Trueclaim Exploration Inc.

January 19, 2010 08:11 ET

Trueclaim Exploration Inc. Provides Corporate Update

ST. THOMAS, ONTARIO--(Marketwire - Jan. 19, 2010) - Trueclaim Exploration Inc. (TSX VENTURE:TRM) ("Trueclaim" or the "Company"), today provided the following corporate update on its Scadding Gold Property near Sudbury, Ontario which is under option to the Company.

1)  Phase I Drilling Re-Commences

As outlined in the Company's most recent press release, the initial portion of the Phase I drill program consisting of nineteen (19) holes was completed in mid-December, 2009. Given the encouraging results including visible gold mineralization in three of the first four holes, and continuing positive assay results, the Company has re-commenced the drill program. This additional work is fully funded and the Company expects to complete the program by early February.

The expanded Phase I program will focus initially on eight to ten additional holes in key areas of the five zones explored during Phase I. The five zones are the North, South, East-West, Central and New as outlined in previous press releases. These additional targets will further test the mineralized areas identified in the initial Phase I drill holes. The location of these holes will be determined upon receipt of further assay results and subsequent modeling. The expanded Phase I program will also investigate a number of targets outside the mine area as identified by earlier geophysical magnetic and electromagnetic surveys undertaken by Currie Rose Resources in 1998.

As also outlined in the most recent release, the Company continues to receive and assess drill results from the Phase I program and expects to provide additional results on four key holes in the South and Central zones. In this regard the Company continues to enhance its three-dimensional model of the geology of the Scadding site. The model will provide the team with an effective visualization of the area's geology and gold assay result distribution. This will improve its ability to develop more refined targets during the Phase II drill program.

2)  Additional Acreage

The Company is also pleased to announce that it has entered into an option agreement with Mr. Terry Loney, a local Scadding landowner, to acquire a 100% interest in approximately 4,000 acres contiguous with Trueclaim's existing Scadding properties. The additional acreage is located in two areas. To the southwest the new area includes past workings such as the Bonanza mine, the site of a 50 foot deep shaft as reported in 1894 by the Ontario Bureau of Mines. To the east, the new area is contiguous with approximately 75% of the perimeter of the past gold-producing Norstar Mine. The Company expects that both of these areas will be the focus of new exploration in 2010. For the option to be fully exercised, the Company must: make an initial one-time payment of $12,500 and issue 50,000 common shares to Mr. Loney within five days of the receipt of regulatory approval (the "Effective Date"); issue 100,000 common shares to Mr. Loney on or before the first anniversary of the Effective Date; and, issue 200,000 common shares to Mr. Loney on or before the second anniversary of the Effective Date. Mr. Loney will also be granted a 2% net smelter return royalty on future mineral production from the optioned property. The additional acreage increases the total package of land in the Scadding area which Trueclaim holds, or has the right to acquire an interest in, from approximately 36,525 acres to more than 40,500 acres.

3)  Data Compilation on New Claims

On a related note, the Company has commenced data compilation and initial geological work on its new claims outside the original Scadding property. This area includes the acreage acquired from Pacific North West Capital Corp. located south and east of the Scadding property, the optioned Powerline property located to the south of the Scadding property and the property recently optioned from Mr. Terry Loney, as described above, located to the southwest of the Scadding property. In order to carry out this data compilation program the Company has also added Mr. Mavros Whissel, BSc. Geo. to the Company's geologic team. As noted by John Carter, the President of Trueclaim, "the Company is excited about moving forward with its efforts to better define the regional geology on all of its holdings and in turn advance plans to carry out exploration work on these claims".

We seek Safe Harbour.


"John Carter"

About Trueclaim Exploration Inc.

Trueclaim Exploration Inc. (TSX VENTURE:TRM) is an explorer and developer of precious metals projects with potential for near-term production and growth. Our projects are located in Canada, one of the most active and stable mining regions in the world. Our team is committed to discovering, developing, and permitting precious metals assets to production. The Company's Scadding project consisting of approximately 40,525 acres represents one of the largest land packages in Northern Ontario. For additional information, please visit us at

Technical information in this news release has been reviewed by Mr. Bob Komarechka, P. Geo., acting as a consulting Project Geologist for the Company and considered a "Qualified Person" under National Instrument 43-101, and prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101. Company Management, which takes full responsibility for content, prepared this news release. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future exploration and financing plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in these statements. Such risks include expectations that may be raised by discussing potential mine types and by comparing the Company's projects to other projects. Also, in order to proceed with the Company's exploration and acquisition plans, additional funding is necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate the Company's plans.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined on the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Trueclaim Exploration Inc.
    John Carter
    1-888-686-1405 (FAX)