RUA GOLD permit and access extended for five years at the high grade Reefton Project and the Company targets Murray Creek in the near-mine drilling program
RUA GOLD permit and access extended for
five years at the high grade Reefton Project
and the Company targets Murray Creek in the
near-mine drilling program
VANCOUVER, BC
,
July 5, 2024
/CNW/ - RUA GOLD Inc. (CSE: RUA) (OTCQB: NZAUF) (WKN:
A3DB6A) ("RUA GOLD" or the "Company") is pleased to provide an exploration update for the
Reefton Project on the South Island of
New Zealand
.
Permit and Land Access Agreements for drilling have been extended for a further 5 years
The Company's application to extend the permit and Access Agreement at the Reefton Project on
New Zealand's
South Island for an additional 5 years has been granted by both the New Zealand
Petroleum and Minerals (NZP&M) and the Department of Conservation (DoC), following Iwi (local
indigenous) and archaeology consultation.
This provides the Company full access to carry out an extensive drill campaign on 37 drill sites and
includes the establishment of the associated infrastructure, including camps and pumping stations.
The Company now has the rights to drill all the targets identified following our extensive surface
exploration program which was focused on numerous near mine prospects over the four mine camps
within the Company's permits at the Reefton Project.
RUA GOLD's
near-mine drilling program
The Company has commenced its near mine drill program with five targets in the Murray Creek area
as the first step in a comprehensive drilling campaign that will test targets in the Murray Creek,
Crushington, Capleston and Caledonian historic districts. These historic mines collectively produced
~700koz of gold at 25.2g/t within a radius of ~20 kilometers.
The Company has commenced with its first target in Murray Creek, which is a down-dip extension of
the historic mine shoot. This is a compelling, relatively shallow target as records show mining ceased
at 200 meters, yet this was the largest lode. The lode contained gold grades ranging between
18.0g/t to 67.5g/t Au (Barry, 1993).
Two diamond holes are planned to test the down dip extensions of the lode at depth. Accurate
mapping of the dyke (UAV magnetics) and 3D structural mapping show significant potential for
continuation at depth. Surface rock chips show grades up to 33 g/t Au (from No 3 Victoria Adit).
Drilling will target below the mined extent of the Victoria Lode at ~200 meters depth.
The Company finds the first target at Murray Creek compelling as it is relatively shallow in
comparison to the historical mining in the nearby Crushington and
Ajax
areas which demonstrated
mining was economic to depths of greater than 600 meters, and at Federation Mining's Blackwater
gold deposit, there is continuity of high grade mineralization to a depth of 1500 meters.
More information can be found at the Company's website:
www.ruagold.com
.
Figure 1: Cross section through the first Murray Creek drill target: Victoria. Drillhole 1 is to intercept
the lode beneath the depth of historical mining. The lode is open at depth. (CNW Group/Rua Gold
Inc.)
Historic Mine Evaluation, Proposed Drilling
The Company has completed a comprehensive evaluation of the historic mines in the Reefton
Goldfield. This includes 3D modelling of the geology, structure, and historical mine lodes in a
precursor to drill testing of priority targets, testing down-dip and potential duplicate structures in the
vicinity of the historic mines.
RUA GOLD
has commenced drilling the first of five targets in the Murray Creek area as the first
step in a comprehensive drilling campaign that will test near-mine targets in Murray Creek,
Crushington, Capleston and Caledonian historic districts. A table of historic production in these
districts is included in Appendix 1.
Figure 2: Inglewood Battery, Murray Creek. Image from Reefton Isite. (CNW Group/Rua Gold Inc.)
Grant of Deferred Share Units
The Company also announces that it has granted an aggregate of 326,327 deferred share units
("DSUs") to non-executive directors of the Company at a deemed price of
$0.193
per DSU. The
DSUs were granted in consideration for services provided by the non-executive directors for the
period from
April 1, 2024
to
June 30
, 2024. The DSUs were granted under the Company's Deferred
Share Unit Plan adopted on
April 17, 2024
and are subject to a one year vesting period. Each DSU
entitles the holder to receive one share of the Company at the time the holder ceases to be a
director of the Company.
About
RUA GOLD
RUA GOLD
(RUA.CSE) 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.
Website:
www.RUAGOLD.com
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 its drill programs at its
Reefton 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 CSE Form 2A – Listing Statement 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.
Appendix 1: Historic production from mining in the Murray Creek mine group, Reefton
Goldfields.
Lode
Easting
Northing
Quartz
tonnes
Au (kg)
Total
Production
(Au oz)
Recovered
grade
(oz)
Recovered
grade (g/t)
Inglewood-
North Star,
Phoenix,
Victoria
1510233
5336224
52,945.9
1,053.7
33,877.2
0.6
19.9
Perseverance
1509653
5335145
57.9
0.6
19.3
0.3
10.4
Golden Fleece
- Ajax Royal
1509544
5335654
136,642
2,787.8
89,629.9
0.7
20.4
Venus
1509084
5335145
11,046
219
7,041.0
0.6
19.8
Table
1
: Historical production from mines within the Reefton District
(Barry, 1993).
Source:
Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.
SOURCE
Rua Gold Inc.
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For further information:
Robert Eckford, Chief Executive Officer, Tel: +1 604 655 7354, Email:
CO: Rua Gold Inc.
CNW 08:00e 05-JUL-24