Business
Rua Gold Provides Update on 2024 Exploration Program for New Zealand Gold Projects
VANCOUVER, BC, March 14, 2024 /CNW/ - RUA GOLD Corporation (the "Company" or "RUA GOLD") is a new gold exploration company operating in two historic gold distri
About this update from Rua Gold Inc
[{"type":"text","content":"VANCOUVER, BC, March 14, 2024 /CNW/ - RUA GOLD Corporation (the \"Company\" or \"RUA GOLD\") is a new gold exploration company operating in two historic gold districts in New Zealand. The Company commenced trading on the Canadian Securities Exchange (\"CSE\") on March 4, 2024 under the symbol \"RUA\". More information can be found at the Company's website: www.ruagold.com. Highlights: RUA GOLD launched a well-funded gold explorer focused on two prolific, historic gold-producing regions in New Zealand. Drilling is already ongoing at the Company properties in the Reefton district. New Zealand is a tier 1 jurisdiction, with attractive geology, a long history of mining, an incoming government focused on local economic development and an experienced workforce. The Company is supported by a well-seasoned Board of Directors led by Oliver Lennox-King (Fronteer, Roxgold) with diverse experience and a successful track record of developing projects and companies. Following three years of methodical reconnaissance, mapping and sampling, RUA GOLD is launching a fully funded exploration program across its two properties in New Zealand: The Reefton district has a $2.5 million exploration program underway. The Reefton Orogenic district produced 2Moz of gold at 24.5g/t up to the early 1900s; the RUA GOLD properties have seen limited drilling in the last 30 years. Latest drill campaign of 2,500m of planned diamond drilling focused on the Pactolus prospect; a greenfield discovery 1km east of any historical mining. Channel sampling of the Pactolus discovery outcrop assayed 16.4g/t gold over 7m, including highlights of 32, 34g/t gold over 1m intervals. Drill holes from the 2022/2023 campaign at Pactolus were highlighted by DD_PAC_004 reporting 9.41g/t gold over 12m (see Table below). Analogous in age, geology, mineralization style, and geological structure to the Fosterville gold mine. Additional targets are currently being modelled and surveyed at RUA GOLD's Reefton assets, including historically producing targets in the Capleston area which produced 89Koz of gold at 61.4g/t. Glamorgan on the North Island is an exciting new epithermal gold target RUA GOLD has applied for minimum impact access agreement and drilling access agr...