RUA GOLD Targets Significant Epithermal Gold System in the Hauraki Goldfield, New Zealand
RUA GOLD Targets Significant Epithermal
Gold System in the Hauraki Goldfield, New
Zealand
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2024) - RUA GOLD Inc. (TSXV: RUA)
(OTCQB: NZAUF) (WKN: A4010V) ("
RUA GOLD
" or the "
Company
") is pleased to provide an
exploration update for its Glamorgan Project in the Hauraki Goldfield, on the North Island of New Zealand
and situated 2.8km north of OceanaGold Corporation's ("OceanaGold's") Wharekirauponga Project
("WKP") which has indicated resources of 1.01 Moz at 15.9 g/t
1
.
The Company was granted a Minimum Impact Access Agreement ("MIA") from the Department of
Conservation ("DoC") for its Glamorgan Project in August 2024. Following this, the exploration team was
mobilized and has made excellent progress, including:
collecting 2,000 of the planned 3,000 soil sample program;
completing the first full phase of UAV drone magnetic geophysical surveying; and
commencing ground geological mapping.
Based on initial surface soil geochemistry, interpreted geophysical structures, and geological mapping,
there is preliminary evidence that the Glamorgan Project has the hallmarks of a significant epithermal
gold system, with surface features similar to the adjacent WKP gold deposit. Further exploration work is
required to confirm whether a significant epithermal gold system exists.
Following its surface exploration work, the Company will design a drill program and apply for a full
Access Agreement by the end of the year to commence drilling at the Glamorgan Project.
On March 7, 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. This Bill was introduced by
the New Zealand Government in March 2024, and aims to provide a streamlined 'one stop shop'
decision-making process to facilitate the delivery of infrastructure and development projects, including
mining projects with significant regional or national benefits.
Robert Eckford, CEO, commented: "This is pleasing progress on the ground at our Glamorgan Project,
and important verification of the historical work of Newmont and OceanaGold. The preliminary evidence
of an epithermal system gives strong encouragement to have drill locations selected by the end of the
year. The geology in the region is exceptional, as evidenced by the results coming from OceanaGold's
nearby WKP project, and we see the exact same surface features at our Glamorgan Project. We have
mobilized a highly experienced operating team with decades of region-specific geological knowledge."
Geochemistry
Preliminary pXRF soil results of the initial 1083 samples show strong arsenic anomalism (max 981ppm
As) in southwest and northeast zones mirroring the historical trends. Arsenic is a reliable pathfinder
closely associated in many gold deposits. These results complement the data collected from previous
work of Newmont and OceanaGold soil analysis. Observed surface quartz vein outcrop (recognised by
the soil teams) lie central to these geochemical anomalies. Initial gold results are anticipated in late
October 2024.
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Geological Mapping
Detailed Anaconda style geological mapping has highlighted outcropping quartz veins, breccias and
silicified alteration enveloping this veining. Strong banding, quartz-adularia, quartz breccia, and platy
quartz after calcite are described in situ. The range of veins, and geographic spread of the vein and
alteration observed indicate exposure of a very large fossil epithermal gold system.
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Magnetic (UAV Drone) Surveying
Ultra detailed magnetic surveying over a 3 kilometre by 5 kilometre area has provided a glimpse of very
strong northeast structural faulting, along with circular features interpreted to represent rhyolitic domes
adjacent to andesite flow units.
These observations on the raw total magnetic field are preliminary. As
the Company works on filtering the data, they will be looking to identify features of magnetite destruction
(alteration) that accompanies and envelopes significant epithermal mineralisation.
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Environmental Studies
Work has commenced to establish baseline environmental requirements on drill sites as we work to
submit our Access Agreement to allow for drilling. This work is ongoing and will be submitted before the
end of the year.
About Glamorgan
RUA GOLD's Glamorgan Project comprises of over 4,600 hectares in the Hauraki district, on the North
Island of New Zealand. The district has produced over 15 million ounces of gold and 60 million ounces of
silver, and is home to OceanaGold's most significant pipeline project, WKP, which has indicated
resources of 1.01 Moz at 15.9 g/t
2
.
RUA GOLD's Chief Operating Officer, Simon Henderson had previously joint-ventured both the
Glamorgan Project and WKP Project and was a leading member of the exploration team that led to its
discovery.
Grant of Deferred Share Units
The Company also announces that it has granted an aggregate of 392,363 deferred share units
("DSUs") to non-executive directors of the Company at a deemed price of $0.169 per DSU.
The DSUs
were granted in consideration for services provided by the non-executive directors for the period from
July 1, 2024 to September 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 is an exploration company, strategically focused on two prolific gold districts in New Zealand
with proven high-grade gold deposits, with a team that has a track record of success.
The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on
New Zealand's South Island. RUA GOLD will have approximately 120,000 hectares of tenements (upon
successful completion of the purchase of Reefton Resources Pty Limited, see announcement on July 15,
2024), in a district that historically produced over 2.0 million ounces of gold grading between 9 and 50
grams per tonne.
The Company's Glamorgan Project, a highly prospective project located within the North Islands' Hauraki
district. It is within 3 kms of OceanaGold's biggest gold mining project, WKP. The Hauraki district has
produced an impressive 15 million ounces of gold and 60 million ounces of silver. This project solidifies
RUA GOLD's position as a leading high-grade gold explorer in the region.
For further information, please refer to the Company's disclosure record on SEDAR+ at
www.sedarplus.ca
.
QAQC Soil Samples
A bulk sample of ~0.5-1 kg was collected in the field at the Company's Waihi base, and couriered to
RGL's office for preparation. Samples were dried in a customized incubator, set at 38°C, for a minimum
of two days. Once the samples were fully dried, they were sieved to <180 µm in size. A sub-sample of
50-100 g was scooped from the <180 µm size fraction for analysis. The remaining material was retained
and stored in Reefton.
A 50-100-g fine-sieved (<180 µm) soil sample was sent to ALS Geochemistry, Brisbane for Au-TL43
analysis. The analysis consisted of 25-g sample digestion by aqua regia, followed by trace Au analysis
by ICP-MS. The detection limit for Au by this method is 1 ppb. Approximately 5% of the samples were
analyzed for a full multi-element suite using a 4-acid digest and ICP-MS finish.
ALS Brisbane is independent to RUA GOLD.
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.
RUA GOLD Contact
Robert Eckford
Chief Executive Officer
Tel: +1 604 655 7354
Email:
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 exploration and drilling programs at the Glamorgan Project;
and regulatory approvals therefor. 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 base shelf prospectus dated
July 11, 2024 (the "Base Shelf Prospectus"), and prospectus supplement dated July 19, 2024 to the
Base Shelf Prospectus, 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.
1
Based on OceanaGold's reported Resources and Reserves for the year ended 2023, see Resources and Reserves Annual Statement, February
21, 2024 for more details.
2
Based on OceanaGold's reported Resources and Reserves for the year ended 2023, see Resources and Reserves Annual Statement, February
21, 2024 for more details.
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