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Tru Precious Metals to Acquire Stony Lake Property in Central Newfoundland Gold Belt
Fredericton, New Brunswick--(Newsfile Corp. - November 23, 2020) - TRU Precious Metals Corp. (...
About this update from Tru Precious Metals Corp.
[{"type":"text","content":"Tru Precious Metals to Acquire Stony Lake Property in Central Newfoundland Gold BeltFredericton, New Brunswick--(Newsfile Corp. - November 23, 2020) - TRU Precious Metals Corp. (TSXV: TRU) (\"TRU\" or the \"Company\") is pleased to announce that its wholly-owned subsidiary has entered into an asset purchase agreement dated November 20, 2020 (the \"Purchase Agreement\") with several arm's length vendors (the \"Vendors\"), in respect of a mineral license for the Stony Lake exploration property in Central Newfoundland (the \"Stony Lake Property\"), along with all related permits and technical data (collectively, the \"Purchased Assets\").The Stony Lake Property is located approximately 5-10 kilometres (km) south of the Company's flagship Twilite Gold Project and consists of 107 claims covering 2,675 hectares. TRU Co-Founder and CEO, Joel Freudman commented, \"We view the Stony Lake Property as the final mineral property investment in what is only the first phase of our value creation plan for our Newfoundland Gold Exploration portfolio. This acquisition further bolsters TRU's district-scale presence in the Central Newfoundland Gold Belt, along with our other properties at Gander West, Twilite Gold, and Rolling Pond.\"Geological DescriptionHistorical lake sediment surveys at the Stony Lake Property show anomalous gold, arsenic, and antimony, and a radiometric survey shows potassium anomalies suggestive of areas of alteration. The geological environment is consistent with an epithermal model for gold mineralization in areas of Silurian, subaerial volcanism and extensional tectonics, including extensive units described as pyritic rhyolite. Two large lobes of sericitized/silicified altered rhyolite measuring approximately 4km x 3km and 3.5km x 3.6km were mapped in the late 1980's. Work by Battle Mountain Canada Inc. (\"Battle Mountain\") in 1989 and 1990 identified a new mineralized zone called the \"Cliff Showing\". It consists of strong sericitization and pervasive silicification associated with disseminated pyrite and arsenopyrite mineralization with weak gold values (Source: Battle Mountain (Canada) Inc. Geology and Geochemistry of the Rattling Brook Property in Newfoundland Department of Natural Resources: Geofiles 002D/0228).The Stony Lake Property shares an overall tectonic and temporal similarity with the Pagingo / Drummond Bas...