SOCIÉTÉ D'EXPLORATION MINIÈRE VIOR INC. - is pleased to announce the beginning of a high-resolution helicopter-borne magnetic survey over its 100%-owned Foothills property, located in St-Urbain, 100 kilometres east of Quebec City.
The survey will cover the southwestern portion of the property where numerous rutile-bearing ilmenite boulders have been identified by surface exploration. The area to be surveyed is located mostly within the St-Urbain anorthositic complex and covers the contact zone with the regional host rock, which is expected to be the potential source of the rutile mineralization.
The data acquired from the magnetic survey will aid in measuring the variations in the magnetic response of titanium-rich, rutile-bearing rocks versus the other iron-bearing rocks like hemo-ilmenite. Rutile-bearing rocks typically exhibit a lower magnetic response.
The instrumentation used for the survey is a Colibri magnetic gradiometer system provided by Novatem Inc. Flight lines are surveyed at a 50-metre spacing covering an approximate area of 107 km2, totalling 2,400 line-kilometres.
A comprehensive field sampling program and mapping is planned for spring and summer 2015 to follow-up on magnetic targets that will be generated for the current survey.
In the industry, most of rutile and ilmenite is processed into non-toxic white titanium dioxide pigment for use in the manufacture of paints, plastics, paper, textiles, cosmetics and ceramics. Rutile is also used to produce titanium metal for use in aircraft, spacecraft, surgical implants, motor vehicles and desalination plants (source: Geoscience Australia website). The forecast for the price of the rutile on the market is estimated between US$1,110 and US$1,500/tonne for the years 2015 to 2017 (sources: RBC Capital Markets' Estimates and Crédit Suisse).
Update on the Company' Profile
Most recently, the management of Vior proceeded to the first share consolidation of the Company since its inception in 1984. Concurrently, a $100,000 non-brokered private financing was also closed by the issuing of common shares. Despite the poor market conditions, the Company is in a very good shape to move forward with its exploration activities with a new structure of 22,103,744 shares outstanding (22,956,744 fully diluted) and a sound balance sheet with $1.85M (as of Sept. 30th, 2014) in working capital, no debt. The Company also owns 20.7 M shares of Aurvista Gold Corp. (TSX VENTURE:AVA) representing a book value of $1.76M (as of Feb. 17th, 2015).
This press release was prepared by Mr. Marc L'Heureux, P.Geo. who is the Company's Qualified Person as defined by National Instrument 43-101.
Profile Vior's strategy is to generate, explore and develop quality projects in the best proven an accessible mining areas. Vior owns approximately 29.8% of the share capital of Aurvista Gold Corp. (TSX VENTURE:AVA), the owner of the gold Douay project, which contains a NI 43-101 compliant Mineral Resource of 114,652,000 tonnes at 0.75 g/t gold (2.8 million ounces of gold) in the Inferred category and 2,689,000 tonnes at 2.76 g/t gold (238,433 ounces of gold) in the Measured and Indicated categories, at a cut-off of 0.3 g/t gold (Aurvista press release of October 16, 2014).
SEDAR: Société d'exploration minière Vior inc.