Opus One Gold Corp. Acquires a Second Property With Lithium Potential Near Q2 MIA Lithium Discovery
MONTREAL, June 28, 2023 - Opus One Gold Corp. (TSX-V: OOR) (the "Company" or "Opus One") is pleased to announce that it has reached an agreement for the acquisition of a 100% interest of a second property for lithium in the Eeyou Itschee Territory, James Bay, Quebec, in a district that is currently being intensively explored for its lithium potential by mining companies.
After months of property evaluations, the company elected to get involved in areas of the James Bay which are particularly active for lithium exploration. It took a while to the management to secure properties because of the restrictive parameters established by the company for property acquisition:
- The properties have to be located within prospective districts.
- The properties have to be accessible by land for low-cost exploration and development (trucks or ATV's)
- The properties have to show excellent potential for discoveries.
The terms of the option agreement between Opus One and the owners consists of a cash payment of 40,000.00$CDN, payable upon the closing of a future financing within the next 6 months; 4,250,000 Opus One shares, valued at 0.05$ per share and 1,000,000 warrants exercisable at 0.10$ for a period of 18 months; all of the above divided 50% within the two claims owners. The transaction is conditional upon TSX Venture Exchange (the "TSXV") approval
The chosen 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 consist of a series of spodumene bearing pegmatites located along an ENE-WSW axis which might continue west onto the Wemindji property.
A preliminary evaluation of the area consisting of a study of satellite images indicated the presence of several elongated pale colored rock formations, well exposed because of recent historical wildfires that are consistent with the presence of pegmatite dykes.
The company is gearing up for a summer prospecting, mapping and sampling program on both properties recently acquired in the area (Wemindji and LaGrande). A field crew should be mobilized in late July. The field program is fully funded.
Louis Morin CEO of Opus One commented: "Through the partnership we established with seasoned and dedicated prospectors, we are acquiring a second lithium property that again, 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.
OPUS ONE Resources 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 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) 826-1579
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/3fb9b237-6483-4195-8f4f-9434c32acf1e