Trueclaim Exploration Inc.
TSX VENTURE : TRM
OTCQX : TRMNF

January 18, 2011 09:16 ET

Trueclaim Exploration Inc.: Drilling Underway on Scadding Gold Project

LONDON, ONTARIO--(Marketwire - Jan. 18, 2011) - Trueclaim Exploration Inc. ("Trueclaim") (TSX VENTURE:TRM)(OTCQX:TRMNF) is pleased to announce that diamond drilling has started on the 8,000 metre Phase 2 drill program on its Scadding Gold Property.

This drill program is intended to further evaluate areas of limited drilling, enhance confidence levels for continuity of mineralization and to obtain a database suitable for a NI43-101 compliant inferred resource.

The 2,000 metre exploratory drill program conducted from November to December 2010 included a total of 635 metres drilled in 5 holes on the Scadding minesite area. This drilling tested the following areas of limited information:

  1. Holes TRM-10-27 & 28 were drilled beneath the East-West pit. Trueclaim has very little assay data from holes drilled by previous operators beneath the East-West Pit. The presence of extensive brecciation and chlorite was confirmed in this area.
  2. Hole TRM-10-29 was drilled in the New Zone to help us better understand the structure in the area and to confirm areas of brecciation and alteration.
  3. Hole TRM-10-30 was drilled to the west of the previously mined Central zone to test a mineralized area that has had limited drilling. Holes JS16 and JS26 drilled by previous operators gave values of 5.39 g/t Au over 4 metres and 6.74g/t Au over 3 metres in Hole JS16, while hole JS26 had assays averaging 4.17g/t Au over 4 metres. The results from these two earlier holes are historical and not NI43-101 compliant. Hole TRM-10-30 revealed brecciation with anomalous gold.
  4. Hole TRM-10-31 was drilled to confirm the alteration, structure and a gold intersection encountered in historic hole W34 where a noncompliant NI43-101 grade of 37.48g/t Au over 1.25 metres was reported. TRM-10-31 targeted this area of mineralization and encountered 3.137g/t Au over an interval of 3.5 metres (from 84 metres to 87.5 metres). This was contained within a larger interval of 1.67g/t Au within a 6.72 metre interval (from 82.28 metres to 89 metres).

The use of surveyed drillhole collars and 3D modeling of both historic and current drill data has enabled precision drill targeting and a more detailed evaluation of the structurally controlled mineralization. Trueclaim is the first operator to evaluate this property in this manner. This new data compilation has enhanced our knowledge of the area and will guide future drilling.

A drill program is also being considered for the Alwyn Porcupine minesite as part of the 8,000 metre program, conditional upon results from an IP survey currently being planned.

Final assay data from the drilling on showings peripheral to the Scadding minesite arrived last week. The field crew is currently assembling sections and interpreting this data.

Initial mapping of the Arizona Black Diamond silver property was started but has been delayed by unseasonable cold weather and snow in the higher elevations where the property is located. With warmer weather forecast for the next few weeks we anticipate field mapping will resume shortly.

We seek safe harbour.

ON BEHALF OF THE BOARD

TRUECLAIM EXPLORATION INC.

John Carter, President

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 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.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the proposed diamond drilling program. All statements in this news release, other than statements of historical facts, which address future production, reserve potential, exploration activities, financing plans, objectives or goals, and events or developments that the Company expects, are forward‐looking statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to complete its exploration and development work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's continued development work, technical, safety or regulatory issues, market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Actual results or developments may differ materially from those projected in the forward‐looking 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. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

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

Contact Information

  • Trueclaim Exploration Inc.
    John Carter
    President
    519-913-8008
    1-888-686-1405 (FAX)
    www.trueclaim.ca