Updated
Tru Precious Metals identifies new target at Twilite
2020-12-08 09:34 ET - News Release
Mr. Joel Freudman reports
TRU PRECIOUS METALS IDENTIFIES DRILL TARGET AT TWILITE GOLD PROJECT
Tru Precious Metals Corp. has identified a promising geophysical target as an expected starting point for drilling activity in early 2021 at Tru's 100-per-cent-owned flagship Twilite gold project in the central Newfoundland gold belt. The target was identified by certain of Tru's advisors following completion of a preliminary phase 1 geophysical survey.
Twilite Gold is strategically located on the mapped extension of the Cape Ray - Valentine Lake Shear Zone. Numerous advanced-stage gold exploration projects are currently underway along this district-scale shear zone, including Marathon Gold's multi-million ounce deposit at Valentine Lake, and Matador Mining's Cape Ray deposit. Twilite Gold is also located only 15 kilometres south of Grand Falls-Windsor, a town of approximately 15,000 which is the service and supply centre for central Newfoundland. Twilite Gold is easily accessible with an all-weather gravel road leading directly to the prospect.
Tru Co-Founder and CEO Joel Freudman commented: "We are excited for work to commence at Twilite Gold. In early November we acquired this drill-ready property, and based on historical data we have funded some ground-level initiatives at Twilite Gold before the winter months. Our Exploration Advisor Barry Greene, who is very familiar with the property, is spearheading our disciplined incremental expenditure. Identifying this target will position us for a head start on our 2021 plans to unearth value at Twilite Gold. At the same time, our Technical Committee is currently evaluating an overarching exploration plan and budget for our Newfoundland Gold Exploration properties for 2021."
In mid-November, Tru engaged RDF Consulting Ltd. to undertake a limited-scope, high-resolution magnetic survey covering approximately 24 line-kilometres around known historical gold occurrences at Twilite Gold. The detailed ground magnetics survey covered the known gold prospects, including the Discovery, Spring Pit, 320 Vein and Paddy's Pit prospects. Modeling of the geophysical data, incorporating historical diamond drilling data, reveals that the structurally controlled gold mineralization near the Spring Pit correlates directly with prominent magnetic low that continues to depth (Figure 1). The modeling also indicates that the magnetic low associated with the mineralized structure continues in a northwesterly direction for at least 600 m to the limit of the current magnetic survey (Figure 2).
The mineralized structure was intersected by three shallow diamond drill holes in a 1999 drilling program by Fort Knox Gold Resources, and all such holes contained gold mineralization. Notably, drill hole TH-99-10 intersected 8.41m @ 3.28 g/t gold at the top of the structure. The deepest hole to date on this structure intersected 13.3m @ 1.02 g/t gold.
Tru Exploration Advisor Barry Greene commented: "Magnetic lows are often associated with areas of quartz veining, brecciation and alteration, all of which was intersected in historic drilling on this structure. It is encouraging that the modeling predicts a depth continuity of the gold mineralized structure, and an intriguing domal shaped magnetic low which flanks the mineralized structure, which has not previously been drill tested. These features will be considered priority phase 1 drill targets. Also of interest is how the magnetic modeling suggests that the mineralized structure has continuity in its lateral extent, opening up an expanded area for drill targeting. We are eagerly awaiting the opportunity to see drilling on this property."
Tru has not verified the historical drill intervals contained in this press release and is not relying on them as current mineral resources or mineral reserves. Note that drill hole results are select samples and are not necessarily representative of overall mineralization on Twilite Gold. Readers are cautioned that these potential grades are conceptual in nature; there has been insufficient exploration by or on behalf of the Company or its qualified person at Twilite Gold to define a mineral resource or mineral reserve, and it is uncertain whether further exploration will result in these targets being delineated as a mineral resource or mineral reserve.
Qualified Person
Barry Greene, P.Geo. is a qualified person as defined by the Canadian Securities Administrators' National Instrument 43-101, and has reviewed and approved the contents and technical disclosures in this press release. Mr. Greene is the Exploration Advisor to the Company and owns securities of the Company.
About Tru Precious Metals Corp.
Tru seeks unique value-creation opportunities and has recently assembled a portfolio of gold exploration properties in the Central Newfoundland Gold Belt. The Company's common shares trade on the TSX Venture Exchange under the symbol "Tru", and on the OTCQB Venture Market under the symbol "TruIF".
Tru is a portfolio company of Resurgent Capital Corp. ("Resurgent"), a merchant bank providing venture capital markets advisory services and proprietary financing. Resurgent works with promising public and pre-public micro-capitalization Canadian companies.