MXI picks up $150k cash on sale of property
Tres-Or acquires Merrex's 25% interest in Fontana
2015-04-30 19:14 ET - News Release
See News Release (C-TRS) Tres-Or Resources Ltd
Ms. Laura Duffett of Tres-Or reports
TRES-OR ACQUIRES OUTSTANDING INTEREST IN FONTANA GOLD PROJECT IN QUEBEC
Tres-Or Resources Ltd. has completed the acquisition from Merrex Gold Inc.'s 25-per-cent interest in 16 claims, comprising the Fontana gold property in the Abitibi region, 16 kilometres northeast of Amos, Que., and, as consideration therefore, has paid Merrex $125,000. Tres-Or already holds an option over the remaining 75-per-cent interest in the claims from Globex Mining Enterprises Inc.
According to Quebec government reports describing the historic work carried out on Fontana, gold mineralization was discovered in veins associated with the Fontana shear zone beginning in the 1930s. Considerable work, consisting of stripping, test pits, bulk testing and drilling, has occurred on the Fontana gold project in subsequent decades of the 1940s, the 1980s and 1990s, and mapping, sampling and drilling in 2013. Gold mineralization is associated with pyrite- and chalcopyrite-rich quartz veins in the principal fault structures and associated fractures mapped on the property. Gold is often free gold and erratic in distribution.
From a geological perspective, the Fontana system is volcanogenic and can be qualified as an extensive mafic andesitic/basalt complex affected by a strong albite-carbonate alteration forming 20- to 150-metre-wide envelopes. This extensive alteration can completely replace the mafic texture to create the pseudo-intrusive texture that had previous explorers characterizing the rock type as a granodiorite. Other features, such as chalcopyrite occurrences and a lamprophyre dike swarm, support a proximal location from a major gold-bearing structure. Northeast structures intersecting main northwest-trending structures are a valid and key exploration target. Recommendations include a systematic sampling approach in altered zones and possibly extend gold envelopes from a few metres to larger halos, with further exploration work to enhance historical gold results achieved by previous operators.
Laura Lee Duffett, PGeo, is the qualified person as defined in NI 43-101, who has reviewed and is responsible for the technical information presented in this news release.
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