Toronto, Ontario–(Newsfile Corp. – August 4, 2022) – TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) (FSE: 706) (“TRU” or the “Company”) is pleased to announce that an approximately 2,000 metre (m) diamond drill program is underway at the Company’s flagship Golden Rose Project (“Golden Rose”) located in the Central Newfoundland gold belt. The drilling will focus on the Jacob’s Pond area, where the Company recently completed an extensive IP Survey to determine high-priority areas and targets.
Drilling has commenced with a plan to complete approximately 10-12 diamond drill holes. The two key target areas dubbed Jacob’s Main and Jacob’s Twin (Figure 1) will form the basis of this initial drilling. These areas have never been drilled before.
Drill Targets Rationale
- Mineralization can be directly correlated with the base of an extensive IP geophysical anomaly.
- Identification of approximately 75m section of creek bed containing numerous copper-gold (Cu-Au) bearing quartz veins and brittle fractures hosted by conglomerate. True thickness of the mineralized zone is estimated at approximately 15-20m based on intermittent outcrops.
- Summer 2022 grab sampling results include 6 out of 21 samples grading from 1.10% Cu to 4.19% Cu including one sample grading 3.42% Cu and 2.76 grams per tonne (g/t) Au. (Figure 2).
- Conglomerate host rocks also contain frequent secondary copper rich (malachite) blebs after primary chalcocite/bornite. Mineralization occurs within and near the sheared contact between conglomerate and rhyolite.
Barry Greene, VP of Property Development and Director of TRU, commented: “We have been diligently completing geochemical, geological and geophysical surveys over the past year and now feel ready to test a number of these targets where our combined data is leading us. Given the location of these targets along the Cape Ray-Valentine Lake structural corridor, which hosts proven gold deposits on adjacent claims, we are delighted to have broken ground.”
Figure 2 – 2022 Jacob’s Twin IP Chargeability Anomaly and Rock Samples
To view an enhanced version of Figure 2, please visit:
About Jacob’s Pond
The Jacob’s Main and Jacob’s Twin areas contains numerous coincident geological/geochemical/geophysical anomalies over approximately four kilometers of extent, which forms part of the 20 km structural trend on the northwest side of Golden Rose. Only a small selection of these potential anomalies will be targeted during this drill campaign.
During TRU’s summer 2022 field program, while ground truthing a copper-gold-silver soil anomaly with coincident IP anomaly on the Jacob’s Twin area, TRU’s geological team was excited to identify a heavily mineralized section of a natural stream bed. This bedrock mineralized zone is located within 75m of the highest-grade sample collected by TRU in 2021. The 2021 sample of very angular quartz vein float material contains bornite and chalcocite and graded 14.3 g/t Au, 368.0 g/t silver (Ag), and 11.0% Cu. Additionally, several new occurrences of similar mineralized angular float material have been unearthed. The 75m section of creek bed contains several quartz vein swarms which contain variable thickness of vein material up to about 2m thickness. The veins, hosted by a polylithic conglomerate, contain brittle fractures that have been infilled by common copper minerals including bornite, chalcocite and chalcopyrite. Additionally, the sheared conglomerate contains highly flattened clasts, some of which appear to be sulphide clasts with malachite coating the dull grey sulphide. This sulphide is believed to be chalcocite. Samples have been selected for polished section for positive identification of minerals and to assist with understanding the timing of mineralization. Several drill holes are proposed to evaluate this mineralized zone, which plots on the base of a very strong IP anomaly that continues for many hundreds of metres. To date, bedrock sampling along trend/strike of this creek has uncovered copper mineralization associated with conglomerate over approximately 200m.
This drill program is anticipated to take approximately 4 weeks to complete, and results will be released in batches in the early fall.
Shareholder Meeting Results
The Company is also reporting voting results from the Annual & Special meeting held on July 21, 2022. Shareholders approved all items of business, including electing each of the directors nominated by management, namely, Joel Freudman, Barry Greene, Damian Lopez, Colin Sutherland and David Hladky. The shareholders also approved: the reappointment of McGovern Hurley LLP, Chartered Professional Accountants, as auditors of the Company for the ensuing year; the Company’s amended stock option plan; and a potential corporate name change. The Company amended its stock option plan to align with the TSX Venture Exchange’s recently amended Policy 4.4 Security Based Compensation. A copy of the stock option plan was included in the Information Circular which has been filed on SEDAR.
Barry Greene, P.Geo. (NL) is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this press release. Mr. Greene is a director and officer of the Company and owns securities of the Company.
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 and transactions. Currently TRU is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt and has an option with TSX-listed Altius Minerals to purchase 100% of the Golden Rose Project. Golden Rose is a regional-scale 236 km2 land package, including a newly discovered 20 km district-scale structure and an additional 45 km of strike length along the deposit-bearing Cape Ray – Valentine Lake Shear Zone, directly between Marathon Gold’s Valentine Gold Project and Matador Mining’s Cape Ray Gold Project.
TRU is a portfolio company of Resurgent Capital Corp. (“Resurgent”), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization companies listing on Canadian stock exchanges. For more information on Resurgent and its portfolio companies, please visit Resurgent’s website at https://www.resurgentcapital.ca/ or follow Resurgent on LinkedIn at https://ca.linkedin.com/company/resurgent-capital-corp.
For further information about TRU, please contact:
Co-Founder & CEO
TRU Precious Metals Corp.
Phone: 1-855-760-2TRU (2878)
Email: [email protected]
To connect with TRU via social media, below are links:
TRU would like to thank the Government of Newfoundland and Labrador for its past financial support through the Junior Exploration Assistance Program.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements relating to exploration activities at Golden Rose. These statements are based on numerous assumptions regarding Golden Rose, and the Company’s exploration plans, that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on Golden Rose; the exploration potential of Golden Rose and the nature and style of mineralization; risks inherent in mineral exploration activities; volatility in precious and base metals prices; and those other risks described in the Company’s continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132802
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