April 7, 2022 (Source) — TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) (FSE: 706) (“TRU” or the “Company”) is pleased to announce new assay results from an additional 5 of the 22 holes completed during its 2021 winter drill program at its flagship Golden Rose Project in Central Newfoundland (“Golden Rose”). In addition, TRU is releasing a longitudinal cross section model (see Figure 1) of the Woods Lake Gold Zone (“Woods Lake”), which was the primary focus of that drill program.
TRU has now reported on 16 holes in total, with assays from the remaining 6 holes still pending. This includes 4 holes at the King George IV area (“KG4”) and 2 holes at Woods Lake. Reported drilling results at Woods Lake now define a primary gold zone that is 800 metres (m) in strike length (from holes WL-21-06 to WL-21-14) and is open both along strike and at depth.
- 1.51 grams per tonne (g/t) gold over 11m from 71.0m down hole in DDH WL-21-05, within a broader interval of 0.59 g/t gold over 38m from 49.0m depth down hole. (see Table 1)
- Woods Lake has now been intersected in drilling over 800m along strike. It remains open for expansion along strike and down dip, and the recent drilling has begun to outline a potential southwest and southeast plunge.
TRU Co-Founder and CEO Joel Freudman commented: “This early drilling success at Golden Rose only scratches the surface of the substantial potential and underexplored nature of this property. Woods Lake was the sole previously known gold zone at Golden Rose, and we are pleased with our results there to date, yet we expect numerous additional mineralized areas remain to be discovered and or proved up across the property. As such, we are also excited about our 2022 work and exploration program already underway at Golden Rose. We are grateful to our exploration team, thank them for their hard work so far and look forward to their ongoing contributions to TRU’s continued exploration success. We remain focused on executing our exploration strategy and will continue to deliver meaningful progress and results in the coming months.”
The drill program at Golden Rose consisted of a total of 22 HQ diamond drill holes for a total of 4,102.7m, covering both Woods Lake and KG4 . Golden Rose is a regional-scale 236 square kilometre (km) land package, including 45 km of strike length along the deposit-bearing Cape Ray – Valentine Lake Shear Zone, and is located directly between Marathon Gold’s Valentine Gold Project and Matador Mining’s Cape Ray Gold Project.
Barry Greene, VP of Property Development and Director of TRU, added: “Our drill data continues to successfully define a potential bulk tonnage gold zone at Woods Lake. As we input infill drilling assays to our gold zone model, it points to a zone that appears to plunge in two directions. This will provide additional vectors in which to target deeper drilling. We feel this is further evidence of the inherent value at Golden Rose and are, therefore, evermore excited about our current property-wide work program underway.”
Table 1 – Woods Lake Uncut Assay Highlights.
Figure 1 – Woods Lake Gold Zone Plan and Longitudinal Model
To view an enhanced version of Figure 1, please visit:
This model is further evidence that Woods Lake lies within a significant and complex fold structure (flexure), localized along the Valentine Lake Shear Zone. Mineralizing fluids likely deposited in a pressure shadow environment related to the fold geometry. More work including deeper drilling is required to interpret the significance of what is shaping up as a doubly plunging mineralized zone, and further attests to the structural complexity of this area and its mineral potential.
Figure 2 – Woods Lake Drill Hole Location Map
To view an enhanced version of Figure 2, please visit:
Table 2 – Woods Lake Collar Details.
Drill holes WL-21-07 and WL-21-08 were exploratory scout holes testing an historical IP anomaly to the northwest of Woods Lake and did not return significant gold values. WL-21-16 also did not return significant gold values.
Separately, the Company reports that certain of its directors, officers, employees, and consultants have voluntarily forfeited an aggregate of 2,590,000 stock options with exercise prices above $0.25 per share, in order to streamline the Company’s capital structure.
Drilling Quality Assurance/Quality Control (“QA/QC”)
All HQ core is geotechnically measured for RQD’s, logged and marked for sampling. The core is then cut by Company personnel, with half put into bags with unique sample tags for identification while the other half is retained for reference. The bags are sealed with a security tag and are then transported directly to the lab by TRU staff. All rock samples are analyzed at Eastern Analytical Ltd. (“Eastern Analytical”) of 403 Little Bay Road, Springdale, NL, a commercial laboratory that is ISO/IEC 17025 accredited and independent of TRU. Eastern Analytical pulverized 1,000 grams of each sample to 95% < 89 μm. Samples are analyzed using fire assay (30g) with AA finish and an ICP-34, four acid digestion followed by ICP-OES analysis. All samples with visible gold or assaying above 1.00 g/t Au are further assayed using metallic screen to mitigate the presence of the nugget effect of coarse gold. Standards and blanks are inserted at defined intervals for QA/QC purposes by the Company as well as Eastern Analytical. True widths for reported intervals have yet to be determined. The TRU exploration program design is consistent with industry best practices and the program is carried out by qualified persons employing a QA/QC program consistent with National Instrument 43-101.
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 TSX-listed Altius Minerals to purchase 100% of the Golden Rose Project. Golden Rose is a regional-scale 236 km2 land package, including 45 kilometres 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’s common shares trade on the TSX Venture under the symbol “TRU”, on the OTCQB Venture 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/ 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, including those relating to exploration plans and drill program results at Golden Rose. These statements are based on numerous assumptions regarding Golden Rose and the Company’s drilling program and results 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 at Golden Rose; risks inherent in mineral exploration activities; 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.