Aurizon Mines Options Tres-Or's Fontana Gold Project, Quebec
June 19 2012 - 8:48AM
Marketwired Canada
Tres-Or Resources Ltd. ("Tres-Or") (TSX VENTURE:TRS) is pleased to announce the
signing of an Amended and Restated Option Agreement (the "Amended Agreement")
with Aurizon Mines Ltd. (TSX:ARZ)(NYSE Amex:AZK) ("Aurizon") which incorporates
an option over the Fontana Gold Project, located in the Abitibi Greenstone Belt
approximately 16 kilometres northeast of Amos, in Duverny Township, Quebec into
the existing Duvay Gold Project Option Agreement ("the Original Agreement" as
detailed in the Tres-Or news release of September 27, 2011).
Tres-Or's Fontana Gold Project, comprises 36 claims in a promising part of the
Abitibi belt. The Amended Agreement now covers more than 6,356 hectares,
including 148 claims in Duverny and Dalquier Townships, Quebec (the "Optioned
Properties").
Under the Amended Agreement Aurizon can earn an initial 50% interest in the
Optioned Properties by incurring exploration expenditures totaling $10,000,000
over a period ending September 26, 2015, of which it is acknowledged
approximately $1,800,000 has been incurred to date, and making cash payments
totaling $2,300,000, of which it is acknowledged that $700,000 has been received
to date.
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.
According to Quebec government reports describing the historic work carried out
on Fontana, gold mineralization was discovered in veins in the Fontana Fault in
the 1930's. Considerable work consisting of stripping, test pits, bulk testing
and drilling has occurred on the Fontana Gold Project in subsequent decades of
the 1940s, the 1980s, and 1990s. Gold mineralization is associated with pyrite
and chalcopyrite rich quartz veins in the principal fault structures and
associated fractures mapped on the property. Gold is often free gold and is
erratic in distribution. Compilation of all the historic data and proposed
priority exploration work programs and budgets are in progress.
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,
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. The experienced team has proven success in exploration
through to discovery and mine development. Additional information related to the
Company is available at: www.tres-or.com
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