23rd Oct 2024 15:17
(Alliance News) - Ormonde Mining PLC on Wednesday noted that investee TRU Precious Metals Corp was launching a review of its Golden Rose copper and gold project, following its receipt of financial backing from Eldorado Gold Crop in August.
The natural resources company with assets in Newfoundland and Scotland holds a 36% interest in TRU Precious Metals.
Eldorado Gold was granted an exclusive option in August to earn an 80% ownership interest in the Golden Rose project, which is based in central Newfoundland, Canada. TRU will use this financial backing to understand and update the discovery potential for gold and other minerals across the 300 square kilometre project area.
TRU Chief Executive Officer Steve Nicol said: "TRU is shifting to a 'big picture' perspective of Golden Rose, viewing the complete consolidated land parcels and claims as one entity to facilitate the development of an updated model of mineralisation potential for the entire property, aimed at optimising the discovery process. TRU is focused on efficiently discovering the full gold and copper potential that may exist at Golden Rose."
Ormonde CEO Brendan McMorrow said: "The financial backing of Eldorado has enabled the TRU team to adopt a more strategic approach and optimise the discovery process at Golden Rose. An updated model of mineralisation across the entire property will support TRU in unlocking the value of Golden Rose in a targeted and cost-effective manner."
Shares in Ormonde Mining were flat at 0.25 pence each on the Aquis Exchange on Wednesday afternoon.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.