Investee Company Update: TRU Precious Metals
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 (AQSE: ORM), the natural resources company with investment exposure to outstanding gold and battery metal exploration assets, notes an announcement 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). 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 and August 18, 2022). 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 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.
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