Opus One drill results at Noyell shows growth promise

Opus One Gold (TSXV: OOR) says that drilling at its Noyell project near Matagami, Quebec, has redefined management’s interpretation for the project.

Hole NO-25-06 cut 8.4 metres (true width 6.6 metres) at 5.57 grams gold per tonne from 200 metres depth, Opus One said Monday in a statement. This was 90 metres below hole NO-25-01, which returned 7.3 metres at 4.12 grams gold.

After completing 5,104 metres in 2021 following the 2020 discovery, Opus One is conducting a 7,200-metre drill program on Noyell for 2025.

“Diamond drilling in the upper portion of Zone 1 continues to deliver significant mineralized intervals,” CEO Louis Morin said in a news release. “Grades are good, true thicknesses are good and continuity is good as well.”

Including current resources, the Abitibi Greenstone Belt has seen historical production of more than 200 million oz. gold. Major peers Agnico Eagle (TSX, NYSE: AEM) and Iamgold (TSX: IMG; NYSE: IAG), which operate within 50 km of Noyell, have shifted to deeper exploration as near-surface ounces depleted. Opus One’s focus on infill and step-out work aligns with that trend and aims to define an orogenic resource in the near term.

Opus One shares trading in Toronto last traded at 8.5¢ Monday after rising 325% over the past 12 months. The company has a market capitalization of $20 million (US$14.6 million).

Resource growth

Opus One owns the Noyell asset and controls 10 km along the Casa Berardi and Douay-Cameron corridors. It also has all-season access and nearby services. Noyell and the nearby Courville properties qualify for Quebec’s Plan Nord tax refund program, which helps to lower exploration costs.

Zone 1 was first intersected in 2020 when hole NO-20-02 cut 11.2 metres at 3.54 grams gold per tonne, including 3.7 metres at 7.96 grams gold.

The actual widths of the holes reported on Monday are 6.6 metres and 5.7 metres. These sizes exceed the 3 metres minimum for underground bulk-mining in orogenic veins. This implies that these widths could be minable.

This year’s plan entails testing 10 km of strike along two deformation corridors in the Abitibi Greenstone Belt. A recent biogeochemical survey flagged many unexplored targets across several kilometres.

More assays are pending from deeper holes while regional scouting continues, the company said.

* Correction: A prior version of this article erroneously mentioned a year-end target date for drilling a million-ounce resource. The company has not disclosed a definitive timeline.