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Opus One hits 6.02 G/T gold over 2.5m and brings to light Its discovery near Matagami

Jun 23, 2021

Opus One Gold Corp. is presenting new drilling results and the extent of its gold discovery on its Noyell Gold project, located 25 km south of the town of Matagami. The final highlight of the winter drilling was obtained in our very last hole of the program, NO-21-12, which returned 6.02 g/t Au over 2.5 m in Zone 1.

The discovery area is located within an under-explored portion of the Casa-Berardi-Douay-Cameron deformation zone which host the Casa Berardi gold mine (actual gold producer) and the Vezza Gold Mine (past producer). The Noyell property is located 10 km to the east of the Vezza gold Mine, in the same geological environment.

A total of 5,104 metres in 12 holes were drilled on the property this winter. Holes NO-21-01 to NO-21-08 and NO-21-12 were drilled in the vicinity of the two successful holes drilled in 2020, at 50 m spacing to the east and below the latter. Holes NO-21-09 to NO-21-11 were drilled on IP anomalies in the eastern portion of the property. All results from the winter drilling program have been received and compiled.

The Main mineralized zone (Zone 1) strikes in an east-west direction and dips steeply to the south (see Figures at the end). So far, it has been recognized for over 600m laterally and from surface down to 350m. Its true thickness varies from 0.5m to 10m with an average of approximately 3-4m. The geometry of the mineralized zone is noticeably simple and continuity is excellent. Zone 1 appears to be spatially related to a narrow unit of oxide Iron Formation (2-3m thick). Most mineralized intercepts consist of a silicified stockwork of quartz and sulphides (pyrrhotite, pyrite and arsenopyrite). Best gold grades are associated with sulphide rich intervals. This zone could be, at least in part, related to replacement of the iron oxides by iron sulphides. In most instances, Zone 1 is located within a competent greywacke unit which is not broken up or sheared. The tables below show all results obtained within Zones 1 and 2 in 2021. Unreleased results from Zones 1 and 2 are from holes NO-21-07, 08 and 12

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Zone 2 is a gold anomalous tabular body located some 40 m to the north of Zone 1. At this stage, it is of limited economical interest.

Opus One Gold carried out a complete compilation and re-interpretation of recent and historical drilling and is presenting a longitudinal section of Zone 1 exhibiting the extent of the mineralized body at Noyell. All past and recent mineralized intervals pertaining to Zone 1 are presented in Table 3.

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The above table shows that 18 mineralized intervals (Metal Factor above 4.8) have intersected Zone 1 so far, including 10 historical holes. The longitudinal section of Zone 1 illustrates that, so far, the mineralization has been traced from surface (below 15-20 m of overburden) down to the 350 m level and laterally (east-west) for approximately 600 m. Zone 1 is open at depth and to the west. Hole NO-21-03 indicates that it also could be open to the east. It shall be noted that less than 10,000m of drilling has been completed on this zone so far, by four different operators, indicating that the discovery is still at a very early stage of exploration.

Exploration holes NO-21-09, 10 and 11 were drilled to probe IP anomalies found in a geological context that resembles the environment of Zone 1. However, none of these holes intersected Zone 1 type of mineralization. Even though sulphide rich intervals were cut, only weakly anomalous results were returned from these holes.

A preliminary observation about the genesis of this gold deposit is that it appears that the presence of oxide facies bedded Iron Formation (BIF) is necessary to mobilize the gold. The presence of a strong quartz-sulphide stockwork without BIF (like the one observed in hole NO-21-07) is not sufficient to attract and retain the gold flowing through the hydrothermal system. Although not all BIF's are associated with gold anomalies, they remain a good exploration tool for future drilling programs.

BIF's are lenticular sedimentary units. They can disappear laterally and vertically and reappear not too far away. This is what we observe in the eastern part of Zone 1 where the BIF is absent in holes NO-21-07 and 08 and reappears in hole NO-21-03. If this is confirmed, this deposit could comprise many zones.

Mr. Louis Morin, CEO, states: "Opus One Gold Corp is happy with the conclusion of its Winter 2021 drill program on its Noyell property. We got a better picture of our Gold bearing ore body that remains totally open towards West and depth (Ref: Figure 3). We found that our ore body has a remarkably simple geometry. This is especially encouraging as our drill holes were done at shallow depth and frequently, economical Gold deposits tend to be located at depth in Abitibi area. We achieved among the least expensive exploration program cost in Quebec province; this is compliant to our commitment in using efficiently our investors money on the ground."

All samples collected during the winter of 2021 drill program were prepared and assayed at ALS Minerals (Vancouver), a certified laboratory. Our QA/QC program consisted in the insertion of a control sample every 9 samples. Control samples consisted in a blank as well as two certified standards (one low grade and one high grade for gold). All samples above 5 g/t Au were re-assayed with FA. The gold value used in this report is the average of AA and FA results.


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