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

Quadro ResourcesAnnouncement

07/05/2025 08:15

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RNS Number : 5774H  Ormonde Mining PLC  07 May 2025

7 May 2025

Ormonde Mining plc

("Ormonde" or the "Company")

 

Investee Company Update: TRU Precious Metals

 

TRU Announces Commencement of Drilling at Golden Rose, Newfoundland

 

Ormonde Mining plc (https://ormondemining.com/) (AQSE: ORM), the natural
resources company with investment exposure to outstanding gold and battery
metal exploration assets, notes an announcement
(https://www.trupreciousmetals.com/news-page/tru-announces-commencement-of-drilling-at-golden-rose)
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. TRU has announced
drilling has commenced on an approximate 1,800 metres 2025 drilling programme
at the Golden Rose Project ("Golden Rose") in Newfoundland.

 

The drilling programme will test a pipeline of quality exploration targets at
Golden Rose for the first time. Golden Rose has been optioned by Eldorado Gold
Corporation (TSE: ELD - US$4.0 billion market cap).

 

TRU has also announced the completion of its revised and refined property wide
review of Golden Rose, with numerous targets identified with potential for
orogenic gold mineralisation across the entire land package.

 

The full announcement issued by TRU appears below.

 

Brian Timmons, Executive Chair of Ormonde, commented:

 

"The launch of this drilling programme is the first step in TRU's systematic
evaluation of gold targets across the highly prospective land package at
Golden Rose. The updated mineralisation model provides a strong foundation on
which to deliver this work and once validated, will support TRU in its
strategy to unlock the value of Golden Rose in a targeted and cost-effective
manner."

 

 

TRU Announces Commencement of Drilling at Golden Rose

 

Toronto, Ontario - May 6, 2025 - TRU Precious Metals Corp. (TSXV:TRU,
OTCQB:TRUIF, FSE:706) ("TRU" or the "Company") is pleased to report that
drilling has commenced on an approximate 1,800 metres 2025 diamond drilling
program at the Golden Rose Project ("Golden Rose"). Golden Rose is
strategically located along the gold deposit bearing Cape Ray - Valentine Lake
Shear Zones in Central Newfoundland.

 

The target area for the 2025 drilling program is focused upon a portion of the
Mark's Pond to Rich House "exploration fairway." (see News Release dated April
03, 2025
(https://www.trupreciousmetals.com/news-page/tru-awards-drilling-contract-for-the-2025-drilling-program-at-golden-rose)
).  This exploration fairway was selected for the 2025 drill program based
upon its interpreted prospectivity and to comply with certain drilling
commitments required prior to early July 2025 pursuant to the terms of the
Option Agreement with Quadro Resources, as modified, on the Staghorn licenses,
which comprise part of the exploration fairway. (see News Releases dated June
16, 2022
(https://www.trupreciousmetals.com/news-page/tru-signs-definitive-option-agreement-for-consolidation-of-final-contiguous-gold-property-at-golden-rose-project)
 and August 18, 2022
(https://www.trupreciousmetals.com/news-page/tru-closes-option-agreement-for-staghorn-project-and-achieves-strategic-consolidation-of-cape-ray-valentine-lake-shear-zone)
). The Staghorn licenses represent less than 12% of the total Golden Rose
licenses area.

 

Concurrently, the Company has recently completed its revised and refined
geological and structural property-wide synthesis of Golden Rose and is now
advancing an assessment of the outcomes of this work. The completed models
identify numerous targets with potential for orogenic gold mineralization
across the nearly 300 sq. kilometres ("km") land package.  This pipeline of
quality exploration targets will be validated by field work prior to drilling.

 

TRU CEO Steve Nicol commented: "We are very pleased to announce the
commencement of the 2025 drill program at the Mark's Pond to Rich House
exploration fairway which represents the first area to be tested among the
multiple prospective targets emerging from our geological and structural
site-wide model. I look forward to updating investors on the results of this
initial drilling program, and upon our ongoing assessment of other emerging
target areas, as results from each become available."

 

Figure 1: Initial Exploration Fairway at Golden Rose

 

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 subject to
an Earn-In Agreement with TSX-listed Eldorado Gold Corporation ("Eldorado"),
whereby Eldorado has the option to fund CAD15.25M in cash payments and
exploration expenditures over 5 years to earn an 80%-interest in the Golden
Rose project.  Please refer to the July 30th, 2024 press release
(https://www.trupreciousmetals.com/news-page/tru-precious-metals-enters-definitive-option-agreement-with-eldorado-gold)
 for further details of the agreement.

 

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 resources company delivering exposure to outstanding gold
and battery metal exploration projects. Ormonde's portfolio comprises:

 

·    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, funded by Eldorado Gold Corporation (TSE:
ELD - US$3 Bn market cap) which has optioned the project.

·    A 100% interest in two gold exploration licences in the Zamora
province in western Spain, for which the Company is advancing value enhancing
options

·    A 19.2% interest in Peak Nickel Limited, which is exploring for
battery metals at the Rodburn Project in Aberdeenshire with indications of a
significant deposit.

 

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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