Opus One Gold announces the transfer of interest in the Fecteau property

NOT FOR DISTRIBUTION TO U.S NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MONTREAL, November 22, 2022 (GLOBE NEWSWIRE) — OPUS ONE Gold Corp. (the “Company” or “OPUS ONE”) – (TSX risk exchange: OOR), communicates that it has entered into an assignment and assumption contract dated November 21, 2022 (the “Assignment Agreement”) between Clarity Gold Corp (“Clarity”) and the two original options (the “Optioners”) pursuant to which the Company has obtained the option to acquire a 100% interest (the “Option”) in the property known as Fecteau Property located in the Province of Quebec (the “Property”). Pursuant to the Assignment Agreement, Opus One has assigned all of its rights and obligations with respect to a property option agreement dated June 20, 2016modified September 29, 2020 (the “original option Agreement”) to Clarity to acquire a 100% interest in the Property.

Fecteau Property Highlights

  • 30 km east of Osisko Mining’s unexpected lake project and Bonterra Resources’ gladiator project (Figure 1).
  • 9 mineral exhibits including:
    • Lake Fecteau East: 2.42 g/t Au over 2.65 m, 1.82 g/t Au over 4.9 m in drill core
    • Buteux-Marceau: up to 4.11 g/t Au in random samples
    • Lac Pistolet: up to 1.08 g/t Au and 1.91% Cu in random samples
    • Desgagné: up to 1.00 g/t Au in trench over massive sulphide
    • Lake Fecteau Nord: 1.71 g/t Au over 1.5 m in drill core
    • Lac Fecteau Porphyry: up to 7.09 g/t Au in random samples
  • 5 new exploration targets generated from sampling up, some of which have been followed up with an IP survey.
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“With Osisko and Bonterra’s continued successes in this trend and overall gold holdings in Abitibi as a whole, we are excited to continue our exploration in the belt and this project shows the mineralization, alteration and structural complexity we are looking for.” fixed james rogers, CEO. “We are excited to get to work to advance the goals that Opus has worked diligently to define.”

Fecteau’s property

  • The property consists of a block of claims containing 107 claims for a total of 5,979.02 hectares in the Urban-Barry Windfall mining district.
  • The property is known to host two types of mineralization: VMS (Cu-Zn-Au) and mesothermal gold. Both styles of mineralization will be the subject of the Company’s program.
  • VMS targets are represented in the field by numerous semi-massive to massive sulfide gosans located along and near an east-west trending rhyolite-dacite contact observed along 10 km strike. Previous near-surface drilling intersected anomalous intervals of copper and zinc associated with anomalous gold.
  • Auriferous quartz mesothermal veins are observed at both ends of the property (western and eastern portions) where the volcanic sequence folds. Metric wide shear veins developed from east to west parallel to the axial plane of the folds. This drill program will target potential dip or dip extensions of known mineralization.

About the Assignment Agreement

In consideration for the Option, Clarity has agreed to pay Opus One a cash payment of $60,000payable within 15 days following the date of the Assignment Agreement.

Pursuant to the Assignment Agreement, Clarity will assume all of Opus One’s obligations under the Original Option Agreement to acquire the Property, including, but not limited to, making certain cash payments and issuing common shares in Clarity’s capital (each one, oneClarity Share”) to Bidders and incur certain exploration expenses on the Property as follows:

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Date Payments ($CAD) Issues of Shares Exploration Expenses
on or before December 31, 2022 $180,880
on or before January 31, 2023 $37,500 $37,500 Clarity stock value
on or before December 31, 2023 $12,500 $12,500 Clarity stock value $200,000

Clarity Shares will be issued at a price per Clarity Share equal to the closing price of such Clarity Shares on the Canadian Stock Exchange (the “CSE”) on the trading day immediately preceding the date of issue, subject to applicable securities laws and CSE policies.

neither him TSX risk exchange nor your Regulation Services Provider (as that term is defined in the policies of the TSX risk exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, contact:

luis morinCEO and Director
T (514) 591-3988
[email protected]

Michael W. KinleyC.P.A., California
President, CFO and Director
Phone (902) 826-1579
Phone (902) 826-2550
C (902) 402-0388
[email protected]

Visit the Opus One website: www.OpusOneGold.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/de3a241a-ba1a-4a7c-ac66-f9e5a1853a07

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Figure 1

Figure 1

Font: Opus One Gold Corporation Inc.

2022 GlobeNewswire, Inc., source Press Releases – Canada

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