RUA GOLD's Drill Program Intersects near Surface Gold at the Reefton Project
RUA GOLD's Drill Program Intersects near
Surface Gold at the Reefton Project
Vancouver, British Columbia--(Newsfile Corp. - October 15, 2024) - Rua Gold Inc. (TSXV: RUA)
(OTCQB: NZAUF) (WKN: A4010V) ("
RUA GOLD
" or the "
Company
") is pleased to provide an update
from the drilling campaign underway at the Reefton Project on the South Island of New Zealand.
The Company commenced its near mine drill program on the Murray Creek targets in July. A second drill
rig was introduced in September to test the Capleston vein system. These historic mines collectively
produced ~700koz of gold at 25.2g/t within a radius of ~20 kilometers.
Robert Eckford, CEO of RUA GOLD commented: "Our five years of meticulous surface exploration work
over the Reefton project is paying dividends from the outset of this drill program. Both of the initial drill
holes have confirmed we are in right area and are locating these lodes. The near surface intercepts on
Capleston are encouraging and makes for compelling economic ounces, it supports our thesis that the
surface veins are continuous past the old workings. Despite the initial drill hole at Murray Creek hitting
old workings, it is extremely encouraging that we have identified the dip angle of the Victoria lode and
we have even more confidence with the subsequent hole that is underway now, and results from this will
be ready in the next few weeks."
Capleston
On the second drill rig, which was introduced to test the Capleston vein system, the Company targeted
an undeveloped and near-surface vein at the southern end of the two kilometer long historic Capleston
project, the highest-grade producer of the Reefton Goldfield historically. Near surface targets lend
themselves to early development and are the closest to transportation and infrastructure, providing low-
cost operational advantages.
The first diamond drill hole, DD_REF_043, intersected a 12m zone of quartz-pyrite-arsenopyrite in the
hanging wall, with a 1m quartz vein from 31m to 32m @ 3.86 g.t Au.
A legacy drill hole intercepted the southern lode at 33m downhole, with 1m @ 24g/t Au followed by 1m @
2.5g/t Au
1
. Mapping has recorded historical waste samples up to 32.0g/t Au in the vicinity
1
, and a strong
soil anomaly enveloping the vein (up to 410ppb Au).
Figure 1: Capleston Section DD_REF_043, drill intersection and core highlighted
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Murray Creek
RUA GOLD reports the completion of the first hole testing the down-dip extension of the Victoria lode,
DD_VIC_041, which is being evaluated by the team. This intersected the targeted reef at 344m down
hole and encountered historical underground workings over a 4m length. It then exited out to the footwall
before drilling on for an additional 20m.
This confirms that the lode extension is accurate and, with the precise location confirmed, a second hole
is underway that is 50m deeper down dip from the initial drill hole. The Company anticipates an
intersection into an un-mined portion of the reef at around 350m. Results from this testing will be
available in the coming weeks.
Figure 2: Cross section through the first Murray Creek drill target, Victoria
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Background
Capleston Group
historical production 134,927 oz @ 49.1 g/t Au (Barry, 1993).
The Capleston Group
represents a 2km long vein system with a series of north-plunging shoots dipping steeply to the east.
Welcome-Hopeful was the major producer (88,620 oz @ 61.4 g/t Au recovered; Barry, 1993; Figure 3).
Fiery Cross was singular for its exceptionally high antimony (Figure 4).
A table of historic production in this district is included in Table 2.
Figure 3: Historical schematic of Capleston Lodes (section 90.313) c.1920, annotated to
accentuate the lodes and Reform drill site.
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Figure 4: Fiery Cross Battery, Capleston 1930. Image from Reefton Isite.
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Figure 5: Location of Reefton Projects
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About RUA GOLD
RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of
expertise, our team has successfully taken major discoveries into producing world-class mines across
multiple continents. The team is now focused on maximizing the asset potential of RUA's two highly
prospective high-grade gold projects.
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,
following the completion of its previously announced acquisition of Reefton Resources Pty Limited
2
, in a
district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per
tonne.
The Company's Glamorgan Project solidifies RUA GOLD's position as a leading high-grade gold
explorer on New Zealand's North Island. This highly prospective project is located within the North
Islands' Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60
million ounces of silver. Glamorgan is within 3 kms of OceanaGold Corporation's biggest gold mining
project, WKP.
For further information, please refer to the Company's disclosure record on SEDAR+ at
www.sedarplus.ca
.
New Investor Relations agreement - Gold Standard Media, LLC
On October 11, 2024, the Company entered into an advertising agreement with Gold Standard Media
LLC ("
Gold Standard
") for total cash consideration of US$200,000, payable immediately.
Gold
Standard has agreed to provide the Company with its services to create landing pages and provide
digital marketing, email marketing and influencer marketing services. Gold Standard will provide its
services for a period of 90 days commencing on October 14, 2024. Gold Standard and its principals are
arm's length from the Company. To the best of the Company's knowledge and as of the date hereof,
certain affiliates of Gold Standard own 5,037,951 common shares in the capital of the Company. Gold
Standard is a Texas-based firm and is owned by Kenneth Ameduri, Juliet Ameduri, and Lior Gantz. The
Company will not issue any securities to Gold Standard as compensation for its marketing services.
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.
QAQC Drilling
The majority of drillholes were sampled in full, typically following 1-m sample intervals unless geological
contacts (i.e. dolerite intrusions) dictated otherwise. NQ core was analyzed as whole core; therefore,
only requiring cutting along sample intervals. PQ and HQ core were sampled as half core.
Drill core samples were sent to SGS Westport for sample preparation. Core was crushed to 75%
passing 2 mm, and 1-kg split of material was pulverized (to 85% passing 75 µm). No split duplicates
were collected during the crushing steps. Two scoops were taken from the pulverize bowl: one for
laboratory analysis (~150 g) and the other for pXRF analysis (~100 g). The pulp reject is stored in
Reefton.
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 programs at its Reefton project and the results
thereof; and the Company's acquisition of Reefton Resources Pty Limited. 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.
Table 2: Historical production from mines within the Capleston Project (Barry, 1993).
Lode
Easting
Northing
Quartz
tonnes
Au
(kg)
Total
Production
(Au oz)
Recovered
grade
(oz)
Recovered
grade
(g/t)
Welcome-
Hopeful
1512383
5342261
44,868.9
2,756.4
88,620.3
2.0
61.4
Fiery Cross
1512133
5341691
24,956.4
869.5
27,955.1
1.1
34.8
Just in Time
1511983
5341202
13,754.9
534.1
17,171.7
1.2
38.8
Reform-Imperial-
South Hopeful
1511803
5341543
1,698.9
33.3
1,070.6
0.6
19.6
Lone Star
1511833
5340402
243.8
3.4
109.3
0.4
13.9
Source:
Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.
1
Reported NI 43-101: Technical Report on the Reefton Project, New Zealand
2
Refer to news released dated July 15, 2025.
To view the source version of this press release, please visit
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