Business
Tres-Or Amends and Restates the Option on It's Fontana Gold Project in Québec
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2021) - Tres-Or Resources Ltd. ( TS...
About this update from Tres-or Resources Ltd.
[{"type":"text","content":"Tres-Or Amends and Restates the Option on It's Fontana Gold Project in QuébecVancouver, British Columbia--(Newsfile Corp. - December 1, 2021) - Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) (\"Tres-Or\" or the \"Company\") announces that it has reached an agreement with Kiboko Gold Inc. (\"Kiboko\") to amend and restate the original option agreement between the parties dated June 6, 2019 (the \"Original Agreement\").About the Fontana Gold Project The Fontana Gold Project located near Amos, Québec was expanded to include Tres-Or's Duvay and Chenier gold project areas, and additional land was staked to increase the project to more than 100 km2 of prospective terrain. The Project represents a camp-scale opportunity for discovery in the heart of Canada's most prolific mining district, the Abitibi gold belt.Tres-Or's Fontana Gold Project has a tremendous quantity of historic data ranging from small scale mining to recent exploration drilling. The data includes geologic mapping, detailed geophysics and geochemistry, bulk sampling, and assay data from more than 700 diamond drill holes dating back to 1937. Kiboko has this extensive dataset and is in the process of planning, budgeting, and permitting a drill program using coarse gold specific techniques.About the Amended and Restated Option AgreementUnder the new amended and restated agreement (the \"New Agreement\") Kiboko is granted a one stage option (the \"100% Option) to acquire the Company's interest in the Fontana Gold Project, as more particularly detailed in the Company's MD&A for the period ended August 31, 2019, filed on SEDAR. This replaces the two-stage option under the Original Agreement whereby Kiboko was granted the right to acquire up to 90% of the Company's interest in the Fontana Gold Project.To exercise the 100% Option Kiboko must:(a) return 2,000,001 common shares and 1,000,000 warrants of the Company previously issued to Kiboko;(b) deposit $300,000 with Tres-Or's counsel on or before November 30, 2021, to be applied as to $200,000 to be paid to Globex Mining Enterprises Inc. to satisfy certain outstanding obligations with the balance to be paid to Tres-Or;(c) on or before June 30, 2022, complete an initial public offering of Kiboko securities having gross proceeds of a minimum of $3,000,000 (the \"IPO\"); and(d) within 30 days of the closin...