MONTREAL, QC / ACCESSWIRE / December 18, 2023 / VIOR Inc. (Vior or the Corporation ), (TSX-V:VIO)(OTCQB:VIORF)(FRANKFURT:VL51) is pleased to announce that it has executed a definitive agreement (the "Agreement") with Harvest Gold Corp. ("Harvest")., for Vior's Mosseau Gold Project (the "Project"), located approximately 70 kilometres west of Windfall Mining Group's Windfall gold deposit, near Lebel-sur-Quévillon, Quebec. The Project consists of 147 claims encompassing over 72 sq km and includes a 17.7km long gold-bearing structure.
The Agreement outlines the terms and conditions between Vior and Harvest, providing Harvest with the right to acquire up to a 100% undivided interest in the Project. This Agreement will be subject to receipt of all regulatory approvals, including acceptance and approval by the TSX Venture Exchange.
Agreement Terms and Highlights
Harvest will have the option to acquire up to a 100% undivided interest in the Project over a 4 1/2‑year period by completing the following terms and conditions:
Option Terms
Payment |
||||
|---|---|---|---|---|
Deadline |
Cash(1) |
Common Shares | Work Commitment(2) | Harvest Interest Earned(1) (4) |
Within three (3) business days of regulatory approval |
$50,000 |
2,000,000 |
Nil |
Nil |
Earlier of (i) the completion of a minimum $500,000 financing; or (ii) February 28, 2024 |
$50,000 |
2,000,000 |
Nil |
Nil |
On or before December 31, 2024 |
$100,000 |
2,000,000 |
$250,000 |
Nil |
On or before December 31, 2025 |
$100,000 |
2,000,000 |
$1,250,000 |
Nil |
On or before December 31, 2026 |
$100,000 |
2,000,000 |
Nil |
Nil |
On or before December 31, 2027 |
$100,000 |
2,000,000 |
$1,500,000 |
80%(3) |
If Harvest determines to acquire a 100% interest, on or before June 30, 2028 |
$1,500,000 |
Nil |
Nil |
100% |
Total: |
$2,000,000 |
12,000,000 |
$3,000,000 |
100% |
Notes:
(1) All dollar amounts referred to are stated in Canadian Dollars.
(2) All work in excess of the yearly minimum amounts will be applied to the subsequent year's Work Commitment.
(3) Subject to a 1% NSR royalty to Vior, of which 0.5% may be repurchased by Harvest Gold for $1,000,000 anytime after the publication of a 43-101 compliant mineral resource.
(4) If Harvest Gold does not elect to earn a 100% interest, either by failing to complete the required $1,500,000 payment (on or before June 30, 2028), or by notifying Vior in writing of its intent prior to such deadline, Harvest Gold and Vior will form a Joint Venture whereby Harvest Gold and Vior will respectively hold an undivided 80% and 20% interest. Thereafter, Harvest Gold and Vior will each fund all work expenditures in proportion to their respective interests in the Project and, if either party fails to pay its share of funding, a standard dilution calculation will apply.
Mark Fedosiewich, President and CEO of Vior, commented: "We are very pleased to announce this Agreement with an experienced, quality partner like Harvest Gold, who will ensure that the Mosseau Project receives the attention it deserves to fully uncover its gold potential. While Mosseau holds much exploration prospectivity, it has not been given the exploration commitment required to fully realize its potential, due to Vior's focus and efforts at our flagship Belleterre Gold and Skyfall Nickel Projects. This partnership ensures that the Mosseau Project is explored and developed, allowing Vior shareholders to benefit from the potential discovery of new gold deposits."
Qualified Person
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.
About Vior
Vior is a junior mineral exploration corporation 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 teams have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects. Vior is rapidly advancing two district-scale projects in Quebec, which include its flagship Belleterre Gold Project and Skyfall Nickel Project, along with several other promising mineral properties.
For further information, please contact:
| Mark Fedosiewich | Laurent Eustache | |
| President and CEO | Executive Vice-President | |
| 613-898-5052 | 514-442-7707 | |
| mfedosiewich@vior.ca | leustache@vior.ca | |
| www.vior.ca | ||
| SEDAR: Vior Inc. |
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.
Forward-Looking Statements
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 naturelle ("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
SOURCE: Vior Inc.
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