Rua Gold Intersects Visible Gold and Confirms Downhole Continuity of High-Grade Gold Mineralization at Murray Creek, Reefton

Rhea-AI Summary

Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) reports significant drilling results from its Reefton Project in New Zealand. The second hole (DD_VIC_042) testing the Victoria lode's down-dip extension intersected a gold vein at 388m, revealing visible gold of 0.2m at 34.1g/t. The company has started wedged daughter holes to further delineate the unmined reef. At the Capleston site, the first hole (DD_REF_043) yielded 3.86 g/t Au over 1m, while a second hole confirmed vein continuity. These historic mines previously produced approximately 700koz of gold at 25.2g/t within a ~20km radius.

Positive

• Intersection of high-grade gold (34.1g/t over 0.2m) in Victoria lode
• Confirmation of mineralization continuity 80m down dip of current workings
• Historical production of 700koz gold at 25.2g/t in the area
• Successful intersection of 3.86 g/t Au over 1m at Capleston

Negative

• width of high-grade intersection (0.2m)
• Deep mineralization at Victoria lode (388m) may increase mining costs

Vancouver, British Columbia--(Newsfile Corp. - November 4, 2024) - Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A4010V) ("RUA GOLD" or the "Company") is pleased to provide an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand.

Murray Creek

RUA GOLD reports the completion of the second hole testing the down-dip extension of the Victoria lode, DD_VIC_042. This intersected the targeted gold vein at 388m down hole with a highly silicified and pyritic zone over 0.6m in length, including visible gold of 0.2m at 34.1g/t.

Hole ID	Easting	Northing	From	To	Interval	Au (g/t)
DD_VIC_042	1509876	5336164	388.65	388.85	0.2m	34.1

 

RUA GOLD has commenced a series of wedged daughter holes from DD VIC 042 to progress the delineation of the unmined reef down dip and along strike.

Historical records and rock hand specimens around old workings attest to high-grade visible gold in the historical mined veins. DD VIC 042 confirms both the presence of high-grade visible gold, and the continuity of the unmined lode 80m down dip of the current workings.

Robert Eckford, CEO of RUA GOLD commented: "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."

The Company commenced its near mine drill program on the Murray Creek targets in July. A second drill rig was introduced in September to test the Capleston vein system. These historic mines collectively produced ~700koz of gold at 25.2g/t within a radius of ~20 kilometers.

Figure 1 (a) interval 388.65-388.85m quartz + visible gold;  (b) Drill rig 66, core being retrieved from barrel

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Figure 2: Cross-section through the Victoria lode, Murray Creek 

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Capleston

The Company is targeting an undeveloped and near-surface vein at the southern end of the two kilometer long historic Capleston project. Near surface targets lend themselves to early development and are the closest to transportation and infrastructure, providing low-cost operational advantages. Additionally, a legacy drill hole intercepted the southern lode at 33m downhole, with 1m grading 24g/t Au followed by 1m @ 2.5g/t Au¹. Mapping has recorded historical waste samples up to 32.0g/t Au in the vicinity¹, and a strong soil anomaly enveloping the vein (up to 410ppb Au).

As previously announced, the first diamond drill hole, DD_REF_043, intersected a 12m zone of quartz-pyrite-arsenopyrite in the hanging wall, with a 1m quartz vein from 31m to 32m grading 3.86 g/t Au.

A second hole, DD_REF_044, completed on the southern end of the Capleston vein system has confirmed continuity of the vein to the north, with a 2m intersection of mineralization recorded. A third hole was commenced to target the vein to the south to confirm lateral continuity, prior to testing at depth. These are being logged and then will be sent for assay with results expected in the next exploration update in the next 2-4 weeks.

Figure 3: Capleston Section DD_REF_043, drill intersection and core highlighted

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About RUA GOLD

RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA's two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island. RUA GOLD will have approximately 120,000 hectares of tenements, following the completion of its previously announced acquisition of Reefton Resources Pty Limited¹, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.

The Company's Glamorgan Project solidifies RUA GOLD's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is within 3 kms of OceanaGold Corporation's biggest gold mining project, WKP.

For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.

¹ Refer to news released dated July 15, 2025.

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. Mr. Henderson has verified the data disclosed, including sampling, analytical, and test data underlying the information in the technical disclosure herein.

QAQC Drilling

The majority of drillholes were sampled in full, typically following 1-m sample intervals unless geological contacts (i.e. dolerite intrusions) dictated otherwise. NQ core was analyzed as whole core; therefore, only requiring cutting along sample intervals. PQ and HQ core were sampled as half core.

Drill core samples were sent to SGS Westport for sample preparation. Core was crushed to 75% passing 2 mm, and 1-kg split of material was pulverized (to 85% passing 75 µm). No split duplicates were collected during the crushing steps. Two scoops were taken from the pulverize bowl: one for laboratory analysis (~150 g) and the other for pXRF analysis (~100 g). The pulp reject is stored in Reefton.

RUA GOLD Contact

Robert Eckford
Chief Executive Officer
Tel: +1 604 655 7354
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com

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 programs at its Reefton project and the results thereof; and the Company's acquisition of Reefton Resources Pty Limited. 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 CSE Form 2A - Listing Statement 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228746

FAQ

What gold grades did Rua Gold (NZAUF) intersect in their latest drilling at Murray Creek?

Rua Gold intersected 34.1 g/t gold over 0.2m at 388m depth in hole DD_VIC_042 at the Victoria lode.

What were the historical production figures for the Murray Creek mining area?

The historic mines in the area collectively produced approximately 700,000 ounces of gold at an average grade of 25.2g/t within a 20-kilometer radius.

What were the drilling results from Rua Gold's (NZAUF) Capleston project?

At Capleston, the first hole DD_REF_043 intersected 3.86 g/t Au over 1m, and a second hole confirmed vein continuity with a 2m intersection of mineralization.