6 November 2024
Ormonde Mining
plc
("Ormonde" or the "Company")
Investee
Company Update: TRU Precious Metals
TRU Copper Exploration
Programme Returns Samples Assaying 3.7% & 3.2% Cu at Golden
Rose
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 5 November 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 results from the
2024 field season copper exploration programme at its flagship
Golden Rose Project, strategically located
along the gold deposit-bearing Cape Ray - Valentine Lake Shear
Zone, a historically underexplored asset. Alongside its gold focus,
TRU has been conducting a targeted exploration programme, focused
on the critical minerals potential of Golden Rose, with a
particular emphasis on copper.
Particular highlights included
significant copper values being returned from both the Jacob's and
King George prospects (both up to 3.7% Cu), with these targets
being upgraded for future work.
The full announcement issued by TRU
appears below:
TRU
Provides Update on Flagship Golden Rose Project
Toronto, Ontario - November 5, 2024
- TRU Precious Metals Corp.
(TSXV:TRU, OTCQB:TRUIF, FSE:706) ("TRU" or the "Company") is
pleased to provide results from the 2024 field season copper ("Cu")
exploration program at its flagship Golden Rose Project ("Golden
Rose") strategically located along the gold deposit-bearing Cape
Ray - Valentine Lake Shear Zone in Central Newfoundland. As
previously announced (see news releases
dated April
18, 2024 and July
16, 2024), TRU has been
conducting a targeted exploration program focused on the critical
minerals potential of Golden Rose, with special emphasis on copper.
Many of the areas targeted have limited exploration to date as
Golden Rose is an historically underexplored asset.
The Jacob's Prospect and King George
Prospect areas both returned significant copper values (up to 3.7%
Cu) while other locations returned numerous anomalous values,
upgrading these targets for future work (Figure 1).
Highlights from the recently
completed program are:
1.
At Jacob's Prospect, four samples
comprising bedrock and float assayed from 2.0% to 3.7% Cu with
numerous other rock samples assaying up to 1% Cu. This has extended
the area of known copper potential at this prospect by
approximately 2 kilometres ("km") to the west-northwest;
2.
At King
George Prospect, outcrop and angular
float grab samples assayed 3.7% and 2.4% Cu;
3.
At Glenn's Prospect, outcrop samples
returned values up to 0.9 % Cu extending the area of known copper
potential by 750 metres ("m") to the southwest of the original
outcrop reported in 2023 (See news release dated October 03,
2023);
4. Outcrop and
angular float samples with highly elevated copper concentrations
have been collected over a 5.5 km strike of the Cape Ray Shear Zone
from Glenn's Prospect to Jacob's Prospect, with similar elevated
copper concentrations also obtained from outcrop and angular float
approximately 14 km further along the same structure to the
southwest at King George Prospect;
5. Outcrop samples
assaying up to 0.17 % Cu, as well as angular float
boulder samples assaying up to 0.15% Cu and 1.4 grams per tonne
("g/t") gold ("Au") were discovered at the new Annie Prospect, a previously
unexplored area 3.5 km north-northeast of Glenn's Prospect;
and
6. Several samples
collected across the above-noted prospects also assayed anomalous
zinc ("Zn") values up to 0.95% Zn.
TRU CEO Steve
Nicol commented: "We are
very encouraged with the results of our latest exploration program,
specifically targeting copper and other critical minerals at
various locations within the nearly 300 sq.km Golden Rose Project
area. This work continues to highlight the potential of the Project
to host significant critical mineral occurrences. Further work is
required to better evaluate the full potential of these
occurrences. We look forward to working with our Golden Rose
earn-in partners Eldorado Gold Corporation ("Eldorado") to
incorporate this latest information into the ongoing preparation of
a revised and refined project-wide geological and structural model
for Golden Rose" (See
news release dated October 22, 2024).
Figure 1: Sample locations providing
elevated copper results from the 2024 Cu exploration
program
The Cu exploration program comprised
prospecting, grab (rock) sampling and reconnaissance soil sampling
and was undertaken over areas where previous work identified
critical mineral prospectivity and also at locations highlighted by
remote sensing work.
At Jacob's Prospect (previously known as
Jacob's Pond and Jacob's Twin), results include outcrop and angular
float grab samples assaying 3.7%, 3.2%, 2.4% and 2.0% Cu, with
numerous other Cu mineralized samples identified over a 1.5 km
length and samples assaying up to 0.95% Zn. Rock types identified
are mafic volcanics with massive, semi-massive and disseminated
sulphide mineralization. Antimony ("Sb") grades up to 0.2% Sb are
also present. The Cu mineralization is interpreted as being
associated with an east-west trending splay off the Cape Ray Shear
Zone, with many of the anomalous samples taken from an area 1.4 km
north of the 2022 drilling at Jacob's Twin
(see
news release dated September 22, 2022) thereby extending the previously known anomalous copper zone
significantly to the west-northwest by approximately 2
km.
At King George Prospect, results include
outcrop and angular float grab samples assaying 3.7% and 2.4% Cu,
with up to 0.9% Zn also encountered over an area of approximately
500 m x 500 m. The prospect lies in the area of an extensive
geophysical anomaly. Rock types sampled are mafic volcanics with
disseminated and fracture fill Cu and Zn mineralization.
At Glenn's Prospect, the copper potential
is supported by outcrop samples assaying up to 0.9 % Cu in the area
surrounding the initial discovery outcrop. Rock types sampled are
mafic volcanics and diabase hosting disseminations and fracture
filling sulphide mineralization extending up to 750 m southwest of
the initial discovery at Glenn's Prospect.
At the new Annie Prospect, located in
the Annieopsquotch Mountains, outcrop and angular float boulder
samples assayed up to 0.17% Cu and up to 1.4g/t Au. Satellite and
remote sensing data had previously indicated the potential for
critical mineral prospectivity over parts of the Annieopsquotch
Mountains. The discovery of elevated copper values in this area
based solely on remote sensing data gives confidence that this data
set can be used to identify additional base and precious metals
mineralization zones at Golden Rose for future exploration.
Results from a soils program at the
King George Prospect are pending.
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 297.50
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
optioned-out to TSX-listed Eldorado Gold Corporation.
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
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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