22 April 2024
Ormonde Mining
plc
("Ormonde" or the "Company")
Investee
Company Update: TRU Precious Metals
TRU
publishes plans for critical metals exploration programme at Golden
Rose, Newfoundland
Ormonde Mining plc
(AQSE: ORM), a natural resources company with
investment exposure to exploration assets including gold and
critical metals in Newfoundland and battery metals in Scotland,
notes the following update announced on 18 April 2024 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.
TRU announced its intention to carry
out an exploration programme this spring and summer at its Golden
Rose Project ("Golden Rose") in Western-Central Newfoundland.
Exploration will assess the critical minerals potential associated
with the deposit-bearing Cape Ray - Valentine Lake Shear Zone and
will be copper ("Cu")-focused. The programme will also investigate
other critical minerals occurrences hosting nickel ("Ni") and zinc
("Zn"), which have been identified in previous exploration
activities carried out by TRU.
The objective of the exploration
programme is to develop a deeper understanding of the overall
critical minerals potential at Golden Rose, supplementing the
heightened prospectivity of Golden Rose for gold. The programme
will include prospecting, grab (rock) sampling, reconnaissance soil
sampling and trenching over interpreted critical minerals anomalies
determined through previous work by TRU, historical data
compilation, and recently acquired high resolution satellite and
remote sensing data over the entire property. Many of the planned
target areas have had limited exploration to date.
The 2021, 2022 and 2023 exploration
seasons identified Cu and other critical minerals anomalies at
numerous locations including:
·
Jacob's Pond, where numerous soil anomalies occur
and grab samples assayed up to 3.42% Cu and 2.76 grams per tonne
(g/t) gold ("Au")
·
Jacob's Twin, where rock samples assayed up to
11.0% Cu, 14.3g/t Au and 368g/t silver ("Ag"), and drill results
assayed up to 1.10% Cu, 0.87g/t Au and 46.60g/t Ag over 2.8
m
·
Jacob's West, an area 750 m to 1.2 km southwest of
Jacob's Twin, where abundant Cu and lesser Zn in soil anomalies
were identified
·
Glenn's Prospect, located 2.9 km northeast along
the Cape Ray Shear zone from Cu mineralization at Jacob's Pond and
4 km from Jacob's Twin, where bedrock grab samples assayed up to
7.6% Cu
·
The King George IV Lake area, where grab samples
assayed up to 0.66% Cu and 1.33% Zn; and
·
Bear Pond, where 2021 soil sampling identified an
area of anomalous Ni with results up to 409 parts per million
("ppm") Ni. Reconnaissance-level government till sampling also
returned an assay of 431 ppm Ni in this area.
The 2024 exploration programme,
which will be fully funded from TRU's treasury, will further
delineate and assess these anomalies in addition to identifying new
opportunities.
TRU also announced it has scoped a
drill programme for its gold prospects across Golden Rose and is
currently assessing the most advantageous time to undertake the
programme.
Further information relating to
TRU's spring-summer exploration programme can be found via this
link to TRU's announcement:
https://www.trupreciousmetals.com/news-page/tru-plans-critical-minerals-summer-exploration-program-at-golden-rose-project.
Brian Timmons, Executive Chair of Ormonde,
commented:
"Not only does Golden Rose have high-grade gold discoveries
along the same structures as nearby deposits, but it is also highly
prospective for copper and other critical minerals. With a number
of large gold companies seeking to diversify their exposure through
copper, we believe this multi-mineral resource focus will make
Golden Rose even more attractive for M&A in the
future.
We
look forward to TRU's forthcoming critical metals focused field
season at Golden Rose. With gold prices at record highs and copper
at the epicentre of the energy transition, we are confident that
Ormonde will in the course of time realise a substantial return on
investment from its ownership of over one-third of Golden Rose via
TRU.
It
is also pleasing to see that TRU retains a strong cash position of
approximately CA$2.3 million and continues to prudently manage its
cash outflows in challenging economic conditions for junior
explorers."
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, 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 Limited, which is advancing exploration on
a potentially significant battery metals project in
Scotland.
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.
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The Directors of the Company are
responsible for the release of this announcement.