Abundant Visible Gold Mineralization Identified in New Trenches
TORONTO, ON / ACCESSWIRE / June 7, 2023 / TRU Precious Metals Corp. (TSXV:TRU)(OTCQB:TRUIF) ("TRU" or the "Company") ("TRU" or the "Company") is pleased to provide an update on its trenching and channel sampling program at the Mark's Pond high-grade gold target at its Golden Rose Project ("Golden Rose" or the "Project") located in the highly prospective Central Newfoundland Gold Belt. Earlier this year, TRU reported high-grade gold channel sampling results from an initial Mark's Pond trench (refer to TRU press release dated January 12, 2023). Trenching and channel sampling at Mark's Pond began in mid-May and is expected to continue this month.
Two 50-100 metre (m) long trenches have already been finished approximately 100 m to the southwest and 90 m to the northeast of the main Northcott Zone trench completed last fall. In addition, several 25-30 m long trench extensions or test pits have been added to further expand the known strike length of several gold-bearing graphitic shear zones with quartz-carbonate veins including the newly discovered Northcott Gold Zone (Figure 1). High grade gold mineralization appears to be most prominent at the contact between the Rogerson Lake Conglomerate and mafic volcanic units at this location.
Gold panning of soil and till collected within or on the sides of these new trenches has identified a significant amount of pristine, fine-grained gold grains, especially next to newly uncovered shear zones and rock unit contacts. Visible gold has also been observed in bedrock exposed within these new trenches. Channel samples are being collected at 0.5 to 1 m continuous intervals in each trench (Figure 2) and include QAQC protocols. Assay results for the channel samples are still pending.
Terrane Geoscience Inc. recently completed their structural mapping and analysis of the Mark's Pond trenches. Their structural analysis will be used for drill hole planning and understanding the subsurface nature of these mineralized and highly deformed shear zones at the contact between the Rogerson Lake Conglomerate and mafic volcanics. A new high-resolution drone (UAV) survey was also completed to capture the new trenches and will also be used for detailed mapping and modeling of the channel samples, rock units, and alteration and mineralized zones at surface. The high-resolution ground Magnetic-VLF data over the Mark's Pond target area has been received from GroundTruth Exploration and is currently being compiled into GIS and Leapfrog Geo for 3D geological modeling and interpretation.
Combined, the high-resolution Mag-VLF and drone survey data, structural mapping data, and channel sampling results will provide the Company with a high degree of confidence when developing drill hole targets to intercept these mineralized zones at depth.
Once the Mark's Pond trenching and channel sampling program has been completed, the exploration team will commence detailed prospecting and mapping in the Jacob's Pond-Twin Ponds area to identify new copper and gold occurrences for future trenching and drilling in this region of Golden Rose.
Paul Ténière, TRU's Vice President - Exploration commented, "I have been impressed by how quickly and efficiently our exploration team and contractors have completed our trenching and channel sampling program at Mark's Pond, and this is a direct result of our detailed planning and preparation ahead of the start of our 2023 field season. We are already seeing abundant mineralization in these new trenches and the potential extension of the Northcott Gold Zone along strike for up to 200 metres, which is very exciting news."
Figure 1: 2023 Mark's Pond trenching program
Figure 2: West Trench at Mark's Pond - mineralized quartz vein - containing abundant pyrite and chalcopyrite.
The Mark's Pond target area is among the Company's claims under option from Quadro Resources Ltd. (the "Optionor") pursuant to an option agreement between the parties. Under such agreement, the Optionor will retain either a 49% interest or a 35% interest, as the case may be, in such claims depending on the extent, if any, to which TRU exercises its option.
Finally, the Company is also reporting that on May 29, 2023, it was issued an additional 1,000,000 special warrants convertible into common shares of Eastern Precious Metals Corp. ("Eastern"), for no additional cost, in accordance with the terms of the Company's option agreement with Eastern (refer to TRU press release dated August 16, 2022). The Company understands that Eastern continues to advance its stock exchange listing process.
Qualified Person Statement
The scientific and technical information disclosed in this news release has been prepared and approved by Paul Ténière, M.Sc., P.Geo., Vice President of Exploration for TRU, and a Qualified Person as defined in NI 43-101.
About TRU Precious Metals Corp.
TRU (TSXV:TRU; OTCQB:TRUIF) is on a mission to build long-term shareholder value, through prudent natural resource property development and transactions. TRU is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt on its 100%-owned Golden Rose Project, originally optioned from TSX-listed Altius Minerals. Golden Rose is a regional-scale 240.25 km2 land package, including a recently-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. In addition, TRU has an option with Quadro Resources Ltd. to acquire up to an aggregate 65% ownership interest in two claim packages covering 33.25 km2 including a 12 km strike length along the Shear Zone within Golden Rose.
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]
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TRU would like to thank the Government of Newfoundland and Labrador for its past financial support through the Junior Exploration Assistance Program.
This press release contains certain forward-looking statements, including those relating to exploration activities at Golden Rose, and to Eastern's stock exchange listing process. These statements are based on numerous assumptions regarding Golden Rose and Eastern 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 financial markets, economic conditions, and precious metals and base metals prices; risks relating to Eastern's listing process; 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.
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.
SOURCE: TRU Precious Metals Corp.