Tres-Or Options The Duvay Gold Project In Quebec 28-Sept-2015
Tres-Or Resources Ltd. (“Tres-Or” or “Optionor”) (TSX-V: TRS) is pleased to announce that Secova Metals Corp. (“Secova”) (TSX-V: SEK) has executed an Option Agreement (the “Agreement”) to earn up to a 90% interest in the Duvay Gold Project, comprising 104 claims in the Abitibi region, 15 kilometres northeast of Amos, Quebec (see news release dated January 6, 2015).
Under the Agreement, Tres-Or grants to Secova the sole and exclusive right and option to acquire an undivided 65% right, title and interest in the Duvay claims by paying to the Optionor the sum of $500,000 (of which $75,000 has been received to date), and incurring $3,750,000 in exploration expenses over a four (4) year period. Secova can earn the full 90% of the property (an additional 25% ownership) by funding a pre-feasibility study and making aggregate expenditures of $12 million to bring the property towards production.
Secova shall act as operator and in circumstances where Secova earns a 90% interest in the Duvay Property, then Tres-Or would revert to a 10% carried interest through to commercial production. In addition, Secova would grant to Tres-Or the right to receive a resource payment (the “Resource Payment”) based on the initial NI 43-101 compliant resource estimate on the claims. The Resource Payment will be equal to $30.00 for each gold ounce equivalent categorized as “measured”, $25.00 for each gold ounce categorized as “indicated”, and $15.00 for each gold ounce categorized as “inferred” to be paid from proceeds of commercial production after deducting operating costs and other senior payments. If Secova chooses to remain at a 65% ownership interest, then a joint venture will be formed with Tres-Or and the Resource Payment would be payable within 180 days of the joint venture formation.
The Duvay Gold Project is located in a favourable geological setting with potential to host low-grade, bulk tonnage gold mineralization. Visible gold was discovered at Duvay in the late 1930’s. Gold mineralization is associated with a northwest trending shear zone which strikes over 800 m across the Duvay property and intersecting northeast faults. Intersection of these deformation trends are potential points of enhanced gold mineralization. Historical gold results and drilling and test pitting by Tres-Or supports this potential, including 83.194 g/t over 1.0m, 402 g/t over 0.36m, 76.8 g/t over 0.46m and 34.6 g/t over 0.46m. (Duvay Property Technical 43-101 Report, October 31, 2012).
Laura Lee Duffett, P.Geo. is the qualified person as defined in NI-43-101, who has reviewed and is responsible for the technical information presented 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.