News
TRU Precious Metals Signs Option Agreement for Rolling Pond Property Bordering New Found Gold's Queensway Project
2020-11-19 07:32 ET - News Release
Fredericton, New Brunswick--(Newsfile Corp. - November 19, 2020) - TRU Precious Metals Corp. (TSXV: TRU) ("TRU" or the "Company") is pleased to announce that its wholly-owned subsidiary has entered into an option agreement dated November 18, 2020 (the "Option Agreement") with an arm's length individual (the "Optionor"), in respect of 11 mineral licenses covering 224 contiguous claims located in central Newfoundland (the "Rolling Pond Property") and bordering New Found Gold Corp.'s Queensway Project.
TRU Co-Founder and CEO Joel Freudman commented: "As TRU continues to build out its mineral property portfolio, we are very excited to start investing in the Rolling Pond Property and become next-door neighbours to New Found Gold. The Option Agreement is a cost-effective, incremental approach to gain access to the prospective regional geology in the area, which is consistent with our goal to add properties of merit at justifiable prices. We are further encouraged by early findings that the nature and style of mineralization at the Rolling Pond Property appears similar to that at New Found Gold's Queensway Project."
New Found Gold recently reported drill results at the Queensway Project that included 44.5 grams per tonne (g/t) of gold (Au) over 6.85 metres (m), within an interval of 11.8 g/t Au over 29.15 m (source: New Found Gold press release dated November 16, 2020).
Mr. Freudman further commented: "In connection with the Option Agreement, TRU will be partnering with our Technical Advisor Dean Fraser for the majority of the exploration work at the Rolling Pond Property. Dean has a wealth of experience and TRU will be drawing on his extensive geological expertise and knowledge of the property to run exploration efforts there. We believe that Rolling Pond is a top-tier exploration property in this district, and TRU being the financial partner stands to benefit from any exploration upside and discovery."
Geological Description
The Rolling Pond Property is located in a highly prospective area along the western edge of the Mt. Peyton Intrusive Suite in Central Newfoundland, and shares its southeast border with New Found Gold's Queensway Project. (See Figure 1 below.)
The Rolling Pond Property is host to a large well-preserved and highly underexplored hydrothermal quartz vein system measuring up to 50 to 75 m wide (true width) and containing anomalous gold grades. The system has been intersected by drilling in six historical drill holes to a depth of 160 m over a 270 m strike length. The inventory of historical drill holes have been maintained in good condition. The main zone is known to be over 1.7 kilometres (km) long and remains open along its strike length as defined by field mapping and ground geophysics. (See Figure 2 below.) The system is thought to be analogous to the Fosterville Gold District based on similar host rocks, abundant vugs in the quartz veins and the presence of local boulangerite. New targets discovered in 2018 along strike to the southeast of this structure have been identified and delineated by soil geochemistry and geophysics during 2018, but have yet to be trenched or drill-tested. Most of the Rolling Pond Property remains largely unexplored.