Ormonde Mining plc reported “significant” gold-copper assay results from its investee’s prospecting and bedrock sampling in the Central Newfoundland gold belt.
TIER-1 POTENTIAL
TRU Precious Metals Corp used recent high resolution satellite and remote sensing data over the property to discover new gold and critical minerals targets at the Golden Rose project.
Ormonde said that grab sample results continued to prove the “rich gold and copper endowment” along the highly prospective Cape Ray-Valentine Lake shear zones.
Two bedrock samples collected along the southwestern shore of Victoria Lake, approximately 6km northeast of the Ryan’s Hammer gold prospect, and along the Valentine Lake shear zone returned assay between 2.87 and 3.10 g/t gold.
Follow-up bedrock sampling less than 2km north-northeast of the Mark’s Pond target along the Cape Ray shear zone returned between 0.58% to 7.60% copper and 0.9 to 5.3 g/t silver.
“Based on these additional high-grade copper results, this area is considered a high priority critical minerals target for future trenching, channel sampling, and drilling,” said Ormonde.
“We are encouraged by these latest bedrock sample assay results from Golden Rose,” added executive chair Brian Timmons.
“These reinforce our belief in the potential for Newfoundland to emerge as the next global Tier-1 gold producing region.
“Through TRU Ormonde has significant exposure to this opportunity via a project which is bookended by gold deposits and sits at the centre of geological and M&A action. We look forward to working with the TRU team to develop an exploration and drilling programme for summer 2024.”
Ormonde hold a 36.2% interest in TRU.