TRES-OR UPDATE ON THE GUIGUES KIMBERLITE PIPE MACRODIAMOND TEST PROGRAM AND COMPLETION OF A FLOW THROUGH PRIVATE PLACEMENT
Vancouver, B.C. – Febuary 3, 2022 - Tres-Or Resources Ltd. (“Tres-Or” or the “Company”) (TSXV: TRS, OTCPK: TRSFF) announces that the drill core from the Guigues Kimberlite Pipe on the Company’s wholly-owned Quebec Diamond Project in southwestern Quebec (the “Property”) has arrived at the Company’s secure facility near Edmonton, Alberta. Tres-Or is also pleased to announce the closing of its flow-through private placement for $164,352, which proceeds will be used for the macrodiamond analyses of the Guigues Kimberlite core.
The Company’s November 2021 drilling program on the Property successfully provided the samples for modern macrodiamond testing to evaluate the potential of the Guigues Kimberlite to carry diamonds. The planned 5 holes have been completed to 300.00 m each, providing more than 10 tonnes of kimberlite sample for mini-bulk macrodiamond testing. Four of the holes ended in kimberlite at 300.00 m, and the fifth hole entered metasediment county rock at 262.10 m. (for further information, refer to the Company’s news release dated November 16, 2021).
Tres-Or’s previous sampling programs at Guigues have established the kimberlite carries closely comparable indicator mineral and microdiamond populations to De Beers’ Victor Diamond Mine in northern Ontario, as well as demonstrating that more than 75% of the Guigues microdiamonds lack the impurity nitrogen (Type II) similar to most of the largest high value diamonds ever produced around the world. For further information, refer to Tres-Or news releases dated May 5th, April 6th, and January 5th, 2021, for details on Guigues indicator minerals, microdiamond counts, and Type II abundance available at www.tres-or.com .
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 macrodiamonds in economic quantities.
Flow-Through Private Placement
Tres-Or has closed a private placement of 1,369,600 flow-through units (the “FT Units”) at a price of $0.12 per FT Unit, for total proceeds of $164,352 (the “Offering”).
Each FT Unit consists of one flow-through common share (a “FT Share”) and one-half of one common share purchase warrant (a “FT Warrant”). Each whole FT Warrant will entitle the holder to purchase one non-flow-through common share of the Company at an exercise price of $0.20 for a period of two (2) years from the date of issue. 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.
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).
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 that 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.