Opus One Gold options La Grande property, Quebec
Opus One Gold Corp. [OOR-TSXV] 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, northern 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 all-terrain vehicles); 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 three 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-Taiga road using ATVs. The third (and smallest) block is more remote.
The terms of the option agreement between Opus One and the owners consist of a cash payment of $40,000; 4.25 million Opus One shares, valued at five cents per share; and one million warrants exercisable at 10 cents for a period of 18 months; all of the above divided within three claims owners based on their ownership percentage. The transaction is conditional upon TSX Venture Exchange 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 financed, and all needed crew has been secured.
Magna Terra Minerals Inc. [MTT-TSXV], the company from which 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 is completed, Opus One will own 100% of the Noyell property.
Opus One Gold 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, northwestern Quebec and Northeastern Ontario. Opus One holds assets in Val d’Or, Matagami and now James Bay areas.