Fredericton, New Brunswick–(Newsfile Corp. – October 19, 2021) – TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) (FSE: 706) (“TRU” or the “Company”) is pleased to announce that an approximately 5,000 metre (m) diamond drill program is underway at its flagship Golden Rose Project (“Golden Rose”), in the Central Newfoundland Gold Belt.
Golden Rose is a regional-scale land package covering 215.25 square kilometres (km2), including approximately 45 km of strike length along the deposit-bearing Cape Ray -Valentine Lake structural corridor between Marathon Gold Corp.’s (“Marathon”) Valentine Gold Project to the northeast and Matador Mining Ltd.’s (“Matador”) Cape Ray Gold Project to the southwest.
TRU Co-Founder and CEO, Joel Freudman, commented: “We are excited to finally start our drill program at Golden Rose. Its geologically strategic location, sandwiched between two neighbours with significant known gold deposits, provides an undeniable advantage. Since announcing our deal to acquire Golden Rose in January of this year, we have been busy preparing for this moment, and now a mere nine months later, we are breaking ground. This drill program marks a seminal event for TRU that will significantly impact TRU’s future as an exploration company of merit.”
- 5,000m diamond drilling planned.
- Drilling will primarily target delineation and expansion of known gold mineralization at the Woods Lake Gold Zone (“Woods Lake”) and will include a mix of confirmatory/twin holes, infill/delineation holes, and scout holes.
- Drilling will also be carried out at the King George IV claims (“KG4”), on which the Company has panned visible gold at surface, and which has never been previously drilled.
Mr. Freudman added: “In addition to our wide-ranging surface-level exploration efforts over the past several months, we have worked closely with our technical consultants at Goldspot Discoveries Corp. and have drawn on their expertise to further shore up all facets of our drill program. We have two key targets to drill in the coming months, and we look forward to a strong, focused drilling campaign that merits follow-on exploration at such targets and elsewhere across the property.
Historical Drilling Highlights
Highlights of historical drilling at Woods Lake within Golden Rose include:
- 2.15 grams per ton (g/t) gold (Au) over 12.6m, including 3.65 g/t Au over 6.0m, in hole ST09-009
- 1.37 g/t Au over 26.31m, including 6.18 g/t Au over 5.11m, in hole ST09-002
- 1.76 g/t Au over 7.34m, including 2.8 g/t Au over 4.34m, in hole ST09-012
- 19.8 g/t Au over 1.5m, with visible gold observed, in hole ST05-004
- 1.2 g/t Au over 28.5m, including 11.25 g/t Au over 1.5m, in hole ST05-007
Note that historical drill hole results are select samples and are not necessarily representative of mineralization on Golden Rose. Readers are cautioned that these potential grades are conceptual in nature; there has been insufficient exploration by the Company or its qualified person at Golden Rose to define a mineral resource or mineral reserve; and it is uncertain whether further exploration will result in these targets being delineated as a mineral resource or mineral reserve.
The Company’s collaboration with Goldspot Discoveries Corp. has formulated a drill program designed to provide confirmation, delineation/infill and scout drilling at Woods Lake. The Company anticipates drilling approximately 3,500m at Woods Lake this fall. The objective is to begin the process to advance Woods Lake towards the resource definition stage by working from a newly created 3D geological model, and a grade contour of Woods Lake, which has historically been partially outlined by 40 diamond drill holes (totalling 6,301m) over a 550m strike length. The zone lies on the southwestern shore of Woods Lake and was discovered in 2002 during follow-up trenching of gold in panned concentrate samples. The altered and quartz veined monzogranite has been traced for approximately 1,500m along strike. The zone appears to be open both along strike and to depth.
A second objective of the drill program will be to make a discovery on the newly identified KG4 gold target through an estimated 1,500m of drilling. The Company optioned this property after recovering many pristine gold grains from its shoreline gravels and sands and observing an iron oxidized hardpan gossan nearby (see TRU Press Release dated July 8, 2021). Additional prospecting and mapping within 1 km along the shoreline revealed dozens of mineralized angular blocks, from 10cm to as large as 2m. The mineralization is described as containing abundant pyrite and chalcopyrite in a quartz stockwork and hosted by a mafic rock.
In final preparation for the eventual drilling at KG4, an IP/Resistivity survey remains underway there. The survey will cover several crosscutting linear magnetic low features identified in the Company’s recently completed airborne geophysical survey over the area.
The Cape Ray-Valentine Lake fault system, on which Golden Rose is located, bisects central Newfoundland from southwest to northeast. It is a crustal scale feature, the trace of which is marked in the southwest by the Windsor Point Group and in the central and northeastern areas by the Rogerson Lake Conglomerate. These units are syn-orogenic upper crustal clastic sequences, which elsewhere are commonly associated with orogenic gold vein systems (e.g., the Abitibi Greenstone Belt). Exploration along this regional structure along trend of Golden Rose has revealed the presence of significant gold mineralization, namely Matador’s Cape Ray gold deposits and Marathon’s Valentine Lake gold deposits.
KG4 is geologically located along the structural contact between the younger Windsor Point Group and the older King George IV ophiolite. Notably, the mineralized quartz stockwork blocks and panned pristine gold grains are located along the magnetic low which defines this structural contact. To the southwest, on Matador’s Cape Ray project, gold deposits are associated with a similar structural contact.
Barry Greene, P.Geo. (NL) is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the contents and technical disclosures in 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 is drilling for gold in the highly prospective Central Newfoundland Gold Belt and has an option with a subsidiary of TSX-listed Altius Minerals Corporation to purchase 100% of the Golden Rose Project, located along the deposit-bearing Cape Ray – Valentine Lake Shear Zone. TRU also owns 100% of the Twilite Gold Project, located along the same Shear Zone, and earlier-stage properties in the region. TRU’s common shares trade on the TSX Venture Exchange under the symbol “TRU”, on the OTCQB Venture Market under the symbol “TRUIF”, and on the Frankfurt exchange under the symbol “706”.
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/.
For further information about TRU, please contact:
Co-Founder, President & CEO
TRU Precious Metals Corp.
Phone: 1-855-760-2TRU (2878)
To connect with TRU via social media, below are links:
TRU would like to thank the Government of Newfoundland and Labrador for financial support of the Twilite Gold Project through the Junior Exploration Assistance Program. TRU has been approved for funding for a portion of its 2021 exploration activities at the Twilite Gold Project.
Cautionary Statements Regarding Forward-Looking Information
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 the drill program and other exploration activities at Golden Rose. These statements are based on numerous assumptions regarding Golden Rose, and the Company’s exploration and drilling 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, and operational problems relating to drilling; volatility in precious 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.