TRES-OR ANNOUNCES GUIGUES KIMBERLITE PIPE DRILL CORE IS AT THE LAB AND COMPLETION OF A FLOW THROUGH PRIVATE PLACEMENT
Vancouver, B.C. – May 26, 2020 - Tres-Or Resources Ltd. (“Tres-Or” or the “Company”) (TSXV: TRS, OTCPK: TRSFF) announces that samples of drill core from the Guigues Kimberlite Pipe on the Company’s Notre Dame du Nord Diamond Project in southwestern Quebec (the “Property”) have arrived at CF Mineral Research Ltd., an ISO 9001: 2015 certified and compliant laboratory. Tres-Or is also pleased to announce the closing of its flow-through private placement for $150,000, part of which proceeds will be used for the microdiamond analyses of the Guigues Kimberlite core.
The Company’s December 2019 drilling program on the Property has successfully provided the samples for modern microdiamond testing to evaluate the potential of the Guigues Kimberlite to carry diamonds. Tres-Or completed 5 HQ core drill holes from two set-ups totaling 1,432 m. Each of the 5 completed holes intersected kimberlite, and the two vertical holes ended in kimberlite at 300 metres.
The Guigues Kimberlite’s highly encouraging indicator mineral chemistry is closely similar to De Beers’ Victor Diamond Mine. Tres-Or was first attracted to Guigues by its favourable diamond-associated eclogite garnets, and more recently by Dr. Charles Fipke’s recognition of numerous garnets with compositions similar to lherzolite diamond inclusions (which are the most common among diamond inclusions at the Victor Mine), using his proprietary indicator mineral classification system (as described in the Company’s news release of December 9, 2019 and January 30, 2020).
Note that although the indicator mineral chemistry is closely similar to the Victor Diamond Mine, that does not mean that the Guigues Kimberlite will necessarily host diamonds.
Flow-Through Private Placement
Tres-Or has closed a private placement of 1,500,000 flow-through units (the “FT Units”) at a price of $0.10 per FT Unit, for total proceeds of $150,000 (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 “FT 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 $0.15 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 Property.
All securities issued under the Offering are subject to a statutory hold period ending September 27, 2020 in accordance with applicable Canadian securities laws.
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., acting as the Company’s independent Qualified Person (as such term is defined in National Instrument 43-101).
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 of accuracy of this news release.