Investee Company Update: TRU Precious Metals

Ormonde Mining PLC

23 October 2024

 

23 October 2024

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU Provides Update on Flagship Golden Rose Project

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 22 October 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 that as a result of the financial backing of Eldorado Gold Corporation ("Eldorado") which was granted an exclusive option to earn an 80% ownership interest in Golden Rose in August 2024, TRU has been afforded the ability to undertake a detailed review of the potential at Golden Rose. As such, TRU has commenced a project wide analysis to understand and update the discovery potential at Golden Rose, with existing project data being reassessed and verified, before being infilled and updated as required. The work is being initially focused on the north-east "exploration fairway" between the Mark's Pond zone and the Rich House zone. Initial targeting in this area is expected to be completed by early 2025 with drilling planned to commence immediately thereafter.  

Brendan McMorrow, Chief Executive Officer of Ormonde, commented:

"The financial backing of Eldorado has enabled the TRU team to adopt a more strategic approach and optimise the discovery process at Golden Rose. An updated model of mineralisation across the entire property will support TRU in unlocking the value of Golden Rose in a targeted and cost-effective manner."

The full announcement issued by TRU appears below:

TRU Appoints Provides Update on Flagship Golden Rose Project

Toronto, Ontario - October 22, 2024 - TRU Precious Metals Corp. (TSXV:TRU, OTCQB:TRUIF, FSE:706) ("TRU" or the "Company") is pleased to provide an update on its flagship Golden Rose Project ("Golden Rose"). In August 2024, the Company completed the granting of an exclusive option (the "Option") to Eldorado Gold Corporation ("Eldorado") to earn an 80% ownership interest in Golden Rose, strategically located along the gold deposit-bearing Cape Ray - Valentine Lake Shear Zone in Central Newfoundland (see news releases dated July 30, 2024 and August 22, 2024).

The financial backing of Eldorado, via the Option, is affording TRU the ability to undertake a detailed review of the potential of Golden Rose. The claims that comprise Golden Rose were consolidated over several years, and TRU is now conducting a project wide exercise to understand and update the discovery potential for gold and other minerals across the 300 sq. km project area. The review will methodically apply geoscience and exploration practices across the entire property package.

TRU CEO Steve Nicol commented: "TRU is shifting to a "big picture" perspective of Golden Rose viewing the complete consolidated land parcels and claims as one entity to facilitate the development of an updated model of mineralization potential for the entire property, aimed at optimising the discovery process. TRU is focused on efficiently discovering the full gold and copper potential that may exist at Golden Rose."

The objective of the initial step in this methodical process, designed in conjunction with Eldorado, is to extract the maximum information and knowledge from existing project data which will be reassessed and verified, then infilled and updated or improved where required. This work, which has already commenced, includes infill and geochemical sampling, reinterpretation of magnetic survey data, prospecting, re-mapping, and re-examination of drill core.

The wealth of information generated from this process will feed into preparation of a revised and refined geological and structural site-wide model, which will be utilized to generate a pipeline of quality drill targets across the property for prioritization and drilling.

While it is expected that this rigorous and methodical assessment will result in the identification of multiple targets across the property, it is initially being focused on the northeast-trending 'exploration fairway' between the Mark's Pond zone and the Rich House zone (7.5km long x up to 2kms wide; Figure 1). Initial targeting in this area is expected to be completed by early 2025 with drilling planned to commence immediately thereafter.

Figure 1: Initial Exploration Fairway at Golden Rose

In parallel, and as previously announced, (see news release July 16, 2024), the Company has been running a copper and critical minerals focused exploration program across Golden Rose. Results from this program will be reported when work is complete, and all assay results have been received.

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.

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 300.25 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 Gold Project and AuMEGA Metals' Cape Ray Gold Project. TRU is currently focused on efficiently discovering the full gold and copper potential that may exist at Golden Rose.

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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The Directors of the Company accept responsibility for the contents of this announcement.

 

END