New drilling results from
Rua Gold Inc (CAN:RUA / US:NZAUF) provide further evidence of the potential for high-grade gold discoveries at the Company’s Reefton Goldfield Project.
Rua Gold has become the prime consolidator for the historic Reefton Goldfields district of New Zealand. After
recently tripling its land package, the Company now holds nearly 120,000 hectares of highly prospective licenses, where historic mines in the district have produced 700,000 ounces of gold at an
average grade of 25.2 g/t gold.
On
November 4, 2024; Rua Gold released drill results for two drill holes from Phase 2 of the Company’s three-phase drill program at the Reefton Goldfields Project.
As Dynamic Wealth Research has previously explained, one of Rua’s primary exploration strategies at Reefton is to test prospective gold targets at depths that were inaccessible to older mining technology. The Company has no shortage of high-grade sites to target with drilling.
In the second drill hole testing down-dip extension of the Victoria Lode, Rua struck visible gold at depth.
- From 388.65 meters to 388.85 meters, 0.2 meters @ 34.1 g/t gold
The Victoria Lode is a historic high-grade gold vein associated with the Victoria Mine at Murray Creek. Drill hole DD_VIC_042 revealed visible gold at several points in the core sample.
A second drill rig has been deployed to the Capleston vein system, and results from the second hole of that drilling have also been announced. Drill hole DD_REF_044 has confirmed continuity of the vein system to the north, with a new intersection of 2 meters of gold mineralization.
A third drill hole at Capleston has also been completed. Assays for that drilling are still pending.
Rua Gold’s CEO, Robert Eckford, shared these thoughts with investors.
“This encouraging result with the second drill-hole of our near-mine program again validating this vein continues at depth and is still open. Careful 3D modelling and targeting of extensions and potential duplications of known gold lodes provides lower risk strategies to define resources economically. We are at the very outset of our drill program and with every hole it is getting better. Very exciting times for the RUA GOLD team and a testament to the dedication of the team on the ground in New Zealand.”
Rua Gold’s current focus is at the Reefton Goldfield Project. But the Company’s second flagship project, Glamorgan (on New Zealand’s North Island), also offers great potential for a high-grade gold discovery.
Glamorgan is situated in the same high-grade gold geology as the nearby
10-million ounce Waihi Gold Mine. Exploration strategy is led by geologist Simon Henderson, who has already played an integral part in two important gold discoveries on the North Island.
Gold mining stocks are currently
historically undervalued versus the price of gold, providing an excellent entry point for investors. With a current market cap of only $31 million, Rua Gold Inc offers an exciting high-grade gold investment opportunity.
Ruagold.com
Rua Gold corporate presentation
DISCLOSURE: Rua Gold Inc is a paid client of Dynamic Wealth Research.
