Opus One Gold Corp Acquires First Property With Strong Lithium Potential
MONTREAL, June 22, 2023 - 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 Corp. 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) 591-3988
info@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
