Toronto - TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) (FSE: 706) ('TRU' or the 'Company') is pleased to announce that further to its news release dated June 16, 2022, it has closed the definitive option agreement dated June 15, 2022 with Quadro Resources Ltd. ('Quadro').
Pursuant to the terms of the Option Agreement, the Company has the option to acquire up to an aggregate 65% ownership in Quadro's Staghorn Project (the 'Staghorn Project') located in central Newfoundland. The Staghorn Project is a large claim package of 133 claim units in eight mineral licences covering 3,325 hectares with a 12 km strike length of the auriferous Cape Ray Fault Zone. The Staghorn Project is comprised of two distinct groups of licenses which are immediately within and/or adjacent to TRU's flagship Golden Rose Project ('Golden Rose').
Joel Freudman, Co-Founder and CEO of TRU commented: 'This is a transformational acquisition for TRU. Since the start of 2022, we worked assiduously to add this final lynchpin to Golden Rose and have now successfully achieved our long-stated strategy of complete consolidation of the Cape Ray - Valentine Lake Shear Zone (the 'CR-VL Shear Zone') between our immediate neighbours, Marathon Gold and Matador Mining, both of whom have significant gold deposits on their properties. With this acquisition, Marathon Gold, Matador Mining and TRU are now the dominant players in control of the CR-VL Shear Zone.'
The Company has issued 1,084,171 common shares to Quadro in respect of the first share issuance due under the Option Agreement. The deemed price of such issuance shares is approximately $0.092 per share, representing the volume-weighted average trading price of TRU's common shares on the Exchange for the 20 previous consecutive trading days. The future obligations under the Option Agreement are outlined in TRU's news release of June 16, 2022.
All common shares issued pursuant to the terms of the Option Agreement are subject to a hold period under applicable securities laws for a period of four months plus one day from the date of issuance.
Mr. Freudman added: 'Based on our internal data compiled from extensive fieldwork at Golden Rose and due diligence on the Staghorn Project, we believe that the mineralization on the latter is similar to that at Golden Rose. We continue to build out a turn-key gold and copper project at Golden Rose.'
About TRU Precious Metals Corp.
TRU (TSXV: TRU) (OTCQB: TRUIF) (FSE: 706) is on a mission to build long-term shareholder value, through prudent natural resource property development and transactions. Currently, TRU is exploring for gold and copper in the highly prospective Central Newfoundland Gold Belt and has an option with TSX-listed Altius Minerals to purchase 100% of the Golden Rose Project. Golden Rose is a regional-scale 236 km2 land package, including a newly discovered 20 km district-scale structure and an additional 45 km of strike length along the deposit-bearing Cape Ray - Valentine Lake Shear Zone, directly between Marathon Gold's Valentine Gold Project and Matador Mining's Cape Ray Gold Project.
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 companies listing on Canadian stock exchanges.
Contact:
Joel Freudman
Tel: 1-855-760-2(2878)
Email: ir@trupreciousmetals.com
Web: www.trupreciousmetals.com
Cautionary Statements Regarding Forward-Looking Information
This press release contains certain forward-looking statements, including those relating to the Option Agreement transaction and acquiring and exploring the Staghorn Project. These statements are based on numerous assumptions regarding the Option Agreement transaction with Quadro that are believed by management to be reasonable in the circumstances, and are subject to a number of risks and uncertainties, including without limitation: mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Staghorn Project and/or Golden Rose; the exploration potential of the Staghorn Project and/or Golden Rose; challenges in identifying, structuring, and executing transactions on favourable terms or at all; risks inherent in mineral exploration activities; volatility in financial markets, economic conditions, and precious metals prices; regulatory approval processes and those other risks described in the Company's continuous disclosure documents. Actual results may differ materially from results contemplated by the forward-looking statements herein. Investors and others should carefully consider the foregoing factors and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements herein except as required by applicable securities laws.
TRU PRECIOUS METALS CORP. 