Vior and Sigma near completion of Ligneris deal

An option agreement under which Sigma Mines (Quebec) may acquire a 50% interest in the Ligneris gold property of Vior Inc. is nearing completion, Vior reports.

The two companies signed the option agreement in March, 1985, the deal calling for payments totalling about $1 million and exploration funding amounting to $3 million, all monies to be spent within a 3-year period.

Vior President Claude St-Jacques said Sigma, controlled by Placer Dome, is about to make its final payment, a $300,000 instalment, by acquiring 50,000 shares of Vior at $6 per share. (At the end of the agreement, Sigma will hold 200,000 shares of Vior.) He also said Sigma is close to spending the $3 million total on exploration work.

St-Jacques said Vior is currently compiling the results of the 1987 exploration program on the Ligneris property, located in northwestern Quebec, 35 miles south of Joutel.

In other news, St-Jacques said Vior has earned a 35% interest in the Douay gold property in Quebec’s Casa Berardi area, as per its agreement with partners Inco Gold (40%) and Cambior Inc. (25%).

Exploration work undertaken during the fall, 1987, has doubled drill-indicated geological reserves at Douay to about 614,000 tons grading 0.23 oz gold per ton, St-Jacques said. A new drilling program and reverse circulation test campaign were started in January at the property.