TRU
Tru increases Twilite drilling program to 2,500 m
2021-06-08 12:29 ET - News Release
Mr. Joel Freudman reports
TRU PRECIOUS METALS DOUBLES PHASE ONE DRILL PROGRAM TO UP TO 2,500 METERS AT ITS 100% OWNED TWILITE GOLD PROJECT
Tru Precious Metals Corp. is expanding the current phase 1 drill program at its 100-per-cent-owned Twilite gold project in the Central Newfoundland gold belt to up to approximately 2,500 metres, further to its previous announcement on June 1, 2021.
The drill target was previously identified by TRU during a detailed ground geophysical survey in November of 2020, as announced on December 8, 2020. 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.
Barry Greene, VP of Property Development and Director of TRU, commented: "After reviewing the core from TL21-16, our first drill hole of 2021, I am excited to expand the Twilite Gold drill program. Most of the drilling will be focused on exploring and expanding the mineralized structure associated with a magnetic low, beginning with close undercuts of historical holes first and followed closely with about 25m to 50m step-outs along the structure. There is no shortage of room to move both horizontally and vertically along the structure, enabling us to easily expand the drill program."
The drill program will consist of approximately 10-15 NQ boreholes situated along a deep seated, multi kilometer, west-northwest trending mineralized structure (Figure 1). The drilling will focus on an approximately 500m strike length section of this structure near the intersection with a northeast trending mineralized structure that is also auriferous in historic drilling. The target mineralized structure appears as a prominent and deep-seated feature on geophysical 3D modeling images and will be drill tested to a maximum depth of approximately 350 m below surface.
Barry Greene, VP of Property Development and Director of TRU, continued: "Meantime, we are pleased to see that diamond drill hole TL21-16 has intersected quartz veined intervals including a distinct and more intense interval of approximately 9m from 126m to 135m at or near the contact between strongly bleached and altered mafic volcanics and a sheared graphitic unit containing veined and brecciated quartz with stringer and clotty pyrite. TL21-16 was an undercut of historic drill hole TL99-14. Unlike hole TL99-14 which had poor core recovery, hole TL21-16 has much better recoveries through the mineralized zone."
After initial drill core observations are made, the core is transported to TRU's secure core logging facility where the core is being logged, marked for sampling and then split using a core saw. The samples will be shipped to Eastern Analytical assay lab in Springdale, Newfoundland for gold fire assay. Figure 1: Twilite Gold Proposed Drilling Plan ViewTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/5993/86828_50807bf3043fab65_001full.jpg
TRU Co-Founder and CEO Joel Freudman added: "Exploration, particularly this drill program at Twilite, is one of TRU's two key value drivers, the other being M&A at the property and corporate levels. Therefore, given that we are already permitted for a more extensive drill program, we think it prudent to expand the program's scope by adding several holes to better test the structure. We look forward to unearthing the potential value at Twilite Gold."
As previously disclosed on December 8, 2020, the Company combined the results of a high-resolution, detailed ground magnetic survey around known historical gold occurrences at Twilite Gold with other historical data to develop the drill target currently being tested. The structurally controlled gold mineralization near the Spring Pit showing within Twilite Gold correlates directly with a prominent magnetic low that continues to depth (Figure 2). The modeling also indicates that the magnetic low associated with the mineralized structure continues in a northwesterly direction for at least 600 metres (m) to the limit of the current magnetic survey.
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 grams per tonne (g/t) gold (Au) at the top of the structure. The deepest hole to date on this structure intersected 13.3m @ 1.02 g/t Au. Figure 2: Twilite Gold Cross-SectionTo view an enhanced version of Figure 2, please visit:https://orders.newsfilecorp.com/files/5993/86828_50807bf3043fab65_002full.jpg
TRU has not verified the historical assay results 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 mineralization on Twilite Gold. The diagrams and technical information herein relating to Twilite have been supplied by the vendor and have not been independently verified by the Company. Readers are cautioned that these potential grades are conceptual in nature; there has been insufficient exploration by 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.
Finally, the Company's chief executive officer has issued a letter to shareholders. A copy of the letter is available to all interested readers on the Company's website.
Barry Greene, P.Geo. (NL) is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the contents and technical disclosures in this press release. Mr. Greene is a director and officer of the Company and owns securities of the Company.
About TRU Precious Metals Corp.
TRU has assembled a portfolio of 5 gold exploration properties in the highly prospective Central Newfoundland Gold Belt. The Company has an option with a subsidiary of TSX-listed Altius Minerals Corporation 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 3 under-explored properties including its Rolling Pond Property (under option) bordering New Found Gold Corp.'s high-grade Queensway Project. TRU's common shares trade on the TSX Venture Exchange under the symbol "TRU", on the OTCQB Venture Market under the symbol "TRUIF", and on the Frankfurt exchange under the symbol "706".
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. For more information on Resurgent and its portfolio companies, please visit Resurgent's LinkedIn profile at https://ca.linkedin.com/company/resurgent-capital-corp.