REG - Ormonde Mining PLC - Investee Company Update: TRU Precious Metals

Eldorado GoldAnnouncement

06/12/2024 13:00

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RNS Number : 1828P  Ormonde Mining PLC  06 December 2024

6 December 2024

Ormonde Mining plc

("Ormonde" or the "Company")

 

Investee Company Update: TRU Precious Metals

 

TRU Reports High Grade Gold in Rock Samples Recovered from Golden Rose Project

 

Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), the natural
resources company with investment exposure to outstanding gold and battery
metal exploration assets in Newfoundland and Scotland, notes an announcement
yesterday 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. The full
announcement issued by TRU appears below.

 

Brian Timmons, Executive Chair of Ormonde, commented:

 

"We echo the sentiments of TRU's CEO, Steve Nicol, with the high-grade results
returned as part of this programme of rock sampling demonstrating the scale of
potential for Golden Rose.

 

"This is an extraordinary asset which has been optioned by a major gold
company and we believe Ormonde offers heavily undervalued exposure to it. We
look forward to updating shareholders in due course on continued progress at
Golden Rose."

 

 

 

TRU Reports High Grade Gold in Rock Samples Recovered from the Golden Rose
Project

 

Toronto, Ontario - December 5, 2024 - TRU Precious Metals Corp. (TSXV:TRU,
OTCQB:TRUIF, FSE:706) ("TRU" or the "Company") is pleased to report on high
grade gold ("Au") assays from rock sampling and mapping carried out on a
section of the company-defined Mark's Pond to Rich House ("MPRH") exploration
fairway at its flagship Golden Rose Project ("Golden Rose"). The Golden Rose
project is strategically located along the gold deposit-bearing Cape Ray -
Valentine Lake Shear Zone in Central Newfoundland.

 

Highlights

 

1.    Sampling and mapping were carried out along a 15 metre ("m") wide
strip along the north shore of Lake Victoria made possible by unusually low
water levels. This strip represents partial exposure of a 4 km stretch along
the MPRH exploration fairway;

2.    A total of 47 bedrock and float grab samples were collected along the
exposed shoreline, with 22 having grades in excess of 0.1 grams per tonne
("g/t") Au, of which 8 returned grades in excess of 30 g/t Au including 4
which returned grades in excess of 100 g/t Au;

3.    12 of the bedrock and float samples contained visible gold ("VG");

4.    A new bedrock occurrence with Rich House type alteration and veining
was discovered approximately 1,100 m southwest ("SW") of Rich House; and

5.    The exposed north shore provided valuable geological information on
what is interpreted to be a portion of a highly prospective structural trend
extending through much of the large Golden Rose property.

 

CEO Statement

 

TRU CEO Steve Nicol commented: "The impressive grade results returned from
this program of rock sampling signals that Golden Rose has the potential to
generate high grade gold, but more significantly this rare exposure of lake
shore has exposed a portion of the larger structural trend that is interpreted
to extend for some 33 kms from NE to SW across the Golden Rose property. As
only minimal information is currently available along the trend due to bog and
till cover, studying this exposed lake shore provides valuable insight into
some of the controls on gold mineralization occurring along this larger trend.
The collection of many high-grade rock samples, some containing VG, also
reinforces the Company's selection of the MPRH exploration fairway as the
focus for initial drill planning. It is a credit to the TRU geological team
that it recognized the importance of the opportunity afforded by the
unexpectedly low water levels within Victoria Lake and moved quickly to take
full advantage of the opportunity."

 

Sampling and Mapping

 

As previously reported (see news release dated October 22, 2024), TRU is in
the process of rigorously and methodically assessing the project-wide data for
Golden Rose, including geological re-evaluation, infill sampling, and field
validation with the objective of developing an updated model of mineralization
potential across the entire project area. The initial focus is on the MPRH
exploration fairway where drilling is being planned.

 

The MPRH exploration fairway is a structural corridor interpreted to be up to
2 kilometres ("km") wide and over 7 km long, stretching from the Mark's Pond
gold zone in the southwest to the Rich House showing to the northeast ("NE")
(Figure 1). For several kilometres, the MPRH exploration fairway is parallel
to the northwest shore of Victoria Lake.

 

FIGURE 1: MPRH exploration fairway location

 

The 2024 fieldwork program was assisted by unusually low water levels in
Victoria Lake leaving exposed a significant amount of the lake shore and thus
uncovering a 15 metre ("m") wide strip along the entire north shore of the
lake representing a 4 km stretch of the MPRH exploration fairway.

 

Sampling and mapping were carried out by the TRU geological team along this
strip of exposed shoreline. Bedrock samples were taken from siliceous
intervals associated with a contact zone exhibiting iron carbonate alteration
that can be tracked over an extensive strike length. Individual siliceous
intervals extend to a width of up to 4 m, over 10's of metres in length. Many
of the float samples collected were from angular boulders suggesting that they
may not have been transported very far from the original source. A table of
samples that returned in excess of 0.1 g/t from the sampling program is
provided below (Figure 2). Figure 3 shows the locations of significant samples
along the shoreline, close to Rich House.

 

FIGURE 2: Table of significant sample results (> 0.1 g/t Au)

FIGURE 3: Grab sample locations and assays with geology close to Rich House

 

The MPRH exploration fairway forms part of a larger structural trend
interpreted to extend for some 33 kms in a NE to SW direction across the
Golden Rose property. The geology of this structural trend is complex with
numerous sedimentary and volcanics lithologies existing as overlapping thrust
slices over 10's of kms. The trend is interpreted to be highly prospective for
Au along its entire length but has limited surface expression. The opportunity
provided TRU geologists by the recently exposed Lake Victoria shoreline in a
portion of the MPRH exploration fairway provides a valuable source of
geological information which will assist to advance TRU's discovery aims for
Golden Rose in this much larger structural trend.

 

High resolution drone imagery has also been collected over the exposed
shoreline to document the outcrops for further geological interpretation.

 

Data Verification

 

During all exploration sampling and analysis works on its Golden Rose Project,
TRU maintains strict quality assurance and quality control programs and has a
sample security procedure in place. These are tailored as necessary to be
appropriate to the types of samples being collected.

 

Samples reported on in this news release comprised rock chip and grab samples.
These samples were all packed in sealed plastic bags and transported by the
TRU Project Geologist directly to the laboratories of Eastern Analytical in
Springdale, NL (ISO 17025 certified) for industry standard assay techniques
for gold.

 

All samples containing VG were assayed using total pulp metallics as well as
ICP-34 while the remaining samples were analyzed by 30g fire assay with AA
finish and ICP-34 techniques. Blank and standard samples were inserted by the
laboratory in addition to analysis of duplicate samples.

 

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 297.5
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 45km 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 at Golden Rose, targeting discovery along this
proven gold bearing trend.

 

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: +353 1 8014184

 

Vigo Consulting (Investor Relations)

Ben Simons / Fiona Hetherington

Tel: 44 (0)20 7390 0230

 

Peterhouse Capital (Aquis Corporate Adviser)

Tel: +44 (0)20 7469 0930

 

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 km(2) 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
(https://ormondemining.com/) .

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/ormonde-mining-plc/
(https://www.linkedin.com/company/ormonde-mining-plc/)

 

X: https://x.com/OrmondeMining (https://twitter.com/OrmondeMining)

 

Subscribe to our email alert service to be notified whenever Ormonde releases
news:

 

https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d
(https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d)

 

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

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