Trueclaim Exploration Inc. (TSX-V:TRM, OTCQX:TRMNF) is pleased to announce it has received its formal drill permit from the United States Forest Service (USFS) for its Black Diamond Silver/Copper/Gold project.
The permit took significantly longer than anticipated as Trueclaim was required to produce reports on cultural and biological survey's that required independent experts to produce. This approval will enable TRM to proceed with its planned program to explore the property.
TRM is excited by the potential opportunity to drill the significant Iron Nugget/Copper/Gold anomaly identified during its last year's field program and the high grade silver vein. This past work identified 600M of high grade copper and gold with copper values up to 7.4% and gold of up to 2.78gr/ton. The Trueclaim geological Team has a planned program to test the anomaly at depth to determine the continuity with the surface samples and magnetometer survey.
Surface sampling, historical data compilation and a trenching program on the silver vein has returned silver values exceeding 9000gr/ton and identified three district zones of mineralization over a strike length of approximately 500M. Historically the vein is credited with silver ore exceeding 10000gr/ton with gold credits. An IP/EM orientation geophysical survey to define recognized silver mineralization is currently being planned.
Trueclaim and its new management team are now working on financing options to secure the necessary funds to implement this program.
At the TRM Scadding Property we are also evaluating financing opportunities to further advance this project. The TRM team has been working with SRK to develop a compliant resource on the property and are pleased with the results to date; which include: 19.29M@12.9gr/ton, 15.78M@5.36gr/ton, 10M@3.9gr/ton with visible gold and many other significant intercepts. (Please see past press releases)
Trueclaim is also evaluating the potential of the past tailings produced during production at the property in the 1980's. A sampling program has been initiated to provide a number of samples which are currently being prepared for assay. This sample program consisted of trenching and the use of a split core drill which allowed TRM to effectively take samples throughout the area, determine depth of tailings and retain samples for verification.
Trueclaim is also pleased with the progress being made by Northern Skye Resources (NSR). NSR optioned five properties from TRM in 2011. TRM holds 3M shares in NSR and has a carried interest of 10% on the properties (This can be purchased for $10M) and a right of first refusal to develop any property it deems warranted. This deal was completed at no cost to TRM shareholders. NSR has subsequently JV'd one of the properties to Golden Bridge Mining that is doing an exploration program and have drilled another and is working towards a compliant resource on it. We feel this is a significant asset to TRM as the last NSR finance was done at $0.25. NSR has a solid management team and a clear plan to move the properties forward.
Trueclaim is confident it has made the right moves to advance all its projects. We will be providing further updates in the coming weeks.
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