TRU gains 12% on Newfoundland gold assays
TRU Precious Metals Corp. [TRU-TSXV, TRUIF-OTCQB, FSE-706] shares rallied strongly Wednesday after the company released initial drilling results from its 100%-owned Twilite Gold Project in central Newfoundland.
Results released Wednesday are assays from the first two holes of a 12-hole Phase 1 program. Drilling is focused on as previously identified target that the company has now dubbed the Fort Knox Gold Zone.
The company said drilling confirms continuity of the gold zone 30 metres down-dip from the historic drill hole TL-99-14 and 70 metres down dip form historic hole TL-99-15, with similar grades and thickness. Some of the best intercepts include 11.5 metres with 1.03 g/t gold in hole TL-21-17, which encountered two gold zones, enveloping a black quartz breccia and at the sheared contact between the breccias and underlying graphitic sediments.
Other highlights include drill hole TL-21-16, returned 10.50 metres of 1.07 g/t gold, from 107 to 117.50 metres, including 6.00 metres of 1.48 g/t gold, and 2.10 metres of 2.55 g/t gold from 113.50 to 115.60 metres.
The gold zone is open downdip on these sections and along strike to the northwest, where no previous drilling has been done.
TRU shares advanced on the news, rising 12.2% or $0.025 to 23 cents on volume of 343,140. The shares are currently trading in a 52-week range of 52 cents and 13 cents.
TRU has assembled a portfolio of five gold exploration properties in the highly prospective Central Newfoundland Gold Belt. The company has an option with a subsidiary of Altius Minerals Corp. [ALS-TSX, ATUSF-OTCQX] to purchase 100% of the Golden Rose Project, located along the deposit-bearing Cape Ray-Valentine Lake Shear Zone.
TRU also owns 100% of the Twilite Gold Project, located along the same shear zone, and three under-exploration properties, including its Rolling Pond property bordering New Found Gold Corp.’s [NFG-TSXV] Queensway Project.
Golden Rose lies on strike with Marathon Gold Corp.’s [MOZ-TSX, OTC-MGDPF] Valentine Gold Project, where Marathon recently reported a maiden resource estimate for the Berry Zone.
The first phase of drilling at Twilite consisted of 12 NQ boreholes (2,577 metres) situated along a deep-seated, multi-kilometre, west-northwest trending structure.
The company has said it anticipates a steady flow of drill results form Twilite over the coming weeks and months.
“We are delighted to see the continuity and expansion of the northwest trending Fort Knox Gold Zone successfully intersected in drill holes TL-21-16 and TL-21-17, and that zone is wide open for potential further expansion,” said Barry Green, vice-president, property development at TRU.
“Since there has never been any drilling completed on the northwest beyond these holes, it becomes an obvious target area for a new phase of drilling,” he said. “With thick sections of altered quartz breccia encountered in other nearby holes, for which assays are pending, we are hopeful for expansion of the gold zone to the southeast as well.”