FULL DISCLOSURE: This is sponsored content for Rua Gold.
Exploration has begun at Rua Gold’s (TSXV: RUA) Glamorgan Project, found in the Hauraki Goldfield on the north island of New Zealand. The program follows the company in August being granted a minimum impact access agreement from the Department of Conservation.
The Glamorgan project, found 2.8 kilometres north of OceanGold’s Wharekiraupongo Project which has an indicated resource of 1.01 million ounces at a grade of 15.9 g/t gold, is currently the subject of an extensive soil sampling and geological mapping program. Rua to date has collected 2,000 soil samples out of a planned 3,000 samples, and has completed the first phase of a drone-based magnetic geophysical survey, with ground geological mapping also now underway.
Early indications based on surface soil geochemistry, interpreted geophysical structures and geologic mapping, suggest that Glamorgan has the hallmarks of a “significant” epithermal gold system, with the project said to have surface features similar to OceanaGold’s nearby project. Outcrops of quartz veins have been noted, which are enveloped in breccias and silicified alteration.
“The preliminary evidence of an epithermal system gives strong encouragement to have drill locations selected by the end of the year. The geology in the region is exceptional, as evidenced by the results coming from OceanaGold’s nearby WKP project, and we see the exact same surface features at our Glamorgan Project,” commented Rua Gold CEO Robert Eckford.
READ: Unlocking High-Grade Gold in New Zealand with Robert Eckford of Rua Gold
Initial gold results from the exploration program are expected in late October, which is to be followed by a drill program that will be designed and applied for by the end of the year for the project.
The company is said to have a “road map” for the Glamorgan project based on the work conducted nearby by OceanaGold. Oceana notably accelerated the development of the Wharekirauponga project earlier this year by including it in a newly introduced Fast Track Approvals Bill, which has the goal of providing a streamlined one stop shop decision-making process for development projects, including mining projects.
Rua Gold last traded at $0.16 on the TSX Venture.
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.
