Ormonde Mining plc’s investee has awarded the drill contract to MCL Drilling for a 1,800m drill at the Golden Rose copper-gold project in Central Newfoundland Gold Belt in Canada.
STAGHORN
Licence holder and operator TRU Precious Metals Corp, in which Ormonde owns 36.3%, plans to test for the first time a pipeline of exploration targets.
Eldorado Gold Corp holds an exclusive option to earn an 80% ownership in the joint venture for a total $7 million expenditure and $8.25m cash payments over seven years.
Drilling will initially focus on the Mark’s Pond to Rich House “exploration fairway”, part of which hosts the 2024 “very high grade gold grab samples”.
TRU said that the 7.5 km-long and up to 2 km-wide exploration fairway and forms part of the Staghorn licences covering areas of “significant exploration potential”.
The licences represent less than 12% of the total project area.
The 2025 campaign, the “first pass in a larger plan to follow”, will begin following selection of the targets.
TRU chief executive officer and Ormonde non-executive director Steve Nicol added that Golden Rose’s shift in October 2024 to a “big picture” had led to the generation of a pipeline of targets.
“We are very pleased to have arrived at an agreement with MCL for the provision of the drilling services and excited about working with this very experienced and well-regarded local drilling and civil works company to efficiently execute the 2025 drilling programme.”