SOQUEM, a subsidiary of provincial government corporation Investissement Quebec, has signed a letter of intent with Vior Inc. (TSXV: VIO; US-OTC: VIORF) on the junior’s Skyfall nickel project in the province’s Abitibi Greenstone Belt, 150 km east of Lebel-Sur-Quevillon and 102 km south of Chapais.
Under the LOI, SOQUEM has the option to acquire 50% of Skyfall and Vior will own the remainder and become the project operator. SOQUEM will pay $350,000 in cash over a two-year period and finance $2.5 million in exploration costs over the same timeframe.
The companies expect a definitive option agreement will be completed by Jan. 25.
“This partnership with SOQUEM, a well-financed and socially responsible exploration company in Quebec, demonstrates the Quebec Government’s strong commitment to aggressively explore and develop high-potential strategic metals projects for the North American battery metals market,” Mark Fedosiewich, Vior’s president and CEO, stated in a news release.
Vior, whose flagship asset is the Belleterre gold project, also in Quebec, says Skyfall is prospective for both gold and nickel.
When the company first stated consolidating the now 515-sq-km Skyfall project, it believed that the project had gold mineralization potential given its location due east of Osisko Mining’s (TSX: OSK) seven million oz. gold Windfall project, in the province’s Urban-Barry greenstone belt. “This region is known for its gold deposits, and the Skyfall project still has the potential to be an extension of the urban deformation zone,” the company stated in its Dec. 21 news release.
“However, following the 2022 field season, Vior recognized that the Skyfall project…encompasses the entire geological assemblage of a favorable host for potential nickel deposits not previously known. It is this shift in geological potential that has convinced the team at SOQUEM to pursue a partnership that will help to rapidly advance the understanding of Skyfall’s district-potential and unlock the untapped possibilities of this promising region.”
Vior notes that field mapping and sampling have identified volcanic textures including spinifex, differentiated flows, cumulates and ultramafic sill along with confirming an ~30 km geochemical signature indicative of a komatiite domain. It has also identified a geophysical signature spanning 47 km, which it describes as “typical” of known Archean Sulphide-Rich Komatiite type deposits.