AURIZON MINES OPTIONS TRES-OR’S FONTANA GOLD PROJECT, QUEBEC 19-Jun-2012
Tres-Or Resources Ltd. (“Tres-Or”) (TSX-V: 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
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.