Aurizon Mines Options Tres-Or's Advanced Duvay Gold Project, Quebec
27 September 2011 - 9:00PM
Marketwired
Tres-Or Resources Ltd. ("Tres-Or") (TSX VENTURE: TRS) is pleased to
announce the signing of an Option Agreement with Aurizon Mines Ltd.
(TSX: ARZ)(NYSE Amex: AZK) ("Aurizon") on its advanced Duvay Gold
Project, located in the Abitibi Greenstone Belt approximately 17
kilometres northeast of Amos, in Duverny township, Quebec. Aurizon
can earn an initial 50% interest in the Duvay Gold Project, subject
to underlying royalties, over a four year period under the
following conditions:
-- Making cash payments totaling $1,500,000;
-- Incurring exploration expenditures totaling $6,500,000, of which
$2,500,000, incurred within 18 months, is a firm commitment.
Tres-Or will be the operator for the initial program. Upon
earning a 50% interest, Aurizon will be the operator and have the
option to acquire an additional 15% interest, for an aggregate of
65% interest, by delivering a pre-feasibility study on the
property, or incurring additional expenditures of $13,000,000
within a three year period. Upon formation of a Joint Venture,
Aurizon will make a resource payment related to Tres-Or's
percentage interest in the gold contained in the Duvay property at
that date, as calculated by an independent NI 43-101 compliant
resource estimate as follows: $30 for each measured ounce; $25 for
each indicated ounce; and $15 for each inferred ounce.
Tres-Or has consolidated a strategic land position covering 132
claims (approximately 5,000 hectares) surrounding its advanced
Duvay gold property in a promising part of the Abitibi belt (see
Tres-Or Duvay Gold Project Map). Tres-Or has an agreement to earn a
100% interest in the Duvay gold property, and holds a 100% interest
in the Duvay Nord, East Mac and East Mac Sud properties, subject to
underlying royalties, collectively the Duvay Gold Project.
According to government reports, visible gold was discovered at
Duvay in the late 1930's. Gold mineralization at Duvay is
associated with a northwest trending shear zone and intersecting
northeast faults. The property hosts large zones of intense
carbonate alteration with quartz stockworks. Native gold occurs on
the property as well as disseminated pyrite, chalcopyrite,
sphalerite and minor galena.
Laura Lee Duffett, President and CEO of the Company, a qualified
person by the standards of National Instrument 43-101, is
overseeing the project and is responsible for the content in this
news release.
On behalf of the Board of Directors,
Laura Lee Duffett, President and CEO
About Tres-Or Resources Ltd.:
Tres-Or Resources Ltd. (TSX VENTURE: TRS) is a Canadian resource
company exploring gold and precious metals projects and diamond
assets in Ontario and Quebec. The experienced team has proven
success in exploration through to discovery and mine development.
Additional information related to the Company is available at:
www.tres-or.com.
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.
Contacts: Tres-Or Resources Ltd. Dominic Spedaliere Corporate
Communications 604-688-8700 info@tres-or.com www.tres-or.com
TresOr Resources (TSXV:TRS)
Historical Stock Chart
From Oct 2024 to Nov 2024
TresOr Resources (TSXV:TRS)
Historical Stock Chart
From Nov 2023 to Nov 2024