Business
TRU Precious Metals Signs Definitive Option Agreement with Subsidiary of Altius Minerals to Purchase Golden Rose Project
Fredericton, New Brunswick--(Newsfile Corp. - February 24, 2021) - TRU Precious Metals Corp. (...
About this update from Tru Precious Metals Corp.
[{"type":"text","content":"TRU Precious Metals Signs Definitive Option Agreement with Subsidiary of Altius Minerals to Purchase Golden Rose ProjectFredericton, New Brunswick--(Newsfile Corp. - February 24, 2021) - TRU Precious Metals Corp. (TSXV:TRU) (OTCQB:TRUIF) (\"TRU\" or the \"Company\") is pleased to announce that it has signed a definitive option agreement dated February 23, 2021 (the \"Option Agreement\") with a subsidiary of TSX-listed Altius Minerals Corporation (TSX:ALS) (\"Altius\") to purchase Altius' Golden Rose Project (as defined below). This is further to the Company's press releases dated January 7, 2021 and February 2, 2021.TRU Co-Founder and CEO Joel Freudman commented: \"We are excited by the prospects of this historically explored property. Golden Rose is ideally located along the deposit-bearing Cape Ray - Valentine Lake Shear Zone, with highway access, in a mining-friendly jurisdiction. We believe that the long-term prospects for gold are very robust and as such we could not ignore the opportunity that we feel the Golden Rose Project represents. In addition, upon closing of this transaction, we will be delighted to welcome Altius to TRU's shareholder base as a strategic investor, holding an approximate 19.9% stake.\"Golden Rose Project The Golden Rose Project is a regional-scale land package covering 105 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 Valentine Gold Project to the northeast and Matador Mining Ltd.'s Cape Ray Gold Project to the southwest.Figure 1: Golden Rose Project Regional LocationTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/5993/75333_6b67ab6304db18d7_001full.jpgA technical description of the Golden Rose Project is available in the Company's press release dated January 7, 2021. Terms of the Option AgreementTRU has entered into the Option Agreement, by which Altius grants to TRU the exclusive right and option (the \"Option\") to acquire, subject to retention by Altius of a maximum 2.0% net smelter return (\"NSR\") royalty, its 100% interest in a package of mineral claims located in the southwestern portion of the Central Newfoundland Gold Belt (the \"Altius Claims\"). Altius has also agreed to assign an existing option agreement (the \"Rose Gold Ag...