Tres-Or Resources Ltd 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 Ltd.
The Company has entered into an exclusive development agreement with Vendome Mine Mineração Importação Exportação E Pesquisa Ltd and Antônio Ione Teixeira De Jesus that provides Tres-Or with the exclusive right to develop kimberlite diamond deposits on the Vendome 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 Brazil1.
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.
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, 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.
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