TRU Precious Metals Corp. [TRU-TSXV; TRUIF-OTCQB; 706-FSE:706] reported new assay results from an additional five of the 22 holes completed during its 2021 winter drill program at its flagship Golden Rose project in central Newfoundland.
TRU has now reported on 16 holes in total, with assays from the remaining 6 holes still pending. This includes four holes at the King George IV area (KG4) and two holes at Woods Lake. Reported drilling results at Woods Lake now define a primary gold zone that is 800 metres in strike length (from holes WL-21-06 to WL-21-14) and is open both along strike and at depth.
Highlights included 1.51 g/t gold over 11 metres from 71.0 metres down hole in DDH WL-21-05, within a broader interval of 0.59 g/t gold over 38 metres from 49.0 metres depth down hole. Hole WL-21-13 returned 0.34 g/t gold over 9.0 metres.
Woods Lake has now been intersected in drilling over 800 metres along strike. It remains open for expansion along strike and down dip, and the recent drilling has begun to outline a potential southwest and southeast plunge.
TRU Co-Founder and CEO Joel Freudman commented: “This early drilling success at Golden Rose only scratches the surface of the substantial potential and underexplored nature of this property. Woods Lake was the sole previously known gold zone at Golden Rose, and we are pleased with our results there to date, yet we expect numerous additional mineralized areas remain to be discovered and or proved up across the property. As such, we are also excited about our 2022 work and exploration program already underway at Golden Rose. We are grateful to our exploration team, thank them for their hard work so far and look forward to their ongoing contributions to TRU’s continued exploration success. We remain focused on executing our exploration strategy and will continue to deliver meaningful progress and results in the coming months.”
Golden Rose is a regional-scale 236 km2 land package, including 45 km of strike length along the deposit-bearing Cape Ray – Valentine Lake Shear Zone, and is located directly between Marathon Gold’s Valentine Gold Project and Matador Mining’s Cape Ray Gold Project.
Barry Greene, VP of Property Development and Director of TRU, added: “Our drill data continues to successfully define a potential bulk tonnage gold zone at Woods Lake. As we input infill drilling assays to our gold zone model, it points to a zone that appears to plunge in two directions. This will provide additional vectors in which to target deeper drilling. We feel this is further evidence of the inherent value at Golden Rose and are, therefore, evermore excited about our current property-wide work program underway.”
Drill holes WL-21-07 and WL-21-08 were exploratory scout holes testing an historical IP anomaly to the northwest of Woods Lake and did not return significant gold values. WL-21-16 also did not return significant gold values.
Separately, the company reports that certain of its directors, officers, employees, and consultants have voluntarily forfeited an aggregate of 2,590,000 stock options with exercise prices above $0.25 per share, in order to streamline the company’s capital structure.
TRU is a portfolio company of Resurgent Capital Corp., a merchant bank providing venture capital markets advisory services and proprietary financing.