VANCOUVER, British Columbia, Sept. 14, 2023 (GLOBE NEWSWIRE) -- Tres-Or Resources (TSXV:TRS) (OTCPink:TRSFF), a Canadian diamond exploration 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, the company has entered into an exclusive development agreement that provides Tres-Or with the exclusive right to develop kimberlite diamond deposits on the Vendome Properties.
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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, 400.7 cts, 400.5 cts, and 377.5 cts, all among the largest gem diamonds ever produced in Brazil. All the diamonds produced thus far in the Coromandel district have been produced from alluvial gravel deposits found along the rivers and drainages and 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 Vendome Properties are comprised of 7 blocks of mineral licenses, covering an area of roughly 29,175 hectares. Based on the prevalence of diamond recoveries from the alluvial gravels and the proximity of these recoveries to the known kimberlite pipes, Tres-Or plans to initially focus on the 5 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.
Vendome's alluvial diamond operations, situated within the Vendome - P1 block, have produced high value diamonds including the 2016 recovery of a large white 25-carat diamond, which reportedly sold by Vendome 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 with Vendome recovering an 8.88 carat pink diamond in 2020 which it reportedly sold for US$2.5 million or 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.
Under the terms of the arrangements, Tres-Or will carry out a preliminary technical evaluation of the primary diamond occurrences, through its Brazilian subsidiary, to assess the mineral potential of the 27 kimberlites on the Vendome properties. Tres-Or'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.
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