BATTERY MINERAL RESOURCES OPTIONS THE FABRE COBALT-SILVER PROJECT, QUEBEC
Tres-Or Resources Ltd. (“Tres-Or”) (TSX Venture: TRS) is pleased to announce that Battery Mineral Resources Pty Limited (“Battery Mineral Resources”) has entered into a Property Option Agreement (the “Agreement”) to acquire Tres-Or’s 100%-owned Fabre Cobalt-Silver Property. The property (1813 ha) is at the southeastern limits of the historically important Cobalt Silver Mining Camp centered in northeastern Ontario, which produced 445 million ounces of silver between its discovery in 1906 and the end of the 1900s.
Under the terms of the Agreement, Battery Mineral Resources can earn up to 100% of the Fabre Project over a two year period subject to a 2.0% Gross Metals Royalty (GMR) in favour of Tres-Or. Battery Mineral Resources can buy back 1.0% GMR for $1.0 million and buy-back the remaining GMR for $1.5 million.
To complete the Agreement, Battery Mineral Resources paid a non-refundable deposit of $5,000 and agreed to pay $105,000 on signing of the formal Agreement. Tres-Or has purchased the existing 2.0% NSR held by Sementiou Inc. for $15,000. Battery Mineral Resources (the “Optionor”) has also committed to expend $450,000 in exploration work over a 24 month period. In addition, 12 months after signing the Agreement, the Optionor has agreed to pay Tres-Or $100,000 and in 24 months, pay Tres-Or a further $100,000 and Tres-Or will deliver the 100% transfer title documents subject to retaining a 2.0% GMR.
Mr. Gary Lewis, Executive Director of Battery Mineral Resources stated, “We are pleased to finalize our agreement with Tres-Or and look forward to commencing exploration of the Fabre Cobalt-Silver Project in Quebec. The high grades of both silver and cobalt shown in the previous work by Tres-Or make this an exciting project for our company to pursue. Quebec is one of the most stable mining jurisdictions in the world with a broad range of mineral potential and a highly skilled workforce readily available.”
The Fabre Cobalt-Silver Property has historical showings and drill intersections, including a 1995 drill hole reported in report GM 53625 filed with the Quebec government of 714.2 g/t Ag, 2.7% cobalt (Co) and 1.1% bismuth (Bi) over 0.52 m between 114.93 and 115.30 m depth, as well as 600 g/t Ag, 8.0% Co and 0.4% Bi over 0.49 m between 131.4 and 131.90 m.
Laura Lee Duffett, President and CEO of the Company, a qualified person by the standards of National Instrument 43-101, 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.
About Battery Mineral Resources Pty Ltd.:
Battery Mineral Resources Pty Limited is a private Australian company with a portfolio of cobalt, lithium and graphite projects positioned to supply growing market demand for raw materials critical to the rechargeable and energy storage sectors. The company continues to build its project portfolio and is looking to list on the Australian Securities Exchange in late 2016.