Clarification: Historical Mineral Resource Estimate at Reefton
Previously, the Company disclosed that "the tenements owned by [
The Company would like to clarify its statement regarding the tenements owned by Reefton Resources as follows:
The tenements owned by Reefton Resources host the following historical estimates:
- The Alexander River MRE is reported at 1.07 Mt and 4.95 g/t for 170 koz. The mineral resource is reported at a 1.5 g/t cut-off for all areas of the resource. The resources are estimated as at the end of
January 2023 .1 2
- The Big River MRE is reported at 0.834 Mt at 3.94 g/t for 105.5 koz of gold at a 1.5g/t cut-off. The resources are estimated as of the end of
April 2023 .3
- The Supreme Inferred MRE is reported at 1.15 Mt at 2.78 g/t for 103.4 koz. resources are based on a 1.5 g/t Au cut-off grade. The resources are estimated as of the end of
May 2023 .4
- The Auld Creek MRE is reported at 0.58 Mt at 3.5g/t Au and 1.5% Sb for for 66 koz of gold and 8.7t of antimony. This equates to a gold equivalent (AuEq) of 7.1g/t and 132koz based on a gold equivalent formula of AuEq = Au g/t + 2.36 x Sb% using a gold price of
US$1,750 /oz and an antimony price ofUS$13,000 per tonne. The mineral resource is reported at a 1.5 g/t AuEq cut-off.The Mineral Resources are estimated as of the end ofAugust 2023 .5
The foregoing historical estimates were classified as "inferred", in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves, 2012 edition (the "JORC Code"), which does not have the same meaning as the one ascribed to "inferred mineral source" by the
The Company believes verification of the historical estimates is required to upgrade the historical estimates to current mineral resources. The Company expects such verification will require, among other things: (i) additional diamond drilling and core density sampling; (ii) further detailed modelling on ore controls and deposit structural setting; (iii) continued metallurgical studies for gold recovery factors; and (iv) underground mining scoping and optimization studies to determine the optimal cut-off grade and appropriate mining methods. The Company believes that the historical estimate is relevant in assisting the Company in its targeted drill program but is unable to comment on the reliability of historical resources as insufficient work has been done to make this determination. A qualified person has not done sufficient work to classify the historical estimates referenced herein as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
About RUA GOLD
RUA GOLD (CSE: RUA, OTC: NZAUF, WKN: A4010V) is a new entrant to the mining industry, specializing in gold exploration and discovery in
The Company is committed to responsible and sustainable exploration, which is evident in its professional planning and execution. The Company aims to minimize its environmental impact and to execute on its projects with key stakeholders in mind. RUA GOLD has a highly skilled team of
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.
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 work required to verify the historical mineral estimates as current mineral resources or mineral reserves. 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
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.
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1 Source: "Alexander River Mineral Resource Estimate Report" dated |
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2 Additional assumptions, parameters, and methods used to prepare the historical estimate, as identified by Mr. Simon Henderson: Geological wireframing in Leapfrog Geo; hard boundary compositing using Leapfrog – Edge Module (Leapfrog Edge); Variography and Ordinary Kriging using Leapfrog Edge; Block Model Estimation using Leapfrog Edge. The historical mineral resources are reported according to the terminology, definitions and guidelines given in the JORC Code (as defined herein). |
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3 Source: "Mineral Resource Estimate Report – |
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4 Source: "Mineral Resource Estimate Report – |
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5 Source: "Mineral Resource Estimate Report – |
SOURCE RUA GOLD