Ormonde Mining PLC - Investee Company Update: TRU Precious Metals

12 October 2023

Ormonde Mining plc

("Ormonde" or the "Company")

Investee Company Update: TRU Precious Metals

TRU Publishes Technical Report for Golden Rose and Commences Autumn Exploration Programme

Ormonde Mining plc (AQSE: ORM), a natural resource company providing exposure to quality and diverse assets across a range of strategic minerals, notes the following updates announced yesterday by its 36.2%-owned investee company, TRU Precious Metals Corp. (TSXV: TRU) ("TRU"), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada.

NI 43-101 Technical Report

TRU announced the filing of an updated Technical Report for its Golden Rose project, prepared by APEX Geoscience Ltd and Terrane Geoscience Inc. The purpose of the Technical Report is to consolidate all TRU's exploration and drilling activities completed at Golden Rose since acquiring the project in early 2021, including high-grade discoveries of gold, copper, and silver at multiple new targets, and to provide recommendations for future exploration and development of the project. The Technical Report is available for viewing on TRU's website at the following page: https://www.trupreciousmetals.com/golden-rose-project.

Exploration Update

TRU also announced it has recently commenced an autumn exploration programme at Golden Rose, focused on cost-effectively growing its pipeline of gold and critical minerals prospects and producing additional drill-ready targets. The programme will include prospecting, grab (rock) sampling, and reconnaissance soil sampling over interpreted precious and base metal anomalies determined through historical data compilation, and recent ground geophysics and remote sensing programmes. Many of the planned target areas have had limited exploration to date.

Paul Ténière, TRU's Vice President of Exploration, commented:

"We are very pleased to have filed an up-to-date NI 43-101 Technical Report for Golden Rose. This is the culmination of several months of work by our technical team and independent Qualified Persons to compile the extensive exploration and drilling work completed by TRU since 2021. The Technical Report also includes the results from our recent trenching and channel sampling work at Mark's Pond and prospecting and sampling work targeting new gold and critical minerals targets along the Cape Ray-Valentine Lake Shear Zone. I would like to thank our team, APEX, and Terrane for their meticulous work and continued technical support as we advance the Project. We encourage our mining and capital markets colleagues to review the Technical Report for a deeper dive on the significant discovery potential unfolding at Golden Rose." 

Brendan McMorrow, Chief Executive Officer of Ormonde, commented:

"This Technical Report provides a comprehensive overview of the history and development of Golden Rose and reaffirms Ormonde's belief that this prospect represents a world class exploration opportunity. In particular, the report highlights several compelling features of the Golden Rose project, including, inter alia:-

i.      the highly prospective strike extent of the structural trend that hosts Marathon Gold's  Valentine Lake gold deposit to the northeast of the TRU property (Marathon Gold's 5Moz  resource  comprises Total Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) of 3.96 Moz (64.62 Mt at 1.90 g/t Au), plus  additional Inferred Mineral Resources of 1.10 Moz (20.75 Mt at 1.65 g/t Au);

ii.     the 5km strike extent of the gold mineralised Marks Pond  - Rich House Trend which contains bonanza grade visible gold and several occurrences demonstrating  gold in bedrock; and

iii.    several gold in bedrock occurrences at the southwest of the TRU property that appear to represent structural analogues to the 6 Moz Curraghinalt gold deposit in Ireland."

The directors of the Company accept responsibility for the contents of this announcement.

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About Ormonde Mining

Ormonde is a natural resource company, providing which provides its shareholders with exposure to quality and diverse assets across a range of strategic minerals. Ormonde's portfolio includes an initial 36.2% interest in TRU Precious Metals (TSXV: TRU), which is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt in Canada, and a 20% interest in Peak Nickel, which is advancing exploration on a potentially significant battery metals project.

Ormonde's shares are listed on the Aquis Stock Exchange Growth Market under the symbol AQSE: ORM.

For more information, visit the Company's website at www.ormondemining.com.