Drill Program Commences at the Fontana Gold Project, Quebec
14.01.2013 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Jan. 14, 2013) - Tres-Or Resources Ltd. ("Tres-Or") (TSX VENTURE:TRS) is pleased to report that the Fontana Gold Project winter drill program is underway. Aurizon Mines Ltd. (TSX:ARZ) (NYSE Amex:AZK) ("Aurizon") is the project Operator and plans to complete an initial 4,350 metres of NQ diamond drilling in the main area of the historic non-National 43-101 Fontana gold deposit, located in the Abitibi Greenstone Belt approximately 16 kilometres northeast of Amos, in Duverny Township, Quebec. The main goal of this drilling campaign will be to initially evaluate the potential for a large near surface deposit.This first program includes 14 drill holes designed as a series of 1.0 kilometre long drilling fences to drill test intersecting mineralized structures following two perpendicular orientations. The first seven holes are designed to test historical drill holes with high grade gold intersections on known structures. An additional seven drill holes are planned where historical high grade gold values are known outside the main mineralized structures.
Aurizon completed channel sampling programs on the historical mineralized trenches of the Fontana deposit earlier this fall. The channel sampling program was designed to evaluate the low grade potential of the wall rock surrounding the main mineralized vein systems and their surrounding altered granodiorite host rocks.
More than 10,000 mineralized intervals from historical drill holes have been compiled and integrated into a proprietary database. This information combined with the detailed airborne magnetic and electromagnetic data flown in January 2012 and integrated with the recent ground magnetic survey completed at Fontana this summer, provides an important tool for understanding of the geometry and potential projection of the mineralized systems.
Tres-Or signed an Amended and Restated Option Agreement with Aurizon which incorporates an option over both the Fontana and Duvay Gold Projects, covering more than 6,356 hectares in Duverny and Dalquier Townships, Quebec (see news releases dated June 19, 2012 and July 30, 2012).
Under the Amended Agreement Aurizon can earn an initial 50% interest in the Fontana and Duvay Properties, subject to underlying royalties, as follows:
- Making cash payments totaling $2,300,000;
- Incurring exploration expenditures totaling $10,000,000 on or before September 26, 2015.
Upon earning a 50% interest Aurizon will have the option to acquire a further 15% interest by funding a pre-feasibility study on one or more of the Optioned Properties or incurring an additional $20,000,000 of expenditures over a three year period.
In the event that a Joint Venture is formed, Aurizon will be required to make a resource payment related to Tres-Or's percentage interest in the gold contained in the Optioned Properties at that date, as calculated by an independent NI 43-101 compliant resource estimate as follows: $30 for each measured ounce; $25 for each indicated ounce; and $15 for each inferred ounce.
Martin Demers, P.Geo., Aurizon's Exploration Manager and a qualified person as defined by National Instrument 43-101 has reviewed and approved the contents of this news release. This press release was prepared by Laura Lee Duffett, President and CEO of Tres-Or, a qualified person by the standards of National Instrument 43-101.
On behalf of the Board of Directors,
Laura Lee Duffett
President and CEO
About Tres-Or Resources Ltd.:
Tres-Or Resources Ltd. (TSX VENTURE:TRS) is a Canadian resource company focused on exploring for gold and base metal resources in the Abitibi Greenstone Belt in northwestern Quebec. Additional information related to the Company is available at: www.tres-or.com or at: http://www.facebook.com/TresOrResourcesLtdTrsv.
To view the Fontana Gold Proprety Historical Drill Data, please visit the following link: http://media3.marketwire.com/docs/MapFontana.JPG.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Contact
Tres-Or Resources Ltd.
Dominic Spedaliere, Corporate Communications
604-688-8700
Tres-Or Resources Ltd.
Dean Claridge, Business Development
604-880-1865
info@tres-or.com
www.tres-or.com