Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A4010V) ("RUA GOLD" or the "Company") is pleased to announce the completion of the acquisition (the "Transaction") of Reefton Resources Pty Limited ("Reefton"). Reefton was a 100% owned subsidiary of Siren Gold Ltd. (ASX:SNG) ("Siren"). The completion of the transaction expands RUA GOLD's tenement package to cover over 95% of the Reefton Goldfield.
Robert Eckford, CEO of RUA GOLD, stated: "Today marks a pivotal point in RUA GOLD's development. With the completion of this Transaction, the Reefton district is largely under control of one company. This creates the opportunity to develop a world-class, scalable mining operation in an area that had high-grade production and is considerably underexplored at depth.
Since the announcement in July, our team has been integrating Siren's data from the Reefton properties and will incorporate this into the VRIFY AI drill targeting platform. Putting together all of these advanced exploration projects through the Transaction creates an exciting district scale opportunity.
Advancing the Auld Creek gold project and weighing up other compelling targets for immediate drilling along with our current drilling successes provides a broad platform for the future."
With the Transaction complete, a third rig is mobilized to recommence drilling on the Auld Creek target, it is a compelling near surface resource opportunity. The two drill rigs currently operating will continue on the targets at Murray Creek, including the recently announced visible gold intercept of +1oz gold intersection (refer to news release dated November 4, 2024) and shallow Capleston targets.
Further targets are being analyzed in an iterative process using VRIFY AI targeting methodology and RUA GOLD's comprehensive combined exploration and mining data sets.
Figure 1: Overview of the Reefton Goldfield.
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Actively Advancing a District-Scale Discovery in a Tier 1 Jurisdiction:
Figure 2: Tenement map of the Reefton Goldfield.
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1. Source: https://federationmining.com.au/wp-content/uploads/2024/10/Investor-Deck-Federation-OCT-2024.pdf
Figure 3: Cross Section of historic underground mines in the Reefton Goldfield.
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Transaction Summary
The Transaction was completed pursuant to a share purchase agreement dated July 12, 2024, as amended October 18, 2024 (the "Amended Agreement"). Pursuant to the Amended Agreement, as consideration for the acquisition of Reefton, RUA GOLD paid Siren aggregate consideration of A$20 million (C$18.4 million), representing:
(collectively, the "Reefton Consideration").
The Reefton Consideration remains subject to customary working capital adjustments.
RUA GOLD also acquired 10,000,000 common shares in the capital of Siren (each, a "Siren Share") at a price of A$0.20 (C$0.18) per Siren Share for an aggregate of A$2 million (C$1.8 million).
In connection with closing of the Transaction, the Company and Siren entered into a shareholder rights agreement pertaining to Siren's interest in RUA GOLD, pursuant to which, among other things:
Following completion of the Transaction:
The Transaction and creation of a new Control of the Company was approved by disinterested shareholders of the Company through the written consents in in accordance with TSXV policies. The Transaction remains subject to final acceptance from the TSXV.
Early Warning Disclosure
Siren Gold
In connection with the closing of the Transaction, Siren, with an address at Level 2, 41 - 43 Ord Street, West Perth WA 6005, has acquired 83,927,383 Company Shares at a price of $0.1983 per Common Share for an aggregate subscription amount of approximately $16,642,800. Immediately prior to the completion of the Transaction, Siren owned no securities of the Company. As a result of the Transaction, Siren owns and controls approximately 26% of the issued and outstanding shares of the Company on a non-diluted basis and 24% on a fully diluted basis.
Siren acquired the Company Shares for investment purposes. In the future, Siren will evaluate its investment in the Company from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease its shareholdings as circumstances require through market transactions, private agreements, or otherwise.
Siren currently has no plans or intentions which would result in a corporate transaction, a sale or transfer of a material amount of the assets of the Company or any of its subsidiaries, a change in the board of directors or management of the Company (other than as disclosed herein), including any plans or intentions to change the number or term of directors or to fill any existing vacancies on the board, a material change in the Company's business or corporate structure, a change in the Company's articles or similar instruments or another action which might impede the acquisition of control of Company by any person or company, a class of securities of the Company being delisted from, or ceasing to be authorized to be quoted on, a marketplace, the Company ceasing to be a reporting issuer in any jurisdiction of Canada, a solicitation of proxies from securityholders, or an action similar to any of those enumerated.
The disclosure respecting Siren's shareholdings contained in this press release is made pursuant to National Instrument 62-103 and a copy of the report in respect of the above acquisition will be filed with applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) and will be available on the Company's SEDAR+ profile (www.sedarplus.ca). A copy may be obtained by contacting the Company as noted under "RUA GOLD Contact" below.
Advisors and Legal Counsel
Cormark Securities Inc. acted as financial advisor to the Company and its Board of Directors. McMillan LLP acted as Canadian legal counsel to the Company. Red Cloud Securities Inc. acted as financial advisor to Siren and its Board of Directors. Steinepreis Paganin acted as Australian legal counsel to Siren.
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 with approximately 125,000 hectares of tenements, 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.
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.
RUA GOLD Contact
Robert Eckford
Chief Executive Officer
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; and the effects and benefits of the Transaction. 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 short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, 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.
Rua Gold offers a compelling investment opportunity driven by its highly promising gold assets in New Zealand’s historic gold-producing regions, and supported by the government’s renewed focus on fast tracking economic growth.
Rua Gold (TSXV:RUA,OTC:NZAUF,WKN:A4010V,OTCQB:NZAUF) is a gold exploration company focused on two prolific, historic gold-producing regions in New Zealand: Hauraki Goldfield and Reefton Goldfield. Both these regions boast of previous high-grade gold production, with more than 15 million ounces (Moz) produced in the Hauraki district and over 2 Moz in the Reefton Goldfield. New Zealand is a tier 1 mining jurisdiction with highly prospective geology, and a skilled workforce. The new government of New Zealand has committed to promoting economic growth through mining- and business-friendly policies, such as the Fast Track Approval Bill, which proposes quicker approval timelines for a range of projects, including mining.
New Zealand has a rich history of gold production from orogenic deposits (+9 Moz), epithermal sources (+15 Moz), and alluvial deposits (+22 Moz). The country has low sovereign risk with no corruption, making it an attractive destination for mining investment.
The company has launched a fully funded exploration program at its properties. This includes a 2,500-meter diamond drill program focused on the Pactolus prospect at Reefton Goldfield.
Rua Gold solidified its position as the dominant Reefton Goldfield explorer with the acquisition of Reefton Resources, a 100 percent owned subsidiary of Siren Gold (ASX:SNG). The completion of the transaction expands Rua Gold's tenement package to cover over 95 percent of the Reefton Goldfield.
New Zealand’s critical minerals list includes both gold and antimony, enhancing the significance of Rua Gold’s ongoing exploration campaign which revealed promising antimony potential. Rua Gold sits on the majority of New Zealand’s known antimony inventory, a strategic advantage that positions the Reefton Project to contribute substantial economic value while strengthening New Zealand’s critical mineral supply.
Rua Gold benefits from a team of professionals boasting extensive expertise in geology and mining. The company’s board of directors is led by Oliver Lennox-King (Fronteer, Roxgold), who has a successful track record developing projects and companies.
Rua Gold holds six project areas at the Reefton Goldfield – Northern, Capleston, Murray Creek, Ajax, Crushington and Southern. The Reefton district has a rich history of gold production with over 2 Moz of gold recovered at 24.5 g/t. Among the noteworthy findings from recent years of exploration is the greenfield discovery of the Pactolus quartz vein. Assays have unveiled significant high-grade gold concentrations in this vein.
Rua Gold’s systematic exploration has highlighted the potential for the rejuvenation of this district in renewed opportunities around the historic high-grade gold deposits. Rua Gold completed an extensive assessment of the historical mines situated within the company's tenements in the Reefton Goldfield, yielding five targets in the Murray Creek area.
Ongoing drill campaign at the Murray Creek prospects revealed all three drill holes intercepted visible gold within down-dip extensions of the historical Victoria lode, confirming vertical continuity over 100 meters, with the system remaining open at depth. Gold results in four of the six drill holes at Capleston, with the northernmost intercept showing an average of 4.8g/t gold over 3.3 m. Rua Gold implemented the Devico Navi-drilling technology which enhanced drilling accuracy and cost efficiency during the resource definition phase.
The Glamorgan project comprises over 4,600 hectares in the Hauraki district on New Zealand’s North Island. Hauraki boasts of a substantial presence of high-grade gold and silver mining, with approximately 50 epithermal deposits mined since the 1860s. These deposits have yielded over 15 Moz of gold and 60 Moz of silver. Glamorgan has a 3.8 km zone displaying indications of gold mineralization, backed by soil and rock samples, suggesting the presence of an epithermal gold mineralized system at the property.
Glamorgan is located 2.8 kms north of Oceana Gold’s recent significant discovery at Wharekirauponga. The company has applied for a minimum impact access agreement with the New Zealand Department of Conservation. Once granted, the company will commence an exploration program that includes soil sampling, magnetic and resistivity geophysical surveys, and geological mapping.
Rua Gold completed the first phase of surface exploration on its Glamorgan epithermal gold prospect which identified two significant soil anomalies over 4 kms in length. Significant gold grades (8 to 43 ppm gold) were recorded in rock float and in situ rock samples from detailed geological mapping. Controlled source audio-frequency magnetotellurics (CSAMT) ground geophysics has commenced as a precursor to the company’s targeted diamond drilling.
Oliver Lennox-King boasts a distinguished and extensive career within the mineral resource sector, encompassing a broad experience in financing, research and marketing. Since 1992, he has occupied senior executive and board roles in various junior exploration and mining enterprises. Most recently, Lennox-King was the chairman of Roxgold from 2012 until July 2021 when it was sold for $1.2 billion to Fortuna. In addition to Roxgold, he also served as chairman of other notable firms, including Pangea Goldfields, Aurora Uranium and Fronteer Gold.
Robert Eckford is a certified professional accountant with significant expertise in mergers and acquisitions, accounting, finance and commercial management within the mining sector. Most recently he was co-founder and head of finance for Aris Mining, and prior to that, has worked with international mining companies, including Barrick Gold, Yamana Gold and Leagold Mining.
Simon Henderson is an exploration specialist and has over 40 years of experience, most of which is in New Zealand. He was part of the discovery team for several significant gold finds in New Zealand, such as Wharekirauponga. He maintains robust connections with key local stakeholders and the country's permitting authorities.
Zeenat Lokhandwala brings over a decade of expertise in mergers and acquisitions, finance, accounting and taxation. She is the former CFO of Great Bear Royalties and director of finance at Great Bear Resources.
Brian Rodan has more than 43 years of experience who is currently serving as Fellow of the Australian Institute of Mining and Metallurgy. Rodan is the founding director of Dacian Gold (ASX:DCN)
Mario Vetro has extensive experience structuring and providing guidance to resource companies. He is the co-founder of K92 Mining and the proprietor of Commodity Partners.
Paul Criddle has extensive experience constructing and overseeing gold mines in Australia and West Africa. He was formerly a chief operating officer for West Africa at Fortuna and also served as the COO for Azimuth and Perseus. He was previously the managing director at Matador Mining.
An emerging gold explorer in New Zealand’s historical goldfields
Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to advise the commencement of drilling at the Cumberland gold camp drill target. This builds upon the integration of the VRIFY AI targeting and ranking process with RUA's extensive geological database, as well as the consolidation of the Reefton Goldfield - an orogenic gold and antimony belt on the South Island of New Zealand.
Highlights:
The geological team have defined an initial drill program for 6 holes of depths ranging from 70m to 150m to be drilled from the first pad to define the structure of the Gallant lode.
Targets are following up on high grade historical intercepts that are at very shallow depths ranging from 30m to 60m.
Subsequent drilling will then systematically test the remainder of the Cumberland gold camp targeting the 7 historic mines in a 2.2km long north-northwest trending zone of quartz veins and shearing.
Historical drilling targeting the Gallant structure drilled 20.7m of quartz with individual 1m assays ranging from 0.15g/t gold to 1911g/t gold (60oz/t) using screen fire assay method.
Re-assaying the historical core using photon assay methods confirms the very high grade and nuggety nature of the gold mineralization.
Averaging the two sets of core assays confirm a 20.7m intersection assaying 62.2 g/t (2 oz/t) gold.
Modelling of the observed quartz veins and gold mineralisation intercepts interprets an 8m true width of the vein.
Initial drilling targets a 600m zone from the Gallant to the Sir Francis Drake historical workings (see figure 3 below), where quartz veins can be traced on surface in folded structurally complex greywacke-argillite host rocks.
The Cumberland structural zone has emerged as a standout target from the early stages of the Company application of the VRIFY AI tool.
Rua Gold has completed drilling of the Victoria lode within the Murray Creek mine camp and is now focusing on the Cumberland gold camp, a historic site located 3km south of Globe-Progress Mine. The Globe-Progress Mine has a rich history of production, with over 1 million ounces of gold produced (424,000 ounces prior to 1950 and an additional 665,000 ounces produced between 2007 and 2015 under OceanaGold).
Simon Henderson, COO of Rua Gold, commented, "The Gallant prospect represents the first VRIFY target to be drilled in 2025. With a history of compelling high-grade gold, it lies in structurally complex steeply folded sequence of rocks, is traceable on surface over 600m, and remains largely untested along strike and at depth. Located just 3km south of a major road and accessible via a 4WD track, Gallant has logistical simplicity for exploration and potential development."
Figure 1: Overview of the Reefton Goldfield
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THE PLAN
Based on the extensive surface exploration work and historical drilling, the Gallant lode in the Cumberland gold camp stands out as an exceptional high-grade target. Abandoned without rigorous testing following the completion of the Globe-Progress mining, it features quartz veins outcropping on surface within an envelope of strong gold-arsenic anomalism.
The Gallant lode has several exploratory holes drilled by OceanaGold 15 years ago, on a well-defined quartz vein at shallow depth (Table 1 in the appendix; Figure 2). The Company has re-assayed the historical core using photon assay methods, which confirmed the very high grade and nuggety nature of gold mineralization. Averaging the two sets of core assays confirms a 20.7 m intersection assaying 62.2 g/t (2oz/t) gold, with a modelled true width of 8m. Core orientation clearly demonstrates that this intersection drilled down the quartz reef exaggerating its width but provides for a compelling and prospective target for immediate follow-up.
Figure 2: Gallant Cross Section
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THE HISTORY
The Cumberland gold camp comprises 7 historic mines in a 2 km long north-northwest trending zone of quartz veins and shearing. Historic production totaled 21,740oz gold at an average recovered grade of 26.1 g/t (see appendices).
Figure 3: Map showing Cumberland historic mine camp
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VRIFY'S AI PLATFORM
The Company has partnered with VRIFY to onboard VRIFY's AI-assisted mineral discovery platform to accelerate discovery, reduce costs and further de-risk exploration.
In conjunction with the consolidation of the Reefton Goldfield in November 2024, the Company implemented the VRIFY AI tool. Early in the AI training phase, Cumberland was identified as a standout target. The VRIFY team has assimilated geochemistry, drilling and geophysical data on an unprecedented scale and accuracy over the whole district, processing over 84GB of data, +170,000 data points, actively informing our 2025 drill targets for quicker project advancement and de-risking our work programs.
Rua Gold's data, unlocked through VRIFY's Al-assisted mineral discovery platform. This AI-assisted data synthesis enabled Rua Gold to actively and effectively rank its 2025 drill targets, accelerating its project advancement and de-risking its work programs in a matter of minutes, a process that would have taken months, if performed manually.
ACCELERATED DISCOVERY
Rua Gold inherited thousands of data points from historic activity on its multiple mine sites and exploration work with the Reefton Goldfields. The ability to rapidly mine this existing data for new insights and targets, while incorporating recent work, provided real-time feedback through VRIFY's platform to inform drilling programs.
SCALABILITY and COST SAVINGS
Rua Gold is just beginning and is confident that VRIFY will continue to add value by allowing for the analysis of larger datasets without increasing costs linearly.
HIGHER ACCURACY
VRIFY's proprietary Al model reduces human error and identifies patterns that manual review might miss, increasing discovery potential.
Figure 4: VRIFY AI hotspot identification showing Cumberland-Gallant Prospect
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QAQC HISTORIC DRILLING (MR 5093)
Rua Gold is treating the drill results as historic.
The QP has verified the data disclosed, including drill collar location, sampling and analytical information contained in the written disclosure,
Data was verified by examination of remaining core in the core-box; confirming intervals, core splitting and interval handling procedures and logged core descriptions matched original core logging.
Verified the core sampling and assay procedures by examining and confirming from the original assay certificates of SGS and ALS laboratories that the sample numbers recorded matched the sample intervals logged.
Verified from original assay certificates stated blanks and certified standards and duplicates were used and reported, and where deviations outside 2 standard deviations assays have been repeated.
Verified that suitable assay methodology for coarse gold was used by both laboratories SGS Reefton method FASC30T(screen fire assay) and ALS method Au-SCR22AA (screen fire assay).
The QP has verified in the zone of exceptionally high-grade gold values that gold is clearly visible in veinlets within a significant quartz vein.
The QAQC summarized from the OceanaGold report is as follows:
"Diamond drill samples were generally taken over 1 m intervals and cut in half. Half the core was then sent to SGS or ALS. Some of the significant reef samples were analyzed at the ALS laboratory in Townsville for rapid processing and the rest were analyzed at the SGS laboratory in Westport. Due to the large amount of quartz reef drilled in the first part of the program, a screen fire technique was introduced at SGS (FAS30T).
ALS Townsville preformed 1 kg screen fire assays (Au-SCR22AA) along with a standard fire assay procedure (Au-AA26). Diamond core submissions included at the minimum one blank and two certified standards and at least two lab duplicates taken after coarse crushing of the sample. If both standard assays from the same hole returned assay values outside two standard deviations of the actual value, the laboratory was requested to re-assay the job. Assays from dispatches RD131025.1 and RD131106.1 showed significant deviation from standards and checks. These two batches were re-assayed (RD131025.1R and RD131106.1R respectively).
All assay data was imported into the Reefton project acQuire database directly from laboratory reports."
Source: Anderson, T., 2014. MP 41164 Globe Progress annual technical report - 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.
PHOTON ASSAYING
Samples were analyzed by PhotonAssay at ALS Perth, Australia (ALS code Au-PA01), which has a detection range of 0.03-350 ppm Au. PhotonAssay analysis works by bombarding samples with high-energy X-rays which excite atomic nuclei that produce gamma rays at signature energies, allowing for gold detection. This method has a fast turnaround time and is non-destructive, allowing the preservation of the entire whole-core and unlimited repeat testing. Samples were submitted with certified reference material (CRM) from OREAS into the sample stream every 5 samples.
ALS Perth is independent to Rua Gold and its quality management systems framework is accredited to ISO/IEC 17025:2005 or certified to ISO 9001:2015 standards.
The QP satisfactorily verified all data used in this disclosure.
Grant of Deferred Share Units
The Company also announces that it has granted an aggregate of 161,980 deferred share units ("DSUs") to non-executive directors of the Company at a deemed price of $0.61 per DSU under the Company's Deferred Share Unit Plan adopted on April 17, 2024. The DSUs are subject to a one-year vesting period and entitle the holder to receive one Common Share at the time the holder ceases to be a director of the Company.
New Marketing Agreement with Baystreet.ca Media Corp
The Company has entered into a Services Agreement dated April 1, 2025 (the "Bay Street Media Agreement") with Baystreet.ca Media Corp pursuant to which Baystreet.ca Media Corp has agreed to provide article distribution and full site coverage services to the Company. Pursuant to the terms of the Bay Street Media Agreement, such marketing services are to be provided over a 3-month period, for a fee of $45,000 plus applicable taxes. Baystreet.ca Media Corp is a full-service marketing agency based in Vancouver, BC, and is headed by Brady Allan. Baystreet.ca Media Corp provides digital marketing awareness via advertising through its fully owned platform BayStreet.ca, which includes both video and written content coverage of Canadian small-cap stories. As of the date hereof, to the Company's knowledge, Baystreet.ca Media Corp (including its directors and officers) does not own any securities of the Company and has an arm's-length relationship with the Company. Under the Bay Street Media Agreement, the Company will not issue any securities to Baystreet.ca Media Corp. as compensation for its marketing service.
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 with over 120,000 hectares of tenements, 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 adjacent to 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.
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.
Rua Gold Contact
Robert Eckford
Chief Executive Officer
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; and the effects and benefits of the Transaction. 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 unfavorable 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 short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, 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.
APPENDICIES
Table 1: Gallant 001 Re-assay table
| Au (g/t) | ||||||
| Sample No | From | To | Interval | ALS 2025 (Photon) | Original Assay (Screen fire ) | Average Two methods |
| GAL01001 | 30.6 | 32 | 1.3 | 2.2 | 3.16 | 2.68 |
| GAL01002 | 32 | 33 | 1 | 0.97 | 1.37 | 1.17 |
| GAL01003 | 33 | 34 | 1 | 0.32 | 1.9 | 1.11 |
| GAL01004 | 34 | 35 | 1 | 0.11 | 3.32 | 1.715 |
| GAL01005 | 35 | 36 | 1 | 0.02 | 0.01 | |
| GAL01006 | 36 | 37 | 1 | 0.01 | 0.01 | |
| GAL01007 | 37 | 38 | 1 | 2.66 | 3.38 | 3.02 |
| GAL01008 | 38 | 39 | 1 | 21.17 | 23.4 | 22.285 |
| GAL01009 | 39 | 40 | 1 | 0.33 | 0.5 | 0.415 |
| GAL01010 | 40 | 41 | 1 | 0.26 | 0.46 | 0.36 |
| GAL01011 | 41 | 42 | 1 | 1.98 | 6.31 | 4.145 |
| GAL01012 | 42 | 43 | 1 | 0.27 | 0.97 | 0.62 |
| GAL01013 | 43 | 44 | 1 | 0.43 | 1.73 | 1.08 |
| GAL01014 | 44 | 45 | 1 | 0.04 | 3.53 | 1.785 |
| GAL01015 | 45 | 46 | 1 | 1.8 | 0.54 | 1.17 |
| GAL01016 | 46 | 47 | 1 | 2.75 | 6.81 | 4.78 |
| GAL01017 | 47 | 48 | 1 | 426 | 1910 | 1168 |
| GAL01018 | 48 | 49 | 1 | 46.12 | 30 | 38.06 |
| GAL01019 | 49 | 50 | 0.7 | 5.2 | 4.68 | 4.94 |
| GAL01020 | 50 | 51 | 1 | 28.46 | 1.49 | 14.975 |
| GAL01021 | 51 | 52 | 1 | 7.14 | 6.77 | 6.955 |
| GAL01022 | 52 | 53 | 1 | 8.15 | 6.98 | 7.565 |
| GAL01023 | 53 | 54 | 1 | 1.15 | 0.87 | 1.01 |
| GAL01024 | 54 | 55 | 1 | 0.19 | 0.11 | 0.15 |
| GAL01025 | 55 | 56 | 1 | 0.38 | 0.53 | 0.455 |
| GAL01026 | 56 | 57 | 1 | 3.41 | 2.14 | 2.775 |
| GAL01027 | 57 | 58 | 1 | 2.96 | 2.28 | 2.62 |
| GAL01028 | 58 | 59 | 1 | 0.46 | 0.24 | 0.35 |
| GAL01029 | 59 | 60.2 | 0.5 | 0.41 | 0.52 | 0.465 |
Note: true width of vein: 8m.
Table 2: Historic Production Cumberland Camp (Barry, 1993)
| Lode | Tonnes | Production (Au oz) | Recovered grade (oz/t) | Recovered grade (g/t) |
| Scotia | 604 | 1,283 | 2.1 | 66.1 |
| Gallant | 2,378 | 759 | 0.3 | 9.9 |
| Sir Francis Drake-Happy Valley | 17,261 | 5,810 | 0.3 | 10.5 |
| Cumberland | 14,120 | 13,629 | 1.0 | 30.0 |
| Exchange-Industry | 519 | 260 | 0.5 | 15.6 |
Source: Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.
Table 3: Collar for GAL001, historic drill hole.
| Drill hole | Easting (NZTM) | Northing (NZTM) | Elevation (RL) | End depth | Azimuth | Dip |
| GAL001 | 1508726 | 5327981 | 628 | 123.7 | 293° | -70° |
Projection: New Zealand Transverse Mercator (NZTM) 2000.
Reference for historical grades and production:
Barry, J.M., 1993. The History and Mineral Resources of the Reefton Goldfield. Ministry of Commerce Resource Information Report No. 15.
Reference for Gallant assay results:
Anderson, T., 2014. MP 41164 Globe Progress annual technical report - 2014, OceanaGold Ltd; NZP&M, Ministry of Business, Innovation & Employment (MBIE), New Zealand. Unpublished Mineral Report MR5093.
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Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to provide an update on assay results from its gold-antimony exploration at the Auld Creek project, within the Reefton Goldfield on the South Island of New Zealand; reporting strong antimony grades from current drilling.
Highlights:
Drilling of Auld Creek commenced in December 2024, holes ACDD024 and ACDD025 intersected 4-5m of strong visible stibnite (antimony) mineralization.
Assay results show:
ACDDH024: 12m @ 12.2g/t AuEq1 (1.9g/t Au & 2.4% Sb) from 105m depth
Including 2m @ 54.8 g/t AuEq1 (3.8g/t Au & 11.9% Sb)
ACDDH025: 8m @ 13.2g/t AuEq1 (2.2g/t Au & 2.2% Sb) from 106m depth
Including 3m @ 33.2g/t AuEq1 (3.6g/t Au & 6.9% Sb)
Auld Creek has an inferred resource hosted by two ore shoots, Bonanza and Fraternal. This resource outcrops at surface and is continuous to 160m vertically and open at depth.
Drilling has confirmed higher grade antimony mineralisation on the Fraternal shoot within a broader lower grade gold halo. Modelling suggesting a gentle plunge to the south, remains open to the south along strike and at depth with drilling commencing to the south to expand the existing resource.
Surface exploration is intensifying to target extensions to the Fraternal and Bonanza north and south, where it remains open over a 2.5km length.
Robert Eckford, CEO of Rua Gold commented: "The results from these two holes drilled at Auld Creek show increased antimony grades which is very encouraging. It further supports the fact that we are holders of New Zealand's largest antimony resource and are delivering on the commitment to our shareholders to build on our inventory of gold ounces and antimony tonnes at our Reefton project.
Drilling to date on Auld Creek antimony-gold prospect has improved confidence in the existing resource and provided detail on higher grade plunging shoots open to the south. We are focused on expanding the Auld Creek resource north and south, with intensified surface exploration to assist targeting additional mineralization over its 2.5km surface strike length.
This comes on the back of both gold and antimony trading at all time high spot prices and both commodities being announced on New Zealand's first ever critical minerals list."
1. Using recent spot prices of gold and antimony, and applying a ~30% discount, the gold equivalent formula is based on AuEq = Au g/t + 4.3 x Sb% using a Au price of US$2065/oz, Sb price of US$34,300 per tonne and 85% recovery.
Figure 1: Overview of the Reefton Goldfield.
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GLOBAL SUPPLY AND VALUE OF ANTIMONY
Antimony is a critical mineral sourced from stibnite (Sb2S3). In 2023, it was reported by the Critical Minerals Institute (CMI) as one of the scarcest of all critical minerals. Spot prices have risen as demand increases with its essential input into applications across renewable energy, liquid battery metals, defence and technological sectors.
Due to its scarcity and limited supply, predominantly controlled by China, Russia & Tajikistan, antimony is considered a strategic material essential for supply-chain security, particularly during periods of geopolitical instability. This was heightened in August 2024, when China announced export controls on processed antimony products. In response to these controls, nations have accelerated their efforts to secure alternative sources of antimony to mitigate the risk of significant supply chain vulnerabilities.
The US, EU, UK, Japan, Canada and Australia all designate antimony as a critical mineral. On January 31, 2025, New Zealand also announced their Critical Mineral List which included antimony.
Reflecting heightened demand, the price of antimony continues to reach new highs, trading over US$50,000 per tonne, a significant increase from US$11,350 per tonne at the start of 2024.
EXPLORATION POTENTIAL
Auld Creek Focus
Rua Gold commenced drilling at Auld Creek in December 2024. It has a targeted program to drill four mineralised shoots identified from historical surface exploration work interpreted by the Rua Gold team over the past 3 months.
Auld Creek is situated between two past producing mines, Globe Progress mine, and the Crushington Group of mines which collectively produced 933,000oz at 14.0g/t Au (Barry 1993). Auld Creek has three historic adits but no commercial production from the reefs.
Rua Gold has an inferred resource indicating 700,000 tonnes at 3.1g/t Au and 1.1% Sb for 67,000oz of gold and 8,000 tonnes of antimony2. The resource is restricted to two of the four known shoots. Soil geochemistry indicates the potential for discovery of additional mineralised shoots over a strike length of 2.5km.
2. Please see the Company's technical report entitled, "Technical Report on Reefton Project, New Zealand", dated October 30, 2024.
Two of the four holes completed to date intersected 4-5m of strong visible stibnite (antimony sulfide) mineralization in the Fraternal-Bonanza structure. No significant mineralization was found in holes ACDDH022 and ACDDH023. Results from ACDDH024, ACDDH025 confirm the average gold grades of current resource estimate but report higher antimony grades. Full table of results are in Tables 1 and 2 of the appendices.
Ongoing drilling is targeting the southern plunging Fraternal gold-antimony shoot which remains open along strike and at depth.
Intensified surface exploration is focused both north and north-west to delineate drill targets on the Fraternal North and Bonanza north-west extensions.
Figure 2: Fraternal and Bonanza ore shoots at Auld Creek.
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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 Gold'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 with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.
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 15Moz of gold and 60Moz of silver.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
TECHNICAL INFORMATION
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects and Chief Operating Officer and a director of Rua Gold, has reviewed and approved the technical disclosure contained herein. Mr. Henderson has verified the data disclosed by running checks on the location, analytical, and test data underlying the information in the technical disclosure herein.
QA/QC Drill Core
Drillholes sampled 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.
Pulverized drill core samples were analyzed by 50-g fire assay with AAS finish at SGS Waihi (SGS Code FAA505) and for antimony (Sb) by Sodium Peroxide Fusion Analysis by ICP-MS at SGS Waihi. The detection limit for Au by this method is 0.01 ppm. As part of SGS' internal quality control, SGS conducted repeat analyses, also at a rate of ~5%.
Rua Gold Contact
Robert Eckford
Chief Executive Officer
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 and Glamorgan projects and the results thereof. 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 unfavorable 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 short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, 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.
Table 1: Summary of assay results from hole ACDDH024.
| Hole ID | Azimuth | Dip (⁰) | Easting (NZTM) | Northing (NZTM) | From | To | Interval (m) | Au g/t | Sb % | Au Eq |
| ACDDH024 | 220 | -37 | 1507290 | 5333147 | 105 | 106 | 1 | 1.28 | 0.03 | 1.41 |
| 106 | 107 | 1 | 1.65 | 0.01 | 1.69 | |||||
| 107 | 108 | 1 | 1.65 | 0.05 | 1.86 | |||||
| 108 | 109 | 1 | 1.79 | 0.04 | 1.96 | |||||
| 109 | 110 | 1 | 3.34 | 0.74 | 6.51 | |||||
| 110 | 111 | 1 | 1.71 | 0.89 | 5.53 | |||||
| 111 | 112 | 1 | 2.16 | 0.13 | 2.72 | |||||
| 112 | 113 | 1 | 1.18 | 0.34 | 2.64 | |||||
| 113 | 114 | 1 | 5.18 | 9.99 | 48.03 | |||||
| 114 | 115 | 1 | 2.42 | 13.80 | 61.61 | |||||
| 115 | 116 | 1 | 0.33 | 1.50 | 6.76 | |||||
| 116 | 117 | 1 | 0.32 | 1.61 | 7.23 | |||||
| from 105m | 12 | 1.92 | 2.43 | 12.33 | ||||||
| from 113m | 2 | 3.80 | 11.90 | 54.82 |
Note: Intervals represented are down-hole intervals, and averages are arithmetic.
Table 2: Summary of assay results from hole ACDDH025.
| Hole ID | Azimuth | Dip (⁰) | Easting (NZTM) | Northing (NZTM) | From | To | Interval (m) | Au g/t | Sb % | Au Eq |
| ACDDH025 | 246.8 | -53.6 | 1507290 | 5333147 | 116 | 117 | 1 | 1.9 | 0.01 | 1.94 |
| 117 | 118 | 1 | 0.48 | 0.01 | 0.52 | |||||
| 118 | 119 | 1 | 0.77 | 0.02 | 0.86 | |||||
| 119 | 120 | 1 | 1.14 | 0.01 | 1.18 | |||||
| 120 | 121 | 1 | 2.4 | 0.73 | 5.53 | |||||
| 121 | 122 | 1 | 7.29 | 3.87 | 23.89 | |||||
| 122 | 123 | 1 | 2.49 | 15.6 | 69.40 | |||||
| 123 | 124 | 1 | 1.04 | 1.29 | 6.57 | |||||
| from 116m | 8 | 2.2 | 2.7 | 13.74 | ||||||
| from 121m | 3 | 3.6 | 6.9 | 33.29 |
Note: Intervals represented are down-hole intervals, and averages are arithmetic.
Table 3: Significant drilling intercepts for Auld Creek, full mineralized zone composites (1.5 g/t Au cut-off)1.
| Hole ID | Azimuth | Dip (⁰) | Easting (NZTM) | Northing (NZTM) | From (m) | To (m) | Downhole Interval (m) | Au (g/t) | Sb (%) |
| ACDDH004 | 45 | -60 | 1507194 | 5332976 | 51.72 | 57.9 | 6.18 | 1.59 | 0,01 |
| ACDDH004 | 45 | -60 | 1507194 | 5332976 | 116.19 | 136.84 | 20.65 | 5.41 | 2.17 |
| ACDDH005 | 100 | -60 | 1507194 | 5332976 | 57.66 | 64.41 | 6.75 | 1.64 | 0.06 |
| ACDDH005 | 100 | -60 | 1507194 | 5332976 | 65.8 | 80.35 | 14.55 | 2.07 | 0.10 |
| ACDDH007 | 40 | -58 | 1507185 | 5332881 | 123.22 | 148.45 | 25.23 | 3.14 | 0.07 |
| ACDDH008 | 100 | -58 | 1507186 | 5332881 | 72.14 | 76.35 | 4.21 | 1.55 | 0.02 |
| ACDDH011 | 130 | -81 | 1507212 | 5333051 | 75.3 | 83.4 | 8.1 | 2.73 | 4.33 |
| ACDDH015 | 158 | -58 | 1507204 | 5333139 | 69.6 | 82 | 12.4 | 5.19 | 13.65 |
| ACDDH015 | 158 | -58 | 1507204 | 5333139 | 105 | 132.4 | 27.4 | 3.67 | 0.2 |
| ACDDH016 | 330 | -55 | 1507202 | 5333141 | 65 | 90 | 25 | 6.55 | 0.29 |
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Highlights
Closing the oversubscribed brokered offering for $5.75 million of gross proceeds.
Participation by all directors and officers of the Company, maintaining alignment to shareholders.
Raise was completed without dilutive warrants and without a significant discount to market trading price.
Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (FSE: X9R) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to announce that it has closed its previously announced brokered "best efforts" public offering consisting of 9,583,410 common shares in the capital of the Company (each, a "Common Share"), which included the exercise of the over-allotment option in full, at a price of C$0.60 per Common Share for aggregate gross proceeds of C$5,750,046 (the "Offering").
The Company intends to use the net proceeds from the Offering for continuing the exploration program on its Reefton Project, and for general corporate and working capital purposes, as disclosed in the Prospectus Supplement (as defined below).
Robert Eckford, CEO, commented: "We are pleased to have completed this fully subscribed offering, including the over-allotment under our shelf prospectus. We will now execute on the Company's exploration strategy in Reefton and expand its mineral resources. It was very encouraging to see the support of current shareholders participating in this financing, including all the directors and officers of the Company. As always, we remain aligned with shareholders to make this Company a success."
The Offering was completed pursuant to an agency agreement (the "Agency Agreement") between the Company and Cormark Securities Inc., as sole agent (the "Agent").
In consideration for services rendered in connection with the Offering, the Company paid the Agent a cash fee of C$269,999 and issued to the Agent 575,004 broker warrants (the "Broker Warrants"). Each Broker Warrant is exercisable to acquire one Common Share at an exercise price of $0.60 per Common Share for a period of 24 months following closing of the Offering.
The Offering was completed in Canada pursuant to a prospectus supplement dated February 14, 2025 (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated July 11, 2024 (the "Shelf Prospectus") filed in each of the provinces and territories of Canada, except Québec. Common Shares were also issued in the United States and in offshore jurisdictions pursuant to private placement or similar exemptions in accordance with applicable securities laws. Copies of the Prospectus Supplement, Shelf Prospectus and Agency Agreement are available under the Company's SEDAR+ profile at www.sedarplus.ca. The Offering remains subject to the final acceptance of the TSX Venture Exchange (the "TSXV").
Insiders of the Company (the "Insiders") subscribed to the Offering for an aggregate of 1,890,109 Common Shares. This issuance of the Common Shares to the Insiders constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by the Insiders does not exceed 25% of the fair market value of the Company's market capitalization. A material change report was not filed in connection with the participation of the Insiders in the Offering less than 21 days in advance of the closing of the Offering, which the Company considers reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and to complete the Offering in an expeditious manner.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.
About Rua Gold
Rua Gold (TSXV: RUA) (OTCQB: NZAUF) (FSE: X9R) (WKN: A40QYC) 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 Gold'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 with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.
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 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
Rua Gold Contact
Robert Eckford
Chief Executive Officer
Phone: (604) 655-7354
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this news 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; the intended use of the net proceeds of the Offering; and the final acceptance of the TSXV with respect to the Offering. 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 unfavorable 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 short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, 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.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
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/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./
Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) (" Rua Gold " or the " Company ") is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as sole agent (the " Agent "), pursuant to which the Agent has agreed to act as agent on a "best efforts" basis, in connection with the public offering of 8,333,400 common shares in the capital of the Company (each, a " Common Share ") at a price of C$0.60 per Common Share (the " Offering Price ") for aggregate gross proceeds of C$5,000,040 (the " Offering "). The Offering is expected to close on or about February 20, 2025 (the " Closing Date "), or such other date as agreed upon between the Company and the Agent, and is subject to certain conditions including, but not limited to the receipt of all necessary regulatory approvals.
The Company has granted to the Agent an option (the " Over-Allotment Option ") exercisable, in whole or in part, within 30 days after the Closing Date to sell, at the Offering Price, up to 1,250,010 additional Common Shares (being that number of additional Common Shares equal to 15% of the number of Common Shares issuable pursuant to the Offering) for market stabilization purposes and to cover over-allotments, if any.
The Company intends to use the net proceeds from the Offering for continuing the exploration program on its Reefton Project, and for general working capital and general corporate purposes.
The Common Shares will be issued pursuant to a prospectus supplement (the " Supplement ") to the Company's base shelf prospectus dated July 11, 2024 (the " Shelf Prospectus ") that will be filed in each of the provinces and territories of Canada , except Quebec . The Common Shares may also be sold in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") and applicable U.S. state securities laws, and other jurisdictions outside of Canada and the United States pursuant to available prospectus or registration exemptions in accordance with applicable laws provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.
Copies of the Supplement, following filing thereof, and the Shelf Prospectus may be obtained on SEDAR+ at www.sedarplus.ca . The Shelf Prospectus contains, and the Supplement will contain, important detailed information about the Company and the proposed Offering including the proposed use of proceeds therefrom. Prospective investors should read the Supplement, accompanying Shelf Prospectus and the documents incorporated by reference therein before making an investment decision.
The securities referred to in this news release have not been, nor will they be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States , nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.
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 Gold'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 with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.
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 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca .
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 filing of the Supplement, the size of the Offering, the intended use of the net proceeds of the Offering, the timing of the Closing Date and completion of the Offering, the exercise of the Over-Allotment Option, the receipt of all necessary regulatory approvals; the Company's strategies, expectations, planned operations or future actions, including but not limited to exploration programs at its Reefton and Glamorgan projects and the results thereof. 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 statement.
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 unfavorable 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 short form base shelf prospectus dated July 11, 2024 , and the documents incorporated by reference therein, 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.
SOURCE Rua Gold Inc.
View original content: http://www.newswire.ca/en/releases/archive/February2025/12/c7692.html
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Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (WKN: A40QYC) ("Rua Gold" or the "Company") executives attended the launch event for the Minerals Strategy for New Zealand to 2040 and Critical Minerals List event hosted by New Zealand Petroleum and Minerals in Waihi on January 31, 2025. Honorable Shane Jones, Resource Minster for New Zealand, presented the critical minerals list that included both gold and antimony.
Furthermore, Rua Gold is pleased to provide an update from the exploration campaign underway at the Reefton Project on the South Island of New Zealand with significant added potential of antimony within the project.
Highlights:
Robert Eckford, CEO of Rua Gold commented: "Having New Zealand's largest known antimony presence on our property is extremely encouraging, especially with it trading at all time high's and with it being announced on New Zealand's first ever critical minerals list.
We commenced drilling on Auld Creek antimony-gold prospect which already has an antimony resource. Rock chips across the other projects on the property increase our confidence this gold-antimony occurrence is consistent across the Reefton Goldfield. We are focused on expanding the Auld Creek resource and we will have assay results from the latest holes coming out in February.
This all comes on the back of the government's launch event for the Minerals Strategy for New Zealand to 2040 and Critical Minerals List, where both gold and antimony in Reefton Goldfield was called out as being one of the key focus points of the critical minerals strategy for New Zealand."
Figure 1: Overview of the Reefton Goldfield.
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GLOBAL SUPPLY AND VALUE OF ANTIMONY
Antimony, is a critical metalloid primarily sourced from the mineral, stibnite. It is highly valuable and increasing in demand due to its versatility and has essential applications across renewable energy, liquid battery metals, defence and technological sectors.
Due to its limited supply, predominantly controlled by China, Russia & Tajikistan, antimony is considered a strategic material essential for supply chain security, particularly during periods of geopolitical instability. This was heightened in August 2024, when China announced export controls on processed antimony products. In response to these controls, nations have accelerated their efforts to secure alternative sources of antimony to mitigate the risk of significant supply chain vulnerabilities.
The US, EU, UK, Japan, Canada and Australia all designate antimony as a critical mineral. On January 31, 2025, New Zealand also announced their Critical Mineral List which included antimony.
Reflecting heightened demand, the price of antimony has reached new highs, currently trading over US$40,000 per tonne, a significant increase from US$11,350 per tonne at the start of 2024. This market shift has intensified interest in the strategic antimony potential held by Rua Gold.
EXPLORATION POTENTIAL
Auld Creek Focus
Rua Gold commenced drilling at Auld Creek in December 2024. It has a targeted program to drill four mineralised shoots identified from historical surface exploration work interpreted by the Rua Gold team over the past 3 months.
Auld Creek is situated between two past producing mines, Globe Progress mine, and the Crushington Group of mines which collectively produced 933,000oz at 14.0g/t Au (Barry 1993). Auld Creek has three historic adits but no commercial production from the reefs.
Rua Gold has an inferred resource indicating 700,000 tonnes at 3.1g/t Au and 1.1% Sb for 67,000oz of gold and 8,000 tonnes of antimony1 (AuEq 110,000oz2). The resource is restricted to two of the four known shoots. Soil geochemistry indicates the potential for discovery of additional mineralised shoots over a strike length of 2.5km.
Two of the four holes completed to date intersected 4-5m of strong visible stibnite (antimony sulfide) mineralization in the Fraternal-Bonanza structure. Logging and assaying are in progress.
Previous diamond drilling by Siren Gold Limited ("Siren") confirmed the presence of significant antimony, with notable drill holes including:
Full table of results in Table 1 in the appendix below.
Figure 2: Extent of drilling and mapping at Auld Creek with four main reef tracks overlain on arsenic soil geochemistry.
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Other Reefton Prospects
With the increased interest in antimony over 2024, the exploration team widened its focus to include testing for stibnite (antimony) mineralization across other known targets of the Reefton Goldfield.
In the early 1900's, the Fiery Cross lode, within Capleston, reported significant antimony mineralisation associated with the gold-bearing quartz reef, but at the time, in common with many other Reefton Goldfield mines, mining this posed a problem for gold recovery and the material was discarded on the tip head. Re-sampling of this mined material from the tip head (float), and from an insitu quartz reef of the old mine at surface has returned exceptionally high results including:
Refer to Table 2 in the appendix below for a complete list of rock samples.
Murray Creek hosts the Golden Treasure mine, 350m south south-west of the Victoria-Inglewood mines. Gold recovery at the Golden Treasure was also hindered by the presence of stibnite. In parts of the mine where the shoot consisted of 30-40 % antimony the ore was stacked in the workings for future sale (Downey, 1928a).
Rua Gold conducted both channel samples on surface and assayed a suite of rocks from the tip head of the mine workings. This has provided firsthand evidence of the tenor of the antimony has returned exceptionally high results including:
Refer to Table 3 and 4, respectively, in the appendix below, for a complete list of trench and rock samples.
With results from this surface exploration work, the exploration team are encouraged that the stibnite mineralization is demonstrated throughout the Reefton Goldfield and further work will form part of the surface exploration campaign in 2025.
Figure 3: Location of known antimony locations.
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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 Gold'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 with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.
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 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
TECHNICAL INFORMATION
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects and Chief Operating Officer and a director of Rua Gold, has reviewed and approved the technical disclosure contained herein. Mr. Henderson has participated in the geochemical sampling, and mapping programs to verify that they have been conducted in accordance with standard operating procedures. Mr. Henderson has verified the data disclosed by running checks on the location, analytical, and test data underlying the information in the technical disclosure herein.
QA/QC ROCK SAMPLES AND CHANNEL SAMPLES
Veins were sampled in 1 m intervals. Before sampling, outcrops were cleared of debris and alluvial sediments with shovels and hammers to uncover the full extent of the veins. 1m intervals were measure with a tape and marked with flagging tape or spray paint. A line was made along the outcrop, then chips were taken continuously along that line. Each 1m interval sample is 1.5kgs of material.
Rock samples were sent to SGS Laboratories, Westport for sample preparation. Samples were crushed and pulverized to 85% passing 75 µm. The pulverized rock-chips were split into two samples: a ~50 g sent for laboratory analysis, and the reject returned to RGL for pXRF analysis and storage. Pulverized rock-chip samples were analyzed for gold (Au) by 50-g fire assay with AAS finish at SGS Waihi (SGS Code FAA505); and for antimony (Sb) by Sodium Peroxide Fusion Analysis by ICP-MS at SGS Waihi.
Rua Gold Contact
Robert Eckford
Chief Executive Officer
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 and Glamorgan projects and the results thereof. 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 unfavorable 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 short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, 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.
Table 1: Significant drilling intercepts for Auld Creek, full mineralized zone composites (1.5 g/t Au cut-off)1.
| Hole ID | Azimuth | Dip (⁰) | Easting (NZTM) | Northing (NZTM) | From (m) | To (m) | Downhole Interval (m) | Au (g/t) | Sb (%) |
| ACDDH004 | 45 | -60 | 1507194 | 5332976 | 51.72 | 57.9 | 6.18 | 1.59 | 0,01 |
| ACDDH004 | 45 | -60 | 1507194 | 5332976 | 116.19 | 136.84 | 20.65 | 5.41 | 2.17 |
| ACDDH005 | 100 | -60 | 1507194 | 5332976 | 57.66 | 64.41 | 6.75 | 1.64 | 0.06 |
| ACDDH005 | 100 | -60 | 1507194 | 5332976 | 65.8 | 80.35 | 14.55 | 2.07 | 0.10 |
| ACDDH007 | 40 | -58 | 1507185 | 5332881 | 123.22 | 148.45 | 25.23 | 3.14 | 0.07 |
| ACDDH008 | 100 | -58 | 1507186 | 5332881 | 72.14 | 76.35 | 4.21 | 1.55 | 0.02 |
| ACDDH011 | 130 | -81 | 1507212 | 5333051 | 75.3 | 83.4 | 8.1 | 2.73 | 4.33 |
| ACDDH015 | 158 | -58 | 1507204 | 5333139 | 69.6 | 82 | 12.4 | 5.19 | 13.65 |
| ACDDH015 | 158 | -58 | 1507204 | 5333139 | 105 | 132.4 | 27.4 | 3.67 | 0.2 |
| ACDDH016 | 330 | -55 | 1507202 | 5333141 | 65 | 90 | 25 | 6.55 | 0.29 |
Table 2: Fiery Cross Rock Sampling
| Sample ID | Easting | Northing | Au (g/t) | Sb % |
| GERS3721 | 1511843 | 5341564 | 23.5 | 20.60 |
| GERS3722 | 1511843 | 5341575 | 3.99 | 3.37 |
| GERS3723 | 1511837 | 5341573 | 1.6 | 8.16 |
| GERS3724 | 1511850 | 5341579 | 0.75 | 16.80 |
| GERS3725 | 1511870 | 5341609 | 7.53 | 16.70 |
| GERS3726 | 1511865 | 5341607 | 52.3 | 16.00 |
| GERS3727 | 1511853 | 5341608 | 3.85 | 2.08 |
| GERS3728 | 1511855 | 5341611 | 9.22 | 4.50 |
| GERS3729 | 1512081 | 5341681 | 74.3 | 0.02 |
Table 3: Golden Treasure trench results outcropping Antimony lode
| Trench | Sample ID | Easting | Northing | From | To | Interval | Au (g/t) | Sb% |
| GT01 | GERS6024 | 1510018 | 5335275 | 0 | 1 | 1 | 5.92 | 0.0168 |
| GT01 | GERS6025 | 1510018 | 5335275 | 1 | 2 | 1 | 4.87 | 0.0158 |
| GT01 | GERS6026 | 1510018 | 5335275 | 2 | 3 | 1 | 0.6 | 0.0172 |
| GT02 | GERS6027 | 1510016 | 5335266 | 0 | 1 | 1 | 10.8 | 1.7212 |
| GT02 | GERS6028 | 1510016 | 5335266 | 1 | 2 | 1 | 3.66 | 3.8173 |
| GT02 | GERS6029 | 1510016 | 5335266 | 2 | 3 | 1 | 0.3 | 0.213 |
| GT02 | GERS6030 | 1510016 | 5335266 | 3 | 4 | 1 | 10.8 | 0.0223 |
| GT02 | GERS5651 | 1510016 | 5335266 | 4 | 5 | 1 | 1 | 0.0124 |
| GT02 | GERS5652 | 1510016 | 5335266 | 5 | 6 | 1 | 1.53 | 0.0123 |
| GT02 | GERS5653 | 1510016 | 5335266 | 6 | 7 | 1 | 19.8 | 0.0161 |
Table 4: Golden Treasure rock chip sampling from tip head and creek float adjacent to level 1.
| Sample | Easting | Northing | Au (g/t) | Sb % |
| GERS3711 | 1510018 | 5335275 | 12.4 | 1.07 |
| GERS3712 | 1510016 | 5335266 | 4.33 | 3.71 |
| GERS3713 | 1510020 | 5335249 | 1.74 | 0.371 |
| GERS3714 | 1510096 | 5335170 | 2.29 | 40.3 |
| GERS3715 | 1510097 | 5335170 | 13.3 | 7.46 |
| GERS3716 | 1510096 | 5335171 | 6.72 | 26.91 |
| GERS3717 | 1510095 | 5335171 | 7.03 | 9.88 |
| GERS3718 | 1510094 | 5335173 | 0.05 | 24.7 |
| GERS3719 | 1510098 | 5335173 | 1.85 | 30.3 |
| GERS3720 | 1510096 | 5335176 | 4.77 | 23.3 |
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Renforth Resources Inc. (CSE: RFR) (OTC: RFHRF) (FSE: 9RR)(“Renforth” or the “Company”), would like to update shareholders on the 2025 Mineral Resource Estimate (MRE) for the Parbec Gold deposit, which reflects a 29% increase to the overall gold ounces within the deposit, with 12% of the new resource ounces in the Measured category and within an open pit.
April 2025 Parbec Gold Deposit MRE
(1) Mineral Resources are reported at a cut-off grade of 0.27 g/t Au for the open-pit mining scenario and 1.40 g/t Au for the underground mining scenario
(2) The cut-off grades were determined at a gold price of 2,100 US$ per ounce.
(3) The mineral resources were estimated in compliance with Canadian Institute of Mining, Metallurgy and Petroleum standards. These mineral resources were reported in accordance with the NI 43-101 standards.
(4) Mineral resources do not constitute mineral reserves because they have not demonstrated economic viability.
(5) Inferred resources are exclusive of measured and indicated resources.
(6) The effective date of these mineral resources is April 4, 2025.
(7) Assumptions used are a mining recovery of 95%, a mining dilution of 5%, processing recovery of 95%, processing cost of 12.75 US$/t, general and administration of 1.50 US$/t, open-pit mining cost of 2.5 US$/t for ore, 2 US$/t for waste and underground mining cost of 66 US$/t.
(8) All resources are presented in-situ and undiluted.
(9) All $ values are in US$ unless specifically noted.
(10) All figures are rounded to reflect the relative accuracy of the estimate. Numbers may not add due to rounding.
"We are very happy to deliver this significant size increase to our open pit gold deposit next door to Agnico Eagle's Canadian Malartic mine. In addition to the increase, it is important to acknowledge the category of those ounces, 12% of the new MRE is in the Measured category and 61% is in the Indicated category, 73% of the deposit is contained within the resource categories that deliver the most confidence, demonstrating not only Parbec's growth, but also growing maturity, as a reliable gold deposit with a fantastic location and logistical advantage. In addition, with this MRE 87% of the gold ounces within the resource estimate are contained within the accompanying open pit. With this growth Parbec also presents us with new drill targets within the deposit to target gaps within the drill spacing and increase the confidence in the remaining inferred ounces, with more drilling. That potential is in addition to the 24,200 ounces of gold within the modelled mineralized envelopes in the open pit which are below the cut-off grade used, contained in 4,300,000 tonnes of material" states Nicole Brewster, President and CEO of Renforth.
Resources were estimated using the following parameters:
Drillholes of 1986 and more recent were used to model and estimate this MRE. They account for 173 drillholes (46,144 m), and 28,404 samples assayed (31,483 m). Core is NQ-sized. The resource estimate was performed using inverse-distance squared (ID2). Block size is 4 x 2 x 5 m. The model was built in 3 dimensions directly using the planar envelopes technology with the SGS Genesis software. Volumes were validated and adjusted using 42 cross-sections with a variable spacing of 7 to 45 meters depending on data density (average spacing of 28 meters). A total of 45 solids were modeled. Minimum intercept length in a drill hole is 2.5 meters, which approximately corresponds to 2 meters of horizontal thickness. Composites of around 2 meters were created without leaving remainders. Variable capping was applied on composites between 4 and 12 g/t Au creating a metal loss of around 5%. Rock density of 2.81 t/m3 was used based on available measurements, unchanged from the 2020 MRE. All underground MRE were put in the inferred category to reflect the current drill spacing and confidence level in continuity to support underground operations.
Further details regarding the 2025 mineral resource estimate, key assumptions, parameters and methods used to estimate the mineral resources of the Parbec Deposit will be available on SEDAR Plus (www.sedarplus.ca) under the Corporation’s issuer profile within 45 days in accordance with NI 43-101.
Yann Camus P.Eng. of SGS Canada Inc., is the independent qualified person responsible for the technical information about the resource estimate presented in this news release, as defined by NI 43−101 Standards of Disclosure for Mineral Projects, including the verification of released data.
About the Parbec Gold Deposit
Renforth's wholly owned Parbec gold deposit sits on approximately 1.8km of strike of the Cadillac Break, arguably one of Canada's deepest and most productive gold structures. Renforth's geological modelling has demonstrated that Parbec contains gold mineralization within the Break, but also crossing cutting the Break into the unexplored Pontiac sediments on the south side of the Break. The occurrence of gold in the Pontiac sediments in the area has only recently been recognized, this include the extension of the Sladen Fault, which the neighbouring Canadian Malartic pit was built around, extending into the sediments, and the Barnat and East Malartic discoveries within the Canadian Malartic pit on the eastern side. In addition the Discovery Vein discovery made by Renforth on the formerly held New Alger project was located within the sediments, just south of the Break.
Mineralization at Parbec, which starts on surface and is almost entirely enclosed within a Whittle Pit, is open on strike in both directions and at depth, the pit does not extend below a depth of 300m, on a very deep structure.
Renforth considers Parbec to be a small scale replica of the Canadian Malartic Mine Property next door, the modelling of the 2025 MRE has presented numerous targets to resolve gaps within the modelled mineralization, and to extend the modelled mineralization with successful new drilling.
Renforth will present a new exploration program for Parbec in due course. Recently received TOMRA Phase 1 test results indicate that mineralized material from Parbec can be sorted on the basis of the sulphides, which gold at Parbec is largely associated with, however, initial assay testing has also determined that there are base metal sulphides present in the core and untested, TOMRA can detect these. Renforth is evaluating the merit of retesting existing core for critical minerals.
Francis Newton P.Geo OGQ and independent qualified person pursuant to the guidelines in NI 43-101 has reviewed and approved the geological information contained in this press release.
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No securities regulatory authority has approved or disapproved the contents of this news release.
Forward-Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as “may,” “will,” “plan,” “expect,” “believe,” “anticipate,” “estimate,” “intend” and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided, and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Company Contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
416-818-1393
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES/
Yukon Metals Corp. (CSE: YMC, FSE: E770, OTC: YMMCF) (" Yukon Metals " or the " Company ") is pleased to announce that it has completed its previously announced "best efforts" agency based private placement of C$10.0 million, plus a C$1.2 million Agents' option, for a total of 20,409,090 units of the Company (the "Units ") at a price of C$0.55 per Unit for aggregate gross proceeds of approximately C$11.2 million, including the exercise of the Agents' option (the " Offering "). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a " Warrant "). Each Warrant entitles the holder thereof to purchase one common share of the Company at a price of C$0.80 until April 9, 2028.
"The completion of this financing takes Yukon Metals' treasury to C$17 million, strengthening our ability to advance our key exploration efforts," said Rory Quinn, President and CEO of Yukon Metals. "This season, our team will focus on three high-priority drill targets – Star River, AZ, and Birch. We are grateful for the support of our shareholders, whose investment is instrumental in unlocking the exploration potential of our property portfolio."
The Offering was co-led by Cormark Securities Inc. and Canaccord Genuity Corp. (together, the " Agents "). The Agents received a cash commission equal to 6.0% of the gross proceeds of the Offering, other than with respect to Units issued to purchasers identified by the Company (the " President's List ") on which the cash commission was generally reduced to 3.0% of the gross proceeds and, in some cases, further reduced or waived entirely, or increased to up to 6.0% as agreed by the Company and the Agents. As additional consideration for their services, the Agents were also issued compensation warrants (the " Compensation Warrants ") equal to 6.0% of the number of Units issued pursuant to the Offering, other than with respect to Units issued to purchasers on the President's List for which no Compensation Warrants were issued. Each Compensation Warrant entitles the holder thereof to subscribe for one common share of the Company at a price of C$0.55 until April 9, 2028.
The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes, including a drilling campaign on its AZ, Birch and Star River properties.
The securities issued in connection with the Offering which were not issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions , including the Compensation Warrants, are subject to a hold period of four months and one day from the closing of the Offering, in accordance with applicable Canadian securities laws, expiring on August 10, 2025.
One insider of the Company acquired 20,699 Units and as such the Offering is considered a "related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company has relied on exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the insider's participation in the Offering, as such participation does not exceed 25% of the Company's market capitalization. The Company will file a material change report in respect of the completion of the Offering. However, the Company did not file such a material change report 21 days prior to closing of the Offering as the participation of insiders of the Company in the Offering had not been confirmed at that time.
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or available exemptions from such registration requirements. This press release does not constitute an offer to acquire securities in any jurisdiction.
About Yukon Metals
Yukon Metals is well financed and represents a property portfolio built on over 30 years of prospecting by the Berdahl family, the prospecting team behind Snowline Gold's portfolio of primary gold assets. The Yukon Metals portfolio consists primarily of gold-silver, copper-gold and critical metals assets. The Company is led by an experienced Management Team and Board of Directors with technical, finance and Territory expertise.
Yukon Metals is focused on fostering sustainable growth and prosperity within Yukon's local communities, while simultaneously enhancing stakeholder value. Our strategy centers around inclusivity and shared prosperity, offering both community members and investors the chance to contribute to, and benefit from, our ventures.
The Yukon
The Yukon ranks 10 th most prospective for mineral potential across global jurisdictions according to the Fraser Institute's 2023 Survey of Mining Companies, and is host to a highly experienced and conscientious local workforce, fostered by a long culture of exploration coupled with deep respect for the land. Recent major discoveries with local roots such as Snowline Gold's Rogue Project - Valley Discovery, demonstrate the Yukon's potential to generate fresh district-scale mining opportunities.
" ON BEHALF OF THE BOARD OF Yukon Metals CORP. "
"Rory Quinn"
Rory Quinn, President & CEO
Email: roryquinn@yukonmetals.com
Phone: 604-366-4408
For additional information, please contact:
Kaeli Gattens
Vice President, Investor Relations & Communications
Yukon Metals Corp.
Email: kaeligattens@yukonmetals.com
Website: www.yukonmetals.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking information") within the meaning of applicable securities laws. Such forward-looking information includes, without limitation, statements regarding the use of proceeds from the Offering, shareholders' investment helping to unlock the exploration potential of the Company's property portfolio and future results of operations, performance and achievements of the Company. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify the forward-looking information. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Although the Company believes that such forward-looking information is reasonable, it can give no assurance that such expectations will prove to be correct. The Company cautions investors that any forward-looking information by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in the forward-looking information as a result of various factors and risks, including, uncertainties with respect to obtaining all regulatory approvals to complete the Offering, uncertainties of the global economy, market fluctuations, the discretion of the Company in respect to the use of proceeds discussed above, any exercise of termination by counterparties under applicable agreements, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, the Yukon having the potential to generate fresh district scale mining opportunities and other risks identified in its disclosure documents filed at www.sedarplus.ca. This news release is not, and is not to be construed in any way as, an offer or recommendation to buy or sell securities in Canada or in the United States. Although the Company believes the expectations expressed in such forward-looking information is based on reasonable assumptions, such statements are not guarantees of future performance and actual events, results and/or developments may differ materially from those in the forward-looking information. Readers should not place undue reliance on the Company's forward-looking information. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except in accordance with and as required by applicable securities laws.
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Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce that it has been approved for an additional $300,000 grant from the Manitoba Mineral Development Fund ("MMDF"). The proceeds from the grant will be used to update the Tartan Mine's NI 43-101 resource estimate, and to complete a Preliminary Economic Assessment ("PEA") for the possible restart of the mine. Both are expected to commence at the conclusion of the current Phase 4 exploration program, which is estimated to be completed by early summer. This grant, when combined with the Company's treasury and pending financing, will increase Canadian Gold's total capital to approximately $3.5 million.
"We want to express our gratitude to the Province of Manitoba and the Manitoba Mineral Development Fund for targeting these funds to further our efforts in advancing the potential restart of the Tartan Mine. An updated NI 43-101 and PEA are critical to quantifying and validating the economic potential of Tartan.
"I also want to thank the MMDF Board and the Government of Manitoba for the continued support and funding of the MMDF program. The MMDF program provides critical funding to many junior resource companies that often struggle to access the capital that is vital to the growth of the mining sector in Manitoba." - Michael Swistun, CFA, President & CEO.
Canadian Gold wishes to acknowledge the significant impact that the MMDF continues to have on mineral exploration and development in Manitoba. The continued support of MMDF and the Manitoba Mineral Exploration Tax Credit ("MMETC") make Manitoba a strong destination for mineral exploration. Manitobans may also avail themselves of the unique tax incentives when investing in eligible Manitoba mineral exploration projects, such as the Tartan Mine.
For Further Information, Please Contact:
Michael Swistun, CFA
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec, adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). McEwen Mining Inc. holds a 5.9% interest in Canadian Gold, and Robert McEwen, the founder and former CEO of Goldcorp, and Chairman and CEO of McEwen Mining, holds a 32% interest in Canadian Gold.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/247871
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