Business
TRU Precious Metals Signs Binding Term Sheet with Altius Minerals Subsidiary for Option to Purchase Golden Rose Project
Fredericton, New Brunswick--(Newsfile Corp. - January 7, 2021) - TRU Precious Metals Corp. ...
About this update from Altius Minerals Corporation
[{"type":"text","content":"TRU Precious Metals Signs Binding Term Sheet with Altius Minerals Subsidiary for Option to Purchase Golden Rose ProjectFredericton, New Brunswick--(Newsfile Corp. - January 7, 2021) - TRU Precious Metals Corp. (TSXV: TRU); (OTCQB: TRUIF) (\"TRU\" or the \"Company\") is pleased to announce that it has entered into a binding term sheet with a subsidiary of TSX-listed Altius Minerals Corporation (TSX: ALS) (\"Altius\") for the option (the \"Option\") to purchase Altius' Golden Rose project located in the southwestern portion of the Central Newfoundland Gold Belt (the \"Golden Rose Project\").TRU Co-Founder and CEO Joel Freudman commented: \"We are thrilled to be partnering with Altius to explore and develop the Golden Rose Project. This partnership is consistent with our communicated strategy to build towards a district-scale presence in central Newfoundland.\"The Golden Rose Project is a regional-scale land package covering 105 kilometres squared (km2) within the Valentine Lake structural corridor, and is easily accessible via provincial highway and forest access roads. It is located between Marathon Gold Corp.'s (\"Marathon\") Valentine Gold Project to the northeast, where Marathon has reported 3.09 million ounces (Moz.) Measured and Indicated gold (Au) resources (comprised of 54.9 million tonnes (Mt) at 1.75 grams per tonne (g/t) Au) + 0.96 Moz. Inferred Au resources (16.8 Mt at 1.78 g/t Au),1 and Matador Mining's Cape Ray Gold Project to the southwest, which also has a known gold deposit.2 Figure 1: Golden Rose Project Regional LocationTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/5993/71589_024f499f84778826_001full.jpgMr. Freudman added, \"On closing, this transaction will bring Altius into TRU's shareholder base as a strategic investor with an expected 19.9% stake. This is a pivotal development for us, as this fuels our rapid progress to date and further enhances TRU's business prospects going forward. Coupled with our 100%-owned Twilite Gold Project, TRU will now have two highly-prospective gold exploration properties along a fault zone that hosts multiple known major deposits.\" Geological DescriptionThe Valentine Lake structural corridor transects the full length of the Golden Rose Project, hosting over 45 km of prospective strike-length for Au mineralization. In terms of top p...