22 April 2024

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU publishes plans for critical metals exploration programme at Golden Rose, Newfoundland

Ormonde Mining plc (AQSE: ORM), a natural resources company with investment exposure to exploration assets including gold and critical metals in Newfoundland and battery metals in Scotland, notes the following update announced on 18 April 2024 by its 36.2%-owned investee company, TRU Precious Metals Corp. (TSXV: TRU) ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada.

TRU announced its intention to carry out an exploration programme this spring and summer at its Golden Rose Project ("Golden Rose") in Western-Central Newfoundland. Exploration will assess the critical minerals potential associated with the deposit-bearing Cape Ray - Valentine Lake Shear Zone and will be copper ("Cu")-focused. The programme will also investigate other critical minerals occurrences hosting nickel ("Ni") and zinc ("Zn"), which have been identified in previous exploration activities carried out by TRU.

The objective of the exploration programme is to develop a deeper understanding of the overall critical minerals potential at Golden Rose, supplementing the heightened prospectivity of Golden Rose for gold. The programme will include prospecting, grab (rock) sampling, reconnaissance soil sampling and trenching over interpreted critical minerals anomalies determined through previous work by TRU, historical data compilation, and recently acquired high resolution satellite and remote sensing data over the entire property. Many of the planned target areas have had limited exploration to date.

The 2021, 2022 and 2023 exploration seasons identified Cu and other critical minerals anomalies at numerous locations including:

·    Jacob's Pond, where numerous soil anomalies occur and grab samples assayed up to 3.42% Cu and 2.76 grams per tonne (g/t) gold ("Au")

·    Jacob's Twin, where rock samples assayed up to 11.0% Cu, 14.3g/t Au and 368g/t silver ("Ag"), and drill results assayed up to 1.10% Cu, 0.87g/t Au and 46.60g/t Ag over 2.8 m

·    Jacob's West, an area 750 m to 1.2 km southwest of Jacob's Twin, where abundant Cu and lesser Zn in soil anomalies were identified

·    Glenn's Prospect, located 2.9 km northeast along the Cape Ray Shear zone from Cu mineralization at Jacob's Pond and 4 km from Jacob's Twin, where bedrock grab samples assayed up to 7.6% Cu

·    The King George IV Lake area, where grab samples assayed up to 0.66% Cu and 1.33% Zn; and

·    Bear Pond, where 2021 soil sampling identified an area of anomalous Ni with results up to 409 parts per million ("ppm") Ni. Reconnaissance-level government till sampling also returned an assay of 431 ppm Ni in this area.

The 2024 exploration programme, which will be fully funded from TRU's treasury, will further delineate and assess these anomalies in addition to identifying new opportunities.

TRU also announced it has scoped a drill programme for its gold prospects across Golden Rose and is currently assessing the most advantageous time to undertake the programme.

Further information relating to TRU's spring-summer exploration programme can be found via this link to TRU's announcement: https://www.trupreciousmetals.com/news-page/tru-plans-critical-minerals-summer-exploration-program-at-golden-rose-project. 

Brian Timmons, Executive Chair of Ormonde, commented:

"Not only does Golden Rose have high-grade gold discoveries along the same structures as nearby deposits, but it is also highly prospective for copper and other critical minerals. With a number of large gold companies seeking to diversify their exposure through copper, we believe this multi-mineral resource focus will make Golden Rose even more attractive for M&A in the future.

We look forward to TRU's forthcoming critical metals focused field season at Golden Rose. With gold prices at record highs and copper at the epicentre of the energy transition, we are confident that Ormonde will in the course of time realise a substantial return on investment from its ownership of over one-third of Golden Rose via TRU.

It is also pleasing to see that TRU retains a strong cash position of approximately CA$2.3 million and continues to prudently manage its cash outflows in challenging economic conditions for junior explorers."

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About Ormonde Mining

Ormonde is a natural resource company, 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 Limited, which is advancing exploration on a potentially significant battery metals project in Scotland.

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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