Ormonde Mining plc’s investee has returned positive assays from exploration at the Golden Rose copper-gold project in the central Newfoundland gold belt, Canada.
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The company highlighted “significant” copper values from the Jacob’s and King George prospects, of up to 3.7% copper.
Owner-operator TRU Precious Metals Corp, in which Ormonde owns 36.3%, also recorded anomalous values from other locations.
Returns at Jacob’s include 2 to 3.7% copper from four samples with “numerous” other rock samples assaying up to 1% copper.
TRU said that the results had extended the area of known copper potential by approximately 2 km to the west-northwest.
King George outcrop and angular float grab samples assayed 3.7% and 2.4% copper while Glenn’s outcrop samples returned up to 0.9 % copper, extending the area of known copper potential by 750m to the southwest.
Outcrop samples assayed up to 0.17 % copper, and angular float boulder samples assayed up to 0.15% copper and 1.4 g/t gold at the new previously unexplored Annie prospect, 3.5km north-northeast of Glenn’s.
TRU chief executive Steve Nicol, also Ormonde non-executive director, said that the company was very encouraged with the results.
“This work continues to highlight the potential of the project to host significant critical mineral occurrences.
“Further work is required to better evaluate the full potential of these occurrences.
“We look forward to working with our Golden Rose earn-in partners Eldorado Gold Corporation to incorporate this latest information into the ongoing preparation of a revised and refined project-wide geological and structural model for Golden Rose.”
In July TRU Precious Metals Corp granted Eldorado an exclusive option to earn an 80% ownership interest in the joint venture.