RooGold Inc (CSE: ROO) is expanding its land holdings in New South Wales, Australia. The firm this morning indicated it has obtained an additional exploration license near to two projects it currently has within its portfolio of properties.
Referred to as the Glenrock Project, the property is now 100% held by Roo Gold via exploration license 9390. Found within the Peel-manning Suture Zone of the New England Orogen, the property covers a total area of 229 square kilometres.
The property is located between the firms Lorne and Gold Belt Projects. For the former, the property is just 15 kilometres to the southwest, while for the latter it is 30 kilometres to the northwest. Combined, the three properties are within 70 kilometres of each other, which is expected to result in efficient exploration and work planning.
Glenrock is currently believed to be prospective for gold-copper and base metal mineralization, based on geology being similar to that found elsewhere in the Peel-Manning Zone. Copper-rich quartz veins are known to be contained on the tenement, found within dykes up to 150 metres long and 12 metres wide.
Little exploration has historically occurred on the property, and drills have never turned on site. The property is said to be a “ground-floor opportunity,” as per the company, with landowner access negotiations and rock chip sampling expected to begin “as soon as practicable.”
“Exploration Licence 9390 is a valuable addition to Roo Gold’s tenure portfolio. EL 9390 is 100% held by Roo Gold and was strategically acquired for both its position over the serpentinite package of rocks along the Peel-Manning Suture zone and its close proximity to our Lorne and Gold Belt Projects, making logisitics and work planning more efficient. We look forward to commencing land access negotiations to facilitate field work as soon as practicable,” said CEO Carlos Espinosa.
RooGold last traded at $0.10 on the CSE.
FULL DISCLOSURE: Canacom Group, the parent company of The Deep Dive has been compensated to provide coverage on this company. The company has been compensated to cover this story on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
