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

Marathon GoldAnnouncement

12/10/2023 10:00

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RNS Number : 9214P  Ormonde Mining PLC  12 October 2023

 

12 October 2023

 

Ormonde Mining plc

("Ormonde" or the "Company")

 

Investee Company Update: TRU Precious Metals

 

TRU Publishes Technical Report for Golden Rose and Commences Autumn
Exploration Programme

 

Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), a natural
resource company providing exposure to quality and diverse assets across a
range of strategic minerals, notes the following updates announced yesterday
by its 36.2%-owned investee company, TRU Precious Metals Corp. (TSXV: TRU)
("TRU"), which is exploring for gold and copper in the highly prospective
Central Newfoundland Gold Belt in Canada.

 

NI 43-101 Technical Report

 

TRU announced the filing of an updated Technical Report
(https://www.trupreciousmetals.com/s/TRU-Golden-Rose-NI-43-101-Report_11Oct2023.pdf)
for its Golden Rose project, prepared by APEX Geoscience Ltd and Terrane
Geoscience Inc. The purpose of the Technical Report is to consolidate all
TRU's exploration and drilling activities completed at Golden Rose since
acquiring the project in early 2021, including high-grade discoveries of gold,
copper, and silver at multiple new targets, and to provide recommendations for
future exploration and development of the project. The Technical Report is
available for viewing on TRU's website at the following page:
https://www.trupreciousmetals.com/golden-rose-project
(https://www.trupreciousmetals.com/golden-rose-project) .

 

Exploration Update

 

TRU also announced it has recently commenced an autumn exploration programme
at Golden Rose, focused on cost-effectively growing its pipeline of gold and
critical minerals prospects and producing additional drill-ready targets. The
programme will include prospecting, grab (rock) sampling, and reconnaissance
soil sampling over interpreted precious and base metal anomalies determined
through historical data compilation, and recent ground geophysics and remote
sensing programmes. Many of the planned target areas have had limited
exploration to date.

 

Paul Ténière, TRU's Vice President of Exploration, commented:

 

"We are very pleased to have filed an up-to-date NI 43-101 Technical Report
for Golden Rose. This is the culmination of several months of work by our
technical team and independent Qualified Persons to compile the extensive
exploration and drilling work completed by TRU since 2021. The Technical
Report also includes the results from our recent trenching and channel
sampling work at Mark's Pond and prospecting and sampling work targeting new
gold and critical minerals targets along the Cape Ray-Valentine Lake Shear
Zone. I would like to thank our team, APEX, and Terrane for their meticulous
work and continued technical support as we advance the Project. We encourage
our mining and capital markets colleagues to review the Technical Report for a
deeper dive on the significant discovery potential unfolding at Golden
Rose."

 

Brendan McMorrow, Chief Executive Officer of Ormonde, commented:

 

"This Technical Report provides a comprehensive overview of the history and
development of Golden Rose and reaffirms Ormonde's belief that this prospect
represents a world class exploration opportunity. In particular, the report
highlights several compelling features of the Golden Rose project, including,
inter alia:-

 

i.      the highly prospective strike extent of the structural trend that
hosts Marathon Gold's  Valentine Lake gold deposit to the northeast of the
TRU property (Marathon Gold's 5Moz  resource  comprises Total Measured and
Indicated Mineral Resources (inclusive of Mineral Reserves) of 3.96 Moz (64.62
Mt at 1.90 g/t Au), plus  additional Inferred Mineral Resources of 1.10 Moz
(20.75 Mt at 1.65 g/t Au);

 

ii.     the 5km strike extent of the gold mineralised Marks Pond  - Rich
House Trend which contains bonanza grade visible gold and several occurrences
demonstrating  gold in bedrock; and

 

iii.    several gold in bedrock occurrences at the southwest of the TRU
property that appear to represent structural analogues to the 6 Moz
Curraghinalt gold deposit in Ireland."

 

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) .

 

 

 

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