Vancouver, British Columbia--(Newsfile Corp. - July 12, 2019) - Today's feature company is Tres-Or Resources (TSXV: TRS) (OTC Pink: TRSFD), a Canadian resource company focusing on diamonds in Quebec following the grant to Kiboko Exploration to earn a 65% interest in the company's Fontana Gold Project.
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Work on the Fontana Gold Project, located in the Abitibi Greenstone, included more than 300 drill holes, channel samples, bulk samples and underground workings from the 1930s to 1990. There have been over 22,000 tonnes of historical bulk samples taken on the property with an average gold grade of 2.04 grams per tonne.
Kiboko (www.kibokoexploration.com) is a private company whose management and technical team consists of structural geologists, mineral resource evaluators, and mining executives that have contributed to the securing of hundreds of millions of dollars of capital for mining and exploration ventures around the world. In particular, Kiboko's team has a demonstrated history of advancing structurally-complex orogenic coarse-gold deposits like the Fontana Gold Project from exploration through resource definition, feasibility, and permitting.
To earn its 65% Kiboko must make cash payments of $1 million or subscribe to $1 million in shares of Tres-Or within the next 4 years. It must also complete a NI 43-101 compliant technical report that establishes a mineral resource estimate of a minimum of 1 million ounces of gold, classified as inferred or higher, or incur expenditures of $4 million within 4 years, of which the initial $250,000 is a firm commitment. Upon earning a 65% interest, subject to underlying royalties, Kiboko will have the option to affect a merger, form a joint venture, or acquire an additional 25% interest in Tres-Or.
Tres-Or can now focus on a proposed 2019 exploration program on the company's 100% owned Guigues kimberlite pipe, which is conveniently located 10 kilometres from Notre-Dame-du-Nord, in Québec. Tres-Or has budgeted $440,000 to use industry-standard drilling and sampling techniques to collect core samples from the most prospective areas of the Guigues Pipe for the first microdiamond testing at an independent and modern microdiamond testing facility. The company anticipates that this drilling program will commence near the end of the third quarter and that the microdiamond testing results will be available near the end of the year.
This summer, the company also plans to commence a comprehensive exploration program at its Guigues Project. The goal of this phase of the exploration program is to quickly conduct a regional surface till sampling program for indicator minerals over the high-priority anomalies near the Guigues Pipe that were identified from the company's 2015 helicopter-borne Mag-EM survey. Near the end of the third calendar quarter, the company also plans to drill 150-metre core drill holes into the two high-priority exploration targets generated from the summer exploration program.
The company is currently raising up to $1,025,000 from non-brokered private placements of flow-through units priced at $0.23 and non-flow-through units priced at $0.19.
Laura Lee Duffett, President & CEO, stated: "As a result of renewed investor interest following a re-examination of historical work on the project, the Company strongly believes this Private Placement to fund exploration plans to advance the Guigues Project is in the best interest of the Company, especially in light of the challenging financing environment for mining and exploration companies."
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