Investee Company Update: TRU Precious Metals

Ormonde Mining PLC

05 December 2023

 

5 December 2023

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU Announces Further Copper and Gold Assays from Fall 2023 Prospecting at Golden Rose, Newfoundland, including 7.6% Cu and 3.1 g/t Au

Ormonde Mining plc (AQSE: ORM), a natural resources company providing exposure to quality exploration assets including gold and battery metals, is pleased to note an announcement today by its 36.2%-owned investee company, TRU Precious Metals (TSXV: TRU) ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, of significant assay results from its fall season bedrock sampling programme.

TRU announced further gold and copper results from additional prospecting and bedrock sampling conducted on its Golden Rose Project ("Golden Rose"). The fall 2023 prospecting and reconnaissance soil sampling programme was focused on the discovery of new gold and critical minerals targets at Golden Rose and was guided by recently acquired high resolution satellite and remote sensing data over the entire property. The additional grab sample results continue to prove the rich gold and copper endowment along the highly prospective Cape Ray-Valentine Lake Shear Zones. 

Highlights from TRU News Release

·    Two bedrock samples collected along the southwestern shore of Victoria Lake, approximately 6 km northeast of the Ryan's Hammer gold prospect, and along the Valentine Lake Shear Zone returned assay values between 2.87 and 3.10 grams per tonne (g/t) Au, further confirming the extensive gold mineralisation present along this important structure which extends to Marathon Gold's (TSX: MOZ) Valentine Gold Project.

·    Follow-up bedrock sampling less than 2 km north-northeast of the Mark's Pond target along the Cape Ray Shear Zone returned between 0.58% to 7.60% Cu and 0.9 to 5.3 g/t silver (Ag). Based on these additional high-grade copper results, this area is considered a high priority critical minerals target for future trenching, channel sampling, and drilling.

·    Ground truthing of recently acquired data from high resolution satellite and remote sensing technology through reconnaissance soil sampling over select targets has been successful at determining the applicability of this technology as a regional prospecting tool and resulted in the identification of new gold and critical minerals targets for follow-up exploration work in 2024. 

Brian Timmons, Executive Chair of Ormonde, commented:

"We are encouraged by these latest bedrock sample assay results from Golden Rose. These reinforce our belief in the potential for Newfoundland to emerge as the next global Tier 1 gold producing region. Through TRU Ormonde has significant exposure to this opportunity via a project which is bookended by gold deposits and sits at the centre of geological and M&A action. We look forward to working with the TRU team to develop an exploration and drilling programme for summer 2024."

A full copy of the TRU New Release is available to view on the TRU website at: https://www.trupreciousmetals.com/news-page/tru-announces-further-copper-and-gold-assays-from-fall-2023-prospecting-at-golden-rose-including-76-cu-and-31-g/t-au. 

Enquiries: 

Ormonde Mining plc
Brian Timmons, Chairman	Tel: [phone]
Vigo Consulting (Investor Relations)
Ben Simons / Fiona Hetherington	Tel: [phone]
Peterhouse Capital (Aquis Corporate Adviser)
Narisha Ragoonanthun / Brefo Gyasi	Tel: [phone]

About Ormonde Mining

Ormonde is a natural resource company, which provides its shareholders with exposure to quality and diverse assets across a range of strategic minerals. Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, and a 20% interest in Peak Nickel Limited, which is advancing exploration on a potentially significant battery metals project.

Ormonde's shares are listed on the Aquis Stock Exchange Growth Market under the symbol AQSE: ORM.

For more information, visit the Company's website at www.ormondemining.com.  

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The Directors of the Company are responsible for the release of this announcement.

 

END