Trueclaim Exploration Inc.

March 04, 2011 12:48 ET

Trueclaim Exploration Inc. Intersects 15.78 Meters Averaging 5.36g/t at Scadding Gold Project

LONDON, ONTARIO--(Marketwire - March 4, 2011) - Trueclaim Exploration Inc. ("Trueclaim") (TSX VENTURE:TRM)(OTCQX:TRMNF) is pleased to announce a significant intersection of 5.36g/t Au over 15.78 meters (51.9 feet) (53.0 to 68.78 metres, 173.8 to 225.7 feet) in hole TRM-11-10 drilled at the South Zone of the Scadding Gold Property (the "Property") north-east of Sudbury, Ontario. Prior to Trueclaim's drilling, only one historic hole had intersected mineralization in this area (W35).

In January 2011, Trueclaim commenced an 8,000 meter (26,248 feet) Phase 2 drill program on the Property. Data compiled from the 3-D model developed from work performed by Trueclaim and previous operators of the Property was very effective in assisting the geological team target holes in areas of potential mineralization.

Sixteen holes of the Phase II program have been completed to date. Ten holes were drilled at the South Zone and all intersected chlorite zones. These drill holes may suggest continuity between the South Zone and the Central Zone. Chlorite zones are the lithological units that dominantly host the gold mineralization on the Property. Significant gold values from the ten South Zone holes for which assay results have been received are shown below:

  From From To To Interval Interval Au
Hole # (m) (ft) (m) (ft) (m) (ft) g/t
TRM-11-10 53.0 173.8 68.78 225.7 15.78 51.9 5.36
containing 56.0 179.76 62.0 203.4 6.0 23.64 11.74
TRM-11-03 32.0 105.0 51.0 167.3 19.0 62.3 2.46
containing 36.0 118.1 43.0 141.0 7.0 22.9 4.45
TRM-11-02 16.0 52.5 26.0 85.3 10.0 32.8 1.20
containing 47.0 154.2 52.0 170.6 5.0 16.4 2.25
TRM-11-09 27.0 88.6 28.0 91.9 1.0 3.3 7.28
TRM-11-06 45.23 148.4 46.0 150.9 0.77 2.5 7.839
TRM-11-08 49.0 160.8 50.0 164.1 1.0 3.3 5.363
TRM-11-01 Visible gold specks noted at 5.43m (17.8 feet) (assays pending)

The assays above were undertaken by Accurassay Laboratories using fire assay followed by ICP. The intervals shown above have been submitted for pulp metallic analysis.

SRK Consulting was recently contracted to undertake a structural analysis of the core and recommend an appropriate drill spacing pattern for the preparation of an NI43-101 compliant mineral resource. Four oriented drill holes in the North Zone were recommended to better understand the trend and structural controls of the mineralization in this area. Two of these holes intersected visible gold. Assays are pending. Hole TRM-11-15 intersected specks of visible gold at 12.67 meters (41.6 feet) and 34.89 meters (114.5 feet). TRM-11-16 intersected specks of visible gold from 40.27 to 40.56 metres (132.1 to 133.1 feet).

Further drilling of the 8,000 metre (26,248 feet) program will focus on better definition of the North Zone, expanding the extent of the Currie Rose New Zone and the East-West Zone.

We are very pleased with the results thus far and are encouraged by the capability of our team to use the modeling software to define zones of chlorite mineralization and successfully target drill holes in mineralized areas.

The Company holds the Scadding property under option from Currie Rose Resources (TSX-V: CUI) and has the right earn a 100% working interest in the property.

We seek safe harbour.


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 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 forwardlooking 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 forwardlooking 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
    1-888-686-1405 (FAX)