e-a47d8e284b71
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