Tres-Or Update on Brazil Diamond Properties
Tres-Or Update on Brazil Diamond Properties
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2023) - Tres-Or Resources Ltd.
(TSXV:
TRS) (OTC Pink: TRSFF)
("
Tres-Or
" or the "
Company
") is pleased to announce that the Company
has acquired the exclusive right to develop kimberlite diamond occurrences in the Coromandel diamond
district of Minas Gerais State, Brazil.
Through Tres-Or's wholly owned Brazilian subsidiary Vaaldiam do
Brasil Mineração Ltda. ("VBM"), the Company has entered into an exclusive development agreement
with Vendome Mine Mineração Importação Exportação E Pesquisa Ltda. and Antônio Ione Teixeira De
Jesus (collectively referred to as "
Vendome"
) that provides Tres-Or with the exclusive right to develop
kimberlite diamond deposits on the Vendome Properties.
Vendome's Coromandel Properties
Diamonds have been produced from the river gravels in the Coromandel district for over 200 years, and
small-scale production continues to this day.
The largest gem diamond ever found in Brazil, the
"Presidente Vargas," weighing 726.6 carats, was discovered in 1938 within the Coromandel district.
Other very large gem diamonds recovered within the Coromandel district include 602 cts, 460 cts,
400.7cts, 400.5 cts, and 377.5 cts, all among the largest gem diamonds ever produced in Brazil
1
.
All the
diamonds produced thus far in the Coromandel district have been produced from alluvial gravel deposits
found along the rivers and drainages.
These diamonds were likely eroded from kimberlite, the primary
source rock of diamonds.
Numerous kimberlites have been discovered in the district, but few if any have
been properly sampled to evaluate their diamond content and diamond value, to determine their
economic potential.
The fact that large valuable diamonds continue to be recovered from gravel deposits
that lie adjacent to some of the 27 kimberlites that are situated on Vendome's Properties, suggests that
there is potential for an economic primary diamond source kimberlite deposit.
The evaluation of these
kimberlites will be the principal focus of Tres-Or's exploration work.
The Vendome Properties are comprised of 7 blocks of mineral licenses, covering an area of roughly
29,175 hectares.
Tres-Or plans to initially focus its exploration on 5 of the blocks where the 27
kimberlites are situated and where there has been a long history of diamond recoveries from the alluvial
gravels found along the rivers that crosscut the district.
Tres-Or's geologists have prioritized these 5
claim blocks based on the prevalence of diamond recoveries from the alluvial gravels and the proximity
of these recoveries to the known kimberlite pipes.
Property
Known Kimberlites
Description of Property
Vendome – P1
10 Kimberlites:
Santo Antônio do Bonito
2 & 4
Santo Inacio 7
Pedras 1 & 2
Corrego Manoel 1
Guara 9, 10, 11 & 18
Situated between the Santo Antônio do
Bonito River immediately to the east
which has produced many famous
large diamonds (e.g., Presidente
Vargas (726.6cts), Santo Antônio
(602cts), Darcy Vargas (460cts) and
the Coromandel IV (400.7cts)); and the
Santo Inacío river immediately to the
west (the Charneca I (428cts),
Charneca II (107cts), and the Charneca
III (105cts) diamonds).
Vendome – P2
11 Kimberlites:
Santa Clara 9 & 11
Tamborete 1, 2 & 3
Bravo 11, 12, 13, 15 & 16
Santa Rosa 5
The property is situated near the
headwaters of the Douradinho River
where there is active alluvial diamond
production immediately downstream of
the property.
Government records
2
show the recovery of 55 diamonds in
alluvial samples within the northern limit
of the property in close proximity to the
Santa Clara kimberlites.
Vendome – P3
2 Kimberlites:
Lemos 1
Buriti 3
Government records show the recovery
of 2 diamonds found in alluvial gravels
sampled within the property and near
the known pipes.
Vendome – P4
2 Kimberlites:
Três Ranchos 2
São Felix 7
Government records show the recovery
of 5 diamonds found in alluvial gravels
sampled within the property and near
the known pipes.
Vendome – P5
2 Kimberlites:
Forca 7
Forca 8
Government records show the recovery
of 2 diamonds found in alluvial gravels
sampled within the property and near
the known pipes.
Tres-Or Brazil diamond project location map.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2478/180423_9dbdf0aec4247b2d_001full.jpg
Vendome's alluvial diamond operations, which are situated within the Vendome - P1 block have
produced some high value diamonds including the 2016 recovery of a large white diamond which
weighed 25 carats.
Vendome reported that it sold this diamond for US$600,000, pointing to a high sales
value of US$24,000 per carat for this stone.
The district also has a history of producing fancy-colored
diamonds.
Vendome reported that it recovered an 8.88 carat pink diamond in 2020 which was
reportedly sold for US$2.5 million (US$284,000
per carat
).
This sales price is extremely high,
considering that the average sales price for diamonds produced in Brazil in 2022 was US$192 per
carat
3
.
1
Liccardo and Svisero, 2006.
2
Projeto Diamante Brasil, CPRM – Geological Survey of Brazil, 2017
3
Annual Statistics, Kimberley Process Certification Scheme
Summary of the Terms of the Vendome Agreement
Under the terms of the arrangements, Tres-Or will proceed to carry out a preliminary technical evaluation
of the primary diamond occurrences, through its Brazilian subsidiary VBM, to assess the mineral
potential of the 27 kimberlites on the Vendome properties.
Vendome operates exclusively in secondary
alluvial diamond occurrences and if these overlap with potential primary sources, Vendome would retain
the right to the surficial portion of the deposit to a depth of 20 metres below surface.
Tres-Or would have
the exclusive right to develop and mine the kimberlite below that depth. Tres-0r's studies will include
comprehensive research for evaluating potential targets through fieldwork, analysis of indicator minerals,
geophysical surveys, geochemical sampling, drilling, and testing primary kimberlite sources for
economic potential.
In the event that studies result in favorable conclusions based on Tres-Or's criteria and the identification
of a potential target for large volume sampling (defined as sampling of kimberlite with a volume
exceeding 1,000 cubic metres; "Bulk Sample"), then Vendome commits to entering into a mining rights
assignment agreement for partial assignment of Mining Rights by submission to the government to allow
for VBM to install a kimberlite processing plant to treat and recover macrodiamonds from bulk sampling
operations on the kimberlite pipe.
Should Tres-Or's work produce favourable results, then a Definitive Agreement would be entered into
within a 2-year period from the commissioning of the kimberlite processing plant.
Vendome shall then
transfer a 100% interest in their Mining Rights to VBM.
As a result of the transfer of Mining Rights, Tres-Or has the right to market and sell 100% of the diamond
production derived from the kimberlite(s).
Tres-Or shall pay a royalty fee of 2.0% to Vendome.
The value
of the royalties corresponds to the royalty fee multiplied by the Gross Sales Value of the diamonds sold.
If special stones are produced, defined as those weighing over 10.8 ct. or stones over 1.0 ct. classified
as "fancy color" in the sale (according to GIA definitions and standards for fancy colored diamonds), the
royalty fee payable to Vendome for that specific production will be 5.0%.
Tres-Or has completed a preliminary on-site field visit to selected Vendome properties on signing of the
agreement in August 2023.
The purpose of the technical team's visit was to prioritize certain kimberlites
associated with the Vendome properties as well as Tres-Or's mineral claims in Minas Gerais.
Field work
is continuing on Tres-Or's properties and prospects in Matto Grosso, Brazil.
Qualified Persons
Disclosure of a scientific or technical nature related to the Company's diamond project exploration was
prepared under the supervision of Dr. Harrison O. Cookenboo, Ph.D., P.Geo., an independent Qualified
Person (as such term is defined in National Instrument 43-101), and Laura Lee Duffett, P.Geo., the
Company's President and CEO, who is a non-independent Qualified Person, and both have reviewed
and approved the technical and scientific portions of this news release.
Further details of the priority diamond projects in Brazil will be disclosed once our initial field work
investigations are complete.
An updated Tres-Or web site is under construction.
About Tres-Or Resources Ltd.
Tres-Or Resources Ltd. ("Tres-Or") is a Canadian diamond exploration company with mineral
exploration claims and diamond discoveries in Quebec and Ontario, Canada and exploration permits for
primary diamond sources in Brazil through its wholly owned subsidiary Vaaldiam do Brasil Mineração
Ltda.
Tres-Or is listed on the TSX Venture Exchange under the trading symbol "TRS". Additional
information related to the Company is available on SEDAR and on the Company's website (
www.tres-
or.com
).
On behalf of the Board of Directors
"Laura Lee Duffett"
President and CEO
For further information:
Laura Lee Duffett, President & CEO: +1 (604) 541-8376 –
Dean Claridge, Business Development: +1 (604) 688-8700
Website:
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 or
accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and assumptions. Such forward-looking
statements reflect management's current beliefs and are based on assumptions made by and
information currently available to the Company. Readers are cautioned that these forward-looking
statements are neither promises nor guarantees, and are subject to risks and uncertainties that may
cause future results to differ materially from those expected including, but not limited to, market
conditions, availability of financing, actual results of the Company's exploration and other activities,
environmental risks, future diamond prices, operating risks, accidents, labor issues, delays in
obtaining governmental approvals and permits, and other risks in the mining industry.
All the forward-
looking statements made in this news release are qualified by these cautionary statements and those
in our continuous disclosure filings available on SEDAR at
www.sedar.com
. These forward-looking
statements are made as of the date hereof and the Company does not assume any obligation to
update or revise them to reflect new events or circumstances save as required by applicable law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/180423