RUA GOLD Commences Exploration Program at the Glamorgan Project on the North Island of New Zealand.
RUA GOLD Commences Exploration Program
at the Glamorgan Project on the North Island
of New Zealand.
VANCOUVER, BC
,
May 23, 2024
/CNW/ - Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN:
A4010V) ("RUA GOLD" or the "Company") is pleased to announce that the Company has received
its drone concession from the Department of Conservation ("DoC") for its Glamorgan Project,
located on the North Island of
New Zealand
and situated 2.8km north of OceanaGold's
Wharekirauponga Project ("WKP"). The exploration team has mobilized, and magnetic geophysical
surveys are underway.
RUA GOLD
has a well-funded exploration program allocated to the Glamorgan Project.
The Company has applied for minimum impact access from DoC, to allow soil sampling,
resistivity geophysical surveys and geological mapping, expected to be received in Q2 2024.
Following this surface exploration work, the Company will design the drill program and apply for
full access to commence exploration drilling by the end of the year.
On May 5, 2024, OceanaGold included the accelerated development of WKP in
New Zealand's
newly introduced Fast Track Approvals Bill, creating a road map for
RUA GOLD
. (
https://www.beehive.govt.nz/release/one-stop-shop-major-projects-fast-track
).
Robert Eckford
, CEO commented: "This is a great first step to have boots on the ground at our
Glamorgan Project and enabling us to start surface exploration work, so we are ready for drilling by
the end of the year. The continuous exceptional results coming from OceanaGold's WKP project are
extremely encouraging, and we see the exact same surface features at our Glamorgan Project. The
geology in this epithermal region is exceptional and we have mobilized a highly experienced
operating team with a lot of region specific experience".
More information can be found at the Company's website:
www.ruagold.com
.
About Glamorgan:
RUA GOLD's
Glamorgan Project comprises of over 4,600 hectares in the Hauraki district, on the
North Island of
New Zealand
. Lying 2.8km from OceanaGold's most significant pipeline project,
WKP, which has Indicated resources of 1.01 Moz at 15.9 g/t
1
, the near-ology makes this a very
compelling exploration target. The area has produced over
15M
ounces of gold and 60 million
ounces of silver. Surface work is underway and access permissions have been submitted.
RUA GOLD's
Chief Operating Officer,
Simon Henderson
had previously joint-ventured both the
Glamorgan Project and WKP Project and was a member of the exploration team that led to its
discovery.
The Company is excited about the potential within this permit where previous exploration has outlined
a zone of silicification, veining and alteration with > 50 ppb gold in soils over its 3.8km length, and
rock samples in the vicinity returning up to 95g/t gold. These exhibit classic features of an epithermal
gold mineralized system.
1
Based on OceanaGold's reported Resources and Reserves for the year ended 2023, see
February 21, 2024 news release for more details.
Figure 1: Overview of the Glamorgan Project in relation to OceanaGold’s Wharekirauponga Project.
(CNW Group/Rua Gold Inc.)
About
RUA GOLD
RUA GOLD
(CSE: RUA, OTC: NZAUF, WKN: A4010V) is a new entrant to the mining industry,
specializing in gold exploration and discovery in
New Zealand
. With permits that have a rich history
dating back to the gold rush in the late 1800's,
RUA GOLD
combines traditional prospecting
practices with modern technologies to uncover and capitalize on valuable gold deposits.
The Company is committed to responsible and sustainable exploration, which is evident in its
professional planning and execution. The Company aims to minimize its environmental impact and to
execute on its projects with key stakeholders in mind.
RUA GOLD
has a highly skilled team of
New
Zealand
professionals who possess extensive knowledge and experience in geology, geochemistry,
and geophysical exploration technology.
For further information, please refer to the Company's disclosure record on SEDAR+ at
www.sedarplus.ca
.
Technical Information
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101
Standards of
Disclosure for Mineral Projects
, has reviewed and approved the technical disclosure contained
herein.
This news release includes certain statements that may be deemed "forward-looking statements".
All statements in this new release, other than statements of historical facts, that address events or
developments that the Company expects to occur, are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are generally, but not always, identified
by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects",
"potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur and specifically include statements regarding: the Company's strategies,
expectations, planned operations or future actions, including but not limited to exploration and drilling
programs at its Glamorgan project; and the Company's expected receipt of permits or other
regulatory approvals. Although the Company believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from those in the forward-looking
statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future
performance and actual results or developments may differ materially from those projected in the
forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are
beyond the Company's control, affect the operations, performance and results of the Company and
its business, and could cause actual events or results to differ materially from estimated or
anticipated events or results expressed or implied by forward looking statements. Some of these
risks, uncertainties and factors include: general business, economic, competitive, political and social
uncertainties; risks related to the effects of the
Russia
-
Ukraine
war; risks related to climate change;
operational risks in exploration, delays or changes in plans with respect to exploration projects or
capital expenditures; the actual results of current exploration activities; conclusions of economic
evaluations; changes in project parameters as plans continue to be refined; changes in labour costs
and other costs and expenses or equipment or processes to operate as anticipated, accidents,
labour disputes and other risks of the mining industry, including but not limited to environmental
hazards, flooding or unfavourable operating conditions and losses, insurrection or war, delays in
obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of
the factors that may affect any of the Company's forward-looking statements and reference should
also be made to the Company's annual information form dated
April 19, 2024
, filed under its
SEDAR+ profile at
www.sedarplus.ca
for a description of additional risk factors.
Forward-looking statements are based on the beliefs, estimates and opinions of the Company's
management on the date the statements are made. Except as required by applicable securities
laws, the Company undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE
Rua Gold Inc.
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For further information:
RUA GOLD Contact: Robert Eckford, Chief Executive Officer, Email:
[email protected], Website: www.RUAGOLD.com
CO: Rua Gold Inc.
CNW 06:00e 23-MAY-24