Business
ACQUISITION OF PRECIOUS METALS PROJECTS IN QUEBEC
ACQUISITION OF PRECIOUS METALS PROJECTS IN QUEBEC
About this update from Tres-or Resources Ltd.
[{"type":"text","content":"\nACQUISITION OF PRECIOUS METALS PROJECTS IN QUEBEC\n\n\n Jan. 21, 2010 (TheNewswire.ca) -- Tres-Or Resources Ltd. (the \"Company\") is pleased to announce that it has entered into a property option agreement (the \"Option Agreement\") dated December 21, 2009 with Sementiou, Inc. (the \"Optionor\") whereby the Optionor granted the Company the exclusive right to acquire up to an undivided 76% right, title and interest in several groups of project claims in the Abitibi- Témiscamingue region of northwestern Quebec.The Company has paid $40,000 and reimbursed the Optionor for work performed on the properties in 2009 and has committed to expend $200,000 in work over the next 18 months to follow-up on priority project results. The Company has agreed to pay a total of either $50,000 in cash or shares or a combination of both within one year of the signing the Option Agreement to complete a 51% earn-in. The Company can elect within 90 days of the earn-in to acquire a further 25% interest for a total of 76% interest by paying $20,000 and completing further exploration expenditures of $100,000 within 12 months of such election. On completion of these terms, a joint venture agreement shall be entered into with the Company holding a vested 76% interest and the Optionor a 24% interest in the Quebec projects. Tres-Or is the project Operator.The projects encompass over 142 claims forming 11 different project areas in and around Tres-Or's wholly owned properties between Notre Dame du Nord and Rouyn-Noranda in the Abitibi-Témiscamingue region. Geologic compilation, project planning and priority follow-up work is being planned. Some of the priority projects based on previous work filed and reported on SIGÉOM (Système d'Information GÉOMinière) metallic deposit database, include: (1) the Cameron Creek gold showing from which trench TR-93-B returned 4.08 g/t gold over 1.5 m; 4.60 g/t gold over 1.00m and 2.37 g/t gold over 1.00m. (2) The Duparquet gold group, which is a large claim package (66 claims in 3 contiguous blocks) located near the village of Duparquet and includes the Eastchester drill hole 7 which returned 1.7 g/t over 1.16m. (3) The Fabre silver-cobalt-gold-bismuth project has easy access. Previous work from diamond drilling, channel, pit and tailings sampling have returned impressive results. Drill hole (GM 5...