FECTEAU PROPERTY – Regional Map
FECTEAU PROPERTY – Gold Targets
MONTREAL, Oct. 15, 2020 (GLOBE NEWSWIRE) — OPUS ONE Resources Inc. (the “Company” or “OPUS ONE”) – (TSX Venture Exchange: OOR), is pleased to announce that it has successfully amended the original option agreement on the Fecteau property in order to give the Company more time to complete its exploration effort on this strategically located property. For more details, see news release dated from June 27th, 2016.
The Fecteau property consists of 84 claims, located in the Urban-Barry greenstone belt, some 25 km to the east of Osisko’s Windfall deposit. It covers approximately 10 km of an east-west striking felsic volcanic package ending at both ends with a fold. Although the felsic package is of interest for base metal exploration (based on numerous gossans along the top of the unit), the overall environment, including the two folds at both ends of the felsic package, is particularly favorable for gold deposits.
In recent years, Opus One completed two programs of till sampling as well as lithogeochemical sampling, prospecting, trenching and limited drilling on a narrow quartz vein found at surface. Results are pending from the laboratory for the lithogeochemical sampling program. However, partial results are available for the till sampling programs. These programs outlined four gold target areas that have not been explored by drilling yet. These four unexplored gold targets are clearly significant and more exploration, in the form of ground geophysics and drilling, are planned for the coming year. The gold anomalies in the till (chemical analysis and gold counts) compare advantageously in intensity and quality with other anomalies associated with known deposits in the Abitibi and James Bay.
Based on these highly positive results, the Company decided to present to the property owners a proposition to amend the initial agreement in order to give the Company more time to complete its exploration effort. Under the amendment, the Company has agreed to pay the property owners an amount of $50,000, half of which is payable in common shares of the Company at a deemed price of $0.08 per share (312,500 common shares), as consideration for the amendment. Furthermore, as per the amendment, the Company now has until December 31, 2023 to acquire a 100 % interest in and to the Fecteau Property by completing its remaining payment and exploration expenditure obligations under the option agreement. As such, the Company’s remaining option payments total $250,000 (of which an amount of $75,000 is payable on or before January 31, 2021) and exploration expenditures commitments total $500,000 (of which an amount of $150,000 is to be incurred on or before December 31, 2021). Also, the parties have agreed that 50% of the remaining option payments to be completed by the Company under the option agreement, as amended, shall be payable in common shares of the Company at a price per share equal to the closing price