VANCOUVER, BC, May 23, 2024 /CNW/ - Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) ("RUA GOLD" or the "Company") is pleased to announce that the Company has received its drone concession from the Department of Conservation ("DoC") for its Glamorgan Project, located on the North Island of New Zealand and situated 2.8km north of OceanaGold's Wharekirauponga Project ("WKP"). The exploration team has mobilized, and magnetic geophysical surveys are underway.
- RUA GOLD has a well-funded exploration program allocated to the Glamorgan Project.
- The Company has applied for minimum impact access from DoC, to allow soil sampling, resistivity geophysical surveys and geological mapping, expected to be received in Q2 2024.
- Following this surface exploration work, the Company will design the drill program and apply for full access to commence exploration drilling by the end of the year.
- On May 5, 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. (https://www.beehive.govt.nz/release/one-stop-shop-major-projects-fast-track).
Robert Eckford, CEO commented: "This is a great first step to have boots on the ground at our Glamorgan Project and enabling us to start surface exploration work, so we are ready for drilling by the end of the year. The continuous exceptional results coming from OceanaGold's WKP project are extremely encouraging, and we see the exact same surface features at our Glamorgan Project. The geology in this epithermal region is exceptional and we have mobilized a highly experienced operating team with a lot of region specific experience".
More information can be found at the Company's website: www.ruagold.com.
RUA GOLD's Glamorgan Project comprises of over 4,600 hectares in the Hauraki district, on the North Island of New Zealand. Lying 2.8km from OceanaGold's most significant pipeline project, WKP, which has Indicated resources of 1.01 Moz at 15.9 g/t1, the near-ology makes this a very compelling exploration target. The area has produced over 15M ounces of gold and 60 million ounces of silver. Surface work is underway and access permissions have been submitted.
RUA GOLD's Chief Operating Officer, Simon Henderson had previously joint-ventured both the Glamorgan Project and WKP Project and was a member of the exploration team that led to its discovery.
The Company is excited about the potential within this permit where previous exploration has outlined a zone of silicification, veining and alteration with > 50 ppb gold in soils over its 3.8km length, and rock samples in the vicinity returning up to 95g/t gold. These exhibit classic features of an epithermal gold mineralized system.
1 Based on OceanaGold's reported Resources and Reserves for the year ended 2023, see February 21, 2024 news release for more details. |
RUA GOLD (CSE: RUA, OTC: NZAUF, WKN: A4010V) 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.
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 its Glamorgan 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 annual information form dated April 19, 2024, 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.
SOURCE Rua Gold Inc.
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