Tres-Or Completes Its Option to Acquire 100% Interest in the Fontana Gold Project Claims from Globex Mining Enterprises Inc.
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2021) - Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) ("Tres-Or" or the "Company") is pleased to announce the completion of its November 2011 Option Agreement with Globex Mining Enterprises Inc. (TSX: GMX) (FSE: G1MN) (OTCQX: GLBXF) ("Globex") to acquire a 100% interest in 23 mineral claims comprising the Fontana Gold Project subject to Globex retaining a 2.0% NSR.
About the Fontana Gold Project Claims
The Fontana Gold Project is the most advanced project in the Amos area of Quebec. It has been the subject of considerable past work, including the sinking of a 92-meter shaft, excavation of 242 meters of underground workings, completion of over 300 drill holes, and processing of 22,047 tonnes of bulk sample material yielding 1,450 ounces of gold.
Gold mineralization within the Fontana Gold Zone occurs within quartz veins and veinlets spatially associated with a number of northeast-southwest and northwest-southeast trending shear zones. Multiple zones of high-priority gold occurrences have been reported, including:
- Bunkhouse Zone: Steeply dipping shear zone, extends for some 600 meters in a northeast-south-west direction. Gold occurs within white quartz veins with trace sulphides
- Hooper Zone: Shear zone hosting massive to semi massive sulphide veins, which extends west and northwest more than 100 meters from the Bunkhouse Zone
- Fontana Main Shear Zone: a northwest-southeast trending shear zone defined for some 400 meters.
Some of the best historic drill intersections were reported at the intersection of the Hooper and Bunkhouse zones, including 17.5 g/t gold over 38.1 meters (Drill Hole JB200B) and 17.1 g/t gold over 13.7 meters (Drill Hole JB200).
Photograph 1 - Tres-Or drill hole FT 17-01 representing a mineralized interval from the Hooper Zone where assays returned 46.1 g/t gold over 0.5m from a 52.5m to 53.0m interval (for additional information see Tres-Or news release December 8, 2017).
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Photograph 2 - Tres-Or drill hole FT 17-01 represents a mineralized interval from the Bunkhouse Zone where assays returned 10.4 g/t gold over 1.0m from an interval between 215.45m to 216.45m (for additional information see Tres-Or news release December 8, 2017).
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Recently, Tres-Or announced an Amended and Restated Option Agreement with Kiboko Gold Inc. ("Kiboko") to acquire the Company's interest in the Fontana Gold Project on or before June 30, 2022, by completion of an initial public offering of Kiboko securities having gross proceeds of a minimum of $3,000,000 (the "IPO"), as more particularly detailed in the Company's news release dated December 1, 2021. This restated option agreement, subject to TSX Venture Exchange approval, includes all 334 of the Company's contiguous claims, including Tres-Or's Duvay and Chenier gold project areas, and additional land that was staked to increase the project to more than 100 km2 of prospective terrain. The property represents a camp-scale opportunity for discovery in the heart of Canada's most prolific mining district, the Abitibi gold belt.
Having attained the Kiboko transaction, serves to complete the separation of Tres-Or's gold property assets from its current diamond property assets. Tres-Or will continue to focus on the exploration and development of its Quebec diamond assets (refer to Tres-Or news release November 16, 2021- Macrodiamond drill program completed at the Guigues diamond pipe) and continues to evaluate additional diamond project opportunities.
This news release was prepared by Laura Lee Duffett, P.Geo., President, Director and Chief Executive Officer of Tres-Or, in her capacity as a Qualified Person under National Instrument 43-101.
On behalf of the Board of Directors
"Laura Lee Duffett"
Laura Lee Duffett,
President and CEO
For further information
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 - info@tres-or.com
Dean Claridge, Business Development: +1 (604) 688-8700
Website: www.tres-or.com
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 or accuracy of this news release.
About the Company
Tres-Or Resources Ltd. is a Canadian resource company focused on exploring for diamonds and gold resources in the Témiscamingue and Abitibi regions of Québec and is listed on the TSX Venture Exchange under the trading symbol "TRS". Additional information related to the Company is available on SEDAR and on the Company's website (www.tres-or.com).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106940