Ormonde Mining PLC Investee Company Update: TRU Precious Metals (9214P)
October 12 2023 - 3:45AM
UK Regulatory
TIDMORM
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 (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 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 .
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 .
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