Ormonde Mining plc’s investee has started a 1,800-metre drilling campaign to test for the first time a “pipeline of quality exploration targets” at the Golden Rose copper-gold project in Newfoundland.
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The company owns 36.3% of project owner TRU Precious Metals Corp while Eldorado Gold Corporation holds an option over Golden Rose.
TRU’s programme is focusing on a portion of the Mark’s Pond to Rich House “exploration fairway”, including the Staghorn licences which comprise less than 12% of the total project area.
The operator has also completed its revised and refined property-wide review of Golden Rose, identifying “numerous” targets with potential for orogenic gold mineralisation across the near 300 km2 package.
TRU will undertake field work on the targets before drilling.
Ormonde’s executive chairman Brian Timmons said: “The launch of this drilling programme is the first step in TRU’s systematic evaluation of gold targets across the highly prospective land package at Golden Rose.
“The updated mineralisation model provides a strong foundation on which to deliver this work and once validated, will support TRU in its strategy to unlock the value of Golden Rose in a targeted and cost-effective manner.”