Ormonde Mining [AQSE:ORM], is a natural resources investment company listed on Aquis. The company currently has a 36.2% stake in TRU Precious Metals [TSX:TRU], a Canadian-listed gold and copper project, and an earn-in to Eldorado Gold Corporation TSX:ELD, a Canadian and US dual-listed with operations in Turkey, Canada and Greece.
Eldorado was granted in July the option to earn an 80% ownership in TRU’s flagship project, Golden Rose, through a multi-year CAD7m (GBP3.9m) work programme and CAD8.25m in cash to TRU.
Ormonde also holds a 19% share of Peak Nickel, a privately held Nickel-Copper-Cobalt project prospecting for battery materials in Aberdeenshire.
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Led by Brian Timmons, as chairman, a fund manager and investment banker with extensive TSX experience, who also serves as a director for TRU, and Brendan McMorrow, chief executive, who has been in the mining and O&G sector for over 30-years, with specific base metal experience in Australia and Ireland.
Ormonde also has its director, Steve Nicol, operating as CEO of TRU.
Positive gold samples from TRU
The investment company has seen progress with its TRU investment, which recently reported positive gold assays from a sampling project on part of its Golden Rose tenement in Newfoudland. TRU said that it had took the opportunity to sample the littoral zone of Lake Victoria as water-levels had fallen and found in 22 of the 47 samples it took that gold was occurring in grades in excess of 0.1 grammes per tonne, with eight of the samples showing results in excess of 100g/t with visible gold in several of the samples.
TRU believes that this sampling shows the potential of the Golden Rose project, but also, with the exposure of previously unsampled shoreline, the possibility that the structural trend in the Golden Rose locality is better than anticipated. TRU is already undertaking a copper-focussed exploration at Golden Rose.
TRU’s excitement at the rock sample results was shared by Ormonde with Timmons saying: “This is an extraordinary asset which has been optioned by a major gold company and we believe Ormonde offers heavily undervalued exposure to it. We look forward to updating shareholders in due course on continued progress at Golden Rose.”
In August, Ormonde said that it’s other significant investment, Peak Nickel, had kicked-off a drilling project in Aberdeenshire, which Peak believes is the: “highest grade battery metals project in the UK”. Peak is planning to drill 1km, which follows-up a 2,600 metre, 18-hole drill project in 2023.
Ormonde Mining is a very early stage exploration play
As Ormonde’s investment projects are very early-stage exploration plays, the company isn’t making any money now. In its last results, for the six-months to end-June, the company made a loss of EUR578,000 (GBP477,000), with EUR189,000 attributable to TRU. The company’s assets under management were valued at EUR5.1m, marginally down from EUR5.5m in December 2023. This includes cash of EUR1.5m, down from EUR2.3m at the end of December 2023.
The company’s shares opened the week at 0.16p. A year ago Ormonde shares were trading at 0.3p 87.5% ahead of where they are now. The company has a market cap of GBP756,000. Ormonde is an interesting company offering ground-floor access to two very early-stage mining projects.
