REG - Ormonde Mining PLC - Completion of Investment in TRU Precious Metals

Marathon GoldAnnouncement

06/09/2023 08:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230906:nRSF4831La&default-theme=true

RNS Number : 4831L  Ormonde Mining PLC  06 September 2023

 

6 September 2023

 

Ormonde Mining plc

("Ormonde" or the "Company")

 

Completion of Investment in TRU Precious Metals Corp

 

Ormonde acquires 36.2% interest in TSXV-listed explorer with flagship
Newfoundland gold project

 

Ormonde Mining plc (AQSE: ORM) is pleased to announce the completion of its
investment in Toronto-listed exploration company TRU Precious Metals Corp.
("TRU"), which is exploring for gold and copper in the highly prospective
Central Newfoundland Gold Belt in Canada.

 

Ormonde has acquired an initial 36.2% interest in TRU's share capital through
a private subscription for 60 million new common shares of TRU at CAD $0.05
per share for a total consideration of CAD $3,000,000. Ormonde has the
potential to increase its shareholding to up to 46.0% through the exercise of
warrants.

 

TRU's flagship Golden Rose Project ("Golden Rose") is in the highly
prospective Cape Ray - Valentine Lake gold-bearing structural corridor in
Southern Central Newfoundland. Golden Rose is a regional-scale 273.5 km(2)
land package, of which 240.25km(2) is fully owned by TRU, with the additional
33.25 km(2) held under an option to acquire a 65% interest.

 

This coherent land package straddles a 45km strike length along the
deposit-bearing Cape Ray-Valentine Lake shear zone and is located between
Marathon Gold's Valentine Gold Project (4 million oz) and Matador Mining's
Cape Ray Gold Project (0.6 million oz - exploration continuing).

 

Following recent significant discoveries, Newfoundland has become one of the
world's most attractive gold exploration regions. The prospective geology
combined with ease of access, a supportive local government and moderate
weather combine to give Newfoundland a top 10 global ranking for mining
investment attractiveness by the Fraser Institute.

 

Within the TRU landholding, various mineralisation styles have already been
recognised, including a structural domain potentially similar to the
Curraghinalt gold deposit in Northern Ireland (6 million oz). Golden Rose has
had limited historical exploration, but the prospectivity of the area has been
confirmed. TRU has capitalised on previous work and is already turning up new
high-grade gold and copper mineralised targets on the property with high
grades similar to those that other Newfoundland explorers have been reporting
in recent years.

 

With the help of Ormonde, TRU intends to fast-track the advancement of Golden
Rose, as well as the evaluation of other mineral property transaction
opportunities.

 

Board representation

 

In connection with the closing, Ormonde has the right to appoint three out of
five of the TRU board of directors (the "Board"), with each such appointee
subject to TSX Venture Exchange approval. Accordingly, in addition to Brian
Timmons who joined the Board on 30 June 2023, Steve Nicol (technical advisor
to Ormonde) has also been appointed to the TRU Board as Ormonde's second
nominee. The final Ormonde Board nominee is expected to be appointed and
announced shortly.

 

Brendan McMorrow, Chief Executive Officer, commented:

 

"Ormonde believes Golden Rose represents an exceptional gold exploration asset
with the potential to contain one or more world-class gold resources. We look
forward to assisting TRU in fast-tracking the advancement of Golden Rose, as
well as evaluating other mineral property transaction opportunities for TRU,
leveraging our teams' complementary experience."

 

 

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

 

Enquiries:

 

 Ormonde Mining plc
 Brian Timmons, Chairman                        Tel: +353 (0)1 801 4184

 Vigo Consulting (Investor Relations)
 Ben Simons / Fiona Hetherington                Tel: +44 (0)20 7390 0230

 Peterhouse Capital (Aquis Corporate Adviser)
 Narisha Ragoonanthun / Brefo Gyasi             Tel: +44 (0)20 7469 0930

 

About Ormonde Mining

 

Ormonde is a natural resource company, providing 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, 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
(http://www.ormondemining.com) .

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NEXBCGDCBSGDGXU