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Rua Gold (TSXV: RUA) has again intersected gold mineralization under an ongoing drill program being conducted at its Reefton project, found on the South Island of New Zealand.
Highlights from the results include:
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- DD_VIC_042: 34.1 g/t gold over 0.2 metres at a depth of 388 metres at the Murray Creek target
Mineralization is said to have been intersected in a highlight silicified and pyritic zone which was 0.6 metres in length. A series of wedged daughter holes are now to be drilled in an effort to delineate the reef down dip and along strike.
Rua Gold is currently drill testing near to historic mines at the Murray Creek target, with the drill program having begun in July. The nearby historic mines collectively produced roughly 700,000 ounces of gold at an average grade of 25.2 g/t, with all the mines being located within a 20 kilometre radius.
“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,” commented Rua Gold CEO Robert Eckford.
READ: Rua Gold Sees Siren Gold Shareholders Approve Acquisition Of Reefton Assets
Elsewhere, Rua Gold has completed an additional hole at the Capleston target, which is said to have intersected 2 metres of mineralization, while a third hole is currently underway to confirm lateral continuity. Assays on these holes are expected to be returned and released in the next two to four weeks.
Rua Gold last traded at $0.185 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.
