Dublin-listed explorer Ormonde Mining is to acquire a controlling stake in a Canadian group for more than €2 million.

The 36.2 per cent stake in Toronto-listed exploration company TRU Precious Metals, which is exploring for gold and copper in the Central Newfoundland Gold Belt in Canada, will cost Ormonde 3 million Canadian dollars (€2.08m) in a private subscription, it said in a statement late on Friday.

Ormonde said there was potential for it to increase its shareholding up to 46 per cent through the exercise of warrants. Ormonde is also set to appoint three directors to the TRU board.

Ormonde’s investment will be used to fast-track the advancement of Golden Rose as well as the evaluation of other mineral property transaction opportunities, the group told its shareholders, who will have to back the deal.