VANCOUVER, BC, April 19, 2024 /CNW/ - RUA GOLD Corporation (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) ("RUA GOLD" or the "Company") is pleased to provide an exploration update for the Reefton Project on the South Island of New Zealand.
- Preliminary results confirm the Pactolus system extends south for 550 meters along strike and is well mineralized on surface.
- The Company is analyzing the results to better understand the plunge and tenor of the ore shoots at this early stage of exploration.
- The Company has developed multiple new high-grade targets at past producing mines in the Murray Creek area for drill testing in Q2/2024.
Pactolus
Recall that Pactolus is a new, surface Greenfields discovery made by RUA GOLD in 2021. Pactolus has returned assays for three of six holes drilled on the system, highlighting:
- DD_PAC_035 intersecting 2 meters @ 5.13g/t Au
- DD_PAC_036 intersecting 2 meters @ 3.61g/t Au.
- These results compliment the surface trenching across outcropping mineralization:
- 5m @ 12.2 g/t Au (including 1m @ 17.1 g/t Au) and
- 4m @ 6.9 g/t Au (including 1m @ 16.1 g/t Au).
- Further work is needed to model the geometry of this zone to warrant additional drilling in this area. As a result, the company expects to refocus on the past-producing areas in Reefton in the near term.
RUA GOLD's forthcoming near-mine drilling program
RUA GOLD plans to commence with 5 targets in the Murray Creek area as the first step in a comprehensive drilling campaign that will test targets in Murray Creek, Crushington, Capleston and Caledonian historic districts. These historic mines collectively produced ~700 koz at 25.2 g/t within a radius of ~20 kilometers. Three of the targets are highlighted:
Murray Creek Target 1: Down-dip extension of mine shoot:
Records show mining stopped by faulting, evidence of continuation at depth. Recent surface rock chips include 56.2, 48.0, 33.3, g/t Au, including some striking visible gold (Figure 3). Trenching of the lode on surface includes 3m @ 31.7 g/t Au incl. 2m @ 47.1 g/t Au.
Murray Creek Target 2: Near mine structural offset:
Targeting potential offset of Inglewood Mine group to the east, rock chips include 35.1, 34.5, and 27.8 g/t Au.
Murray Creek Target 3: Down-dip extension of mine shoot:
Records show mining ceased at 200 meters, yet this was the largest deposit in the Inglewood group.
Robert Eckford, CEO commented: "We are pleased to see consistent mineralization in the drilling from the Pactolus vein and see the potential for exciting new opportunities developing from the historic mine drill targets in the forthcoming near-mine program. Our team will continue drilling RUA GOLD's Reefton properties as our 2,500 meter drill program for 2024 rolls out. With the exceptional geology of the Reefton project and the highly experienced operating team on the ground, I am excited by the potential in this historic but under-explored high grade orogenic gold district".
More information can be found at the Company's website: www.ruagold.com.
Pactolus Summary
The recent 6-hole drill program (DD_PAC_035-040) has tested under the three trenches along the north-south trend of system. Trenching results over four outcrops at Pactolus illustrated in Figure 2 returned the following:
7m @ 13.75 g/t Au (including 1m @ 34.6 g/t Au, 1m @32 g/t Au) *
5m @ 8.1 g/t Au (including 1m @ 14.9 g/t Au)
5m @ 12.2 g/t Au (including 1m @ 17.1 g/t Au)
4m @ 6.9 g/t Au (including 1m @ 16.1 g/t Au)
*(Reported NI 43 101: Technical Report on the Reefton Project, New Zealand)
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