TRES-OR EXPLORATION UPDATE FOR THE FONTANA AND DUVAY GOLD PROJECTS, QUEBEC 30-Jul-2012
Tres-Or Resources Ltd. (“Tres-Or”) (TSX-V: TRS) is conducting summer fieldwork on its Fontana and Duvay Gold Projects, located in the Abitibi Greenstone Belt approximately 16 kilometres northeast of Amos, in Duverny Township, Quebec. The fieldwork includes site-specific geophysical, geochemical and sampling programs at the Fontana and Duvay priority gold occurrences, plus regional prospecting and sampling across the claims.
This summer’s site specific program at the Fontana and Duvay targets is beginning with a high-resolution ground magnetic survey, followed by selected channel samples to better define gold distribution. This fieldwork will be integrated with on-going data compilation and geological interpretation based on more than 250 historical drill holes at Fontana to select a drilling approach later this year.
The regional prospecting and sampling program is designed to identify new gold occurrences, and to follow-up on magnetic and electromagnetic (EM) anomalies interpreted from Tres-Or’s proprietary airborne geophysical survey flown in January 2012. Tres-Or signed an Amended and Restated Option Agreement with Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) (“Aurizon”) which incorporates an option over both the Fontana and Duvay Gold Projects, covering more than 6,356 hectares, including 148 claims in Duverny and Dalquier Townships, Quebec (see news release dated June 19, 2012).
Under the Amended Agreement Aurizon can earn an initial 50% interest in the Fontana and Duvay Properties, subject to underlying royalties, as follows:
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.
Upon formation of a Joint Venture, Aurizon will also 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.
Laura Lee Duffett, President and CEO of Tres-Or, a qualified person by the standards of National Instrument 43-101, is overseeing the project for the Company and is responsible for the content in this news release.
On behalf of the Board of Directors
TRES-OR RESOURCES LTD.
“Laura Lee Duffett”
President and CEO
Tel: +1 604-688-8700
About Tres-Or Resources Ltd.:
Tres-Or Resources Ltd. (TSX Venture: TRS) is a Canadian resource company focused on exploring for gold, base metals and diamond resources in the Abitibi-Témiscamingue regions in northwestern Quebec.