Vior and SOQUEM Sign LOI to Exchange Quebec Mineral Properties, Allowing Vior to Consolidate Another Promising Gold Exploration Project
MONTREAL, QC / ACCESSWIRE / September 2, 2021 / Vior Inc. (“Vior” or the “Corporation”), (TSXV:VIO)(FRANKFURT:VL51) is pleased to announce that it has executed a Letter of Intent (the “LOI”) with SOQUEM Inc. (“SOQUEM”), a subsidiary of Investissement Québec. The LOI consists of an exchange of mining interests, whereby, Vior will transfer its 42.3% interest in the Domergue properties (SOQUEM 57.7% - Vior 42.3%) in exchange for SOQUEM’s transferred interest in its Verneuil properties (100% - SOQUEM). There will be no cash or share payment exchange considerations, however, SOQUEM and Vior have agreed to grant to each other a 0.5% net smelter return (“NSR”) royalty on their respective assets, of which, each 0.5% NSR granted may be repurchased for the sum of a $250,000 cash payment. A definitive agreement for this arrangement is expected to be executed on or before September 30, 2021.
This transaction will allow each party to better consolidate their respective project holdings and to further advance their individual corporate objectives. SOQUEM will benefit by a 100% ownership interest in the Domergue property located in the continuity of their Base Metal SMV potential Clairy project (jointly owned with Niobay Metals Inc.). Vior’s new 100% undivided interest in the Verneuil property, will add 32 claims (13.88 square kilometers) in direct continuity to its Morono “M” gold deposit on which a historic mineral resource has been calculated (see press release dated March 22, 2017) on its 100%-owned Mosseau property (see maps below). The combined Mosseau-Verneuil gold project will now encompass a total of 105 claims and cover an area of 50.68 square kilometers.
“Vior’s focus continues to be on it’s flagship Belleterre gold project, in advance of our exciting Fall 2021 drill program,” stated Mark Fedosiewich, Vior’s President and CEO. “This LOI agreement with SOQUEM, however, immediately provides both parties with a recognized win-win solution to strengthen and consolidate ground in areas that best suit their respective corporate objectives and interests. It will also allow each company to better focus their exploration efforts within a consolidated and larger-scale project, while looking to enhance their project’s value. Vior would like to thank SOQUEM for the long-term beneficial relationship that it enjoys with the Quebec sponsored corporation in its development of Quebec’s mineral wealth.”
Figure 1. Regional Map of Vior’s Land Package in the Mosseau-Verneuil area
The technical content disclosed in this press release was reviewed and approved by Laurent Eustache, Executive Vice-President for Vior and Qualified Person as per NI 43-101.
Vior is a hybrid junior mining exploration company based in Quebec whose Corporate strategy is to generate, explore and develop high-quality projects in proven and favourable mining jurisdictions in North America. Through the years, Vior’s management and technical team have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects.
SOQUEM, a subsidiary of Investissement Québec, is dedicated to promoting the exploration, discovery and development of mining properties in Quebec. SOQUEM also contributes to maintaining strong local economies. A proud partner and ambassador for the development of Quebec’s mineral wealth, SOQUEM relies on innovation, research, and strategic minerals to be well-positioned for the future.
For further information, please contact:
President and CEO
Tel. : 613-898-5052
Tel. : 514-442-7707
Web Site: www.vior.ca
SEDAR : Vior inc
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program on the Belleterre project, the expected positive exploration results, the timing of the exploration results, the ability of the Corporation to continue with the exploration program, the availability of the required funds to continue with the exploration and the approval from the Ministère de l’énergie et des ressources naturelles (“MERN”) of the request for abandonment of the two mining concessions filed by 9293-0122 Québec Inc. are forward-looking statements. Forward-looking statements are generally identifiable by use of the words “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “to earn”, “to have’, “plan” or “project” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Corporation’s ability to control or predict, that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, the possibility that future exploration results will not be consistent with the Corporation’s expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks, the refusal by the MERN to approve the request for abandonment of the two mining concessions held by 9293-0122 Québec Inc. as well as those risks identified in the Corporation’s annual Management’s Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Corporation has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
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 this release.
SOURCE: Vior, Inc.
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