Vior Enters Into a Second Agreement With Iluka: Big Island Lake Rutile Project, Quebec
QUEBEC CITY, May 01, 2018 (GLOBE NEWSWIRE) -- SOCIÉTÉ D’EXPLORATION MINIÈRE VIOR INC. ("Vior"), (TSX-Venture:VIO) (FRANKFURT:VL51) – is pleased to announce that it has entered into a second option and joint venture agreement with Iluka Exploration (Canada) Ltd. ("Iluka"), a wholly-owned subsidiary of Iluka Resources Limited (ASX:ILU), one of the largest producers of the high-grade titanium dioxide products of rutile and synthetic rutile. Iluka has been granted an option to earn an interest in the 69 mining claims comprising the Big Island Lake rutile project, 100%-owned by Vior, which covers 3,783 hectares situated 25 kilometers north of the town of Havre-St-Pierre, in the North Shore region of Quebec.
Under the agreement, Iluka may earn an initial 51% interest (First Option) in the Big Island Lake project by incurring exploration expenditures totalling $200,000 before March 31st, 2019. After earning an initial 51% interest, Iluka may elect to increase its interest to 90% (Second Option) by incurring an additional $1,500,000 in exploration expenditures before March 31st, 2021.
Upon completion of the Second Option, Vior and Iluka will bear all costs according to their participating interest in the Big Island Lake project. Any joint venture party’s interest reduced to 5% or less will be either sold to the other joint venture party at a price to be agreed to or converted to a 2% net smelter return royalty on precious and base metals and a 2% gross revenue royalty on mineral substances (other than precious and base metals).
“We are extremely pleased to have signed a second agreement with Iluka for our Big Island Lake rutile project. Iluka is an outstanding joint venture partner with a global footprint and expertise in rutile and mineral sands. We look forward to working closely with them in advancing both our Foothills and Big Island Lake rutile projects in Quebec”, stated Mark Fedosiewich, Vior’s President and CEO.
Big Island Lake Project
The project lies within the Havre-St-Pierre Anorthositic Complex where several massive ilmenite (iron-titanium) showings were identified, including the Lac Tio mine currently in operation, located 19 kilometers to the northeast. In the summer and fall 2016, Vior carried out a reconnaissance program on the Big Island Lake project followed by a channel rock sampling program on the main rutile (titanium dioxide) showing known as the Big Island Lake prospect.
As mentioned in the Company’s press release of January 16th, 2017, the Big Island Lake prospect lies as an east-west oriented massive ilmenite horizon outcropping sporadically over a strike length of at least 280 meters. A first field visit confirmed the presence of rutile associated to ilmenite and selected rock sampling returned titanium (TiO2) between 44.2% and 48.4%. During a second field visit four channels totaling 45.1 meters were sampled over the mineralized horizon in order to better document the distribution of the rutile within the Big Island Lake massive ilmenite showing. The weighted average titanium and iron values for each channel are presented in the table below:
| From (m) | To (m) | Length (m) | TiO2 (%) | Fe2O3 (%) | |
| Channel 1 | 1.4 | 9.4 | 8.0 | 39.2 | 51.0 |
| Channel 2* | 0 | 9.0 | 8.6 | 36.8 | 53.7 |
| Channel 3 | 0 | 5.0 | 5.0 | 33.3 | 49.5 |
| 10.8 | 18.5 | 7.7 | 41.6 | 51.3 | |
| Channel 4a | 0 | 8.3 | 8.3 | 35.1 | 49.8 |
| Channel 4b | 0 | 2.2 | 2.2 | 45.2 | 49.2 |
* a section of 0.4 meter could not be sampled on the outcrop
Rutile mineralization is present in every channel over a thickness varying from 1 to 6 meters with concentration ranging from traces to locally 15% in the rock. Rutile is systematically associated to massive ilmenite and disseminated rutile crystals can also be observed in anorthosite blocks and fragments trapped within the rutile-rich massive ilmenite mineralization.
Generally the presence of rutile in the ilmenite increases the TiO2 content beyond 40% whereas the massive ilmenite without rutile shows a TiO2 content varying from 30% to 39%. Historically, rock samples collected on other massive ilmenite showings on the project returned some TiO2 values over 40% which could suggest the presence of rutile.
Vior and Iluka are currently designing their 2018 exploration program on the Big Island Lake project which should include a comprehensive geophysical survey, ground follow-up and diamond drilling.
About Vior
Vior is a 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.
The technical content disclosed in this press release was reviewed and approved by Mr. Marc L'Heureux, P.Geo., who is the Company's Qualified Person as per NI 43-101.
| For further information, please contact: | |
| Mark Fedosiewich | Marc L’Heureux |
| President and CEO | Vice-president, Exploration |
| Tel.: 613-898-5052 | Tel.: 450-646-1790 |
| mfedosiewich@vior.ca | mlheureux@vior.ca |
Website: www.vior.ca
SEDAR: Société d’exploration minière Vior inc.
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