Investee Company Update: TRU Precious Metals

Ormonde Mining PLC

06 November 2024

 

6 November 2024

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU Copper Exploration Programme Returns Samples Assaying 3.7% & 3.2% Cu at Golden Rose

Ormonde Mining plc (AQSE: ORM), the natural resources company with investment exposure to outstanding gold and battery metal exploration assets in Newfoundland and Scotland, notes an announcement on 5 November 2024 by its 36.3%-owned investee company TRU Precious Metals Corp. (TSXV: TRU, OTCQB: TRUIF) ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada.

TRU has announced results from the 2024 field season copper exploration programme at its flagship Golden Rose Project, strategically located along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone, a historically underexplored asset. Alongside its gold focus, TRU has been conducting a targeted exploration programme, focused on the critical minerals potential of Golden Rose, with a particular emphasis on copper.

Particular highlights included significant copper values being returned from both the Jacob's and King George prospects (both up to 3.7% Cu), with these targets being upgraded for future work.

The full announcement issued by TRU appears below:

TRU Provides Update on Flagship Golden Rose Project

Toronto, Ontario - November 5, 2024 - TRU Precious Metals Corp. (TSXV:TRU, OTCQB:TRUIF, FSE:706) ("TRU" or the "Company") is pleased to provide results from the 2024 field season copper ("Cu") exploration program at its flagship Golden Rose Project ("Golden Rose") strategically located along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone in Central Newfoundland. As previously announced (see news releases dated April 18, 2024 and July 16, 2024), TRU has been conducting a targeted exploration program focused on the critical minerals potential of Golden Rose, with special emphasis on copper. Many of the areas targeted have limited exploration to date as Golden Rose is an historically underexplored asset.

The Jacob's Prospect and King George Prospect areas both returned significant copper values (up to 3.7% Cu) while other locations returned numerous anomalous values, upgrading these targets for future work (Figure 1).

Highlights from the recently completed program are:

1.    At Jacob's Prospect, four samples comprising bedrock and float assayed from 2.0% to 3.7% Cu with numerous other rock samples assaying up to 1% Cu. This has extended the area of known copper potential at this prospect by approximately 2 kilometres ("km") to the west-northwest;

2.    At King George Prospect, outcrop and angular float grab samples assayed 3.7% and 2.4% Cu;

3.    At Glenn's Prospect, outcrop samples returned values up to 0.9 % Cu extending the area of known copper potential by 750 metres ("m") to the southwest of the original outcrop reported in 2023 (See news release dated October 03, 2023);

4.    Outcrop and angular float samples with highly elevated copper concentrations have been collected over a 5.5 km strike of the Cape Ray Shear Zone from Glenn's Prospect to Jacob's Prospect, with similar elevated copper concentrations also obtained from outcrop and angular float approximately 14 km further along the same structure to the southwest at King George Prospect;

5.    Outcrop samples assaying up to 0.17 % Cu, as well as angular float boulder samples assaying up to 0.15% Cu and 1.4 grams per tonne ("g/t") gold ("Au") were discovered at the new Annie Prospect, a previously unexplored area 3.5 km north-northeast of Glenn's Prospect; and

6.    Several samples collected across the above-noted prospects also assayed anomalous zinc ("Zn") values up to 0.95% Zn.

TRU CEO Steve Nicol commented: "We are very encouraged with the results of our latest exploration program, specifically targeting copper and other critical minerals at various locations within the nearly 300 sq.km Golden Rose Project area. This work continues to highlight the potential of the Project to host significant critical mineral occurrences. Further work is required to better evaluate the full potential of these occurrences. We look forward to working with our Golden Rose earn-in partners Eldorado Gold Corporation ("Eldorado") to incorporate this latest information into the ongoing preparation of a revised and refined project-wide geological and structural model for Golden Rose" (See news release dated October 22, 2024).

Figure 1: Sample locations providing elevated copper results from the 2024 Cu exploration program

The Cu exploration program comprised prospecting, grab (rock) sampling and reconnaissance soil sampling and was undertaken over areas where previous work identified critical mineral prospectivity and also at locations highlighted by remote sensing work.  

At Jacob's Prospect (previously known as Jacob's Pond and Jacob's Twin), results include outcrop and angular float grab samples assaying 3.7%, 3.2%, 2.4% and 2.0% Cu, with numerous other Cu mineralized samples identified over a 1.5 km length and samples assaying up to 0.95% Zn. Rock types identified are mafic volcanics with massive, semi-massive and disseminated sulphide mineralization. Antimony ("Sb") grades up to 0.2% Sb are also present. The Cu mineralization is interpreted as being associated with an east-west trending splay off the Cape Ray Shear Zone, with many of the anomalous samples taken from an area 1.4 km north of the 2022 drilling at Jacob's Twin (see news release dated September 22, 2022) thereby extending the previously known anomalous copper zone significantly to the west-northwest by approximately 2 km.

At King George Prospect, results include outcrop and angular float grab samples assaying 3.7% and 2.4% Cu, with up to 0.9% Zn also encountered over an area of approximately 500 m x 500 m. The prospect lies in the area of an extensive geophysical anomaly. Rock types sampled are mafic volcanics with disseminated and fracture fill Cu and Zn mineralization.

At Glenn's Prospect, the copper potential is supported by outcrop samples assaying up to 0.9 % Cu in the area surrounding the initial discovery outcrop. Rock types sampled are mafic volcanics and diabase hosting disseminations and fracture filling sulphide mineralization extending up to 750 m southwest of the initial discovery at Glenn's Prospect.

At the new Annie Prospect, located in the Annieopsquotch Mountains, outcrop and angular float boulder samples assayed up to 0.17% Cu and up to 1.4g/t Au. Satellite and remote sensing data had previously indicated the potential for critical mineral prospectivity over parts of the Annieopsquotch Mountains. The discovery of elevated copper values in this area based solely on remote sensing data gives confidence that this data set can be used to identify additional base and precious metals mineralization zones at Golden Rose for future exploration.    

Results from a soils program at the King George Prospect are pending.

Qualified Person Statement

The scientific and technical information disclosed in this news release has been prepared and approved by Joel Cranford, P.Geo., Project Geologist for TRU, and a Qualified Person as defined in NI 43-101. Joel Cranford has verified all scientific and technical data disclosed in this news release and noted no errors or omissions during the data verification process.

About TRU Precious Metals Corp.

TRU (TSXV:TRU, OTCQB:TRUIF, FSE:706) is on a mission to build long-term shareholder value through prudent natural resource property development. The company's flagship project is the Golden Rose Project a regional-scale 297.50 km2 land package in Central Western Newfoundland (includes a 33.25 km2 package of claims over which TRU has an option with TSX-listed Quadro Resources to acquire up to an aggregate 65% ownership) which straddles a 45 km strike length along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Calibre Mining's Valentine Project and AuMEGA Metals' Cape Ray Gold Project. TRU is currently focused on efficiently discovering the full gold and copper potential at Golden Rose, targeting continuity along this proven gold bearing trend. The Golden Rose Project is currently optioned-out to TSX-listed Eldorado Gold Corporation.

TRU is approximately 36%-owned by European strategic investor Ormonde Mining plc (AQSE:ORM).

Enquiries:

Ormonde Mining plc

Brian Timmons, Chairman / Brendan McMorrow, CEO

Tel: [phone]

Vigo Consulting (Investor Relations)

Ben Simons / Fiona Hetherington

Tel: [phone]

Peterhouse Capital (Aquis Corporate Adviser)

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 36.3% 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 19.2% interest in Peak Nickel Limited, giving Ormonde targeted exposure to a high-grade battery metals project in the UK.

TRU is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt on its 100%-owned Golden Rose project, a regional-scale 264.25 km² land package including 45 km of strike length along the deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Calibre Mining's Valentine Gold Project and AuMEGA Metals' Cape Ray Gold Project. The Golden Rose Project is currently optioned-out to TSX-listed Eldorado Gold Corporation.

Peak Nickel's Rodburn Project in Aberdeenshire is in a tier one jurisdiction with indications of significant size. 

Ormonde's shares are quoted 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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END