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Rua Gold to acquire Siren Gold's Reefton assets and become the dominant Reefton Goldfield explorer
VANCOUVER, BC, July 15, 2024 /CNW/ - Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) ("RUA GOLD" or the "Company") is pleased to announce it has entered int
About this update from Rua Gold Inc
[{"type":"text","content":" VANCOUVER, BC, July 15, 2024 /CNW/ - Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) (\"RUA GOLD\" or the \"Company\") is pleased to announce it has entered into a definitive share purchase agreement (the \"Agreement\"), pursuant to which the Company will acquire 100% of the issued and outstanding shares of Reefton Resources Pty Limited (\"Reefton\"), a 100% owned subsidiary of Siren Gold Ltd. (ASX:SNG) (\"Siren\") with tenements located adjacent to the Company's suite of properties in New Zealand's prolific Reefton Goldfield (the \"Transaction\"). The Transaction will establish the Company as the dominant landholder in the Reefton Goldfield on New Zealand's South Island, with approximately 120,000 hectares (\"ha\") of tenements. The district produced over two million ounces at gold grades ranging from 9 to 50g/t. The Reefton Goldfield is seeing a resurgence in interest, led by the construction of Federation Mining's Blackwater mine, which is expected to produce 70koz per annum at US$738/oz AISC1. Actively Advancing a District-Scale Discovery in a Tier 1 Jurisdiction: Represents the next chapter in RUA GOLD's development towards our goal to be a major gold producer in New Zealand. Newly consolidated project represents one of the least explored, high-grade gold districts in the world. Permits, access, and consents in place for aggressive drilling following a district-wide reassessment of targets and potential on the combined land package. The Transaction will increase regional tenement holdings from ~34k ha to ~120k ha and cover all known past production camps outside of Blackwater and the Globe Progress mine. Potential for lower overall project capital expenditures through the development of a potential central processing hub. The Transaction creates a bigger player in New Zealand, allowing greater opportunity to work alongside a pro-mining Government in helping them draft their Minerals Strategy for New Zealand. Backed by team of mining professionals with +200 years of combined experience. 1 Source: Federation-Mining-Deck-July-2023-020823-V2.pdf (federationmining.com.au). More information can be found at the Company's website: www.ruagold.com Following the completion of the Transaction, the Company will be well positioned as the preeminent gold explorer in New Zealand with a pro forma market capitalization ...