Trueclaim Exploration Inc.
TSX VENTURE : TRM
OTCQX : TRMNF

December 08, 2010 09:00 ET

Trueclaim Exploration Inc. Reports Significant Assay Results From Successful Fall Field Work and Appointment of Investor Relations Consultant

ST. THOMAS, ONTARIO--(Marketwire - Dec. 8, 2010) - Trueclaim Exploration Inc. (TSX VENTURE:TRM)(OTCQX:TRMNF) (the "Company" or "Trueclaim") an explorer and developer of precious and base metals, is pleased to announce results from its fall field sampling program on the East Wahnapitei Area including:

Glade Occurrence - 5 metres of continuous channel sampling along strike averaging 10.94 g/t gold, containing a half metre channel sample of 73.91 g/t gold.

Bus Zone - 6 grab samples averaging 7.19 g/t gold, containing one sample of 33.63 g/t gold.

Tecumseh Occurrence - 6 grab samples averaging 3.26 g/t gold, containing one sample of 14.08 g/t gold.

As a result of property examinations and consolidation, while retaining the most prospective areas, Trueclaim holds approximately 17,858 hectares (44,120 acres), either directly or under option, in the East Wahnapitei Area inclusive of the original Scadding mine site and outlying properties. As previously mentioned, the Scadding Township and Davis Township area has more gold occurrences than any other similar sized area in the Sudbury District. Trueclaim holds the largest land position in this area. Work performed this fall on peripheral properties consisted of channel sampling, assaying, linecutting of localized grids, ground magnetic and IP surveys and approximately 1,500 metres of NQ diamond drilling. Several claims of low potential were dropped and several additional claims were staked. Two of the newly staked claims were in the area of the Jerome PGE occurrence and a third was located in Street township having an anomalous gold assay adjacent to an area of Sudbury breccia. Details of the field results are discussed below as per each work area. The numbers shown beside the following work areas are illustrated on the following page. Their general geology and description has been previously described in the press release of September 21, 2010.

Last week, the drill was moved back to the Scadding Mine Area to undertake 500 metres of drilling in areas which had limited previous drilling. Additional data has also been digitized and incorporated into the Scadding 3D model, which could enhance the success of our future drilling.

Note: To view the map associated with this release, please click the following link: http://media3.marketwire.com/docs/trm1208.pdf

EAST WANAPITEI AREA OUTLYING OCCURENCES

6. The Glade Occurrence:

As a result of stripping and sampling, the source of the visible gold mentioned in earlier press releases has been located. The source is a continuous flat lying quartz vein averaging about 4" thick occurring at the contact of a sodium rich granitic intrusion and a Nipissing Diabase intrusion. Ten continuous 1/2 metre channel samples collected along strike gave an average value of 10.94 g/t gold over 5 metres including 14.71 g/t gold (sample E1056016) and 71.91 gold (sample E5106021). Specks of visible gold have been observed in this vein. Highlights of additional individual 1 metre channel samples are shown below.

Sample # Au g/t
E5106026 17.97
E5106027 14.41

12. The Southern Bus Occurrence

Six grab samples were collected from this site. Assay results are shown below.

Sample # Au g/t
E5105900 2.18
E5105901 1.94
E5105902 2.74
E5105903 2.43
E5105904 0.225
E5105905 33.63

9. The Tecumseh Occurrence

A preliminary site visit was made to this location. The occurrence consists of numerous white quartz veins in Nipissing Diabase. The site has at least one old shaft and multiple old trenches and pits. Six grab samples were collected on this site. All samples collected from the site are reported below:

Sample # Au g/t % Cu
E5338850 1.41 0.1840
E5338851 0.221 0.0253
E5338853 0.657 0.0499
E5338854 14.06 0.3500
E5338855 2.79 0.0123
E5338856 0.501 0.0366

2. The East Jerome Showing

Stripping, washing and mapping were undertaken on this site. Ground IP and total magnetometer surveys performed on lines spaced 50 metres apart produced several anomalies. Approximately 500 metres of NQ diamond drilling was focused to evaluate these anomalies. Drill assays are pending. Highlights of individual 1/2 metre channel samples are shown below.

Sample # Au g/t % Cu % Ni Pd g/t Pt g/t
E51055881 0.308 0.7720 0.2990 3.66 0.567
E51055882 0.235 0.6100 0.3400 3.07 0.425
E51055883 0.22 0.5650 0.3000 2.5 0.347
E51055884 0.202 0.5750 0.3110 2.32 0.333
E51055885 0.237 0.6140 0.2950 2.29 0.379

1. The Alwyn Porcupine Mine Site

Stripping, trenching, washing and mapping were undertaken on this site, followed by individual 1 metre channel samples. Channel sample highlights are shown in the table below. A general correlation of higher gold content with increasing copper content is observed. A later IP survey is proposed on this area once the nearby swamp freezes this winter.

Sample # Au g/t % Cu
E5105643 2.68 greater than 1.00
E5105644 3.28 0.873
E5105645 3.38 greater than 1.00
E5105646 1.65 greater than 1.00
E5105652 2.71 0.476
E5105654 3.39 0.363
E5105927 2.12 0.662

3. The East Red Rock Occurrence:

Trenching, washing, mapping, channel sampling, cutting of a grid with lines 50 metres apart and a ground IP survey were conducted on this site. The main zone of this occurrence and other IP anomalies produced from this survey were drilled. Drill assays are pending. Highlights of individual 1/2 metre channel samples yielded:

Sample # Au g/t Cu %
E5105913 1.8 0.00278
E5105915 2.65 .00035
E5105916 0.664 0.419
E5105917 0.359 0.940
E5105924 3.06 greater than 1.000

8. The Inclined Copper Shaft Occurrence:

This site was stripped, mapped, linecut at 50 metre intervals, with IP and total magnetometer surveys being undertaken followed by about 500 metres of NQ diamond drilling on several IP anomalies. Two parallel channels totaling 40 samples across the chalcopyrite bearing quartz vein gave two intersections. The first was an interval of 3 metres at 0.13g/t gold and 2.05% copper including 9.18% copper (sample E5105954). The second interval had 5.5 metres averaging 0.307g/t gold and 1.03% copper including 1.59 g/t gold and 0.66% copper (sample E5105981), 2.42% copper (E5105985) and 2.94% copper (sample E5105982)

7. The Secret Showing: This site contains several localized areas of massive pyrite with chlorite along the Espanola – Serpent Formation contact. An area has been stripped and mapped then followed up with channel sampling. Eight of the 17 samples analyzed gave assays between 0.121 g/t gold and 0.504 g/t gold.

RICHMOND BASIN SILVER PROJECT, ARIZONA

On the Richmond Basin Silver Property in Gila County, Arizona, USA, a budget has been approved along with a contract with our Arizona geologist, Nick Barr, to undertake continued mapping of the Richmond Basin. This work is now ongoing. Recent reports from Mr. Barr have indicated differences from the previous mapping undertaken by others and better delineation of contacts and structures believed to be associated with the emplacement of silver bearing fluids. The focus of Mr. Barr's work will be to define new areas of potential mineralization for further geochemical & geophysical evaluation this spring, with possible later diamond drilling.

Appointment of Investor Relations Consultant

Trueclaim has retained San Diego Torrey Hills Capital, Inc. ("Torrey Hills Capital") to act as investor relations consultants on behalf of Trueclaim. Torrey Hills Capital is a leading investor relations and financial public relations firm headquartered in Del Mar, California and 100% owned by Clifford Mastricola. Torrey Hills Capital plans to increase awareness about Trueclaim through its established relationships with investment professionals, investment advisors, and money managers, which will allow Trueclaim to build and maintain an informed investor audience. Torrey Hills Capital will also develop a profile on Trueclaim for coverage on its website, www.babybulls.com, a website developed to showcase and provide exposure for emerging micro-cap companies to an audience of proven micro-cap investors. Torrey Hills Capital has been engaged for a term of six months for a cash fee of US$6,000 per month and the granting of options to purchase 250,000 common shares of Trueclaim at $0.21 per share until November 30, 2013. The agreement is subject to the approval of the TSX Venture Exchange. Torrey Hills Capital can be contacted by phone at 858-456-7300 or by email at jm@sdthc.com. The Consultant, an arm's length party to Trueclaim, has advised Trueclaim that it owns, directly or indirectly, less than 1% of the issued and outstanding shares of Trueclaim.

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. 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 in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Trueclaim Exploration Inc.
    John Carter
    905-302-3843
    1-888-686-1405 (FAX)
    www.trueclaim.ca