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Tres Or Options 100% Of Advanced Duvay Gold Project In Quebec
Tres Or Options 100% Of Advanced Duvay Gold Project In Quebec
About this update from Tres-or Resources Ltd.
[{"type":"text","content":"\nTres Or Options 100% Of Advanced Duvay Gold Project In Quebec\n\n\n May 25, 2010 (TheNewswire.ca) -- Tres-Or Resources Ltd. (\"Tres-Or\") is pleased to announce that it has signed a Letter of Intent to Option a 100% interest in the Duvay Gold Project (\"Property\"), an advanced gold (TSXV:AAX) project located in the Abitibi Greenstone Belt approximately 17 kilometres northwest of Amos, Quebec. The Property consists of 4 claims (169 hectares) in Duverny Township. According to government reports, visible gold was discovered at the Duvay site in the late 1930s, and considerable work consisting of stripping, test pits, and drilling has occurred on the Property is subsequent decades of the 1940s, 1980s, and 1990s. Mineralization is associated with a northwest trending shear zone, and intersecting northeast trending faults that cut altered mafic to intermediate flows and pillowed and massive flows of the Amos subgroup volcanics. Gold mineralization also reportedly occurs within a series of quartz vein systems, in the native state as well as being associated with pyrite, chalcopyrite, sphalerite and minor galena. Sementiou Inc. (\"Sementiou\") owns 100% interest in the Property subject to a Gross Metals Royalty (GMR) in favour of Globex Mining Enterprises Inc. entitling the holder to 1.5% (where gold is US$800 per ounce or less) and 2% (where gold is US$800 per ounce or greater).On signing of the Letter of Intent, Tres-Or paid a non-refundable cash payment of $10,000 to Sementiou and was granted the sole exclusive right and option to earn an undivided 40% interest in the Property by paying the sum of $115,000 cash and issuing 250,000 shares subject to TSX Venture Exchange acceptance of this agreement, and by incurring expenditures on the property totaling $275,000 on or before September 30, 2010. The expenditures shall include but not be limited to, creation of a comprehensive 3-D geographical information system (GIS) compilation of all existing geological data on the Property and structural field sampling, mapping, testing and analyses. On completion, Tres-Or shall be deemed to have acquired an undivided 40% right, title and interest in the Property.Tres-Or can acquire a further 10% interest for a total of 50% undivided interest by issuing a total of 500,000 shares (200,000 by December 31, 2010 and the remaining 300,000 by June 30, ...