Business
Completion of Investment in TRU Precious Metals
Completion of Investment in TRU Precious Metals.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n\n \n6 September 2023\n \nOrmonde Mining plc\n(\"Ormonde\" or the \"Company\")\n \nCompletion of Investment in TRU Precious Metals Corp\n \nOrmonde acquires 36.2% interest in TSXV-listed explorer with flagship Newfoundland gold project\n \nOrmonde Mining plc (AQSE: ORM) is pleased to announce the completion of its investment in Toronto-listed exploration company TRU Precious Metals Corp. (\"TRU\"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada.\n \nOrmonde has acquired an initial 36.2% interest in TRU's share capital through a private subscription for 60 million new common shares of TRU at CAD $0.05 per share for a total consideration of CAD $3,000,000. Ormonde has the potential to increase its shareholding to up to 46.0% through the exercise of warrants.\n \nTRU's flagship Golden Rose Project (\"Golden Rose\") is in the highly prospective Cape Ray - Valentine Lake gold-bearing structural corridor in Southern Central Newfoundland. Golden Rose is a regional-scale 273.5 km2 land package, of which 240.25km2 is fully owned by TRU, with the additional 33.25 km2 held under an option to acquire a 65% interest.\n \nThis coherent land package straddles a 45km strike length along the deposit-bearing Cape Ray-Valentine Lake shear zone and is located between Marathon Gold's Valentine Gold Project (4 million oz) and Matador Mining's Cape Ray Gold Project (0.6 million oz - exploration continuing).\n \nFollowing recent significant discoveries, Newfoundland has become one of the world's most attractive gold exploration regions. The prospective geology combined with ease of access, a supportive local government and moderate weather combine to give Newfoundland a top 10 global ranking for mining investment attractiveness by the Fraser Institute.\n \nWithin the TRU landholding, various mineralisation styles have already been recognised, including a structural domain potentially similar to the Curraghinalt gold deposit in Northern Ireland (6 million oz). Golden Rose has had limited historical exploration, but the prospectivity of the area has been confirmed. TRU has capitalised on previous work and is already turning up new high-grade gold and copper mineralised targets on the property with high grades similar to those that other Newfound...