Tru Precious Metals Corp. [TRU-TSXV; TRUIF-OTCQB; 706-FSE] reported additional assay results from five of 22 holes completed during its 2021 winter drill program at its 100%-optioned flagship Golden Rose project in central Newfoundland.
Highlights include 12 metres grading 1.01 g/t gold from drill hole WL-21-12 and 1.71 g/t gold from drill hole WL-21-06, including 2.39 g/t over 4 metres.
The drill program at Golden Rose consisted of a total of 22 HQ diamond drill holes for a total of 4,102.7 metres covering both the Woods Lake Gold Zone prospect and the King George IV Lake area (KG4). 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, commented, “I’m pleased that these results continue to intersect gold and define Woods Lake, expanding the gold zone both up-dip and along strike near surface. A focus of our 2021 drill program was to begin delineating a near-surface gold zone that could potentially be open pittable. This is especially important given the near-term production decision at our neighbour Marathon’s Valentine Gold Project.”
Woods Lake is directly road accessible, with infrastructure including a high voltage powerline and paved highway located just a few kilometers to the east. The zone has been drilled and partially delineated over approximately 550 metres along strike. Historical drill intersections include 1.37 g/t gold over 26.31 metres (includes 6.18 g/t gold over 5.11 metres) and 2.15 g/t gold over 12.6 metres (including 3.65 g/t gold over 6.0 metres).
The company has also received results from two exploratory drill holes at KG4 which did not return any significant gold values. These initial holes, which were the first ever drilled at KG4, were on weaker, secondary IP targets, and were not targeting the large horseshoe shaped IP anomaly where a quartz stockwork containing chalcopyrite was noted in drill core.
The company has an additional 15 drill holes currently in for assay analysis.
The company is also reporting the issuance in February of 800,000 TRU shares to Altius Resources Inc. [ALS-TSX; ARUSF-OTCQX] pursuant to the 100% option agreement between TRU and Altius. The shares were issued at a deemed price of $0.25 each.
TRU is a portfolio company of Resurgent Capital Corp., a merchant bank providing venture capital markets advisory services and proprietary financing.