FULL DISCLOSURE: This is sponsored content for Rua Gold.
RUA Gold (CSE: RUA) has seen drilling get underway at its Reefton Project within New Zealand’s South Island. The drill program will see a total of 37 targets drill tested across the project.
Initial drilling is focused on five separate targets at the Murray Creek area, with the first target being a down-dip extension of the historic mine shoot that exists on site. Historic mining at this location extended to depths of just 200 metres, with the lode containing gold grades that ranged between 18.0 g/t and 67.5 g/t.
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3D structural mapping, combined with UAV magnetics, suggest that significant potential exists for the target, with the current drill plan calling for two holes to target the extension below the mined extent.
Historical mining conducted nearby, including at the Crushington and Ajax areas owned by RUA, extended to depths of up to 600 metres, while Federation Mining’s adjacent Blackwater gold deposit has demonstrated high grade mineralization exists as deep as 1,500 metres.
Future drilling under the ongoing program is set to target the Murray Creek, Crushington, Capleston, and Caledonian districts. The historic districts collectively saw the production of roughly 700,000 ounces of gold, at an average grade of 25.2 g/t.
Relatedly, RUA also disclosed this morning that it has seen both New Zealand Petroleum and Minerals, as well as the Department of Conservation, approve the extension to the permit and access agreement for the Reefton Project for another five years. The extension enables the company to undertake the drill program, as well as permits the establishment of required infrastructure on site.
RUA Gold last traded at $0.195 on the CSE.
FULL DISCLOSURE: Rua Gold is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Rua Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
