OPUS ONE Identifies Potential for Gold Rich Base Metal VHMS Type Deposits on Fecteau and Discloses Winter Drill Results
MONTREAL, June 26, 2018 (GLOBE NEWSWIRE) -- OPUS ONE Resources Inc. (the “Company” or “OPUS ONE”) – (TSX-V:OOR), is pleased to announce that recent exploration and compilation work has convinced the company that the Fecteau property hosts significant potential for gold rich base metal VHMS (Volcanic Hosted Massive Sulphides) type deposits. The Fecteau property is located in the Urban-Barry gold district where Osisko Mining recently disclosed a new resource calculation of 0.6 Moz gold indicated and 2.3 Moz gold inferred. (See Osisko Mining Inc. May 14th 2018 press release)
In addition to its gold potential, Fecteau hosts a well-developed and folded unit of felsic volcanics that can be followed for approximately 15 km. The summit of the felsic unit is capped by a zone of sulphides (gossans with stringers to locally massive sulphide mineralization) creating strong sub-vertical EM conductors over ten (10) kilometers along the North flank of the Fecteau syncline and five (5) additional kilometers along the South flank. Although no massive sulphide deposit has yet been discovered on the property, numerous significant base metal results have been obtained at surface or in drill intercepts on the property. Among historical base metal results we note: 1.56% Zn over 5.6 m (Drill hole # FEC-98-01- GM56272); 1.6% Zn over 1.2 m (Drill hole #87-2- GM46447); 2.5% Cu, 1.85 g/t Au (Grab sample -GM58429) and 1.9% Cu, 1.08 g/t Au (Grab sample- GM48455). (Source: SIGEOM public database)
The property is known for its precious metal potential as demonstrated by the six (6) gold showings discovered to date. Most of these gold showings are actually hosted by felsic units all over the property, especially close to NNE-SSW and E-W structures.
During the last winter, ten (10) drill holes totalling 1,671 m were completed with the main objective being to follow up on the discovery of a new surface gold showing exposed during the summer of 2017 stripping program (See November 28th 2017 press release) with 50 metre systematic step outs. Other geophysical targets were also drill tested. Results show a high gold background over several metres within a sericite altered rhyolitic unit hosting a quartz vein and stockwork with 2-3% finely disseminated pyrite in the vicinity of the surface showing and over a total horizontal length of 200 metres. Holes FEC-18-02 to FEC-18-08 returned a total of 93 assays above 0,1g/t Au. The following table lists weighted averages gold values from the best mineralized intervals obtained during the winter drill program.
|Hole #||From||To||Length (m)||Au g/t|
All holes intersected a sequence of mafic to felsic volcanics, with local sericite or black chlorite pervasive alteration. Sulfides bearing quartz veins and stockwork zones were systematically sampled for gold assaying.
A general location map of the Fecteau property with drill hole locations and a close up map of the 2017 gold showing area with traces of 2018 diamond drill holes can be found at the link indicated at the end of the release.
During the summer months, Opus One will focus its exploration effort on Fecteau towards a till survey and detailed mapping and sampling in order to define future targets.
Mr. Louis Morin, CEO, states: "Following a recent property visit, the management of the company is very pleased with the new developments on the Fecteau property. Latest results are significant as those have provided very important information as it will help our technical team in its understanding of the incredible mineral potential of the property."
Fecteau is a gold property which consists of 90 mining claims covering an area of 5,078 hectares located in the highly prospective Urban-Barry greenstone belt, 30 kilometers east of the Osisko Mining Windfall Lake and Lynx projects. The property is easily accessible via a good network of logging roads. The area is underlain by rocks of Archean age of the Fecteau formation. The property hosts 8 historical gold and base metals (Cu and Zn) occurrences with gold grades varying from 1 g/t to up to 8 g/t. The property is surrounded by Osisko Mining claims.
Samples collected during the 2018 drill program were dispatched from Chapais to Laboratoire Expert, Rouyn-Noranda for processing. Standard and blank QA-QC samples were introduced in the sample series at regular intervals in the field. All samples were processed according to Laboratoire Expert’s internal quality control procedures. They were analyzed following standard pyro-analyses technics “Fire Assay-Atomic Absorption”. Samples which returned values equal or greater than 5.0 g/t were reanalyzed by gravimetric method.
About OPUS ONE Resources Inc.
Opus One Resources Inc. is a mining exploration company focused on discovering high quality gold and base metals deposits within strategically located properties in proven mining camps, sometimes 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 Chibougamau areas. Bachelor Extension property is adjacent to Metanor Resources Inc.- Bachelor Gold Mine, Vezza Extension and Vezza North are located few kilometers West and North of Nottaway Resources Vezza Mine. Courvillle property is located east of Val D’Or.
In addition, Opus One has also optioned three properties, all easily accessible by a network of all season roads: Fecteau property, located in the Urban-Barry greenstone belt, east of Osisko Mining’s Windfall Lake deposit, currently one of the most active exploration area in Canada; Winwin property, located directly North of Iamgold’s Monster Lake property, and the Grizzly property, located 40 kilometers north-west of the city of Chapais in a similar geological setting to Northern Superior’s Croteau East project.
Tony Brisson, P. Geo and director of Opus One, acts as a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical information in this press release.
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 development of the Grizzly Property, or if any of them do so, what benefits OPUS ONE will derive. Forward-looking information are 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 Resources Inc.' control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risk Factors” in OPUS ONE’s management discussion and analysis for the year ended August 31, 2016, 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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Louis Morin, CEO & Director
T (514) 591-3988
Michael W. Kinley, CPA, CA
President, CFO & Director
T (902) 826-1579
F (902) 826-2550
C (902) 402-0388
Visit Opus One’s website: www.OpusOneResources.com
Maps accompanying this announcement are available at
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