Despite a slight retreat from recent highs, gold is still trading near record levels and analysts expect prices to strengthen further over the next 12 months.
Gold's upward momentum is sustained by a renewed weakness in the US dollar and retreating US Treasury yields, as well as China's robust gold demand in Q1 2024. Raising their forecasts for gold, UBS strategists predict it will reach $2,500 per ounce by the end of September and $2,600 by year-end, fueled by stronger Chinese demand and a series of soft US data in April. (Source:
https://www.cnbc.com/amp/2024/05/28/gold-silver-copper-rally-has-just-taken-a-breather-new-highs-not-far-off-.html)
A De-Risked & High-Grade Opportunity in New Zealand Positioned within two prime gold exploration properties across New Zealand's North and South Islands, RUAGold (RUA.c) stands as a newly established, low-risk venture with a robust portfolio spanning two premier gold districts: Reefton and Hauraki, boasting a combined historical gold output exceeding 43 million ounces.
Significantly, New Zealand has witnessed notable geopolitical shift following the installment of a new Prime Minister resulting in the country 'turbo-charging' its mining sector with the swift approval of bills expediting infrastructure and mining project to shorten the permitting process from two years to just six months.
As the country still remains largely untapped, there is ample opportunity for expansion through modern mining techniques.
New Zealand's Reefton District The Reefton District, renowned for its prolific gold production, holds immense potential with RUA securing a significant portion of historical mining areas across six contiguous properties.
RUA's projects exhibit considerable upside potential, with some areas remaining largely unexplored beyond depths of 150 meters, notably the Blackwater Project, boasting mineralization extending to 1,500 meters.
New Zeland's Hauraki District In the Hauraki District, RUA's Glamorgan Project emerges as a promising epithermal gold prospect, spanning over 4,600 hectares and showcasing compelling geological features indicative of substantial gold-silver systems.
Recent geological surveys reveal significant gold anomalies within the district, with rock chip samples yielding grades of up to 95 grams per ton of gold, underscoring the area's immense prospectivity.
Last week, RUA commenced its exploration program at the project, with the exploration team mobilized and magnetic geophysical surveys underway.
The well funded is targeting minimum impact access to allow for soil sampling, resistivity geophysical surveys and geological mapping, expected to be received in Q2 2024. RUA will then design the drill program and apply for full access to commence exploration drilling by the end of the year.
RUA's CEO, Robert Eckford, commented:
"This is a great first step to have boots on the ground at our Glamorgan Project and enabling us to start surface exploration work, so we are ready for drilling by the end of the year. The continuous exceptional results coming from OceanaGold's WKP project are extremely encouraging, and we see the exact same surface features at our Glamorgan Project. The geology in this epithermal region is exceptional and we have mobilized a highly experienced operating team with a lot of region specific experience".
Significantly, Glamorgan lies 2.8km from OceanaGold's most significant pipeline project, WKP, which has an indicated resource of 1.01Moz at 15.9g/t, making this a very compelling exploration target. Plus, the accelerated development of WKP was included in New Zealand's Fast Track Approvals Bill, creating a roadmap for RUA Gold.
Full News Release:
https://ruagold.com/rua-gold-commences-exploration-program-at-the-glamorgan-project-on-the-north-island-of-new-zealand/ Refer to this deep dive DD on RUA for more information:
https://www.reddit.com/r/Baystreetbets/comments/1bhwdew/how_to_position_yourself_for_the_precious_metals/ Posted on Behalf of RUAGold Inc.