MACRODIAMOND ANALYSES RECOMMENDED, MICRODIAMOND PHOTOS (DOMINANTLY TYPE II) FROM TRES-OR’S GUIGUES PIPE IN QUÉBEC AND THIRD TRANCHE OF PRIVATE PLACEMENT CLOSES
Vancouver, B.C. – May 5, 2021 - Tres-Or Resources Ltd. (“Tres-Or” or the “Company”) (TSXV: TRS, OTCPK: TRSFF) is pleased to present the new photomicrographs of the Type II microdiamonds that dominate at the Guigues Kimberlite Pipe in southwestern Québec. Photographs of all 21 Guigues microdiamonds greater than 0.150 mm are now available to view on Tres-Or’s website at: www.tres-or.com.
The photomicrographs were produced by the Saskatchewan Research Council Geoanalytical Laboratories Diamond Services (“SRC”) from all 21 microdiamonds recovered from Guigues greater than 0.150 mm. Of those 21 microdiamonds, 16 were reported to be Type II diamond signifying a lack of any nitrogen impurity as determined at SRC using the industry-standard technique of micro-Fourier Transform Infrared Spectroscopy (FTIR)(refer to Tres-Or news releases dated December 8, 2020, January 5, 2021 and April 6, 2021).
Type II diamonds (sometimes referred to as Type IIa) lack nitrogen and famously include some of the largest, highest quality diamonds recovered at mines around the world (e.g. including the historic 1,758 Sewelô, the 1,109 carat Lesedi La Rona and the 813 carat Constellation diamonds from the Karowe Mine in Botswana, as well as the famous +3,000 carat Cullinan diamond from the Premier Mine in South Africa, and a flawless D color, 271 carat stone from De Beers’ Victor Diamond Mine in northern Ontario), although they are rare and only make up an estimated 1 to 2% of diamond production world-wide (see Table 1 from Tres-Or December 8, 2020 news release).
The Guigues microdiamonds are also described dominantly (90%) by SRC evaluators as white/colourless and transparent.
[Note: Type II diamonds are defined as lacking nitrogen; they are equivalent to Type IIa diamonds which are additionally defined as lacking trace boron impurities which results in a blue color, such as the famous Hope diamond. Nitrogen measurements were conducted by the Saskatchewan Research Council Geoanalytical Laboratories Diamond Services (SRC) on all Guigues +0.150 mm microdiamonds, using the industry-standard technique of micro-Fourier Transform Infrared Spectroscopy (FTIR). SRC does not report boron, thus all analyses lacking nitrogen are reported as Type II.]
Note that although the recovery of Type II microdiamonds from the Guigues Kimberlite is suggestive of the occurrence of larger stones, this does not mean that the Guigues Kimberlite will necessarily host large Type II diamonds.
Recommended Work Program:
In light of the successful recovery of dominantly Type II microdiamonds in abundances closely comparable to those reported from the Victor Diamond Mine (Winzar, 2001), as well as similar diamond indicator mineral chemistry, further work is recommended at the Guigues Kimberlite.
The next work steps, which are anticipated to begin immediately, include testing the remaining drill core from the December 2019 drill program for macrodiamonds, followed by additional microdiamond tests, and later this summer, drilling 2 to 5 additional new core holes at the Guigues Kimberlite Pipe to refine its shape in 3 dimensions, and enhance understanding about macro- and microdiamond distribution throughout the kimberlite body.
Tres-Or Closes Third Tranche of Flow-through Private Placement:
Tres-Or Resources Ltd. also announces that, further to its news releases of December 14, 2020 (first tranche) and February 2, 2021 (second tranche) it has closed the third tranche of its private placement of flow through (the “FT Units”). In this closing, the Company issued 564,000 FT Units at a price of $0.15 per FT Unit for total gross proceeds of $84,600 (the “Offering”).
Each FT Unit consists of one flow-through common share (a “FT Share”) and one-half of one common share purchase warrant. Each whole warrant (a “Warrant”) entitles the holder to purchase one non-flow-through common share of the Company for a period of 24 months from the date of issue at a price of $0.20 per share. The FT Shares entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The gross proceeds from the issuance of FT Shares will be used solely for Canadian Exploration Expenses (“CEE”) that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Company’s Guigues Kimberlite Pipe in Québec.
All securities issued in this third tranche of the Offering are subject to a statutory hold period ending September 8, 2021 in accordance with applicable Canadian securities laws.
About Tres-Or Resources Ltd.
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).
On behalf of the Board of Directors
“Laura Lee Duffett”
Laura Lee Duffett, P.Geo.
President and CEO
For further information
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.
Disclosure of a scientific or technical nature related to the Company’s projects and exploration activities in this news release was prepared under the supervision of Dr. Harrison O. Cookenboo, B.Sc., M.Sc., Ph.D., P.Geo., the Company’s independent Qualified Person (as such term is defined in National Instrument 43-101), and Ms. Laura Lee Duffett, P.Geo., the Company’s President and CEO, who is a non-independent Qualified Person, both of whom have reviewed and approved the technical and scientific portions of this news release.
This news release contains projections and forward-looking information that involve various risks and uncertainties, including, without limitation, statements regarding the potential extent of mineralization, resources, reserves, exploration results and plans and objectives of the Company. These risks and uncertainties include, but are not restricted to, the early stage development of the Company and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices, the amount of geological data available, the uncertain reliability of drilling results and geophysical and geological data and the interpretation thereof and the need for adequate financing for future exploration and development efforts. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.