6 September 2023
Ormonde Mining plc
("Ormonde" or the "Company")
Completion of Investment in TRU Precious Metals Corp
Ormonde acquires 36.2% interest in TSXV-listed explorer with flagship Newfoundland gold project
Ormonde Mining plc (AQSE: ORM) is pleased to announce the completion of its investment in Toronto-listed exploration company TRU Precious Metals Corp. ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada.
Ormonde has acquired an initial 36.2% interest in TRU's share capital through a private subscription for 60 million new common shares of TRU at CAD $0.05 per share for a total consideration of CAD $3,000,000. Ormonde has the potential to increase its shareholding to up to 46.0% through the exercise of warrants.
TRU's flagship Golden Rose Project ("Golden Rose") is in the highly prospective Cape Ray - Valentine Lake gold-bearing structural corridor in Southern Central Newfoundland. Golden Rose is a regional-scale 273.5 km2 land package, of which 240.25km2 is fully owned by TRU, with the additional 33.25 km2 held under an option to acquire a 65% interest.
This coherent land package straddles a 45km strike length along the deposit-bearing Cape Ray-Valentine Lake shear zone and is located between Marathon Gold's Valentine Gold Project (4 million oz) and Matador Mining's Cape Ray Gold Project (0.6 million oz - exploration continuing).
Following recent significant discoveries, Newfoundland has become one of the world's most attractive gold exploration regions. The prospective geology combined with ease of access, a supportive local government and moderate weather combine to give Newfoundland a top 10 global ranking for mining investment attractiveness by the Fraser Institute.
Within the TRU landholding, various mineralisation styles have already been recognised, including a structural domain potentially similar to the Curraghinalt gold deposit in Northern Ireland (6 million oz). Golden Rose has had limited historical exploration, but the prospectivity of the area has been confirmed. TRU has capitalised on previous work and is already turning up new high-grade gold and copper mineralised targets on the property with high grades similar to those that other Newfoundland explorers have been reporting in recent years.
With the help of Ormonde, TRU intends to fast-track the advancement of Golden Rose, as well as the evaluation of other mineral property transaction opportunities.
Board representation
In connection with the closing, Ormonde has the right to appoint three out of five of the TRU board of directors (the "Board"), with each such appointee subject to TSX Venture Exchange approval. Accordingly, in addition to Brian Timmons who joined the Board on 30 June 2023, Steve Nicol (technical advisor to Ormonde) has also been appointed to the TRU Board as Ormonde's second nominee. The final Ormonde Board nominee is expected to be appointed and announced shortly.
Brendan McMorrow, Chief Executive Officer, commented:
"Ormonde believes Golden Rose represents an exceptional gold exploration asset with the potential to contain one or more world-class gold resources. We look forward to assisting TRU in fast-tracking the advancement of Golden Rose, as well as evaluating other mineral property transaction opportunities for TRU, leveraging our teams' complementary experience."
The directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
| Ormonde Mining plc | |
| Brian Timmons, Chairman
| Tel: +353 (0)1 801 4184 |
| Vigo Consulting (Investor Relations) | |
| Ben Simons / Fiona Hetherington
| Tel: +44 (0)20 7390 0230 |
| Peterhouse Capital (Aquis Corporate Adviser) | |
| Narisha Ragoonanthun / Brefo Gyasi
| Tel: +44 (0)20 7469 0930 |
About Ormonde Mining
Ormonde is a natural resource company, providing which provides its shareholders with exposure to quality and diverse assets across a range of strategic minerals. Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, and a 20% interest in Peak Nickel, which is advancing exploration on a potentially significant battery metals project.
Ormonde's shares are listed on the Aquis Stock Exchange Growth Market under the symbol AQSE: ORM.
For more information, visit the Company's website at www.ormondemining.com.
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