The Company Granted Permit Extension for Reefton Project in New Zealand
The Company’s application to extend the permit and Access Agreement at the Reefton Project on New Zealand’s South Island for an additional 5 years has been granted by both the New Zealand Petroleum and Minerals (NZP&M) and the Department of Conservation (DoC), following Iwi (local indigenous) and archaeology consultation.
Insight: The successful extension of the permit and Access Agreement underscores the Company’s commitment to long-term exploration and development in the region, providing stability for future operations and demonstrating a positive relationship with local stakeholders.
Rights for Extensive Drill Campaign Secured
The extension provides the Company full access to carry out an extensive drill campaign on 37 drill sites and includes the establishment of associated infrastructure, such as camps and pumping stations. This allows the Company to drill all the targets identified following an extensive surface exploration program focused on numerous near-mine prospects over the four mine camps within the Company’s permits at the Reefton Project.
Insight: The ability to conduct an extensive drill campaign signifies the Company’s confidence in the potential of the region and its commitment to thorough exploration to identify high-grade gold deposits for extraction.
Near-Mine Drill Program Initiated at Murray Creek
The Company has initiated its near-mine drill program with five targets in the Murray Creek area as the first step in a comprehensive drilling campaign. The targets include the Murray Creek, Crushington, Capleston, and Caledonian historic districts, with a collective production history of approximately 700koz of gold at 25.2g/t within a radius of about 20 kilometers.
Insight: Targeting areas with a proven history of significant gold production indicates a strategic approach to exploration, focusing on zones with known mineralization potential to enhance the probability of discovering economically viable deposits.
Historic Mine Evaluation and Proposed Drilling
A comprehensive evaluation of historic mines in the Reefton Goldfield has been completed by the Company, including 3D modeling of geology, structure, and historical mine lodes. This precursor to drill testing will focus on priority targets to test down-dip and potential duplicate structures near the historic mines.
Insight: Detailed evaluation and modeling of historic mines demonstrate the Company’s thorough approach to exploration, utilizing advanced technologies to analyze data and optimize drilling targets for maximum efficiency and success.
Grant of Deferred Share Units
In addition to the permit extension, the Company has granted 326,327 deferred share units (“DSUs”) to non-executive directors in consideration of services provided. The DSUs were granted under the Company’s Deferred Share Unit Plan and are subject to a one-year vesting period, entitling the holder to receive one share of the Company upon cessation as a director.
Insight: The grant of deferred share units reflects the Company’s commitment to aligning the interests of directors with shareholders, rewarding valuable contributions and fostering long-term engagement and commitment to the Company’s success.
About Rua Gold
Rua Gold (RUA.CSE) is a gold exploration and discovery company operating in New Zealand, with permits dating back to the late 1800s gold rush. The Company combines traditional prospecting practices with modern technologies to uncover and capitalize on valuable gold deposits, emphasizing responsible and sustainable exploration practices.
Insight: Rua Gold’s emphasis on responsible and sustainable exploration, coupled with a skilled team and advanced technologies, positions the Company as a key player in the discovery and development of gold resources in New Zealand, with a focus on environmental stewardship and community engagement.
Technical Information
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101, has reviewed and approved the technical disclosure contained in the announcement. For more information, visit the Company’s website: www.RUAGOLD.com.
Insight: The technical review and approval by a qualified professional demonstrate the Company’s commitment to transparency and compliance with industry standards, providing investors with confidence in the accuracy and reliability of the technical information presented.
