Trueclaim Exploration (OTCQX: TRMNF; TSX-V: TRM) has completed a financing in the amount of $854,000 at a price of $0.16 per share along with an 18-month warrant at exercisable at $0.25 per share. Proceeds from the financing will be used for exploration of the Company’s Black Diamond silver project in Arizona, USA which the Company has under option and for general working capital purposes.
Trueclaim Exploration (OTCQX: TRMNF; TSX-V: TRM) has intersected 2.54 g/t gold over 9.44 metres, including 17.27 g/t gold over 0.50 metres in drill hole TRM-11-28A at the Company’s Scadding Gold Property. These results are consistent with those from the North Zone and at the East-West Pit. And, these four holes were drilled to provide clarification on the orientation of geological contacts and chloritic gold-bearing units specific to the South Zone, which they have done.
Trueclaim Exploration (OTCQX: TRMNF; TSX-V: TRM) is increasing the amount of its private placement up to $880,000 through the issuance of 5,500,000 units at a purchase price of $0.16 per unit. Each unit will consist of one common share in the capital of the Company and one common share purchase warrant (each a “Warrant”). Each Warrant has a term of 18 months from the date of closing of the Private Placement (the “Closing Date”) and entitles the holder thereof to purchase one common share of the Company at an exercise price of $0.25 per share at any time on or before 18 months after the Closing Date.
Trueclaim Exploration (OTCQX: TRMNF; TSX-V: TRM) has completed approximately 700 metres of diamond drilling in the New Zone on the Scadding Gold Property, highlights of which include 94.5 g/t gold over 1.5 metres, including 177.04 g/t gold over 0.5 metres.
These are solid numbers not even one-quarter of the way through the Company’s planned 3,000 metre drill program, so get ready for additional news in the not too distant future.
Trueclaim Exploration (OTCQX: TRMNF; TSX-V: TRM) has completed its earn-in of a 51% working interest in the Scadding Gold Property northeast of Sudbury, Ontario. The Company can increase its interest in the property from 51% to 100% by paying Currie Rose $2,000,000 in cash on or before commencement of commercial production. The property is subject to 3% net smelter return royalty.
The Company is continuing its 8,000 metre diamond drilling program on the Property and expects to announce another tranche of assay results early next week.
Trueclaim Exploration (OTCQX: TRMNF; TSX-V: TRM) is a mineral exploration company engaged in the acquisition and development of precious and base metals properties in strategically located areas, currently within Ontario and Arizona.
The Company’s current principal project is the former Scadding Gold Mine near Sudbury, Ontario. The Scadding claims are part of approximately 52,000 acres the Company has assembled in this area.
The Company and its Scadding project are featured on the show Today in America with Terry Bradshaw, which can be viewed by clicking picture below.
Trueclaim Resources (OTCQX: TRMNF; TSX-V: TRM) has entered into an option agreement with Silver Shield Resources on its Sandeb Gold Project, which covers 3,360 acres in the prolific Red Lake Gold District. Under the terms of the agreement, Silver Shield can earn a 100% interest in the project by issuing to Trueclaim a total of 500,000 shares of Silver Shield over the next 24 months and incurring exploration expenditures of $100,000 each year for the next three years.
Trueclaim Exploration Retains SRK Resource Consultants for Technical Assistance on Upcoming 8,000 Metre Drill ProgramJanuary 26, 2011
Trueclaim Resources (OTCQX; TRMNF; TSX-V: TRM) has engaged SRK Consultants to undertake a structure review and to offer technical assistance with respect to the Company’s recently announced 8,000 metere drill program. The structural review will facilitate locating the auriferous breccia while the technical assistance will confirm the targeting of drillholes so that their spacing will allow for the preparation of an NI43-101 compliant mineral resource.
Trueclaim’s management team, with whom we met over the weekend in Vancouver, could not be more optimistic and excited about developing the Scadding property. We look for lots of news flow over the next six months.
Trueclaim Exploration (OTCQX: TRMNF; TSX-V: TRM) has started its 8,000 metre, Phase 2 drill program on its Scadding Gold Property, the purpose of which is to expand prior drill programs, confirm continuity of mineralization, and acquire information sufficient to complete a NI 43-101 compliant technical report.
In November and December, the Company completed a 2,000 metre drill program, including 5 holes at the Scadding minesite area, which tested certain areas of limited information. In addition, the use of 3-D modeling of both historic and current drill data has helped the Company more fully evaluate and understand the mineralized zones. Trueclaim is the first to evaluate the property in this manner, which will most certainly help guide future drilling.