RUA GOLD - Listing Materials
February 23, 2026
Dear Shareholders and interested parties,
Today marks an important milestone for RUA GOLD as we commence trading on the New Zealand
Stock Exchange NZX at 10:00am under the symbol ‘RGI’. It is a pleasure to welcome New Zealand
investors to our register and to begin this next chapter of growth together.
RUA GOLD is a well-funded, New Zealand-focused exploration company led by a Board and
Management team with decades of global experience. Collectively, our team has been involved in
major discoveries and the development of world-class gold mines across several continents. We are
now applying that experience and disciplined approach to unlocking the full potential of our two
highly prospective gold assets:
• Reefton Project – located in the Reefton Goldfield, South Island
• Glamorgan Project – located in the Hauraki Goldfield, North Island
Our NZX listing follows a transformative 7 year journey for the Company where over NZ$60M has
been spent in New Zealand. We progressed from a junior explorer funded primarily through North
American markets, undertaking proof-of-concept work, to making a discovery and advancing
toward development of what we believe could become New Zealand’s first multi generation gold–
antimony mine. With this progress, we believe it is the right time to broaden our shareholder base
and provide Kiwi investors the opportunity to participate directly in our growth.
Looking ahead, our strategy is clear. At Reefton, we are targeting advancement into the permitting
phase via the Fast Track Approvals process, while continuing to pursue district-scale exploration
upside across the broader Reefton Project and at Glamorgan Project.
The NZX listing provides New Zealand investors with the ability to trade RUA GOLD shares in their
local time zone and under a New Zealand Common Shareholder Number (CSN). Copies of our NZX
Profile and Listing Application Letter are available on our website at www.ruagold.com.
Reefton Project
RUA GOLD is the dominant landholder in the Reefton Goldfield on the South Island, controlling
more than 120,000 hectares of tenements in a district that historically produced over 2 million
ounces of gold at grades ranging from 9 to 50 g/t.
Our current drill program has two primary objectives:
1. Four drill rigs are operating at the Auld Creek gold-antimony target, undertaking step-out
drilling to expand the existing resource.
2. A fifth rig is testing other high-priority targets across the past-producing district, with the
goal of identifying the next shallow, continuous, low-capital-intensity resource opportunity.
In parallel, we are advancing key permitting activities. We have appointed experienced
environmental and regulatory partners who have worked on nearby projects, including Endura
Mining’s Snowy River Project and OceanaGold’s Globe Progress reclamation and Wharekirauponga
projects. Their experience will support a robust and efficient pathway through permitting.
The presence of antimony as a critical mineral by-product at the Reefton Project enhances it’s
strategic relevance, given the growing global focus on securing critical minerals. We are confident
this strengthens our eligibility under the Fast Track Approvals process.
Engagement with our local Māori stakeholders, Te Rūnanga o Ngāti Waewae, has been ongoing and
constructive. Ngāti Waewae are supportive of responsible development and will work alongside us
throughout the Fast Track Approvals process, including cultural impact assessments. Broader
community and regulatory engagement is underway and will continue to expand through 2026.
Subject to a successful referral application, we are targeting submission of our Fast Track Approvals
mining permit application by the end of 2026.
Glamorgan Project
Our Glamorgan Project positions RUA GOLD as a leading high-grade gold explorer on the North
Island. Located in the Hauraki Goldfield — a district that has historically produced approximately
15 million ounces of gold and 60 million ounces of silver and remains active today — the Glamorgan
Project is highly prospective.
Our tenements are adjacent to OceanaGold’s Wharekirauponga Project, which progressed through
the Fast Track permitting process in just 112 days and is now under construction.
Over the past 18 months, we have completed a comprehensive and systematic surface exploration
program at Glamorgan. This work has identified geological features extending approximately three
kilometres north that are analogous to Wharekirauponga. As a result, we have established a strong
pipeline of drill-ready targets and defined an initial 5,000-metre drill program to be executed with
two rigs over approximately six months following receipt of permits.
Drill permit applications have been submitted, and environmental baseline studies are underway.
We expect these studies to conclude in Q1 2026, followed by Māori consultation, with drill permits
anticipated in Q2 2026.
Commitment to New Zealand
Our dual listing on the NZX and Toronto Stock Exchange (TSX) reflects our commitment to aligning
our capital structure with our operational footprint. The majority of our assets, activities, and
management team are based in New Zealand, and we are committed to building a strong local
shareholder base.
We believe the responsible development of New Zealand’s mineral resources presents an
opportunity to generate enduring value within the country. Through our history of delivering
successful projects, both economically, socially and environmentally, we aim to be to responsible
stewards for all stakeholders.
Beyond capital markets, we are focused on delivering tangible regional benefits through local
employment, regional procurement, light environmental footprint, and sustained community
engagement, sponsorship, and support initiatives as our projects advance.
On behalf of the Board and management team, thank you for your continued support. We look
forward to updating you on our progress as we execute the next phase of RUA GOLD’s growth.
Yours sincerely,
Oliver Lennox-King
Chairman
Rua Gold Inc.
RUA GOLD Contact
New Zealand
Simon Delander
VP Risk Stakeholder Regulatory Affairs
Email: sdelander@RUAGOLD.com
Website: www.RUAGOLD.com
Canada
Robert Eckford
Chief Executive Officer
Email: reckford@RUAGOLD.com
---
www.ruagold.com
The Leading NEW ZEALAND Gold Explorer
Aggressively moving towards DEVELOPMENT
TSX:RUA
NZX:RGI
OTC:NZAUF
2
CAUTIONARY STATEMENT
CAUTIONARY STATEMENT
This presentation may contain forward-looking statements that are not historical facts. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on
assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on RUA GOLD (“RUA”) properties; success of exploration activities; permitting timelines and requirements; requirements
for additional capital; environmental requirements; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. Often, but not always, forward-looking statements
can be identified by the use of words such as “expects,” “plans,” “estimates,” “intends,” “believes,” “could,” “might,” “will”, “budget”, “scheduled”, “forecasts”, “anticipates”, “potential”, “base case” or variations of such words and phrases or
statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the
actual results, performance, or achievements of RUA to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates
to, among other things, RUA’s corporate strategies, mineral resource estimates and plans for further exploration, which will require additional funding. These forward-looking statements are based on management’s current expectations and
beliefs (including the belief in the accuracy of the resource estimate) but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. Information in this
presentation is not intended to be a comprehensive review of all matters and developments concerning RUA and RUA GOLD does not assume any obligation to update, or to publicly announce, any such statements, events or developments,
except as required by law.
For additional information on risks and uncertainties, see RUA’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com and on RUA’s website at www.ruagold.com. The risk
factors identified in the MD&A are not intended to represent a complete list of factors that could affect RUA GOLD.
COMPLIANCE WITH NI 43-101
The technical information in this presentation (the "Technical Information") has been approved by Simon Henderson, COO and Director for RUA GOLD and a Qualified Person under NI43-101 definitions. For readers to understand the information
in this presentation, they should read the technical report (available www.sedar.com) in its entirety (the "Technical Report"), including all qualifications, assumptions and exclusions that relate to the information set out in this presentation that
qualifies the Technical Information. The Technical Report is intended to be read as a whole, and sections or summaries should not be read or relied upon out of context. The Technical Information in the Technical Report is subject to the
assumptions and qualifications contained therein.
Some of the mineral resources at the RUA GOLD Properties are categorized as indicated and some as inferred mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource
estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations
applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral
reserves, once economic considerations are applied.
Focus, Location and Speed
Project, People, Money
STRATEGY
Focus
Management and Board
bring a track record of
company building, value
creation and technical
expertise, with deep ties
into New Zealand.
Speed
Challenging the market
norm by aggressively
working towards its
transition from explorer, to
developer, to producer,
within 3 years.
Location
New Zealand's new
Fast-Track Approvals bill
streamlines process for
mining operations and
expedites exploration and
extraction.
➜Successfully Assembled Tenements Across Two Prolific
Gold Districts
➜Resource Development underway targeting undeveloped
near surface high-grade gold antimony
➜Backed by a Pro-Mining Government looking double
mining exports and permit mines within 6 months
3
New Zealand: Safe & Reliable Mining Jurisdiction
Over 40Moz of gold
NZ's rich production history
Highly Prospective Geology
6 Month Mine Permitting
NZ Government’s newfast-track approvals bill allows
for a 6-month mine permitting process.
Pro-Mining Government
Export Growth Plan
Pro-mining Government’s 10-year goal is to double
mining exports.
Growing Mining Industry
4
#1 Jurisdiction in Oceana and #12 in the World for Mining
Investment Attractiveness.
Based on results from the 2024 Fraser Institute Annual Survey.
The highly-prospective tenements that we started assembling in 2019 have never
been exposed to modern exploration...but that’s all changed.
The Team: A Legacy of Creating Value
$11B+
In Exits
8 Mines
Mines Into Production
$2.2B+
In Capital Raised
RUA GOLD’s team isdriving an
aggressive and focused strategy to
capitalize on New Zealand’s gold
mining potential, recognizing the
unparalleled opportunities in
theirprojects.
150+ Years
Experience in
Gold Mining Projects
RUA GOLD's teamhas the experience to extractNew
Zealand’s high-grade gold, having achieved:
5
Board of Directors
6
Chairman
Oliver Lennox-King
Former Chairman of Fronteer Gold and Roxgold
with combined +$3B in exits. 2
nd
largest
shareholder of RUA GOLD.
COO
Simon Henderson
Exploration Geologist and specialist in orogenic and
epithermal gold systems. Has a long history and strong
relationships in New Zealand’s with stakeholders.
CFO & Corporate Secretary
Zeenat Lokhandwala
Previously CFO of Great Bear Royalties and
Director of Finance of Great Bear Resources.
Experience in M&A, finance and accounting.
CEO
Robert Eckford
Previously co-founder and CFO of Aris
Mining. Experience in mining across
Australia, Africa and South America.
Director
Paul Criddle
Executive at Capricorn Metals and previously
COO of Roxgold. Built and managed multiple
gold mines across Australia and Africa.
Director
Tyron Breytenbach
CEO of Lithium Africa Resources, formerly SVP
Capital Markets at Aris Mining. Geologist with
experience in operations and capital markets.
43+ years of experience; currently serving as Fellow
of the Australian Institute of Mining and Metallurgy
Founder and Chairman of Siren Gold
Director
Brian Rodan
Director
Mario Vetro
Owner of Commodity Partners. Previously co-
founder of K92 Mining. Extensive experience in
structuring and advising resource companies.
Management
VP Exploration
Emmett D’Urso
Exploration Geologist and specialist in orogenic gold
systems in Victoria Australia. Previously Senior Site
Official with De Grey Mining until its sale.
VP Risk Stakeholder Regulatory Affairs
Simon Delander
Previously VP at Endura Mining (formerly Federation),
leading their successful permit process. Strong
stakeholder relationships in New Zealand.
7
Capital Structure
Common Shares114.9M
Options
5.9M @ $0.60 - $0.90 vesting in 2027-2028
1.8M @ $0.90 - $1.50 vesting in 2027-2029
7.7M
Broker Warrants
0.2M @ $1.08 expiring July 2026
1.3M @ $1.10 expiring Jan 2028
1.5M
Fully Diluted124.1M
Market Capitalization
Undiluted using share price of C$1.30
C$149M
Cash Balance
Unaudited balance following the completion to the financing
on January 28, 2026
C$38M
15%
41%
13%
12%
19%
RUA Insiders
Institutions (led by Franklin, Konwave, Libra and ICM)
HNW Individuals (incl. Eric Sprott and Peter Marrone)
Siren (ASX: SNG)
Retail
TSX:RUA
NZX:RGI
OTC:NZAUF
HISTORIC PRODUCTION
15M oz. Au
60M
oz. Ag
HISTORIC GRADE
15-30 g/t Au
Key strategic interest in Two
Historic High-Grade Gold Districts
HISTORIC PRODUCTION
2M oz. Au
HISTORIC GRADE
9- 50 g/t Au
REEFTON GOLDFIELD:
High-grade Orogenic Gold
HAURAKI GOLDFIELD:
High-grade Epithermal Gold
8
HAURAKI GOLDFIELD
Glamorgan Project: All the hallmarks of New
Zealand’s next major epithermal gold system
9
GEOLOGY
Epithermal gold deposits are
among the highest gold grade
producers in the world
HISTORY
The Hauraki Goldfield has
produced 15M+ oz gold and
60M+ oz silver
PRODUCTION
An active mining camp with fast
track permitting underway on
WKP ’s high-grade gold mine.
10
New Glamorgan Claim
~15k hectares
OceanaGold – Wharekirauponga (WKP)
1.37Moz @ 17.88g/t Au (Ind)
1
NPV5% $621 million and IRR of 24%
2
1: Source: OceanaGold Pre-Feasibility Study, December 11, 2024
2: Gold price of $2,400 per ounce
OceanaGold – Waihi
~10Moz gold produced to date
HAURAKI GOLDFIELD
Victoria Drill Program:
Lode confirmed 80m below historic mine
43.1 g/t Au rock chip shows
identical textures to high-grade
Au core from WKP, with lattice-
bladed quartz in high-grade
core sample
11
43.1 g/t Au
84.8 g/t AuWKP Core
Glamorgan Rock Chip Sample
>3km
Neighbouring Project:
Wharekirauponga (WKP)
•OceanaGold’s (TSX: OGC) largest
development project
•Fully permitted under the Fast Track
in December 2025
•Expected production of 1.6 million
ounces of gold over 15 years
•Mineralization remaining open in all
directions
•PFS published in December 2024
•1.37Moz @ 17.88g/t Au (Ind)
1
•NPV
5%
of $621 million
2
•IRR of 24%
2
GLAMORGAN PROJECT
Identical Surface Features to Neighboring WKP
1: Source: OceanaGold Pre-Feasibility Study, December 11, 2024
2: Gold price of $2,400 per ounce
Victoria Drill Program:
Lode confirmed 80m below historic mine
Surface exploration activities commenced in May 2024 including:
UAV magnetic surveying
-~590 line-km flown indicating two areas of strong alteration
(demagnetization of the host rocks) indicative of the footprint of a
major epithermal system
Soil and rock-chip sampling
-Soil geochemistry highlights high-grade gold and arsenic
enveloping outcropping quartz veins paralleling north-northeast
Ground resistivity survey
-CSAMT at Glamorgan revealed several similar deeply rooted
resistors, host to high-grade gold on surface and enveloped by
highly anomalous soil gold geochemistry
TerraSpec spectrometry
-Si-clay mineralization identified from TerraSpec analyses confirms
silica-flooding and chalcedony classic features of high levels of
epithermal systems overlying Au soil anomalies
Geological mapping
Next Steps: Drill targets defined, permits are lodged and approval is
anticipated in Q2 2026
Precursors to drilling are complete
UAV magnetic surveySoil Sampling
500 m
0 m
600m
Elevation
CSAMT revealed deeply rooted resistors
600m
12
GLAMORGAN PROJECT
Major epithermal drill ready potential
REEFTON GOLDFIELD
Exploration going on Development
CURRENT ACTIVITY
4 drill rigs active with a planned
43-101 resource refresh at the
end of 2025
GEOLOGY
Orogenic gold deposits are
among the highest gold grade
deposits in the world
POTENTIAL
A land package that had high-
grade production, is an active
gold mining camp and has been
severely underexplored
13
AGGRESSIVE EXPLORATION PROGRAM
Drilling Towards
Development
4 rigs currently turning
ACTIVE NEIGHBOURING MINE
Endura Mining
(ex- Federation)
US$30M purchase
from OceanaGold
Raised +A$400M
With Aus Super and Orion
+795k oz.
Inferred resource
1
Under construction with first gold
planned for end of 2026
1. Source: www.enduramining.com/our-projects/overview/
REEFTON GOLDFIELD
RUA’s District Scale Land Package
SCALE
95%
of Reefton tenements
PAST PRODUCING DISTRICT
+2Moz of Gold
Produced in the
early 1900’s
14
Endura Mining - Snowy River
Historic Production: 733koz @ 14g/t Au
Land Size: ~7k ha
MRE: 795koz @ 23.1g/t Au
1
15
Endura Mining
Snowy
River
OceanaGold
Globe
Progress
Resource
795koz
23g/t Au
(inf)
1
Open Pit Limit
610koz
Development of the Snowy River Project demonstrates continuity
of gold mineralization to 1,500m.
The two neighbouring mines that have seen modern day
exploration demonstrate economic reserves beyond old workings.
1. Source: www.enduramining.com/our-projects/overview/
RUA GOLDRUA GOLDRUA GOLDRUA GOLDRUA GOLDRUA GOLDRUA GOLD
REEFTON GOLDFIELD
Historic Mine Sites
16
Snowy River
Globe Progress
We have 95% of the Reefton Goldfield under our control.
The only two neighbouring companies (in grey) that have been back to the district since the old
timers have both found economic resources.
RUA GOLD tenements
Neighbouring tenements
Auld Creek is already New Zealand’s largest known gold antimony (Sb) resource.
Company will refresh the current resource (110k @ 5.2g/t AuEq) in February 2026.
Achieving this will drive towards New Zealand’s favorable fast track permitting with our starter mine while
we uncover the potential of the rest of the Reefton Goldfield.
Aggressive drilling is underway at Auld Creek with three drill rigs expanding the current resource both along
strike and at depth.
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.
Notable recent assays:
oACDDH024: 12m @ 12.2g/t AuEq (1.9g/t Au & 2.4% Sb)
oACDDH025: 8m @ 13.2g/t AuEq (2.2g/t Au & 2.2% Sb)
oACDDH028: 1.3m @ 48.3g/t AuEq (13.3g/t Au & 8.1% Sb)
oACDDH031: 2.1m @ 64g/t AuEq (5.5g/t Au & 13.1% Sb)
oACDDH037: 8m @ 8 .9g/t AuEq (6.2g/t Au & 0.6% Sb)
oACDDH039: 17m@9.8g/tAuEq(3.6g/tAu& 1.5%Sb)
oACDDH050: 3m @ 21.3 g/t AuEq (4.5 g/t Au & 3.9% Sb)
oACDDH056: 5.1m @ 7 .3 g/t AuEq (5.3 g/t Au & 0.5% Sb)
Conceptual Plan for Auld Creek Resource Expansion Drilling
17
REEFTON GOLDFIELD
Auld Creek – RUA GOLD’s development plan
REEFTON GOLDFIELD
Auld Creek – open and extending in all directions
Auld Creek resource at Nov 2024
was 110k AuEq @ 5.2g/t.
4,500m drilled since January
increasing:
•vertical depth of resource
from 160m to 300m
•strike length of resource from
350m to 870m.
The resource remains open in all
directions, with majority of
drilling intersecting the structure.
Surface geochemistry indicates
anomalies over a 2.5km strike
length to the north and multiple
parallel veins to the east, all
untested.
18
Appoint
consultant
partners
Submission
Legal Review
Background
investigations
Preliminary Economic Assessment (PEA)
Assessment of
Environmental
effects
Stakeholder
engagement
Fast Track
application
preparation
Referral
Application
submission
Field visits
Application
submitted
Dec 25 March 26 June 26 Sept 26 Dec 26
Reefton Project – Auld Creek
Fast Track Project Timeline
Referral
Application
decision
Technical &
Environment
Studies
19
Caledonia:
Rock: 93.9g/t Au, 11.8% Sb
Fiery Cross:
Rock: 52.3g/t Au, 16% Sb
Outcrop: 74.3g/t Au, 0.2% Sb
Auld Creek (drill core):
8.1m @ 2.73g/t Au, 4.33% Sb
12.4m @ 5.19g/t Au, 13.65% Sb
Big River:
Trench: 1m @ 20.4g/t Au, 15.8% Sb
Trench: 1m @ 28.1g/t Au, 20.6% Sb
Globe Progress
Murray CreekAlexander
River
CaplestonCaplestonCaplestonHead Frame – Big River
2.5m @ 358.2g/t Au
Alexander River
60km Strike Length of Au and Sb Deposits
Our Approach:
•Using VRIFY AI for the accelerated
identification and prioritization of drill targets.
•VRIFY AI providing an iterative targeting loop
using:
95,000+ Rock and drill holes
19,500+ Geological Measurement Points
52,000+ Soil and Environmental Samples
63GB Of Geophysical Layers
REEFTON GOLDFIELD
District Scale Potential
20
60km Strike
Length
Alexander River
Snowy River
Big River
Cumberland
Globe Progress
Auld Creek
Capleston
Murray Creek
Kirwans
Historic production of over
2Moz @ 9-50g/t Au
A forgotten historic mining district coming back to life
as the New Zealand’s leading gold antimony district
REEFTON GOLDFIELD
RUA GOLD Is Bringing
Reefton Back
21
22
2026 Catalysts
Jan – Completion of over-subscribed C$33M capital raising. The Company is now funded
for 18-24 months
Feb – Graduation from the TSX-V to the TSX
– Listing on the NZX under ticker RGI
– Filing of 43:101 Technical Reports for the Reefton and Glamorgan Projects
Q2 2026 – Anticipated receipt of drill permits for the Glamorgan Project
– Targeted inclusion by the New Zealand Government for the Reefton Gold-Antimony
Project in the Fast-Track permitting process
Q3 2026 – Completion of Preliminary Economic Assessment (“PEA”) for the Reefton Project
Q4 2026 – Submission of a mining permit application for the Reefton Project under the
Fast-Track permitting process
Continuous exploration updates throughout the year, supported by four drill rigs at the Reefton Project
and two drill rigs at the Glamorgan Project
23
A PROVEN TEAM, READY TO DO IT AGAIN...
WE KNOW HOW TO FIND AND MINE GOLD
8 mines taken to production by team members
WE KNOW HOW TO CREATE VALUE
$11B+ in exits, 55+ years of experience in gold mining
WE KNOW NEW ZEALAND
Majority of our board and management have experience in New Zealand
NEW ZEALAND IS READY
Government supportive of mining
THE MARKET IS READY
Gold and antimony prices are hitting all time highs
www.ruagold.com
TSX:RUA
NZX:RGI
OTC:NZAUF
Robert Eckford Simon Henderson Zeenat Lokhandwala
CEO and Director COO and Director CFO and Corporate Secretary
reckford@ruagold.com
shenderson@ruagold.comzlokhandwala@ruagold.com
1055 West Georgia Street, Suite 1500
Vancouver BC, V6E 4N7, Canada
---
NZ RegCo
Level 2, NZX Centre
11 Cable Street
Wellington 6140
By email: issuer@nzregco.com
RUA Gold Inc. - Application for Listing as a NZX Foreign Exempt Issuer and Quotation of Equity
Securities on the NZX Main Board
RUA Gold Inc. (RUA) is making this application to list as a NZX Foreign Exempt Issuer and for quotation
of its common stock (ordinary shares) on the NZX Main Board. RUA has been granted conditional
approval to list and have its common stock quoted on the Toronto Stock Exchange (TSX). RUA will trade
under the ticker RUA on the TSX and will commence trading on the TSX on 17 February 2026 (and prior
to that was listed on the TSX Venture Exchange).
Robert Eckford (CEO and Director) provides this application for listing and quotation on behalf of RUA in
accordance with the NZX Listing Rules (Rules).
RUA requests that the ticker code RGI be reserved by NZX for Rua Gold Inc.
Listing information – Rule 1.12
Rule Requirement Information
1.12.2(a)
Listing Agreement
A Listing Agreement has been entered by RUA on 9
December 2025.
NZX will execute the Listing Agreement on the date that RUA
commences its listing on the NZX Main Board, which is
expected to occur on 23 February 2026.
1.12.2(b)
Governing Document
The Governing Document is attached to this application.
1.12.2(c)
Payment of fees
RUA confirms that it will pay all fees prescribed by NZX while
Listed.
1.12.2(d)
Quotation
See section below Quotation Information.
1.12.2(e)
Certificate of Incorporation
The certificate of incorporation is attached to this application.
1.12.2(f)
Bond
The deposit required has been provided to NZX.
1.12.2(g)
Securities on Issue
(Quoted and unquoted)
As at the date of this application RUA has the following
securities on issue:
Common Stock: 114,924,989
Warrants: 1,519,405
Options: 7,693,668
Deferred Stock Units: 1,309,681
Docusign Envelope ID: 4A5C8439-6055-414C-BFA4-D1161B35C03E
Details of each class of securities is set out in the
accompanying listing profile in the section entitled ‘Key
Features of RUA’s Securities’.
1.12.2(h)
Contact addresses
The contact details of Rua Gold Inc. are:
Phone number: +1 (604) 687-7130
Postal address: 1500-1055 West Georgia St.,
Vancouver, British Columbia, V6E 4N7,
Canada
Email address: info@ruagold.com
1.12.2(i)
Annual Reports
Annual reports for the past three years are attached to this
application.
1.12.2(k)
Any other information
Interim financial statements/report: RUA’s condensed and
unaudited interim consolidated financial statements for the
three and nine months ended September 30, 2025 and 2024
are attached to this application.
MAP agreement: A copy of the Market Announcement
Platform (MAP) agreement, signed by RUA is attached to this
application.
Information for NZX.com: An overview of issuer’s business for
inclusion on NZX.com, is set out below:
RUA is a gold exploration company with minerals permits on
New Zealand’s South Island and North Island. RUA aims to
unlock value by investing in resource expansion, conducting
exploratory drilling, identifying greenfield opportunities, and
pursuing accretive acquisitions.
RUA’s strategy centers on advancing its gold projects in New
Zealand: the Reefton Project, located in in the historic Reefton
Goldfield, and the Glamorgan Project, located in the Hauraki
Goldfields.
RUA is currently in the resource definition stage at the
Reefton Project and is undertaking its drill program to prove
economic mineral reserves. In 2026, RUA anticipates
completing its resource definition work and progressing to the
study and permitting stage.
The Company has completed some initial regional exploration
work at the Glamorgan Project in the Hauraki Goldfields and
is currently awaiting its access agreement from the
Department of Conservation to allow a maiden drill program to
commence. This is anticipated to be achieved in 2026.
Other applications: RUA has not previously applied for, and
had declined or has withdrawn, listing and quotation on
another securities exchange.
Docusign Envelope ID: 4A5C8439-6055-414C-BFA4-D1161B35C03E
1.7.2(d)(ii)
Details of any existing waivers
The Company has been granted a waiver from the
sponsorship requirements as set out in Section 326 of the
TSX Company Manual based on the fact that the Company
has been listed on the TSX Venture Exchange since July 24,
2024.
Quotation information – Rule 1.13
Requirement Information
Details of the Securities for which
application for Quotation is sought
Number: 114,924,989 will be on issue at Quotation.
Class: Common stock (ordinary shares).
Face value (if any): N/A.
ISIN: CA78109M2067
Profile in respect of the Securities The Profile is attached to this Application.
Registry information TSX: Computershare Investor Services Inc. (Canada)
NZX: Computershare Investor Services Limited (NZ)
All other documents or information as
specified in any guidance published by
NZX from time to time
N/A
Primary contact for the Listing
Application
The contact details of Robert Eckford are:
Phone number: (+1) 604 655 7354
Email address: reckford@ruagold.com
Primary Contact at the Issuer for NZX
and NZ RegCo matters
The contact details of Zeenat Lokhandwala (Chief Financial
Officer and Corporate Secretary) are:
Phone number: (+1) 778 899 5786
Email address: zLokhandwala@ruagold.com
Text for the company description
section of nzx.com
RUA is a gold exploration company with minerals permits on
New Zealand’s South Island and North Island. RUA’s strategy
centers on advancing its gold projects in New Zealand: the
Reefton Project, located in in the historic Reefton Goldfield,
and the Glamorgan Project, located in the Hauraki Goldfields.
Billing Information Sheet The Billing Information Sheet was provided on 9 December
2025.
Any other information required by NZX We have not received no further requests for information from
NZX.
For Fund Securities only
The names of the responsible entity,
investment manager, investment
N/A
Docusign Envelope ID: 4A5C8439-6055-414C-BFA4-D1161B35C03E
adviser, administration agent and
custodian of the investment fund (as
applicable)
For Fund Securities only
Details of any designation sought for
the Fund Securities and the
certification methodology applied for
such designation.
N/A
For Fund Securities only
The compliance plan that applies to
the fund securities under Part 5C of
the Corporations Act 2001
N/A
RUA confirms the information provided to NZX is complete and accurate. RUA acknowledges that NZX
may disclose certain information or this application, including with TSX.
RUA acknowledges that NZX is not obliged to grant a listing or quotation application, regardless of
whether RUA complies with all applicable provisions of the Rules. NZX may refuse an application in its
absolute discretion and without giving any reasons for such reasons.
Dated: 16 February 2026
Yours faithfully
Robert Eckford
CEO and Director
RUA Gold Inc.
Docusign Envelope ID: 4A5C8439-6055-414C-BFA4-D1161B35C03E
---
NZX Listing Profile
February 16, 2026
Prepared in connection with the initial quotation of ordinary shares in Rua Gold Inc. on the NZX Main Board
Prepared pursuant to NZX Listing Rule 7.3.1(b)
2
KEY INFORMATION SUMMARY
What Is This?
This profile document (“Profile”) has been prepared in accordance with the NZX Listing
Rules, to support the initial quotation of common shares (“Shares”) in the capital of Rua
Gold Inc. (“RUA” or the “Company”) on the NZX Main Board as a Foreign Exempt Issuer (the
“Listing”). Unless stated otherwise, the information in this Profile is provided in relation to
the Company as at the proposed Listing date of February 23, 2026.
No Shares are being offered as part of the Listing. However, Shares may be traded on the
NZX Main Board after Listing. Shares give you a stake in the ownership of the Company. You
may receive a return if the Company increases in value and you are able to sell your Shares
at a higher price than you paid for them.
If the Company runs into financial difficulties and is wound up, you will be paid only after all
creditors and holders of preferred shares, if any, have been paid. You may lose some or all
of your investment.
About RUA
RUA is a gold exploration company with minerals permits across New Zealand. The
Company is led by an experienced board of directors and management team with a proven
track record of creating shareholder value through building gold mining companies, by both
organic and non-organic growth. The Company aims to unlock value by investing in resource
expansion, conducting exploratory drilling, identifying greenfield opportunities, and
pursuing accretive acquisitions.
RUA’s strategy centers on advancing its gold projects in New Zealand: the Reefton Project,
located in in the historic Reefton Goldfield, and the Glamorgan Project, located in the
Hauraki Goldfields.
To deliver on this strategy, the Company will follow a staged approach as follows:
• surface regional exploration;
• resource definition;
• concurrent mine feasibility studies, environmental studies, stakeholder
engagement and permitting;
• detailed engineering and design;
• plant and surface infrastructure construction and mine development; and
• production.
As each of these stages through to production are pre-revenue generation, the Company will
fund this development through a prudent mix of debt, equity and structured finance (stream,
royalty or offtake agreements). In the immediate term, the Company will be reliant on
3
continued and regular capital raisings to support funding for the Projects. The last raise was
recently completed on January 28, 2026 which will fund the Company’s exploration
activities for 18 – 24 months (refer to https://ruagold.com/rua-gold-closes-c33-million-
financing).
RUA is currently in the resource definition stage at the Reefton Project and is undertaking its
drill program to prove economic mineral reserves required development to move into the
next stage above. In 2026, RUA anticipates completing its resource definition work and
progressing to the study and permitting stage.
The Company has completed some initial regional exploration work at the Glamorgan
Project in the Hauraki Goldfields and is currently awaiting its access agreement (“AA”) from
the Department of Conservation (New Zealand) (“DOC”) to allow a maiden drill program to
commence. This is anticipated to be achieved in 2026.
Company History
Prior to February 27, 2024, the Company had no operations but its Shares were listed for
trading on the Canadian Securities Exchange (“CSE”) under the symbol “URNM”. On
February 27, 2024, pursuant to a business combination agreement dated July 24, 2023 (the
“Business Combination Agreement”), between the Company and Reefton Goldfields Inc.
(“Reefton Goldfields”), the Company completed its acquisition of all of the issued and
outstanding shares in the capital of Reefton Goldfields, the parent company of Reefton Gold
Limited (“Reefton Gold”). Reefton Gold owned promising mineral properties in New
Zealand, by way of a three-cornered amalgamation between the Company, Reefton
Goldfields and the Company’s wholly-owned subsidiary, 1424060 B.C. Ltd. (the “Reefton
Goldfields Business Combination”). In accordance with the Business Combination
Agreement, Reefton Goldfields amalgamated with 1424060 B.C. Ltd. to form Reefton
Acquisition Corp. (“Reefton Acquisition Co.”). The shareholders of Reefton Goldfields
became shareholders of the Company, and the Company acquired a 100% indirect interest
in Reefton Gold via its wholly-owned subsidiary, Reefton Acquisition Co. Following the
Reefton Goldfields Business Combination, the Company changed its name to “Rua Gold
Inc.”, the Shares were accepted for trading on the CSE under the symbol “RUA” on March 1,
2024, and the Company operated the mineral exploration business of Reefton Goldfields.
On November 25, 2024, pursuant to a share purchase agreement dated July 12, 2024, as
amended on October 18, 2024 (the “Share Purchase Agreement”), among the Company,
Reefton Acquisition Co., Siren Gold Limited (“Siren”) and Reefton Resources Pty Limited
(“Reefton Resources”) (a wholly owned subsidiary of Siren that owned additional mineral
properties in New Zealand) the Company acquired all of the issued and outstanding shares
of Reefton Resources (the “Reefton Resources Acquisition”).
As a result of the Reefton Goldfields Business Combination and the Reefton Resources
Acquisition, the Company conducts the mineral exploration businesses previously
conducted by Reefton Goldfields and Reefton Resources, with the benefit of having access
4
to public equity markets to fund its operations. For further information relating to the history
of the Company, see “Company History” and “Material interests in RUA” below.
Purpose of Listing on the NZX Main Board
Listing on the NZX Main Board will provide RUA the opportunity to enhance its profile and
reputation as a leading gold exploration company both domestically and internationally.
RUA is not raising capital in conjunction with the Listing. However, RUA may raise capital in
the future and may issue Shares as consideration for future acquisitions as described in
more detail under the heading “KEY FEATURES OF RUA’S SECURITIES” on page 31. Shares
of a public company can be traded, so the Listing will also provide shareholders of RUA with
additional liquidity.
RUA’s Shares were recently listed for trading on the Toronto Stock Exchange (“TSX”) having
previously been listed on the TSX Venture Exchange (“TSX-V”) in Canada.
Application of TSX Policies and Canadian Securities Laws
The Company is seeking a Foreign Exempt Listing on the NZX Main Board. As a result, the
Company will primarily be regulated by TSX policies and applicable Canadian securities
laws, with only limited NZX Listing Rules applying.
As a publicly traded company in Canada, RUA is subject to certain continuous disclosure
requirements under Canadian securities laws, which include, among others, requirements
to publicly file: (i) quarterly interim financial statements and accompanying interim
managements’ discussion and analysis; (ii) audited annual financial statements and
accompanying annual managements’ discussion and analysis; (iii) annual information
forms; (iv) management information circulars and other documents for meetings of
shareholders; and (iv) news releases disclosing material information of the Company. To
satisfy these disclosure requirements, RUA has, and will continue to, publish prescribed
information under its profile on the Canadian Securities Administrators’ System for
Electronic Data Analysis and Retrieval + (“SEDAR+”) at www.sedarplus.ca.
Canadian securities laws also require certain insiders to make certain timely filings in
respect of their interests in Canadian reporting issuers on the Canadian Securities
Administrators’ System for Electronic Disclosure by Insiders (“SEDI”). Insiders include,
among others, directors and officers of the Company and shareholders who, directly or
indirectly, beneficially own, or exercise control or direction over, at least 10% of the issued
and outstanding voting securities of the Company. Insiders of the Company have made, and
are required to make, filings on SEDI in respect of the Company. The Company itself is not
required to make any filings on SEDI unless it becomes an insider of a Canadian reporting
issuer.
Once listed, the Company will cross-release any information published on SEDAR+ to the
NZX Market Announcement Platform in a timely manner.
5
About RUA’s Shares
Under RUA’s constating documents, the Company is authorized to issue an unlimited
number of Shares. Following completion of the Listing, RUA will have: (i) 114,924,989
Shares issued and outstanding; (ii) 1,519,405 Shares reserved for issuance upon the
exercise of 1,519,405 Share purchase warrants (each, a “Warrant”) outstanding; and (iii) up
to 7,693,668 Shares reserved for issuance upon the exercise of 7,693,668 stock options
(each, an “Option”) outstanding. The Company also has 1,309,681 deferred share units
(each, a “DSU”) outstanding, which may be redeemed for cash or Shares. The Shares,
Warrants, Options and DSUs (collectively, the “Securities”) are briefly described below and
are described in more detail under the heading “KEY FEATURES OF RUA’S SECURITIES” on
page 31.
Any material changes, as that term is defined under Canadian securities laws, to RUA’s
share capital will be disclosed immediately by way of a news release over SEDAR, and cross-
released on the NZX Market Announcement Platform. Any immaterial changes to RUA’s
share capital, such as an issuance from warrant exercises that is less than or approximately
1% of RUA’s total outstanding shares, will be disclosed in accordance with RUA’s quarterly
reporting obligations under Canadian securities laws and cross-released to the NZX Market
Announcement Platform accordingly.
Listing Statistics and Key Dates
Issued and outstanding Shares at Listing 114,924,989
Financial year end December 31
Expected Listing date February 23, 2026
How You Can Get Your Money Out
RUA intends to quote its Shares on the NZX Main Board. This means you may be able to sell
them on the NZX Main Board if there are interested buyers. You may get less than you
invested. The price will depend on the demand for the Shares. The only way in which a holder
of Shares can realise their investment is to sell their Shares. If you sell your Shares, you may
be required to pay brokerage or other sale expenses. You may also be liable for tax on the
sale of your Shares. You should seek your own tax advice in relation to your Shares.
Key drivers of returns
The Company considers that the following current and future aspects of its business have,
or may have, the most impact on the financial performance of the business.
6
Risk Factors
Investing in Shares is speculative and involves a high degree of risk due to the nature of
RUA’s business and the present stage of its development. The following risk factors, as well
as risks currently unknown to RUA, could materially and adversely affect RUA’s future
business, operations and financial condition and could cause them to differ materially from
the estimates described in forward-looking statements relating to RUA, or its business,
property or financial results, each of which could cause purchasers of Shares to lose part or
all of their investment:
• Limited business history and no history of earnings. The Company is a relatively
young development company and is still to develop cashflow generating projects.
• Availability of future financings. With limited cashflow from its development assets,
the Company is reliant on raising new capital to fund its operating activities and
develop its prospects.
• Risks related to the Company’s exploration activities on the mineral properties.
• Permitting and Approvals. There is no guarantee that the Company will obtain mining
licences, applicable resource consents, land access agreements or similar to enable
it to commence mining activities at any of its prospects and it may be adversely
effected by changes in mining or environmental laws.
• Risks related to the Company’s reliance on a limited number of properties.
• Risks related to the Company’s title to its mineral properties.
• Commodity Prices. Fluctuations in the price of precious metals and other
commodities will impact upon the value of the Company’s prospects and the value
of the Company.
• Risks related to the Company’s relationship with local communities and other
stakeholders.
This summary does not cover all of the risks of investing in Shares. You should also read
RISKS TO RUA’S BUSINESS AND PLANS.
Where You Can Find RUA’s Financial Information
The financial position and performance of the Company are essential to an assessment of a
potential investment in the Shares. You should read RUA’S FINANCIAL INFORMATION.
7
CONTENTS
1. KEY INFORMATION SUMMARY ...................................................................................... 2
2. CONTENTS ........................................................................................................................ 7
3. RUA AND WHAT IT DOES ................................................................................................ 8
4. KEY FEATURES OF RUA’S SECURITIES ....................................................................... 31
5. RUA’S FINANCIAL INFORMATION ............................................................................... 37
6. RISKS TO RUA’S BUSINESS AND PLANS .................................................................... 40
7. TAX .................................................................................................................................... 48
8. DIFFERENCES BETWEEN TSX AND NZX LISTING RULES ......................................... 48
9. WHERE YOU CAN FIND MORE INFORMATION .......................................................... 50
10. CONTACT INFORMATION ............................................................................................. 51
8
RUA AND WHAT IT DOES
Overview of the Business
RUA is a mineral exploration company, strategically focused on New Zealand.
The Company’s most advanced exploration mineral property is the project located in the
Buller Region of the South Island, New Zealand, consisting of ten exploration permits
(“EPs”), EP 60491, EP 60624, EP 61062, EP 60446, EP 60448, EP 60479, EP 60648, EP 60747,
EP 60928 and EP 61101, and four prospecting permits (“PPs”), PP 60632, PP 60758, and PP
60894, covering an aggregate area of approximately 1,122 km
2
. The Company holds a 100%
interest in permits EP 60491, EP 60624 and EP 61062 (the “Reefton Gold Project”) through
its wholly owned indirect subsidiary, Reefton Gold, and in permits EP 60446, EP 60448, EP
60479, EP 60648, EP 60747, EP 60928, EP 61101, PP 60632, PP 60758and PP 60894 (the
“Reefton Resources Project”) through its wholly owned indirect subsidiary, Reefton
Resources. Together, the Reefton Gold Project and Reefton Resources Project comprise the
“Reefton Project”
1
.
The Company also has a 100% interest in the exploration permit EP 60950 for the Glamorgan
tenement spanning 4644 hectares, within the Hauraki Goldfields, situated in the
southcentral part of the Coromandel Range, west of the Whangamatā Township (the
“Glamorgan Project”). The Company’s work to date on this Project has been limited to
surface exploration work. RUA has not allocated any material spending on exploration
activities to progress this Project until the AA is granted. As such, the Company does not
consider the Glamorgan Project to be material.
The spending on Glamorgan to date has been limited to surface exploration work such as
soil sampling, mapping, drone resistivity testing. This is largely done by our inhouse team
and therefore there is not material amounts of spending on this project. Once we have drill
permits, then the material spending starts, which is primarily drilling costs.
1
For further information, see “Material Mineral Properties” below and the annual information form for the year ended December 31, 2024, filed
under the Company’s SEDAR+ profile on June 16, 2025 at www.sedarplus.ca.
9
RUA’s Intercompany Relationships
The following corporate organizational chart displays the Company and its wholly-owned
direct and indirect subsidiaries:
Company History
The Company was incorporated under the Business Corporations Act (British Columbia)
(the “BCBCA”) on December 14, 2016, under the name “Karam Minerals Inc.” and the
Shares commenced trading on the CSE under the symbol “KMI” on April 25, 2019. On
January 14, 2022, the Company changed its name to “First Uranium Resources Ltd.” and the
Shares continued to trade on the CSE under the symbol “URNM”. On February 27, 2024, the
Company changed its name to “Rua Gold Inc.” in connection with the closing of its
acquisition of Reefton Goldfields, which constituted a “Fundamental Change” (as defined
in the policies of the CSE), and the Shares were accepted for trading on the CSE under the
symbol “RUA” on March 1, 2024. On July 29, 2024, the Shares were accepted for trading on
the TSX-V under the symbol “RUA” and voluntarily delisted from the CSE. On February 17,
2026, the Company expects to graduate from the TSX-V to the TSX and its Shares
commenced trading on the TSX under the symbol “RUA”.
On December 6, 2024, the Company consolidated its Shares on the basis of six (6) pre-
consolidation Shares for every one (1) post-consolidation Share (the “Consolidation”).
Prior to the Reefton Goldfields Business Combination, the Company had no operations and
Reefton Goldfields owned promising mineral properties in New Zealand. Prior to the Reefton
Resources Acquisition, the Company operated the mineral exploration business of Reefton
Goldfields and Reefton Resources owned additional mineral properties in New Zealand. As
a result of the Reefton Goldfields Business Combination and the Reefton Resources
Acquisition, the Company conducts the mineral exploration businesses previously
10
conducted by Reefton Goldfields and Reefton Resources, with the benefit of having access
to public equity markets to fund its operations.
Material Mineral Properties
Reefton Gold Project
The following project description is a summary, supported by a report entitled “Technical
Report on the Reefton Project, New Zealand”, with an effective date of July 8, 2024 (the
“Reefton Gold Technical Report”), issued by RSC Consulting Ltd. (“RSC”) and authored by
Sean Aldrich, MSc, MAusIMM, MAIG, of RSC, a “qualified person” as defined in National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) (i.e. the
Canadian equivalent of a “Competent Person” under the Joint Ore Reserves Committee
Code).
The Reefton Gold Technical Report is prepared independently but in collaboration with RUA.
RUA’s management are aligned and agrees with all information and recommendations in
the Reefton Gold Technical Report.
Reference should be made to the full text of the Reefton Gold Technical Report, which was
publicly filed under the Company’s profile on SEDAR+ at www.sedarplus.ca on July 11,
2024. Portions of the following information are based on assumptions, and procedures
which are not fully described herein. We recommend you read the Reefton Gold Technical
Report in its entirety to fully understand the technical aspects of the Reefton Gold Project.
The Reefton Gold Technical Report was commissioned by the Company to disclose
credible, standardised information about the mineral properties for the benefit of investors
and regulators. Furthermore, it is a requirement of Canadian securities regulators that the
Company reports material mineral exploration or mining results.
Property Description, Location and Access
The Reefton Gold Project is located in the Reefton Goldfield, in the Buller Province of South
Island, New Zealand. The Reefton Gold Project is ~1 km east of the township of Reefton, and
48 km east-southeast of the town of Westport. Reefton Gold Limited’s current operation
comprises one prospecting permit (PP60554) and two exploration permits (EP60491 and
EP60624) issued under the Crown Minerals Act 1991 (New Zealand) (“CMA”). The combined
area of the permits is 56,104.82 ha. Figure 1 illustrates the location of the Reefton Gold
Project within the country of New Zealand and indicates the Reefton Gold Project’s proximity
to surrounding communities.
11
Figure 1: Location of the Reefton Gold Project.
The Reefton Gold Project is located to the east of the Reefton township and can be accessed
via State Highway 6 and 7. Local roads that lead off from the highways provide vehicle
access to various parts of the Reefton Gold Project, and old mining access roads locally
provide 4-wheel-drive access to the major historical mines. The DOC maintains recreational
walking tracks within the prospects. Heavy machinery access requires helicopter transport
to some permit areas. Local firms operate helicopter charter services, and fixed-wing
charter services are available through the Greymouth Aero Club.
In addition to the mandatory Crown royalties, the Reefton Gold Project is also subject to
royalties in favor of Brett Moynihan, Edward Davis, Hamish Roundhill, John Silcock, Ross,
Daniel Moore and Wayne Hassan (collectively, the “MPG Partnership”). The MPG
Partnership is a collective of six men who undertook exploration under PP60377. This permit
was acquired by Reefton Gold Limited with a memorandum of understanding. Under the
memorandum of understanding, Reefton Gold Limited agreed to grant MPG:
• a 1% net smelter royalty on all “hard rock production from Reefton Gold Limited’s
hard rock operations on PP60377...Including but not limited to gold, silver, tungsten
and all other hard rock gold-associated minerals”; and
12
• “an indefinite right to mine any alluvial material contained within PP60377...Subject
to standard non-interference clauses in relation to Reefton Gold Limited’s hard rock
exploration and mining operations.”
Mineral Resource and Mineral Reserve Estimates
No mineral resources have been estimated for the Reefton Gold Project to date.
Exploration, Development, and Production
Following the exploration work conducted under the Reefton Gold Technical Report to date,
21 targets have been identified for follow-up exploration. Due to the large number of targets,
the recommended Phase 2 work programme does not include all the targets.
The author of the Reefton Gold Technical Report’s recommended budget and tasks for
Phase 2 exploration programs are presented in the table below. Estimated costs are in
Canadian dollars.
Category Phase Exploration Task
Estimated Cost
(CAD)
Prospecting and Exploration
Expenditures
2 Data Compilation 25,000
2 Mapping 62,000
2 Geochemistry 170,000
2 Geophysics 25,000
2 Drilling 725,000
Other Expenditures 2 Consenting 50,000
2 Administration 172,000
2 Corporate 63,000
Total Phase 2 1,292,000
The exploration programs listed commenced on January 1, 2026 and will be funded from the Company’s available
treasury. Amounts disclosed are based on previous spend on similar activities and the Company considers the
estimates reasonable.
Majority of activities associated with targeting and data compilation, mapping, geochemistry, geophysics,
administration and corporate spend will be incurred with the Company’s in house team.
Majority of activities associated with drill and consenting will be completed by contracted parties.
13
Reefton Resources Project
The following project description is a summary, supported by a report entitled “Technical
Report on the Reefton Project, New Zealand”, with an effective date of October 30, 2024 (the
“Reefton Resources Technical Report”), issued by RSC and authored by Sean Aldrich,
MSc, MAusIMM, MAIH, of RSC and Abraham Whaanga, BSc, MAusIMM (CP), each a
“qualified person” as defined in NI 43-101.
Reference should be made to the full text of the Reefton Resources Technical Report, which
was publicly filed under the Company’s profile on SEDAR+ at www.sedarplus.ca on
November 25, 2024. Portions of the following information are based on assumptions, and
procedures which are not fully described herein. We recommend you read the Reefton
Resources Technical Report in its entirety to fully understand the technical aspects of the
Reefton Resources Project.
Property Description, Location, and Access
The Reefton Resources Project comprises four PPs and seven EPs, all of which are held by
Reefton Resources. The Reefton Resources Project is located in the Reefton–Lyell and
Paparoa goldfields, in the Buller district of the West Coast region of the South Island, New
Zealand. The Reefton Resources Project covers the town of Reefton and extends ~50 km
north to Lyell and ~50 km southwest towards Greymouth. Reefton Resources’ permits
comprise PPs 60893, 60894, 60758, and 60632 and EPs 60928, 60747, 60648, 60479, 60448,
60446, and 61101 issued under the CMA. The combined area of the permits is 853 km2. The
status of the PPs and EPs held by Reefton Resources is listed in Table 1.
Permit No
Owner
Operation
Name
Tier
Commodity
Date
Granted
Term
(years)
Expiry
Date
Area (km
2
)
Comment
EP
60446
Reefton
Resources
(100%)
Alexander
River
1
Au, Ag
10
May
2018
10
9 May
2028
40.18
Extension
for a
further 5-
year term
(to 9 May
2028)
EP
60448
Reefton
Resources
(100%)
Big River
1
Au, Ag
20 Jun
2018
10
19 Jun
2028
54.17
Extension
for a
further 5-
year term
(to 19 Jun
2028)
EP 60479
Reefton
Resources
(100%)
Lyell
2
metallic
minerals,
excluding U
13
Dec 2018
10
12
Dec 2028
54.25
Extension
for a
further 5-
year term
(to 12 Dec
2028)
14
EP 60648
Reefton
Resources
(100%)
Golden Point
2
metallic
minerals,
excluding U
19
Mar 2021
5
18
Mar 2026
47.30
EP 60747
Reefton
Resources
(100%)
Cumberland
1
Au, Ag
14
Dec 2022
5
13
Dec 2027
22.50
EP 60928
Reefton
Resources
(100%)
Reefton
South
2
Au, Ag
30
Nov 2023
5
29
Nov 2028
255.09
EP 61101
Reefton
Resources
(100%)
Blackwater
South
2
metallic
minerals,
excluding U
17 Oct
2024
5
16 Oct
2029
25.92
PP 60632
Reefton
Resources
(100%)
Bell Hill
2
Au, Ag
15
Dec 2021
4
14
Dec 2025
172.40
Pending
extension
for a
further 5-
year term
(to 14 Dec
2030)
PP 60758
Reefton
Resources
(100%)
Waitahu
2
metallic
minerals,
excluding U
17
Dec 2021
4
16
Dec 2025
34.76
Pending
extension
for a
further 5-
year term
(to 16 Dec
2030)
PP 60894
Reefton
Resources
(100%)
Grey River
2
metallic
minerals,
excluding U
20
Nov 2023
2
19
Nov 2025
74.19
Pending
extension
for a
further 2-
year term
(to 19 Nov
2027)
Table 1: Status of PPs and EPs. For permits where extensions are pending, NZP&M still consider the permits in good standing
and the Company can still carry on its regular exploration activities until a decision is made, therefore there is no impact on the
Company operations.
The Reefton Resources Project can be accessed via State Highway 6, 7 and 69. Local roads
that lead off from the highways provide vehicle access to various parts of the Reefton
Resources Project, and old mining access roads locally provide 4-wheel drive access to the
major historical mines. The DOC maintains recreational walking tracks within the
prospects. Heavy machinery access requires helicopter transport to some permit areas.
Local firms operate helicopter charter services, and fixed-wing charter services are
available through the Greymouth Aero Club.
15
Mineral Resource Estimates
Geological modelling was conducted in Leapfrog Geo and was based largely on the 2023
Reefton Resources geological model. The estimator domains were derived from geological
and weathering models. Sub-domaining was undertaken in some domains to help constrain
high grades. Contact analysis was completed to investigate the boundary conditions of each
domain. The variables were estimated in the block model in one or two passes, with variable
orientation based on the vein reference surface to guide the ellipsoid direction. Grades were
interpolated using ordinary kriging. Block model grades were validated by comparing the
input mean grades with the block model mean grade using swath plots and visually using
cross-sections. Sensitivity testing was undertaken to assess the input parameters.
Depletion due to known historical workings was applied at Alexander River and Big River.
An author of the Reefton Resources Technical Report has classified all of the Mineral
Resources for the Reefton Resources Project in the Inferred Mineral Resource category in
accordance with NI 43-101 and the Canadian institute of Mining (“CIM”) as the CIM
Definition Standards on Mineral Resources and Mineral Reserves. For the Inferred Mineral
Resource Estimate (“MRE”), geological evidence is sufficient to imply but not verify
geological and grade continuity. The Mineral Resource is based on exploration, sampling,
and assaying information gathered through appropriate techniques from trenching and
drillholes.
It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded
to Indicated Mineral Resources with continued exploration. For the Inferred portion of the
MRE, confidence in the estimate is not sufficient to allow the results of the application of
technical and economic parameters to be used for detailed planning in pre-feasibility or
feasibility studies. Caution should be exercised if Inferred Mineral Resources are used to
support technical and economic studies such as a scoping study or preliminary economic
assessment.
Cut-off grades were selected for the reporting of Mineral Resources based on a high-level
initial assessment of potential modifying factors. The authors of the Reefton Resources
Technical Report completed a high-level initial assessment of various factors solely for the
purpose of reasonably assessing the potential for eventual economic extraction of the MRE.
The cut-off grade USD value was determined using mining and development costs and
modifying factors for an anticipated sub-level, long-hole, open-stoping mining method.
Assessment of the reasonable prospects for eventual economic extraction (“RPEEE”) was
carried out using a re-blocking approach. RPEEE categories were assigned after re-blocking
the model to a regular block size and converting the block centroid extents to wireframe
solids, thereby generating minimum mining units.
16
Alexander River
Domain Classification Tonnes (Mt) Au (g/t) Contained
Au Ounces
(koz)
LG McVicar West Inferred 0.4 3.7 47
HG McVicar West Inferred 0.2 4.3 25
LG Bull East Inferred 0.1 1.7 5
HG Bull East Inferred 0.1 3.8 7
Bruno 1 Inferred 0.1 5.6 8
Loftus-Mckay Inferred 0.2 5.6 33
McVicar East Inferred 0.1 3.9 7
Total Inferred 1.0 4.1 130
Notes:
The effective date of the MRE is October 30, 2024.
The definitions for Mineral Resources of the Canadian Institute of Mining were followed.
The Mineral Resource was reported at a cut-off of 2.2 g/t Au.
The Mineral Resource was assessed for reasonable prospects of eventual economic extraction by re-blocking to
a regular 2 mW × 4 mH × 4 mL minimum block dimension, converting to wireframe solids, and generating
minimum mining units, commensurate with the anticipated smallest mining-unit dimensions for a long-hole
stoping operation.
Totals may vary due to rounding.
Auld Creek
Domain Classification Tonne
s (Mt)
Au
(g/t)
Contained
Au
Ounces
(koz)
Sb
(%)
Contained
Sb (kt)
AuEq
(g/t)
Contained
AuEq (koz)
Bonanza Inferred 0.3 2.2 19 1.0 3 4.2 35
Fraternal 1 Inferred 0.4 3.6 49 1.2 5 5.8 79
Total Inferred 0.7 3.1 67 1.1 8 5.2 110
Notes:
The effective date of the MRE is October 30, 2024.
The definitions for Mineral Resources of the Canadian Institute of Mining were followed.
The Mineral Resource is reported at a cut-off of 2.5 g/t AuEq.
Metal-equivalent grades were calculated using the following prices: 2,025 USD/oz Au, and 15,000 USD/t Sb and
calculated using the formula AuEq = Au g/t + 1.9 × Sb%.
The Mineral Resource was assessed for reasonable prospects of eventual economic extraction by re-blocking to
a regular 2.5 mW
× 5 mH × 5 mL minimum block dimension, converting to wireframe solids, and generating minimum mining units,
commensurate with the anticipated smallest mining-unit dimensions for a long-hole stoping operation.
Totals may vary due to rounding.
17
Big River
Domain Classification Tonnes (Mt) Au (g/t)
Contained Au
Ounces (koz)
Shoot 4 Upper Inferred 0.2 3.5 30
Shoot 4 Lower Inferred 0.5 3.1 50
Total Inferred 0.7 3.3 70
Notes:
The effective date of the MRE is October 30, 2024.
The definitions for Mineral Resources of the Canadian Institute of Mining were followed.
The Mineral Resource is reported at a cut-off of 2.3 g/t Au.
The Mineral Resource was assessed for reasonable prospects of eventual economic extraction by re-blocking to
a regular 2 mW × 5 mH × 2.5 mL minimum block dimension, converting to wireframe solids, and generating
minimum mining units, commensurate with the anticipated smallest mining-unit dimensions for a long-hole
stoping operation.
Totals may vary due to rounding.
Supreme
Domain Classification Tonnes (Mt) Au (g/t) Contained Au
Ounces (koz)
Supreme Inferred 0.4 2.3 30
Total Inferred 0.4 2.3 30
Notes:
The effective date of the MRE is October 30, 2024.
The definitions for Mineral Resources of the Canadian Institute of Mining were followed.
The Mineral Resource is reported at a cut-off of 2.3 g/t Au.
The Mineral Resource was assessed for reasonable prospects of eventual economic extraction by re-blocking to
a regular 2.5 mW x 2.5 mH x 5 mL minimum block dimension, converting to wireframe solids, and generating
minimum mining units, commensurate with the anticipated smallest mining-unit dimensions for a long-hole
stoping operation.
Totals may vary due to rounding.
Conclusions and Recommendations
Following a review of historical and recent exploration undertaken in the Reefton Resources
Project, the authors of the Reefton Resources Technical Report recommend a staged and
success-driven exploration programme which is aligned to the strategy outlined in the
“About RUA” section of this Profile. The Phase 1 work will start with a targeting programme
over the Reefton Resources Project. This phase of work will require the compilation of all
existing geological data in a Reefton Resources Project-wide database and geographic
information system workspace. Using the MREs completed for Alexander River, Big River,
Auld Creek, and Supreme, the Company plans to carry out additional comprehensive
geological modelling of Auld Creek and Alexander River, with the plan to re-commence
drilling at Auld Creek being a priority.
Phase 1 highlighted below incorporates step out drilling and further surface exploration
work which is underway at Auld Creek with field staff working across the project and two drill
rigs operating. This is designed to expand the current MRE defined on this project to a
18
quantity that is sufficient to support an economic project. This is expected to be completed
in H1 of 2026.
Phase 2 of the work program will involve going back to areas of known mineralization and
completing closer drill spacing to improve the understanding of the ore body to allow for
better resource definition ahead of completing a mine concept study.
The authors of the Reefton Resources Technical Report note that the majority of the Phase
2 expenditures will be associated with the diamond drilling in and around known MREs. The
timing of these programmes will vary based on exploration success and consenting for
access.
The recommended budget and tasks for Phase 1 and Phase 2 exploration programs are
presented in the table below. Proceeding to Phase 2 would be contingent on the results of
Phase 1. Estimated costs are in Canadian dollars.
Category Phase Exploration Task Estimated Cost (CAD)
Prospecting and
Exploration Expenditures
1 Targeting and Data Compilation 90,000
1 Mapping 110,000
1 Geochemistry 93,000
1 Geophysics 89,000
1 Drilling 1,705,500
Other Expenditures 1 Consenting 160,000
1 Administration 287,000
1 Corporate 115,000
Total Phase 1 2,649,500
Prospecting and
Exploration Expenditures
2 Data Compilation 38,000
2 Mapping 92,000
2 Geochemistry 148,000
2 Geophysics 42,000
2 Drilling 2,200,000
Other Expenditures 2 Consenting 184,000
2 Administration 287,000
2 Corporate 81,000
Total Phase 2 3,072,000
The exploration programs listed above commenced on January 1, 2026 and will be funded from the Company’s
available treasury. Amounts disclosed are based on previous spend on similar activities and the Company consider the
estimates reasonable.
Majority of activities associated with targeting and data compilation, mapping, geochemistry, geophysics,
administration and corporate spend will be incurred with the Company’s in house team.
Majority of activities associated with drill and consenting will be completed by contracted parties.
19
Crown Royalties and Permits at the Reefton Project
A minimum annual fee for PPs is payable to the Crown. For onshore prospecting, the fee is
NZD$63.02 per km
2
or part thereof, or NZD$1,610.00, whichever is greater. A minimum
annual fee for EPs is payable to the Crown. For onshore exploration, the fee is NZD$358.00
per km
2
or part thereof, or NZD$1,610.00, whichever is greater.
The granting of a permit under the CMA does not confer a right of access to the land covered
by the permit, except for certain minimum impact activities. Subject to some limited
exceptions, the permit holder must have an AA with each owner and occupier of the land to
carry out more than minimum impact activities on or under the land, but the permit holder
is required to give 10 working days’ notice to the landowner and occupier. Reefton
Resources has three active agreements with the DOC to undertake minimum impact
activities (“MIAs”) on the land administered by DOC within its permit areas. MIA agreements
give access to the land to conduct non-mechanical exploration, such as surface
geochemical sampling and mapping. In addition to the current MIA agreements, Reefton
Resources holds two active AAs with DOC.
One of the purposes of the CMA is to provide “a fair financial return to the Crown for its
minerals”, which is achieved through a system of mandatory Crown royalties. The Crown
Minerals (Royalties for Minerals Other than Petroleum) Regulations 2013 (“Royalty
Regulations”) set out rates and provisions for the payment of Crown royalties on non-
petroleum mineral production. The Royalty Regulations provide for the payment of royalties
on exploration and mining permits, to the extent minerals are produced from the permits.
Subject to certain thresholds (notably, a net sales revenue threshold of NZD$200,000 per
annum), the royalty regime under the Royalty Regulations for Tier 1 permits, for metallic
minerals, is:
• for gold and net sales revenue from Au of not more than NZD$2M per annum, an ad
valorem royalty of 2% of net sales revenue; and otherwise
• the higher of an ad valorem royalty of 2% of net sales revenue or an accounting profits
royalty of 10% of accounting profits.
For Tier 2 permits, the royalty regime under the Royalty Regulations for metallic minerals is
an ad valorem royalty of 1% of the net sales revenue(s) of the minerals obtained under the
permit.
Current Status and Outlook of the Reefton Project
The board of directors of the Company (“Board”) and its management have reviewed the
recommendations contained in the Technical Reports and confirm that these
recommendations have been adopted and are being implemented. The approach outlined
in the Reefton Resources Technical Report aligns with the Company’s corporate strategy.
Furthermore, the Company considers the recommendations to be technically sound,
20
achievable within existing financial resources, and appropriate to support progression of the
Reefton Resources Project toward economic evaluation.
Current Stage of Activities:
The activities undertaken at the Reefton Project which are ongoing include:
• Compilation and validation of historical and recent geological, geochemical, and
drilling data into a unified project-wide database and GIS platform;
• Review and integration of existing Mineral Resource Estimates (MREs) at Alexander
River, Big River, Auld Creek, and Supreme;
• Advanced geological modelling at Auld Creek, with a particular focus on identifying
extensions to known mineralisation; and
• Active field exploration at Auld Creek, including step-out diamond drilling and
surface exploration, supported by two operating drill rigs.
• Re-commencement of drilling at Auld Creek has been prioritised, consistent with the
Technical Report recommendations, with the objective of materially expanding the
existing MRE.
Based on the ongoing work program, the Company considers the current tenements and
access arrangements appropriate to execute on the present activities and overall work
program.
Costs Incurred and Expected Timelines:
Exploration expenditure to date has been primarily directed toward drilling, geological
modelling, data management, and field operations at Auld Creek. Costs incurred are
consistent with budget expectations for Phase 1 and are weighted toward diamond drilling
and associated geological services.
The work program is expected to be completed over the next 18 months starting with drilling
aimed to expand the Auld Creek resource and then moving focus to infill drilling and
resource definition pending initial exploration success.
Use of Contractors and Technical Specialists:
The Company is working closely with experienced external contractors and consultants to
execute the recommendations of the Technical Reports. This includes:
• Drilling contractors for diamond drilling programmes;
• Independent geological and resource consultants for modelling and MRE work; and
• Helicopter services to access its operations, transporting personnel, drill rigs,
materials, and extract core.
The use of specialised contractors allows the Company to maintain flexibility, control costs,
and ensure that work is undertaken to appropriate technical and regulatory standards.
21
Cash Management and Capital Allocation:
With an estimated 12–18 months of cash runway, the Company is prudently managing its
capital to ensure sustained progress at Reefton while retaining financial flexibility. Cash is
being allocated primarily to:
• High-impact exploration drilling at Auld Creek;
• Geological modelling and resource growth activities;
• Data consolidation and technical studies required to support future mine concept
evaluation; and
• Corporate overheads and compliance costs maintained at a controlled level.
Expenditure decisions are guided by exploration results, with a strong emphasis on value
creation and capital discipline.
Management and Board Oversight and Strategy Execution:
Management and the Board actively oversee the execution of the Reefton Project, ensuring
alignment with the recommendations of the Technical Reports and the Company’s stated
objectives. Regular reviews of exploration results, budgets, and timelines are undertaken to
assess progress and determine next steps.
The Board believes that successful execution of the exploration programme, combined with
disciplined capital allocation and technical rigor, positions the Company to deliver on its
enunciated strategy of advancing Reefton toward a potentially economic gold project.
Production and Services
As a mineral exploration company, the Company does not have any marketable products
and will not be distributing any products or performing any services at this time. The
Company does not know when the Reefton Project or other mineral properties will reach the
development stage, if ever, and, if so, what the estimated costs would be to reach
commercial production.
To advance the Reefton Project from the current exploration stage to potential production,
the Company would be required to complete additional drilling and resource definition,
undertake economic, engineering and environmental studies, obtain the necessary
regulatory approvals and permits, and secure construction and development financing.
These steps typically extend over several years, and mine development and construction
could require several additional years thereafter. Each stage is expected to provide
incremental information to support a future development decision; however, the timing and
outcome of these steps are uncertain, and there can be no assurance that the Reefton
Project will ultimately reach commercial production.
As each of these stages through to production are pre-revenue generation, the Company will
fund this development through a prudent mix of debt, equity and structured finance (stream,
22
royalty or offtake agreements). In the immediate term, the Company will be reliant on
continued and regular capital raisings to support funding for the Projects. The last raise
recently completed on January 28, 2026 and will fund the exploration activities of the
Company for 18 to 24 months (refer to https://ruagold.com/rua-gold-closes-c33-million-
financing).
Employees
The Company employs eleven full-time employees and five part-time employees. The
Company anticipates engaging consultants from time to time in the areas of mineral
exploration, geology and business negotiations as required to assist in evaluating its
interests and recommending and conducting its work programme.
Foreign Operations
The Company has foreign operations in Canada, where it maintains its head office
supported by two executive employees. As a Canadian public company, the Company is
subject to a comprehensive regulatory framework governing disclosure, corporate
governance, financial reporting, insider rules, and continuous listing requirements.
Compliance with these regulations requires ongoing management attention and may
increase administrative costs.
Social or Environmental Policies
The Company is committed to responsible mineral exploration, consistent with its policies
on environmental, social, and corporate governance (“ESG”), and in compliance with the
laws and regulations of New Zealand. The Company’s ESG policies include coverage for
employees, workplace health and safety, environment (including biodiversity and
freshwater), and stakeholder engagement. All environmental or nature conservation
management work carried out by Company personnel are covered under the Company’s
internal standard operating procedures (“SOP”). The Company's management, with the
assistance of its contractors and advisors, ensures its ongoing compliance with local
environmental laws in the jurisdictions in which it does business.
Directors and Management
The names of the directors and executive officers of the Company as of the date of this
Profile, their province or state and country of residence, their respective positions with the
Company and the date upon which the directors were first elected to the Board are set out
in the table below. The term of each director expires on the date of the next annual general
meeting of shareholders of the Company.
23
Name and
Jurisdiction of
Residence
Position with
the Company
Director/Officer
Since
Number of
Securities
Held
(1)
% of
Securities
Held
(2)
Robert Eckford
British Columbia,
Canada
Chief
Executive
Officer and
Director
February 27,
2024 (Director)
April 1, 2024
(Chief Executive
Officer)
580,717
Shares
2,203,667
Options
5,524 DSUs
0.51% of
Shares
28.64% of
Options
0.42% of
DSUs
Simon Henderson
Wellington, New
Zealand
Chief
Operating
Officer and
Director
February 27,
2024
5,800 Shares
1,173,333
Options
0.01% of
Shares
15.25% of
Options
Zeenat
Lokhandwala
British Columbia,
Canada
Chief
Financial
Officer and
Corporate
Secretary
February 27,
2024
287,611
Shares
724,000
Options
0.25% of
Shares
9.41% of
Options
Oliver Lennox-
King
(3)(5)
Ontario, Canada
Director and
Chairman
February 27,
2024
6,878,887
Shares
1,266,667
Options
194,223 DSUs
5.99% of
Shares
16.46% of
Options
14.83% of
DSUs
Paul Criddle
(5)(6)(7)
Bicton, Australia
Director February 27,
2024
213,720
Shares
539,870 DSUs
0.19% of
Shares
41.22% of
DSUs
Mario Vetro
(3)(6)
British Columbia,
Canada
Director February 27,
2024
784,617
Shares
684,000
Options
140,811 DSUs
0.68% of
Shares
8.89% of
Options
10.75% of
DSUs
Tyron
Breytenbach
(3)(4)
(5)(6)(7)
Director April 17, 2024 411,877
Shares
0.36% of
Shares
24
Name and
Jurisdiction of
Residence
Position with
the Company
Director/Officer
Since
Number of
Securities
Held
(1)
% of
Securities
Held
(2)
Toronto, Ontario 684,000
Options
178,163 DSUs
8.89% of
Options
13.60% of
DSUs
Brian Rodan
(6)(7)
Perth, Australia
Director November 25,
2024
59,816 Shares
251,090 DSUs
0.05% of
Shares
19.17% of
DSUs
Notes:
(1) As disclosed on the System for Electronic Disclosure by Insiders at www.sedi.ca.
(2) Based on 114,924,989 Shares, 7,693,668 Options and 1,309,681 DSUs issued and outstanding as of the date
hereof.
(3) Member of the Audit Committee.
(4) Chair of the Audit Committee.
(5) Member of the Corporate Governance Committee.
(6) Member of the Compensation Committee.
(7) Member of the Sustainability Committee.
As of the date of this Profile, the directors and executive officers of the Company, directly or
indirectly, beneficially own, or exercise control or direction over, a total of 9,223,045 Shares
(on a non-diluted basis), representing approximately 8.02% of the total outstanding Shares
(on a non-diluted basis).
Robert Eckford, Chief Executive Officer and Director: Mr. Eckford is a Chartered Accountant
with over 15 years of experience in the Mining Industry spanning Australia, Africa, North and
South America. Prior to becoming CEO of RUA GOLD, he was Head of Finance at Aris Mining
Corporation, co-founding the company from inception in April 2020 to now being the largest
gold producer in Colombia listed on the NYSE and TSX. Prior to this he was Controller at
Leagold Mining Corporation from inception in March 2017, with the team progressed the
company to operating five mines and projects across Mexico and Brazil, until it was acquired
by Equinox Gold Corporation in March 2020. He holds a Masters of Science in Mineral
Economics from Western Australia School of Mines and a Bachelor of Commerce in
Accounting and Finance from Curtin University of Western Australia.
Simon Henderson, Chief Operating Officer and Director: Mr. Henderson has over 50 years
professional experience in applied earth sciences related to exploration, mining,
consultancy and management. His work has been for large and small mining companies, as
well as leading start-ups listing exploration companies on mining exchanges. Simon has
experience with many projects involving exploration, resource development, and mining.
His early experience from 1975 to 1980 involved international experience in the Pacific and
South Africa, then staff geologist on the delineation and development of the Waihi
25
epithermal gold deposit New Zealand. He completed an MSc Economic Geology at CODES,
University Tasmania while leading the exploration and development team for Otter Gold
Mines Limited, Tanami goldmine in Central Australia. From 2002 Simon was Managing
Director of Glass Earth Gold Limited, a gold exploration start-up which listed on the
TSXV:GEL in 2005. He managed two of the largest geophysical surveys in NZ to compliment
3D data assimilation and interpretation. Simon has an excellent understanding of fund
raising, marketing and management of exploration/mining companies, but foremost
remains a hands-on and highly skilled geologist and data evaluator.
Zeenat Lokhandwala, Chief Financial Officer and Corporate Secretary: Mrs. Lokhandwala is
a Chartered Professional Accountant with over 10 years of M&A, finance, accounting and
corporate taxation experience. Prior to becoming CFO and Corporate Secretary of RUA
GOLD, Mrs. Lokhandwala was the Chief Financial Officer of Great Bear Royalties
Corporation, where she was involved in various financings, the listing of the company on the
TSXV, and its sale to Royal Gold Inc. for $200 million. She was also the Director of Finance
of Great Bear Resources Limited, where she was involved in various financings and its sale
to Kinross Gold Corporation for $1.8 billion. Prior to that, Mrs. Lokhandwala was the Finance
Manager of Leagold Mining Corporation until its merger with Equinox Gold Corporation. Mrs.
Lokhandwala has also worked for KPMG LLP in its audit and U.S. tax practices.
Oliver Lennox-King, Director and Chairman: Mr. Lennox-King serves as Non-Executive
Chairman of the Board. Mr. Lennox-King also served as Non-Executive Independent
Chairman of the board of Roxgold Inc. Mr. Lennox-King served as a director of Teranga Gold
Corporation from 2010 to 2013, and also formerly served as the Executive Chairman of XDM
Royalty Corp., a private mineral exploration and development company, from 2011 until
2013. From 2003 until April 2011, Mr. Lennox-King served as the Non-Executive Chairman of
the board of Fronteer Gold Inc. until it was acquired by Newmont Mining Corporation. Until
the initial public offering of Teranga Gold Corporation, Mr. Lennox-King served on the board
of the parent company, Mineral Deposits Limited. Mr. Lennox-King has many years of
experience in the mineral resource industry and has a wide range of experience in financing,
research and marketing. Since 1992, he has been in executive positions and directorships
with junior mining companies. He was instrumental in the formation of Southern Cross
Resources Inc. in 1997. Mr. Lennox-King was formerly President of Tiomin Resources Inc.
from 1992 to 1997. From 1980 to 1992, he was a mining analyst in the Canadian investment
industry, requiring him to take on a deep financial analysis role. From 1976 to 1980, he
worked in metal marketing and administrative positions at Noranda Inc. and Sherritt Gordon
Ltd. Mr. Lennox-King graduated in 1972 with a Bachelor of Commerce from the University of
Auckland, New Zealand, providing him foundational business and financial accounting
knowledge.
Paul Criddle, Director: Mr. Criddle holds a Bachelor of Science degree in Extractive
Metallurgy from Murdoch University (2000) and has been active as a production and
development focused metallurgist for over twenty years. His operating and developing focus
has been largely in precious metals. Paul began his career operating gold mines in Western
26
Australia, Papua New Guinea and Tanzania with Placer Dome Inc. Later, as an executive of
several smaller companies, Paul was part of the technical and executive leadership
responsible for the development of several projects in West Africa from exploration stage
through the development milestones and into production. Namely, Sabodala Gold Project
(Mineral Deposits) in Senegal, Edikan and Sissingue Gold Projects in Ghana and Ivory Coast
(Perseus Mining), Yaramoko and Seguela Gold Projects in Burkina Faso and Ivory Coast
(Roxgold Inc.). Culminating in the acquisition of Roxgold Inc. by Fortuina Silver Corporation
for $CAD 1.1Bn in 2021.Paul has been involved in the equity and debt capital funding efforts
to advance each of those projects and has strong relations with the equity markets in North
America, Europe and Australia. Mr. Criddle is a registered Fellow Member of the
Australasian Institute of Metallurgy (FAusIMM # 309804).
Mario Vetro, Director: Mr. Vetro brings substantial expertise in structuring and raising capital
for growth companies with a focus on the natural resources sector. He has served as a
Partner at Commodity Partners Inc. since 2014, where he has conducted numerous
financial analyses and gained a thorough understanding of mining issuers’ financial
statements and operations. Mr. Vetro has a track record of helping to finance and grow
public companies, as well as increase their liquidity through a global financial network. Of
note, he has played a pivotal role in the co-founding of K92 Mining Inc., a company listed on
the TSX, leading to the establishment of a world-class gold discovery and mining operation
in Papua New Guinea. Building upon this success, Mr. Vetro excels at assembling
formidable leadership teams, securing equity capital, and devising strong business
strategies. Beyond his professional accomplishments, Mr. Vetro takes pride in his role as a
board member of the charitable organization Hockey Helps the Homeless. Mr. Vetro earned
a Bachelor of Political Science from the University of British Columbia in 2007.
Tyron Breytenbach, Director: Mr. Breytenbach is a professional geologist with over 15 years
of experience in exploration, mining and capital markets. He is currently the Chief Executive
Officer of Lithium Africa Resources. Mr. Breytenbach began his career as a field geologist
with Anglo American before moving to Canada to join St. Andrew Goldfields as a mine
geologist (later acquired by KL Gold) and then Detour Gold Corp, where he was part of the
discovery and evaluation team at what is now one of Canada's largest gold mines (over 20M
oz) operated by Agnico Eagle. Following his career in industry, he moved into Capital
Markets as a top-ranked equity analyst with Cormark Securities and Stifel, analyzing and
covering junior mining stocks and eventually transitioning to a Managing Director in the
Corporate Finance group. He re-entered industry in 2022 as SVP Capital Markets with Aris
Mining (greater than $1 billion gold producer in Latin America). He holds a Bachelor of
Science in Geology from Rand Afrikaans University.
Brian Rodan, Director: Mr. Rodan is a Fellow of the Australian Institute of Mining and
Metallurgy (FAusIMM) with over 45 years experience in the mining industry. He is the former
Managing Director and owner of Australian Contract Mining Pty Ltd (ACM), a mid-tier
contracting company that successfully completed over $1.5 billion worth of working during
a 20-year period before being acquired by an ASX listed gold mining company in 2017. Mr.
27
Rodan was also the Founding Director of Dacian Gold Limited, where he played a key role in
acquiring the Mt Morgans Gold Mine from the Administrator of Range River Gold Ltd.
Following Dacian’s ASX listing in 2012, he remained the company’s largest shareholder.
Earlier in his career, Mr. Rodan served for 15 years as Supervisor, Site Manager, General
Manager and Executive Director of Eltin Limited, Australia’s largest full-service ASX listed
contract mining company at the time. Mr. Rodan is currently a director and Chairman of ASX
listed companies Iceni Gold Limited, Siren Gold Limited and Augustus Minerals Limited and
Chairman of Summit Gold Limited.
Significant Shareholders
As at the date of this Profile, the following persons have, and immediately after Listing will
have, a relevant interest in 5% or more of the Shares in RUA.
Shares
Interest Holder Legal ownership or other
nature of the interest
Interest
Number of
Shares
% of Shares
Oliver Lennox-King Registered holder and
beneficial owner
6,878,887 5.99%
Siren Gold Ltd. Registered holder and
beneficial owner
13,887,898 12.08%
Director and Officer Remuneration
2
The following table provides a summary of the compensation paid by the Company to
executive officers and members of the Board for the 2024 and 2023 financial years,
excluding Options and compensation securities. Information for the 2025 financial year will
be completed and advised to market in the first half of 2026. In accordance with TSX policies
and Canadian securities law periodic filing requirements, the 2025 Statement of Executive
Compensation is due to be completed in May 2026 (140 days following year end) and will be
released to market at that time.
Director and executive officer compensation excluding compensation securities
Name and position
Year
ended
Salary,
consulting
fee,
retainer or
commission
(CAD$)
Bonus
(CAD$)
Committee
or meeting
fees
(CAD$)
Value of
perquisites
(CAD$)
Value of all
other
compensatio
n (CAD$)
Total
compensati
on (CAD$)
Robert Eckford
(2)
CEO and Director
2024 185,933 60,000 Nil Nil Nil 245,933
2023 Nil Nil Nil Nil Nil Nil
2
For further information, see “Statement of Executive Compensation” in the management information circular filed under the Company’s profile
on April 30, 2025, at www.sedar.ca.
28
Zeenat Lokhandwala
(2)
CFO and Corporate Secretary
2024 95,119 20,000 Nil Nil Nil 115,119
2023 Nil Nil Nil Nil Nil Nil
Simon Henderson
(3)
COO and Director
2024 280,353 45,000 Nil Nil Nil 325,353
2023 Nil Nil Nil Nil Nil Nil
Oliver Lennox-King
(4)
Chairman and Director
2024 Nil Nil Nil Nil Nil Nil
2023 Nil Nil Nil Nil Nil Nil
Tyron Breytenbach
(5)
Director
2024 Nil Nil Nil Nil Nil Nil
2023 Nil Nil Nil Nil Nil Nil
Paul Criddle
(6)
Director
2024 Nil Nil Nil Nil Nil Nil
2023 Nil Nil Nil Nil Nil Nil
Brian Rodan
(7)
Director
2024 Nil Nil Nil Nil Nil Nil
2023 Nil Nil Nil Nil Nil Nil
Mario Vetro
(6)
Director
2024 Nil Nil Nil Nil Nil Nil
2023 Nil Nil Nil Nil Nil Nil
Robert Dubeau
(8)
Former President, Chief
Executive Officer and Director
2024 25,000 Nil Nil Nil Nil 25,000
2023 85,000 Nil Nil Nil Nil 85,000
Kelvin Lee
(9)
Former Chief Financial
Officer, Corporate Secretary
and Director
2024 Nil Nil Nil Nil Nil Nil
2023 31,500 Nil Nil Nil Nil 31,500
Jonathan Yan
(10)
Former Chief Financial Officer
2024 7,000 Nil Nil Nil Nil 7,000
2023 9,871 Nil Nil Nil Nil 9,871
Desmond M.
Balakrishnan
(11)
Former
Director
2024 Nil Nil Nil Nil Nil Nil
2023 20,000 Nil Nil Nil Nil 20,000
Kenneth Cotiamco
(12)
Former Director
2024 Nil Nil Nil Nil Nil Nil
2023 20,000 Nil Nil Nil Nil 20,000
Notes:
(1) Mr. Eckford was appointed to the Board on February 27, 2024 and as CEO on April 1, 2024.
(2) Mrs. Lokhandwala was appointed CFO and Corporate Secretary on February 27, 2024.
(3) Mr. Henderson was appointed to the Board and as COO on February 27, 2024.
(4) Mr. Lennox-King was appointed Chairman and director on February 27, 2024.
(5) Mr. Breytenbach was appointed to the Board on April 17, 2024.
(6) Messrs. Criddle and Vetro were appointed to the Board on February 27, 2024.
(7) Mr. Rodan was appointed to the Board on November 25, 2024.
(8) Mr. Dubeau was as a director of the Company from May 27, 2021 to February 27, 2024 and
President and Chief CEO from September 9, 2021 to February 27, 2024.
(9) Mr. Lee was CFO, Corporate Secretary and a director of the Company from September 9, 2020 to March 3,
2023.
29
(10) Mr. Yan was CFO of the Company from March 3, 2023 to February 27, 2024.
(11) Mr. Balakrishnan was a director of the Company from March 16, 2017 to February 27, 2024.
(12) Mr. Cotiamco was a director of the Company from September 9, 2021 to February 27, 2024.
The following table discloses all Options and DSUs that were outstanding and held by
executive officers and directors of the Company who were not executive officers of the
Company as at the end of the most recent financial year.
Compensation Securities
Name and
position
Type of
compensation
security
Number of
compensation
securities and
percentage of
class
(1)
Date of issue
or grant
M/D/Y
Issue,
conversion
or exercise
price (CAD$)
Closing price
of security or
underlying
security on
date of
grant (CAD$)
Closing price
of security or
underlying
security at
year end
(CAD$)
(2)
Expiry Date
M/D/Y
Robert
Eckford
Options 250,000 (12.00%) 3/1/2024 $0.60 $0.60 $0.60 3/1/2029
CEO and
Director
Options 166,667 (8.00%) 4/26/2024 $1.50 $1.02
4/26/2029
DSUs 5,525 (1.44%) 4/17/2024 N/A $1.05
N/A
Zeenat
Lokhandwala
Options 200,000 (9.60%)
3/1/2024
$0.60
$0.60
$0.60 3/1/2029
CFO and
Corporate
Secretary
Simon
Henderson
Options 283,333 (13.60%) 3/1/2024 $0.60 $0.60 $0.60 3/1/2029
COO and
Director
Oliver
Lennox-
Options 366,667 (17.60%) 3/1/2024 $0.60 $0.60 $0.60 3/1/2029
King
Chairman
and Director
Tyron Options 250,000 (12.00%) 4/17/2024 $1.05 $1.05 $0.60 4/17/2029
Breytenbach
Director
Mario Vetro Options 250,000 (12.00%) 3/1/2024 $0.60 $0.60 $0.60 3/1/2029
Director
Notes:
(1)
Percentage of class represents % of compensation securities granted over the total number
of such compensation securities of the Company outstanding as of December 31, 2024.
(2)
Closing price of the Shares as at December 31, 2024.
30
Employee remuneration and other benefits
The number of employees or former employees of the Company who, not being directors of
the Company, in FY24 received remuneration and any other benefits in their capacity as
employees that was NZ$100,000 per annum or more are shown in the table below.
Remuneration (NZ$) No. of Employees
$100,001 - $120,000 1
$150,001 - $170,000 2
$280,001 - $320,000 2
$320,001 - $330,000 -
RUA expects the remuneration and other benefits of its employees during FY2025 to
increase due to growth and employment of new key talent. In FY25 the remuneration and
any other benefits in their capacity as employees that is expected to be NZ$100,000 per
annum or more are shown in the table below.
Remuneration (NZ$) No. of Employees
$100,001 - $120,000 1
$150,001 - $170,000 2
$190,001 - $210,000 1
$280,001 - $320,000 1
$320,001 - $350,000 2
Material interests in RUA
Pursuant to the Share Purchase Agreement, the Company acquired Reefton Resources from
Siren in exchange for 83,927,383 pre-Consolidation Shares (the “Consideration Shares”),
representing an aggregate value of AU$18,000,000 and AU$2,000,000 in cash. In connection
with the Reefton Resources Acquisition, the Company also acquired 10,000 common
shares in the capital of Siren pursuant (each, a “Siren Share”) at a price of AU$0.20 per Siren
Share for an aggregate amount of AU$2,000,000. The Company and Siren also entered into
a shareholder rights agreement (the “Shareholder Rights Agreement”). Under the
Shareholder Rights Agreement, for so long as Siren owns or controls at least 10% of the
issued and outstanding Shares, Siren has the right to nominate one member of the Board
and Siren will vote all of the Shares owned or controlled by it in the same manner as the
Board at any meeting of shareholders of the Company. Furthermore, pursuant to the
Shareholder Rights Agreement, Siren agreed to certain contractual resale restrictions in
respect of the Consideration Shares. The Share Purchase Agreement and Shareholder
Rights Agreement were the result of arm’s length negotiations between the parties
3
.
Accordingly, the effect of the Shareholder Rights Agreement is that Siren, despite being a
3
For further information, see the Share Purchase Agreement, which includes the Shareholder Rights Agreement as Schedule D thereto, filed
under the Company’s SEDAR+ profile on July 18, 2024, and February 14, 2025, at www.sedarplus.ca.
31
large shareholder in RUA, cannot exercise control over RUA and is a passive shareholder
aligned to the Board’s decision making.
As of the date hereof, Siren holds 13,887,898 Shares, representing approximately 12.08% of
the issued and outstanding Shares as of the date hereof, calculated on a non-diluted basis.
In accordance with the terms of the Shareholder Rights Agreement, 7,777,272 Shares held
by Siren remain contractually restricted from trading until: (i) February 25, 2026, in respect
of 3,105,313 Shares; and (ii) November 25, 2026, in respect of 4,671,958 Shares.
The interests of directors and management in securities of RUA are set out in the table on
page 22 under the heading “Directors and Management”.
Other Material Governance Disclosures
On Listing, the Board will have in place the following board policies and other governance
documents that are required for a company listed on the TSX:
• Equity Holdings Policy;
• Board Diversity Policy;
• Audit Committee Charter;
• Majority Voting Policy,
• Advance Notice Policy,
• Position Descriptions for the Chairman of the Board, and the Lead Director
• Board Mandate, and
• Board Committee Charters.
(collectively, the “TSX Documents”)
Following Listing, in accordance with the Company’s constating documents, the Board will
have the power to appoint additional directors (including an executive director) to the
Board from time to time, provided that any director appointed by the Board must retire and
seek re-appointment at the next annual shareholders’ meeting of RUA.
KEY FEATURES OF RUA’S SECURITIES
Shares
As of the date of Listing, the Company will have 114,924,989 Shares outstanding.
All shares quoted on Listing will be Shares which rank equally with each other. The key
features of the Shares will not differ to shares in a company generally.
The holders of Shares are entitled to receive notice of and attend and vote at all shareholder
meetings. Each Share confers the right to one vote in person or by proxy at all meetings of
the shareholders of the Company. The holders of the Shares are also entitled to receive such
32
dividends in any financial year as the Board may by resolution determine. In the event of the
liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the
holders of the Shares are entitled to receive the remaining property and assets of the
Company. No Shares have been issued subject to call or assessment. There are no pre-
emptive or conversion rights, and no provisions for redemption, retraction, purchase or
cancellation, surrender, sinking fund or purchase fund. Provisions as to the creation,
modification, amendment or variation of such rights or such provisions are contained in the
BCBCA and the articles of the Company.
The following table summarizes the issuances by the Company of Shares within the 12
months prior to the date of this Profile:
Issue Date Weighted Average Price
per Share (CAD$)
Number of Shares
February 20, 2025
(2)
$0.60 9,583,410
June 26, 2025
(1)
$0.70 19,714,450
October 10, 2025
(3)
$0.65 1,168,412
December 1, 2025
(3)
$0.70 31,904
December 15, 2025
(3)
$1.08 4,148
December 16, 2025
(3)
$1.08 242,033
January 9, 2026
(3)
$0.70 497,761
January 28, 2026
(1)
$1.10 30,000,654
January 29, 2026
(3)
$1.08 4,340
February 6, 2026
(3)
$1.08 1,901
Notes:
(1) Issued pursuant to a public offering and concurrent private placement.
(2) Issued pursuant to a public offering.
(3) Issued pursuant to the exercise of Warrants.
Dividend Policy
The Company has no fixed dividend policy and has neither declared nor paid dividends on
its Shares. The Company has no present intention of paying dividends on its Shares, as it
anticipates that all available funds will be invested to finance the growth of its business.
Subject to the BCBCA, the actual timing, payment and amount of any dividends declared
and paid by the Company will be determined by and at the sole discretion of the Board from
time to time based upon, among other factors, the Company’s cash flow, results of
operations, financial condition, the need for funds to finance ongoing operations and
exploration and such other considerations as the Board in its discretion may consider or
deem relevant.
33
What you need to do to sell your Shares
If you wish to sell your Shares on the NZX Main Board, after Listing, you must contact a NZX
Market Participant (Find a Participant - NZX, New Zealand’s Exchange) (a “NZX Firm”) and
have a CSN and a FIN. Opening a new NZX Firm account can take a number of days
depending on the NZX Firm’s new client procedures. If you do not have a CSN, you will:
• be assigned one when you set up an account with an NZX Firm; or
• receive one from the Company’s transfer agent / share registry.
If you do not have a FIN it is expected that you will be sent one as a separate communication
by the Company’s transfer agent. If you have a NZX Firm and have not received a FIN by the
date you want to trade your Shares, your NZX Firm can obtain one, but may pass the cost for
doing so on to you. In certain cases where your NZX Firm is a bare trustee structure to hold
your Shares, you may not have a CSN or a FIN. Please contact your NZX Firm to determine
what you need to do to sell your Shares.
If you sell your Shares, you may be required to pay brokerage or other sale expenses. You
may also be liable for tax on the sale of your Shares. You should seek your own tax advice in
relation to your Shares.
Upon Listing, there may be limited liquidity in the Shares on the NZX. However, RUA
understands that its share registry can move Shares from the TSX to the NZX to facilitate
trading on the NZX, as dictated by demand. Depending on demand from NZX investors, there
may be a limited market for trading in Shares via NZX immediately after Listing.
Existing shareholders who wish to transfer their shareholding to the NZX Register should
contact the Company’s share registrar, Computershare Investor Services, for further
information.
Other equity securities of RUA
Warrants
On July 25, 2024, the Company closed a “best efforts” public offering of Shares for aggregate
CAD$8,000,000 (the “July 2024 Offering”), which was led by a syndicate of agents. In
connection with the July 2024 Offering, the Company issued to the agents, 413,895 non-
transferable broker warrants (the “2024 Broker Warrants”). Each 2024 Broker Warrant
entitles the holder thereof to acquire one Share at an exercise price of CAD$1.08 until July
25, 2026. Any 2024 Broker Warrants held by the agents after the expiry date will lapse and
be of no further effect. To the extent that the 2024 Broker Warrants are exercised, other
shareholders of the Company will have their shareholdings correspondingly diluted. As of
the date of Listing, the Company will have 161,473 2024 Broker Warrants outstanding.
34
On January 28, 2026, the Company closed a “best efforts” public offering of Shares for
aggregate CAD$33,000,719 (the “January 2026 Offering”), which was led by a syndicate of
agents. In connection with the January 2026 Offering, the Company issued to the agents,
1,357,932 non-transferable broker warrants (the “2026 Broker Warrants”). Each 2026
Broker Warrant entitles the holder thereof to acquire one Share at an exercise price of
CAD$1.10 until January 28, 2028. Any 2026 Broker Warrants held by the agents after the
expiry date will lapse and be of no further effect. To the extent that the 2026 Broker Warrants
are exercised, other shareholders of the Company will have their shareholdings
correspondingly diluted. As of the date of Listing, the Company will have 1,357,932 2026
Broker Warrants outstanding.
Options
The Company has an Option Plan dated for reference July 24, 2024
4
, to give directors,
officers, employees and consultants of the Company, as additional compensation, the
opportunity to participate in the success of the Company. The Option Plan provides that,
subject to the requirements of the TSX, the aggregate number of securities reserved for
issuance under the Option Plan, at any point in time, will be 10% of the number of Shares of
the Company issued and outstanding at the time the Option is granted (on a non diluted
basis), less any Shares reserved for issuance under share compensation arrangements
other than the Option Plan. The exercise price of the Options is set by the Board at the time
such Option is allocated under this Plan, and cannot be less than the market price of the
Shares on the TSX, as defined in the TSX Company Manual, less allowable discounts at the
time of grant. The Option Plan provides that the number of Shares that may be reserved for
issuance to any one individual upon exercise of all Options held by such individual may not
exceed 5% of the issued Shares on a yearly basis. Options granted under the Option Plan
are not transferable or assignable other than by will or other testamentary instrument or
pursuant to the laws of succession. Subject to earlier termination in the event of dismissal
for cause, termination other than for cause, or in the event of death, all Options granted
under the Option Plan will expire not later than the date that is ten years from the date that
such Options are granted.
Of the 7,693,668 Options outstanding (all dollar values presented in CAD$):
• 1,666,667 Options were granted on March 1, 2024, and each such Option, once
vested, entitles the holder thereof to acquire one Share at an exercise price of $0.60
until March 1, 2029;
• 250,000 Options were granted on April 17, 2024, and each such Option, once
vested, entitles the holder thereof to acquire one Share at an exercise price of $1.05
until April 17, 2029;
• 166,667 Options were granted on April 26, 2024, and each such Option, once
vested, entitles the holder thereof to acquire one Share at an exercise price of $1.50
until April 26, 2029;
4
See Schedule “A” of the management information circular filed under the Company’s SEDAR+ profile at www.sedarplus.ca on April 30, 2025.
35
• 1,702,000 Options were granted on January 1, 2025, and each such Option, once
vested, entitles the holder thereof to acquire one Share at an exercise price of $0.60
until January 1, 2030;
• 2,250,000 Options were granted on June 26, 2025, and each such Option, once
vested, entitles the holder thereof to acquire one Share at an exercise price of $0.66
until June 26, 2030;
• 100,000 Options were granted on October 1, 2025, and, each such Option, once
vested, entitles the holder thereof to acquire one Share at an exercise price of $0.78
until October 1, 2030;
• 200,000 Options were granted on October 20, 2025, and, each such Option, once
vested, entitles the holder thereof to acquire one Share at an exercise price of $1.02
until October 20, 2030; and
• 1,375,000 Options were granted on January 28, 2026, and, each such Option, once
vested entitles the holder thereof to acquire one Share at an exercise price of $1.43
until January 28, 2031.
DSUs
The Company has a DSU plan dated effective April 17, 2024, to provide directors, officers,
employees and consultants of the Company and its subsidiaries with the opportunity to
acquire DSUs to allow them to participate in the long-term success of the Company and to
promote a greater alignment of their interests with shareholders of the Company. Under the
DSU Plan, subject to satisfaction of certain vesting conditions, DSUs may be redeemed for
Shares, an equivalent value in cash or a combination of Shares and cash, at the election of
the compensation committee of the Board in its sole discretion.
The number of Shares issuable under the DSU Plan is subject to the following restrictions:
• The aggregate number of Shares that may be reserved for issuance pursuant to the
DSU Plan shall not exceed 10% of the issued and outstanding Shares, less the
number of Shares reserved for issuance under the Option Plan, at the time Shares
are reserved for issuance as a result of the grant of a DSU.
• The number of Shares that may be reserved for issuance under the Option Plan, DSU
Plan and any other security-based compensation arrangements to any one person
within a 12-month period shall not exceed 5% of the number of Shares issued and
outstanding on a non-diluted basis on the award date, unless the Company has
received disinterested shareholder approval.
• The number of Shares that may be reserved for issuance under the Option Plan, DSU
Plan and any other security-based compensation arrangements to insiders of the
Company, as a group, shall not exceed 10% of the number of Shares issued and
outstanding on a non-diluted basis at any point in time, unless the Company has
received disinterested shareholder approval.
36
• The number of Shares that may be reserved for issuance under the Option Plan, DSU
Plan and any other security-based compensation arrangements to insiders of the
Company, as a group, within a 12-month period shall not exceed 10% of the number
of Shares issued and outstanding on a non-diluted basis on the award date, unless
the Company has received disinterested shareholder approval.
• The number of Shares that may be reserved for issuance under the Option Plan, DSU
Plan and any other security-based compensation arrangements, to any one
consultant of the Company undertaking investor relations activities in respect of the
Company in any 12-month period shall not exceed 2% of the number of Shares issued
and outstanding on a non-diluted basis on the Award Date.
If the Company pays a dividend on the Shares, holders of DSUs will be credited with a
number of additional DSUs calculated in accordance with the terms of the DSU Plan. DSUs
are non-transferable except to a participant’s estate in accordance with the DSU Plan.
Other than as disclosed above or as provided pursuant to the DSU Plan, DSUs are not Shares
and under no circumstances shall DSU be considered Shares. DSUs shall not entitle the
holder to any rights attaching to the ownership of Shares, including without limitation, voting
rights, and rights on liquidation.
Of the 1,309,681 DSUs currently outstanding (all dollar values presented in CAD$):
• 145,913 DSUs were granted on April 17, 2024 at an issue price of $1.05 per DSU but
are issued to the relevant directors as fully paid for nil consideration;
• 54,390 DSUs were granted on June 30, 2024 at an issue price of $1.16 per DSU but
are issued to the relevant directors as fully paid for nil consideration;
• 65,395 DSUs were granted on September 30, 2024 at an issue price of $1.01 per DSU
but are issued to the relevant directors as fully paid for nil consideration;
• 118,197 DSUs were granted on December 31, 2024 at an issue price of $0.60 per DSU
but are issued to the relevant directors as fully paid for nil consideration;
• 101,208 DSUs were granted on January 1, 2025 at an issue price of $0.60 per DSU but
are issued to the relevant directors as fully paid for nil consideration;
• 161,980 DSUs were granted on March 31, 2025 at an issue price of $0.61 per DSU but
are issued to the relevant directors as fully paid for nil consideration;
• 200,000 DSUs were granted on June 26, 2025 at an issue price of $0.66 per DSU but
are issued to the relevant directors as fully paid for nil consideration;
• 145,417 DSUs were granted on June 30, 2025 at an issue price of $0.68 per DSU but
are issued to the relevant directors as fully paid for nil consideration;
• 140,778 DSUs were granted on September 30, 2025 at an issue price of $0.68 per
DSU but are issued to the relevant directors as fully paid for nil consideration;
• 76,403 DSUs were granted on December 31, 2025 at an issue price of $1.29 per DSU
but are issued to the relevant directors as fully paid for nil consideration;
37
• 100,000 DSUs were granted on January 28, 2026 at an issue price of $1.43 per DSU
but are issued to the relevant directors as fully paid for nil consideration;
RUA’S FINANCIAL INFORMATION
The tables below provide key financial information about RUA. Full financial statements are
available at www.ruagold.com/financial-reports and at RUA’s NZX page, once available. If
you do not understand this financial information, you can seek advice from a financial
advice provider or an accountant.
Deadlines for filing financial information
RUA’s financial year-end is December 31
st
. Canadian securities laws require the Company
to file certain financial statements within prescribed periods based on its financial year-end.
As the Company is listed on the TSX, the Company must file under its profile on SEDAR+ at
www.sedarplus.ca:
• quarterly interim financial statements and corresponding managements’ discussion
and analysis, on or before the 45th day after the end of the applicable interim quarter;
and
• annual financial statements and corresponding managements’ discussion and
analysis, on or before the 90th day after the end of its financial year.
Financial information presented
The table of selected financial information contained in this profile is historical financial
information. The continued operation of the Company will be dependent upon its ability to
generate operating revenues and to procure additional financing (see RISKS TO RUA’S
BUSINESS AND PLANS ). The Company is fully funded for its exploration and development
activities for the next 18-months. Future financings would be completed through the
issuance of Shares from treasury.
As a dual listed entity with a NZX Foreign Exempt listing, RUA will continue to prepare all of
its future financial statements in accordance with IFRS Accounting Standards as issued by
the International Accounting Standards Board, the accounting standards required by
Canadian laws for TSX-listed entities.
The financial information contained in this section has been prepared by RUA and is
presented in Canadian dollars.
38
Historical financial information
Historical financial information for RUA comprises of the following:
• unaudited interim financial statements for the three and nine months ended
September 30, 2025 and 2024;
• unaudited interim financial statements for the three and six months ended June 30,
2025 and 2024;
• unaudited interim financial statements for the three months ended March 31, 2025
and 2024; and
• audited RUA annual financial statements for the years ended December 31, 2024
and 2023, together with the auditor’s report on those statements.
The foregoing financial statements and the selected financial information herein relate to
periods of time when the Shares were listed for trading on the TSX-V and the Company was
a “venture issuer” under Canadian securities laws. As venture issuers are subject to, among
other things, more lenient filing deadlines for their interim and annual financial statements
and corresponding managements’ discussion and analysis, the financial statements listed
above were filed under the Company’s profile on SEDAR+ at www.sedarplus.ca in
accordance with Canadian securities laws but subsequent to the deadlines described
under “Deadlines for filing financial information” above.
Selected financial information
Summary Financial
Information
For the nine months
ended September 30,
2025
(Unaudited)
For the Year Ended December
31
2024 (Audited)
($)
2023 (Audited)
($)
Total revenues Nil Nil Nil
Net income (loss) (8,922,238) (25,556,475) (1,964,814)
Basic and diluted net income
(loss) per Share
(0.13) (0.75) (0.17)
EBITDA (8,887,038) (25,519,461) (1,925,095)
Net profit after tax (8,922,238) (25,556,475) (1,964,814)
Dividends on all equity
securities
Nil Nil Nil
Cash and cash equivalents 11,038,498 1,206,463 207,733
Net cash flows from operations (8,080,905) (6,899,207) (1,670,496)
Total assets 13,498,442 3,513,509 516,134
Total l iabilities 1,080,978 1,264,076 1,295,342
39
Shareholders’ equity
(deficiency)
12,417,464 2,249,433 (779,208)
This Profile does not provide prospective financial information for RUA because RUA
remains at a development stage and has too much uncertainty regarding its future financial
performance, which would render such prospective financial information to be too
speculative.
Capitalisation table
The reference price will be determined using the close price on the TSX on Thursday 19
February, available 10am Friday 20 February, converted in NZD (“Reference Price”).
At the time of Listing, RUA will have 2,153 registered shareholders. One shareholder, Siren,
holds 13,887,898 Shares
5
, of which 7,777,272 Shares remain subject to certain contractual
resale restrictions pursuant to the Shareholder Rights Agreement. For further information
see “Material interests in RUA” and “Company History”.
The Reference Price implies the valuation metric as set out in the table below. The price at
which Shares will be traded on the NZX Main Board following the Listing will depend on the
demand for, and supply of, Shares and will be subject to change.
Capitalisation table (in New Zealand Dollars)
Number of shares on issue at Listing 114,924,989
Reference Price To be determined by NZX as noted above
Implied share price [$1.60 ]
Implied market capitalisation [$184M]
Net cash [$46M]
Implied enterprise value [$138M]
Implied market capitalisation is the value of all of RUA’s equity securities, based
on the implied share price determined using the close price on the TSX on Friday 13
February, converted in NZD. It tells you what the Company is proposing as the value of RUA’s
equity.
Implied enterprise value is a measure of the total value of the business of RUA, as implied
by the Reference Price. Implied enterprise value is the amount that a person would need to
5
As disclosed on the System for Electronic Disclosure by Insiders at www.sedi.ca as of the date hereof.
40
pay to acquire all of RUA’s equity securities and to settle all of RUA’s borrowings. It is a
measure of what the Company is proposing the business of RUA, as a whole, is worth.
RISKS TO RUA’S BUSINESS AND PLANS
This section describes the specific risks that RUA is aware of that exist or are likely to arise
that significantly increase the risk to RUA’s financial position, financial performance or
stated plans. There is no guarantee or assurance that the importance of each risk will not
change or that other risks will not emerge over time. RUA is also subject to generic risks
applicable to all listed equity securities which are not described in this section.
Risk Factor Description
No earnings and
limited operating
history
The business of developing and exploring resource properties
involves a high degree of risk and, therefore, there is no
assurance that current exploration programs will result in
profitable operations. The Company’s properties are in the
exploration stage, and there are no known commercial
quantities of mineral reserves on the Company’s properties. The
Company has no history of earnings; therefore, the Company
does not generate cash flow from its operations. There can be
no assurance that significant additional losses will not occur in
the future. The Company’s operating expenses and capital
expenditures may increase in future years with advancing
exploration, development and/or production from the
Company’s properties. The Company does not expect to receive
revenues from operations in the foreseeable future and expects
to incur losses until such time as one or more of its properties
enters into commercial production and generates sufficient
revenue to fund continuing operations. There is no assurance
that the Company’s properties will eventually enter commercial
operation. There is also no assurance that new capital will
become available, and if it does not, the Company may be
forced to substantially curtail or cease operation.
Negative cash flow
from operating
activities
The Company has no revenues from ongoing operations and has
recorded significant accumulated losses. Based upon current
plans, the Company expects to incur operating losses in future
periods due to ongoing expenses associated with the holding,
exploration
and development of the Company’s mineral
properties. The Company will likely continue to have limited
financial resources and its ability to achieve and maintain
profitability and positive cash flow will remain dependent upon
the Company being able to: (i)
develop a profitable mineral
property; (ii) generate revenues in excess of expenditures; and
(iii) minimize exploration and administrative costs in the event
41
revenues and/or financing availability are insufficient, in order to
preserve available cash.
Exploration activities
may not be successful
The exploration and development of mineral properties involves
significant financial risks, which even a combination of careful
evaluation, experience and knowledge may not eliminate. While
the discovery of an ore body may result in substantial rewards,
few properties that are explored are ultimately developed into
producing mines. Major expenditures may be required to
establish reserves by drilling, to complete a feasibility study and
to construct mining and processing facilities at a site for
extracting natural resource products. The Company cannot
ensure that its future exploration programs will result in
profitable commercial mining operations.
Substantial expenses may be incurred on exploration projects
that are subsequently abandoned due to poor exploration
results or the inability to define reserves that can be mined
economically. Development projects have no operating history
upon which to base estimates of future cash flow. Estimates of
proven and probable reserves and cash operating costs are, to
a large extent, based upon detailed geological and engineering
analysis. There have been no feasibility studies conducted in
order to derive estima
tes of capital and operating costs
including, among others, anticipated tonnage and grades of ore
to be mined and processed, the configuration of the ore body,
ground and mining conditions, expected recovery rates of the
gold or copper from the ore, and anticipated environmental and
regulatory compliance costs.
Updated Technical Reports have been commissioned to an
independent third party and are periodically updated as the
progress on the projects advances at the Reefton Project. The
Company agrees with and adopts the recommendations in the
Reports. The next refreshed Technical Report will be published
on SEDAR and on the Company’s website in the first quarter of
2026.
It is possible that actual costs and economic returns of future
mining operations may differ materially from the Company’s
best estimates. It is not unusual in the mining industry for new
mining operations to experience unexpected problems during
the start-up phase and to require more capital than anticipated.
These additional costs could have an adverse impact on the
42
Company’s future cash flows, earnings, results of operations
and financial condition.
Exploration stage
operations
The Company’s operations are subject to all of the risks
normally incident to the exploration of mineral properties. The
Company has implemented safety and environmental
measures designed to comply with or exceed government
regulations and ensure safe, reliable and efficient operations in
all phases of its operations. The Company maintains liability
and property insurance, where reasonably available, in such
amounts as it considers prudent. The Company may become
subject to liability for hazards against which it cannot insure or
which it may elect not to insure against because of high
premium costs or other reasons.
The mineral exploration business is very speculative. The
Company’s properties are at an early stage of exploration.
Mineral exploration involves a high degree of risk, which even a
combination of experience, knowledge and careful evaluation
may not be able to avoid. Few properties that are explored are
ultimately developed into producing mines. Unusual or
unexpected formations, formation pressures, fires, power
outages, labour disruptions, flooding, explosions, cave-ins,
landslides and the inability to obtain adequate machinery,
equipment and/or labour are some of the risks involved in
mineral exploration activities. The Company has relied on and
may continue to rely on consultants and others for mineral
exploration expertise. Substantial expenditures are required to
establish mineral reserves and resources through drilling, to
develop metallurgical processes to extract the metal from the
material processed and to develop the mining and processing
facilities and infrastructure at any site chosen for mining. There
can be no assurance that commercial or any quantities of ore
will be discovered. There is also no assurance that even if
commercial quantities of ore are discovered, that the properties
will be brought into commercial production or that the funds
required to exploit any mineral reserves and resources
discovered by the Company will be obtained on a timely basis or
at all. The commercial viability of a mineral deposit once
discovered is also dependent on a number of factors, some of
which are the particular attributes of the deposit, such as size,
grade and proximity to infrastructure, as well as mineral prices.
Most of the above factors are beyond the control of the
Company. There can be no assurance that the Company’s
mineral exploration activities will be successful. In the event
43
that such commercial viability is never attained, the Company
may seek to transfer its property interests or otherwise realize
value or may even be required to abandon its business and fail
as a “going concern”.
Based on the current treasury and the work program defined
herein, the Company has sufficient cash flows to execute on the
exploration stage activities for a further 18 months. Most of this
work will be carried out by third party contractors who have
strong experience operating in the Reefton Goldfield and are
well equipped to support the business in the exploration
activities.
Future Financings The continued operation of the Company will be dependent
upon its ability to generate operating revenues and to procure
additional financing. There can be no assurance that any such
revenues can be generated or that other financing can be
obtained on acceptable terms to the Company, if at all. Failure
to obtain additional financing on a timely basis may result in
delay or indefinite postponement of further exploration and
development or forfeiture of some rights in some or all of the
Company’s properties. If additional financing is raised by the
issuance of Shares from treasury, control of the Company may
change and shareholders may suffer additional dilution. If
adequate funds are not available, or are not available on
acceptable terms, the Company may not be able to further
explore and develop its properties, take advantage of other
opportunities, or otherwise remain in business. Events in the
equity market may impact the Company’s ability to raise
additional capital in the future.
The Company may encounter difficulty sourcing future financing
in light of the recent global economic and political volatility. The
current financial equity market conditions and the challenging
funding environment make it difficult to raise capital through the
issuance of Shares as it is considered speculative and high-risk
in nature, making it less attractive to investors.
Reliance on Limited
Number of Properties
The Company’s only material property is the Reefton Project. As
a result, unless the Company acquires additional property
interests, any adverse developments affecting the Reefton
Project would likely have an adverse effect upon the Company
and would adver
sely affect the potential mineral resource
development, profitability, financial performance and condition
and results of the Company and its strategies and plans. While
the Company may seek to acquire additional mineral properties
that are consistent with its business objectives, there can be no
44
assurance that the Company will be able to identify suitable
additional mineral properties or, if it does identify suitable
properties, that it will have sufficient financial resources to
acquire such properties or that such properties will be available
on terms acceptable to the Company or at all.
The Company’s existing properties and AA are sufficient for its
current work programme as outlined in this Profile. The
Company does not intend to seek additional consents or access
arrangements at the date of listing. However, as the Company
continues to progress, it may consider further permits / AAs in
the ordinary course of business, as it deems appropriate.
Acquisitions and
Integration
From time to time, the Company may seek to grow by acquiring
companies, assets, or establishing joint ventures that it believes
will complement its current or future business. Any acquisition
that the Company may choose to complete may be of a
significant size relative to the size of the Company, may change
the nature or scale of the Company’s business and activities,
and may expose the Company to new geographic, political,
operating, financial and geological risks. The Company’s
success in its acquisition activities, if any, depends upon its
ability to obtain additional sources of financing, identify suitable
acquisition candidates, negotiate acceptable terms for any
such acquisition, and integrate any acquired operations
successfully with those of the Company. Any acquisitions would
be accompanied by risks. In the event that the Company
chooses to raise debt capital to finance any such acquisitions,
the Company’s leverage will be increased. Subject to TSX Rule
requirements, if the Company chooses to use equity as
consideration for such acquisitions, existing shareholders may
suffer significant dilution. The Company may not effectively
select acquisition candidates or negotiate or finance
acquisitions or integrate the acquired businesses and their
personnel or acquire assets for the business. The Company
cannot guarantee that it can complete any acquisition it
pursues on favourable terms, or that any acquisitions
completed with ultimately benefit its business.
Title Risks Although the Company has exercised standard due diligence
with respect to determining title to the Reefton Project in which
it has a material interest, there is no guarantee that title will not
be challenged or impugned. The Company’s mineral property
interests may be subject to prior unregistered agreements or
transfers or native land claims and title may be affected by
undetected defects. Surveys have not been carried out on the
Company’s mineral property in accordance with the laws of the
45
jurisdiction in which the Reefton Project is situated; therefore,
its boundaries and area could be in doubt. Until competing
interests in the mineral lands have been determined, the
Company can give no assurance as to the validity of title of the
Company to those lands or the size of such mineral lands.
Environmental
Regulations, Permits
and Licenses
The Company’s operations may be subject to environmental
regulations promulgated by government agencies from time to
time. Environmental legislation provides for restrictions and
prohibitions on spills, releases or emissions of various
substances produced in association with certain mining
industry operations, such as seepage from tailings disposal
areas, which would result in environmental pollution. A breach
of such legislation may result in the imposition of fines and
penalties. In addition, certain types of operations require the
submission and approval of environmental impact
assessments. Environmental legislation is evolving in a manner
that means standards are stricter, and enforcement, fines and
penalties for non-
compliance are more stringent.
Environmental assessments of proposed projects carry a
heightened degree of responsibility for companies and
directors, officers and employees. The cost of compliance with
changes in governmental regulations has a potential to reduce
the profitability of operations. The Company intends to comply
fully with all environmental regulations.
The current or future operations of the Company, including
development activities and commencement of production on
its properties, may require the Company to obtain permits from
various federal, provincial or territorial and local governmental
authorities and agencies, and such operations are and will be
governed by laws and regulations governing prospecting,
development, mining, production, exports, taxes, labour
standards, occupational health, waste disposal, toxic
substances, land use, environmental protection, mine safety
and other matters.
There can be no assurance, however, that all permits that the
Company may require for its operations and exploration
activities will be obtainable on reasonable terms or on a timely
basis or that such laws and regulations will not have an adverse
effect on any mining project which the Company might
undertake. In addition, the obtaining of permits or changes to
environmental regulations is subject to political risk. The current
46
list of permits is set out in Table 1: Status of PPs and EPs on page
13 above.
Certain New Zealand political parties hold a negative view of
minerals exploration and extraction and, should those parties
come into Government, permitting processes could become
more uncertain, expensive and time consuming. Operational
compliance requirements could also become more stringent.
New Zealand is due to have a national election in 2026.
Failure to comply with applicable laws, regulations, and
permitting requirements may result in enforcement actions
thereunder, including orders issued by regulatory or judicial
authorities causing operations to cease or be curtailed, and may
include correc
tive measures requiring capital expenditures,
installation of additional equipment, or remedial actions.
Parties engaged in mining operations may be required to
compensate those suffering loss or damage by reason of mining
activities and may have civil or criminal fines or penalties
imposed for violations of applicable laws or regulations and, in
particular, environmental laws.
Amendments to current laws, regulations and permits governing
operations and activities of mining companies, or more
stringent implementation thereof, could have a material
adverse impact on the Company and cause an increase in
capital expenditures or production costs, or a reduction in
production levels for producing properties, or require
abandonment or delays in the development of new mining
properties.
To the best of the Company’s knowledge, it is operating in
compliance with all applicable rules and regulations.
Management The success of the Company is currently largely dependent on
the performance of its directors and officers. There is
no assurance the Company can maintain the services of its
directors and officers or other qualified personnel required
to operate its business. The loss of the services of these persons
could have a material adverse effect on the Company
and its prospects. The loss of key personnel may lead to a loss
of operational knowledge and capabilities, key partner
relationships and industry expertise, as well as a delay in
completing acquisitions and commercialising the Company’s
properties.
47
Various aspects of the Company’s business require specialized
skills and knowledge. Such skills and knowledge include the
areas of permitting, geology, drilling, metallurgy, logistical
planning and implementation of exploration programs as well as
finance and accounting. The Company’s management team and
Board provide much of the specialized skill and knowledge. The
Company also retains outside consultants as additional
specialized skills and knowledge are required. However, it is
possible that delays and increased costs may be experienced by
the Company in locating and/or retaining skilled and
knowledgeable employees and consultants in order to proceed
with its planned exploration and development at its mineral
properties.
Relationship with
Local Communities
and Stakeholders
The Company’s ongoing and future success depends on
developing and maintaining productive relationships with the
communities surrounding its mineral project, including local
indigenous people who may have rights or may assert rights to
certain of its properties, and other stakeholders in the
Company’s operating locations. Local communities and
stakeholders may be dissatisfied with the Company’s activities,
or the level of benefits provided, which may result in legal or
administrative proceedings, civil unrest, protests, direct action
or campaigns against the Company. Any such occurrence could
materially and adversely affect the Company’s business,
financial condition or results of operations, as well as its ability
to commence or continue exploration or mine development
activities. The Company does not currently have any
arrangement with local iwi in respect of its Reefton Project or
Glamorgan Project.
Exploration and mining projects within New Zealand can also be
subject of negative social media campaigns by embolden local
and online anti-mining groups. The author of the Reefton Gold
Technical Report notes that while there is some risk of social
licence issues, the West Coast region has stronger support for
mining than the rest of New Zealand.
48
TAX
Tax can have significant consequences for investments. If you have queries relating to the
tax consequences of investing in the Shares, you should obtain professional advice on
those consequences.
DIFFERENCES BETWEEN TSX AND NZX LISTING RULES
The Company is seeking a Foreign Exempt Listing on the NZX Main Board. This means that
the Company will primarily be regulated by the policies of the TSX, including applicable
Canadian securities laws, and only limited NZX Listing Rules will apply to the Company. The
material differences between the TSX policies, including applicable Canadian securities
laws, that will apply instead of the NZX Listing Rules are described below.
Aside from the differences described below, TSX requirements are similar to NZX in that TSX
issuers must comply with continuous disclosure and periodic reporting obligations (among
other things).
Capital Raising
Generally, under the policies of the TSX, the TSX will require RUA to seek shareholder
approval if it proposes to issue any Shares or securities exchangeable or convertible into
Shares and such issuance will materially affect control of RUA or provides consideration to
insiders in excess of 10% of RUA’s market capitalisation during any six-month period.
Furthermore, RUA may issue equity securities on a private placement basis without
securityholder approval only if the issuance does not exceed 25% of RUA’s issued and
outstanding Shares and the offering price is not less than the volume weighted average
trading price of the Shares on the TSX, calculated by dividing the total value by the total
volume of Shares traded for the five trading days preceding the date of the announcement
of the proposed issuance. In comparison, the NZX Listing Rules require all proposed
issuances of equity securities be approved by shareholders of the Company unless such
issuance is (i) made pro rata to all shareholders, a bonus issue or a share purchase plan, (ii)
made to employees, (iii) made pursuant to takeovers, dividend reinvestment, director
remuneration, amalgamation, conversions and minimum holdings, or (iv) for issues less
than or equal to 15% of the Shares, over a 12-month period.
In addition to differences in shareholder approval requirements, the TSX policies also permit
RUA to issue securities at different discounted prices than the NZX Listing Rules. Under TSX
policies, the permitted discount varies depending on the prevailing market price of the
Shares as follows: (i) maximum 25% discount if the market price is less than or equal to
$0.50; (ii) maximum 20% discount if the market price is greater than $0.50 and less than or
equal to $2.00; or (iii) maximum 15% discount if the market price is greater than $2.00. Under
NZX Listing Rules, RUA may only issue securities at a discount to market price greater than
15% if the directors sign a certificate that the consideration for such securities is fair and
reasonable to RUA and its securityholders.
49
Major Party Transactions
As described above, the TSX will require RUA to seek shareholder approval if it proposes to
issue any Shares or securities exchangeable or convertible into Shares and such proposed
issuance will materially affect control of RUA or provides consideration to insiders in excess
of 10% of RUA’s market capitalisation during any six-month period. Under NZX Listing Rules,
RUA would be required to obtain shareholder approval to engage in any transaction, or a
related series of transactions, to acquire, sell, lease, exchange, or otherwise dispose of
assets where the nature of RUA’s business would be significantly changed, or where the
gross value of the assets involved exceeds 50% of the RUA’s average market capitalisation.
Related Party Transactions
A “related party” under applicable Canadian securities laws is more broadly defined than
under NZX Listing Rules. Furthermore, when dealing with a related party, Canadian
securities laws require RUA to seek approvals from disinterested shareholders for a broader
range of transactions than required under NZX Listing Rules. However, under Canadian
securities laws, RUA is exempted from seeking such disinterested shareholder approval if
the fair market value of the transaction is less than 25% of RUA’s market capitalisation. This
differs from NZX Listing Rules, which provide that RUA is only exempted from seeking
disinterested shareholder approval if the fair market value of the transaction is less than
10% of RUA’s average market capitalisation.
Corporate Governance
As a TSX-listed company, RUA must comply with the requirements of Canadian securities
laws and TSX policies regarding its corporate governance. These requirements relate to,
among other things, director independence, board composition and audit committees.
In certain continuous disclosure documents publicly filed in Canada from time to time, RUA
must disclose the names of its independent directors, as well as the grounds on which any
non-independent directors are not independent. Under Canadian securities laws and TSX
policies, a director is “independent” if the director has no direct or indirect relationship with
the Company that could, in the view of the Board, be reasonably expected to interfere with
the exercise of a director’s independent judgment.
With respect to board composition, RUA’s board of directors must also disclose whether or
not a majority of its directors are independent and, if any directors are a director of another
publicly traded company in any jurisdiction, RUA must disclose both the director and the
other company. Furthermore, RUA must disclose whether the chair or lead director is
independent and, if independent, the identity of such director and their role and
responsibilities. If RUA does not have an independent chair or lead director, the Company
must describe what the Board does to provide leadership for its independent directors. RUA
must also disclose the attendance record of all directors for all Board meetings held since
the beginning of its most recently completed financial year.
50
RUA must also disclose which directors make up its audit committee, the independence
and financial literacy of each audit committee member, and the education and experience
of each audit committee member. An audit committee member is “financially literate” if
they have the ability to read and understand a set of financial statements that present a
breadth and level of complexity of accounting issues that are generally comparable to the
breadth and complexity of the issues that can reasonably be expected to be raised by the
Company.
For further information regarding the Canadian securities laws and TSX policies relating to
the corporate governance of RUA, please see the TSX’s corporate governance documents
at https://www.tsx.com/en/listings/tsx-and-tsxv-issuer-resources/tsx-issuer-
resources/corporate-governance, National Instrument 58-101 Disclosure of Corporate
Governance Practices and related form published by the Canadian Securities
Administrators at https://www.bcsc.bc.ca/securities-law/law-and-policy/instruments-
and-policies/5-ongoing-requirements-for-issuers-insiders/current/58-101/ and National
Instrument 52-110 Audit Committees and related companion policy and form published by
the Canadian Securities Administrators at https://www.bcsc.bc.ca/securities-law/law-
and-policy/instruments-and-policies/5-ongoing-requirements-for-issuers-
insiders/current/52-110. Readers are encouraged to review the Canadian corporate
governance requirements in comparison to the requirements of the NZX Corporate
Governance Code published at https://www.nzx.com/regulation/nzx-rules-guidance/nzx-
listing-rules.
WHERE YOU CAN FIND MORE INFORMATION
Further information relating to RUA (for example, RUA’s investor presentation and its
financial statements) is available at https://ruagold.com/investors-revamp/ and
https://ruagold.com/financial-reports/.
Further information in relation to RUA is available on the Companies Office register of the
Ministry of Business, Information and Employment. This information can be accessed on the
Companies Office website at www.business.govt.nz/companies.
As a publicly traded company in Canada, RUA is subject to certain continuous disclosure
requirements under Canadian securities laws. To satisfy these disclosure requirements,
RUA has, and will continue to, publish prescribed information under its profile on SEDAR+
at www.sedarplus.ca. Once listed, the Company will cross-release any information
published on SEDAR+ to the NZX Market Announcement Platform in a timely manner.
51
CONTACT INFORMATION
Rua Gold Inc. Address: 1500-1055 West Georgia St.,
Vancouver, British Columbia, V6E 4N7, Canada
Telephone number: +1 (604) 687-7130
Securities Registrar (Canada) -
Computershare Investor Services Inc.
Address: 3rd Floor, 510 Burrard Street,
Vancouver, British Columbia, V6C 3B9, Canada
Telephone number: +1 (604) 661-9400
Securities Registrar (New Zealand) –
Computershare Investor Services Inc.
Address: Level, 2/159 Hurstmere Road,
Takapuna, Auckland 0622, New Zealand
Telephone number: +64 22 046 2449
Legal Advisor (Canada) - McMillan LLP Address: Royal Centre, Suite 1500 1055 West
Georgia Street, PO Box 11117 Vancouver,
British Columbia Canada V6E 4N7
Telephone number: +1 (604) 689-9111
Legal Advisor (New Zealand) – Duncan
Cotterill
Address: Duncan Cotterill House, 50
Customhouse Quay, Wellington 6011
Telephone number: +64 4 499 3280
Auditor - Deloitte LLP Address: 410 West Georgia Street, Vancouver,
British Columbia, V6B 0S7, Canada
Telephone number: +1 (604) 669-4466
---
2024
www.rscmme.com
TECHNICAL REPORT ON THE REEFTON
PROJECT, NEW ZEALAND
NI 43-101 Technical Report on Reefton Project, New Zealand
Report prepared for: RUA GOLD INC
PO Box 48600 South Bentall Centre,
BC, Vancouver V7X IT
Canada
Report author and
Qualified Person: Sean Aldrich, MSc MAusIMM MAIG
Effective Date: 8 July 2024
Date & Signature
Report issued by
RSC Consulting Ltd
245 Stuart Street, Dunedin 9016, New Zealand
Postal Address: PO Box 5647, Dunedin, 9054, New Zealand
Report prepared for
Client name RUA GOLD INC
Project name Reefton Project
Contact name Robert Eckford
Contact title CEO
Contact address
1055 West Georgia Street, Suite 1500, Vancouver BC, V6E
4N7, Canada
Report Information
File name 240630 RSC RUA NI 43-101 ITR
Effective date 8 July 2024
Report status Final
Date & Signature
Contributing author (QP) Signature Date
Sean Aldrich, MSc MAusIMM MAIG /Sean Aldrich/ 8 July 2024
TECHNICAL REPORT ON THE REEFTON PROJECT, NEW ZEALAND
RUA GOLD INC
Page 1 of 173
Contents
Date & Signature ................................................................................................................................................................... 1
List of Tables ......................................................................................................................................................................... 6
List of Figures ........................................................................................................................................................................ 7
Acronyms ............................................................................................................................................................................ 10
1. Summary .................................................................................................................................................................... 12
1.1 Property Description & Ownership ..................................................................................................................... 12
1.2 Geology & Mineralisation ................................................................................................................................... 12
1.3 Exploration ......................................................................................................................................................... 13
1.4 Conclusions & Recommendations ..................................................................................................................... 14
2. Introduction ................................................................................................................................................................. 16
2.1 Purpose of the Report ........................................................................................................................................ 16
2.2 Sources of Information ....................................................................................................................................... 16
2.3 Qualified Persons .............................................................................................................................................. 16
2.4 Personal Inspection (Site Visit) .......................................................................................................................... 17
3. Reliance on Other Experts ......................................................................................................................................... 18
4. Property Description & Location ................................................................................................................................. 19
4.1 Location ............................................................................................................................................................. 19
4.2 Mineral Tenure ................................................................................................................................................... 19
4.2.1 Mineral Rights ............................................................................................................................................... 19
4.2.2 Mineral Permits ............................................................................................................................................. 20
4.2.2.1 Prospecting Permits.............................................................................................................................. 20
4.2.2.2 Exploration Permits............................................................................................................................... 20
4.2.2.3 Mining Permits ...................................................................................................................................... 21
4.2.2.4 Revocation of Permits ........................................................................................................................... 21
4.2.2.5 Current Permits..................................................................................................................................... 22
4.2.2.6 Work Programmes ................................................................................................................................ 23
4.3 Surface Rights & Permits ................................................................................................................................... 27
4.4 Royalties & Encumbrances ................................................................................................................................ 29
4.4.1 Crown Royalties ............................................................................................................................................ 29
4.4.2 MPG Rights ................................................................................................................................................... 30
TECHNICAL REPORT ON THE REEFTON PROJECT, NEW ZEALAND
RUA GOLD INC
Page 2 of 173
4.5 Environmental Liabilities & Permits.................................................................................................................... 30
4.6 Other Significant Factors & Risks ...................................................................................................................... 31
5. Accessibility, Climate, Local Resources, Infrastructure & Physiography .................................................................... 32
5.1 Accessibility ....................................................................................................................................................... 32
5.2 Climate............................................................................................................................................................... 32
5.3 Physiography ..................................................................................................................................................... 33
5.4 Vegetation .......................................................................................................................................................... 33
5.5 Local Resources & Infrastructure....................................................................................................................... 34
6. History ........................................................................................................................................................................ 36
6.1 Tenure & Operating History ............................................................................................................................... 36
6.2 Exploration History ............................................................................................................................................. 36
6.2.1 Alluvial Gold .................................................................................................................................................. 36
6.2.2 Hard-Rock Gold ............................................................................................................................................. 37
6.2.2.1 Capleston Group................................................................................................................................... 39
6.2.2.2 Crushington Group ............................................................................................................................... 41
6.2.2.3 Murray Creek Group ............................................................................................................................. 43
6.2.2.4 Ajax Group ............................................................................................................................................ 44
6.2.2.5 Italian Gully Group ................................................................................................................................ 45
6.2.2.6 Larry Creek Group ................................................................................................................................ 46
6.2.2.7 Kirwans Hill ........................................................................................................................................... 46
6.2.3 Previous Exploration & Development Work ................................................................................................... 47
6.2.3.1 Government Assisted Surveys (1935–1948) ........................................................................................ 47
6.2.3.2 1951–1980 ............................................................................................................................................ 48
6.2.3.3 Gold Mines NZ (1978–1990) ................................................................................................................ 48
6.2.3.4 CRA Exploration (1983–1990) .............................................................................................................. 50
6.2.3.5 Macraes Mining Co and OceanaGold NZ Ltd (1990–2018) .................................................................. 52
6.2.3.6 Auzex Resources Pty Ltd (2006–2009) ................................................................................................ 55
6.3 Production History ............................................................................................................................................. 58
6.4 Previous Mineral Resource Studies ................................................................................................................... 58
7. Geological Setting & Mineralisation ............................................................................................................................ 59
7.1 Regional Geology .............................................................................................................................................. 59
7.1.1 Western Province .......................................................................................................................................... 59
7.2 Local Geology .................................................................................................................................................... 61
TECHNICAL REPORT ON THE REEFTON PROJECT, NEW ZEALAND
RUA GOLD INC
Page 3 of 173
7.2.1 Greenland Group ........................................................................................................................................... 61
7.2.2 Reefton Group ............................................................................................................................................... 61
7.2.3 Brunner Coal Measures................................................................................................................................. 61
7.2.4 Quaternary Deposits...................................................................................................................................... 61
7.2.5 Alteration ....................................................................................................................................................... 62
7.2.6 Structure ........................................................................................................................................................ 62
7.3 Property Geology ............................................................................................................................................... 64
7.4 Controls on Mineralisation ................................................................................................................................. 65
8. Deposit Types ............................................................................................................................................................ 67
8.1 Orogenic Gold .................................................................................................................................................... 67
8.2 Intrusion-Related Gold ....................................................................................................................................... 69
8.2.1 Kirwans Hill & Bateman Creek Occurrences ................................................................................................. 70
9. Exploration ................................................................................................................................................................. 71
9.1 Geological Mapping ........................................................................................................................................... 71
9.2 Petrology............................................................................................................................................................ 75
9.3 Geochemical Sampling ...................................................................................................................................... 83
9.3.1 Soil Sampling ................................................................................................................................................ 83
9.3.2 Rock-Chip Sampling ...................................................................................................................................... 87
9.3.3 Stream-Sediment Sampling ........................................................................................................................... 89
9.3.4 Channel Sampling ......................................................................................................................................... 91
9.3.5 Interpretation of the Combined Geochemical Dataset ................................................................................... 94
9.4 Lithological Classification ................................................................................................................................... 95
9.5 Geophysics ........................................................................................................................................................ 98
9.5.1 Reprocessing Crown Geophysical Survey Data ............................................................................................ 98
9.5.2 Ground Geophysics ....................................................................................................................................... 99
9.5.3 UAV Programme ......................................................................................................................................... 103
9.5.4 Results and Interpretation ........................................................................................................................... 106
9.6 Remote Sensing .............................................................................................................................................. 110
9.7 LiDAR & Orthophotography ............................................................................................................................. 110
9.8 3D Solid Geological Modelling ......................................................................................................................... 113
9.8.1 Pactolus ....................................................................................................................................................... 113
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9.8.2 Murray Creek ............................................................................................................................................... 113
9.9 Exploration Target Interpretation ..................................................................................................................... 114
10. Drilling .................................................................................................................................................................. 120
10.1 Keep it Dark ..................................................................................................................................................... 122
10.2 Pactolus ........................................................................................................................................................... 122
10.3 Welcome .......................................................................................................................................................... 124
10.4 Golden Treasure .............................................................................................................................................. 125
10.5 Raglan ............................................................................................................................................................. 126
11. Sample Preparation, Analyses & Security ............................................................................................................ 128
11.1 Sample Preparation ......................................................................................................................................... 128
11.1.1 Soil Samples ........................................................................................................................................... 128
11.1.2 Stream-Sediment Samples ..................................................................................................................... 128
11.1.3 Rock-Chip Samples ................................................................................................................................ 128
11.1.4 Drill Samples ........................................................................................................................................... 128
11.2 Analysis ........................................................................................................................................................... 128
11.2.1 Portable Xray-Ray Fluorescence ............................................................................................................ 128
11.2.2 Laboratory Analysis: Soil Samples .......................................................................................................... 129
11.2.3 Laboratory Analysis: Stream Sediment Samples .................................................................................... 129
11.2.4 Laboratory Analysis: Rock-Chip Samples ............................................................................................... 129
11.2.5 Laboratory Analysis: Drill Core Samples ................................................................................................. 129
11.3 Density & Moisture Content ............................................................................................................................. 130
11.4 Security ............................................................................................................................................................ 130
11.5 Data Quality ..................................................................................................................................................... 131
11.5.1 Data Quality Objective ............................................................................................................................ 131
11.5.2 Quality Assurance ................................................................................................................................... 131
11.5.2.1 Soil Samples .................................................................................................................................. 132
11.5.2.2 Diamond Drill Samples ................................................................................................................... 134
11.5.3 Quality Control ........................................................................................................................................ 136
11.5.3.1 Soil Samples .................................................................................................................................. 136
11.5.3.2 Diamond Drill Samples ................................................................................................................... 139
11.5.4 Quality Acceptance Testing .................................................................................................................... 143
11.5.4.1 Soil Samples .................................................................................................................................. 143
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11.5.4.2 Diamond Drill Samples ................................................................................................................... 146
11.6 Summary ......................................................................................................................................................... 149
12. Data Verification ................................................................................................................................................... 151
12.1 Drillhole Database ........................................................................................................................................... 151
12.2 Collar Locations ............................................................................................................................................... 151
12.3 Sampling Verification ....................................................................................................................................... 152
12.4 Half Core & Pulp Check Sample Analysis ....................................................................................................... 152
12.5 Summary ......................................................................................................................................................... 154
13. Mineral Processing & Metallurgical Testing ......................................................................................................... 155
14. Mineral Resource Estimates ................................................................................................................................ 156
23. Adjacent Properties .............................................................................................................................................. 157
23.1 Federation Mining: Snowy River Project .......................................................................................................... 158
23.2 Siren Gold Ltd .................................................................................................................................................. 158
23.3 Globe-Progress: Reefton Restoration Project .................................................................................................. 158
24. Other Relevant Data & Information ...................................................................................................................... 160
25. Interpretation & Conclusions ................................................................................................................................ 161
26. Recommendations ............................................................................................................................................... 162
26.1 Phase 2............................................................................................................................................................ 162
26.1.1 Near Mine/Mine Extensions .................................................................................................................... 162
26.1.1.1 Murray Creek .................................................................................................................................. 162
26.1.1.2 Capleston ....................................................................................................................................... 163
26.1.1.3 Crushington .................................................................................................................................... 164
26.1.1.4 Other High-Ranking Targets .......................................................................................................... 164
26.2 Budget ............................................................................................................................................................. 166
27. References ........................................................................................................................................................... 167
28. Certificate of Qualified Person: <<Name of Author>> .......................................................................................... 173
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List of Tables
Table 1-1: Proposed exploration budget (CAD) for Phase 2. .............................................................................................. 14
Table 4-1: Status of the mineral permits that comprise the Reefton Project. ...................................................................... 22
Table 4-2: Minimum work programme for EP 60491. .......................................................................................................... 23
Table 4-3: Minimum work programme for EP 60624. .......................................................................................................... 25
Table 4-4: Minimum work programme for EP 61062. .......................................................................................................... 26
Table 4-5: DOC MIA agreements previously held and applied for by RGL. ........................................................................ 28
Table 4-6: DOC AA agreements previously held and applied for by RGL. .......................................................................... 29
Table 6-1: Historical production from mines within Reefton Project (Barry, 1993; Figure 6-2). ........................................... 38
Table 6-2: Samples taken during field programmes in the Reefton Goldfield. .................................................................... 53
Table 7-1: Summary of deformational and mineralisation events in the Reefton Goldfield. ................................................ 64
Table 9-1: Petrological summary of rock samples from EP 60491 (Capleston). ................................................................. 75
Table 9-2: Rock samples from Capleston tenement, SEM summary. ................................................................................. 79
Table 9-3: Drill core samples from the Pactolus Programme polished section petrological summary. ............................... 81
Table 9-4: Drill core samples from the Pactolus Programme SEM analysis summary. ....................................................... 82
Table 9-5: Soil summary results. ......................................................................................................................................... 86
Table 9-6: Rock-chip summary results. ............................................................................................................................... 88
Table 9-7: Stream-sediment summary results..................................................................................................................... 89
Table 9-8: Channel sample locations at Pactolus and Golden Treasure. ........................................................................... 91
Table 9-9: Geochemical results from channel samples at Pactolus and Golden Treasure. ................................................ 91
Table 9-10: Summary of Resistivity/IP survey lines. ......................................................................................................... 100
Table 9-11: Magnetometer and survey specifications. ...................................................................................................... 104
Table 9-12: Critical parameters of the sub-crustal mineral system orogenic gold model at the district to deposit scale. .. 116
Table 9-13: Table of exploration targets. ........................................................................................................................... 119
Table 10-1: Summary of the RGL drillholes within the Reefton Project. ........................................................................... 120
Table 10-2: Collar details for RGL drillholes. ..................................................................................................................... 121
Table 10-3: Significant intercepts for Pactolus .................................................................................................................. 123
Table 11-1: Summary of the laboratory method codes for assay and geochemical analyses. .......................................... 130
Table 11-2: Certified reference material analysed for the Reefton Gold diamond core samples. ..................................... 142
Table 11-3: Summary of data quality review for the Reefton Project. ............................................................................... 150
Table 12-1: Precision summary table for half-core check samples. .................................................................................. 153
Table 12-2: Precision summary table for pulp check samples. ......................................................................................... 154
Table 23-1: Mineral resources reported at Snowy River (OceanaGold, 2018). ................................................................. 158
Table 23-2: Mineral resources reported at Siren Gold projects. ........................................................................................ 158
Table 26-1: Proposed exploration budget (CAD) for Phase 2 expenditure. ...................................................................... 166
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List of Figures
Figure 4-1: Location of the Reefton Project. ........................................................................................................................ 19
Figure 4-2: Boundaries of EP 60491, EP 60624, and EP 61062. ........................................................................................ 23
Figure 5-1: Cadastral map illustrating accessibility to the Reefton Project. ......................................................................... 32
Figure 5-2: Significant ranges and valleys around the RGL permit area. ............................................................................ 33
Figure 5-3: Typical topography at the Reefton Project. Looking southeast towards the Capleston area. ........................... 34
Figure 5-4: A. Helipad at Pactolus; B. Helicopter landing at Pactolus. ................................................................................ 35
Figure 5-5: Drill pad 1 at Pactolus. ...................................................................................................................................... 35
Figure 6-1: Locations of historical alluvial Au mining around Reefton. ................................................................................ 37
Figure 6-2: Location of historical mining centres within the Reefton Goldfield. ................................................................... 39
Figure 6-3: Capleston Group and underground workings. .................................................................................................. 41
Figure 6-4: Crushington Group mines with underground workings. .................................................................................... 42
Figure 6-5: Ajax Group and Murray Creek Group mines, with underground workings. ....................................................... 44
Figure 6-6: Italian Gully Group and Larry’s Creek Group mines, with underground workings. ............................................ 46
Figure 6-7: Kirwan’s Hill Group mines, with open pit (Lord Brassey) and underground workings. ...................................... 47
Figure 6-8: Magnetics image, analytical signal over the Reefton Goldfields. ...................................................................... 56
Figure 6-9: Radiometric grid of uranium intensity ................................................................................................................ 57
Figure 6-10: ASTER scenes illustrating the intensity of quartz. .......................................................................................... 58
Figure 7-1: Regional geological map, modified from Nathan et al. (2022). ......................................................................... 60
Figure 7-2: Map of geological units in the Reefton Area. .................................................................................................... 62
Figure 7-3: Geological map of EP 60491 and part of EP 60624. ........................................................................................ 65
Figure 8-1: Historically mined lodes east of Reefton township. ........................................................................................... 68
Figure 8-2: Geological map of Kirwan’s Hill......................................................................................................................... 70
Figure 9-1: Geological map of the Reefton Goldfields. ........................................................................................................ 72
Figure 9-2: Detailed geological map of the Capleston area. ............................................................................................... 73
Figure 9-3: Detailed geological map of the Murray Creek area. .......................................................................................... 74
Figure 9-4: Photographs and photomicrographs of two samples from Pactolus. ................................................................ 76
Figure 9-5: Reflected and plane polarised transmitted light photomicrographs of GERS1824 collected from Pactolus. .... 77
Figure 9-6: Fiery Cross float samples, brecciated hydrothermal quartz vein infilled with stibnite. ....................................... 77
Figure 9-7: Fiery Cross float samples, photomicrographs ................................................................................................... 78
Figure 9-8: Photomicrographs of Golden Treasure vein. .................................................................................................... 78
Figure 9-9: SEM backscatter images. ................................................................................................................................. 79
Figure 9-10: RG5_GERS1828 SEM backscatter images. ................................................................................................... 80
Figure 9-11: Photographs and photomicrographs of the petrology samples. ...................................................................... 81
Figure 9-12: RG1_DD_PAC2 135.3 m SEM backscatter images. ...................................................................................... 82
Figure 9-13: RG2_DD_PAC2 136.9 m SEM backscatter images. ...................................................................................... 83
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Figure 9-14: RGL soil samples. ........................................................................................................................................... 85
Figure 9-15: Geochemical maps from soil sampling. Left Au heat map; Right As heat map. ............................................ 86
Figure 9-16: Rock sample locations. ................................................................................................................................... 87
Figure 9-17: Rock-chip sample results for A. Au (ppm), B. As (ppm), C. Sb (ppm), and D. Pb (ppm). ............................... 88
Figure 9-18: Stream-sediment sample locations. ................................................................................................................ 90
Figure 9-19: Location of the trench at Pactolus. .................................................................................................................. 93
Figure 9-20: Location of trenches at Golden Treasure. ....................................................................................................... 93
Figure 9-21: Geochemical anomalies from levelled Au (left) and As (right) datasets. ......................................................... 95
Figure 9-22: Ternary classification diagram of rocks in the Reefton Goldfield. ................................................................... 96
Figure 9-23: Lithology classifications applied to soil samples in the Reefton Project. ......................................................... 97
Figure 9-24: Structural complexity from the reprocessed Vidanovich, 2013 data. .............................................................. 99
Figure 9-25: 3D perspective view of the IP survey area, viewed from the northwest. ....................................................... 100
Figure 9-26: 3D view of the main 3D block, viewed from the south. ................................................................................. 102
Figure 9-27: 3D view of the main 3D block, viewed from the south. ................................................................................. 102
Figure 9-28: Photographs of the UAV surveying process. ................................................................................................ 104
Figure 9-29: UAV survey area map, illustrating flight line paths. ....................................................................................... 105
Figure 9-30: Reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter from Capleston area. ....... 108
Figure 9-31: Reduce to the pole (RTP) UAV magnetic map ............................................................................................. 108
Figure 9-32: Unprocessed reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter ..................... 109
Figure 9-33: Unprocessed reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter ..................... 109
Figure 9-34: Reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter from Buller area. .............. 110
Figure 9-35: LiDAR flown and processed by RGL (2019–2024). ...................................................................................... 112
Figure 9-36: Pactolus 3C geological model. ...................................................................................................................... 113
Figure 9-37: Structural complexity and targets (left and middle); Numerical Au model from soil geochemistry ................ 114
Figure 9-38: Location of exploration targets identified by RGL. ........................................................................................ 118
Figure 10-1: RGL drillhole collars. ..................................................................................................................................... 120
Figure 10-2: Drillhole collar and traces at Pactolus. .......................................................................................................... 123
Figure 10-3: Significant intercepts from drill core in the Pactolus programme. ................................................................. 124
Figure 10-4: Drillhole collar and traces at Welcome. ......................................................................................................... 125
Figure 10-5: Drillhole collars and traces at Golden Treasure. ........................................................................................... 126
Figure 10-6: Drillhole collar and traces at Raglan. ............................................................................................................ 127
Figure 11-1: Flow chart of RSC’s QA review process. ...................................................................................................... 132
Figure 11-2: The RD in As grade between the original and field repeat samples against time. ........................................ 137
Figure 11-3: The RD in As grades between the original and second split repeat against time, ........................................ 137
Figure 11-4: Combined CRM chart of selected CRMs analysed for As by pXRF, possible sample swaps noted by red
circles. ............................................................................................................................................................................... 138
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Figure 11-5: The RD in As grades between the original and replicate measurements against time, ................................ 139
Figure 11-6: Sample recovery per metre sample. ............................................................................................................. 140
Figure 11-7: The RD in Au grades between the original and third-split duplicate pairs against time................................. 141
Figure 11-8: The RD in As grades between the original and third-split duplicate pairs against time. ................................ 142
Figure 11-9: Plot of sample blank analysis conducted at SGS Waihi. ............................................................................... 143
Figure 11-10: Scatter and QQ plots for field repeat samples analysed for As by pXRF. ................................................... 144
Figure 11-11: Scatter and QQ plots for field repeat samples analysed for Au by aqua regia extraction with ICP-MS ...... 144
Figure 11-12: Scatter and QQ plots for second split soil samples, analysed for As by pXRF. .......................................... 145
Figure 11-13: Scatter and QQ-plots replicate analyses, analysed for As by pXRF. .......................................................... 146
Figure 11-14: Sample recovery vs Au grade ..................................................................................................................... 147
Figure 11-15: Scatter and QQ plots of third-split (pulp) repeat pairs from diamond drill samples ..................................... 148
Figure 11-16: Scatter and QQ plots for third-split (pulp) repeat pairs from diamond drill samples .................................... 149
Figure 12-1: QP checking collar locations at Raglan (RAG032 &033). ............................................................................. 151
Figure 12-2: Core tray verification conducted by the QP (RAG31: Box 60 & 61). ............................................................. 152
Figure 12-3: Comparison between half-core check samples. ........................................................................................... 153
Figure 12-4: Comparison between pulp check samples. ................................................................................................... 154
Figure 23-1: Significant properties in the Reefton area. .................................................................................................... 157
Figure 26-1: Phase 2 exploration targets. ......................................................................................................................... 165
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Acronyms
°C degrees Celsius
1VD first vertical derivative
2D two dimension
2VD second vertical derivative
3D three dimension
AA access agreement
AAS atomic absorption spectrometry
AAS atomic absorption spectrometry
AAT automatic aerial triangulation
Ag silver
AGC automatic gain control
AIG Australian Institute of Geoscientists
As arsenic
AS analytic signal
ASig analytic signal
aspy arsenopyrite
ASTER advanced spaceborne thermal emission
and reflection radiometer
ASX Australian Securities Exchange Ltd
ASX:SNG Siren Gold Ltd
Au gold
Au_TL43 ALS Code: Au by aqua regia extraction
with ICP-MS finish.
Au-AA1 BLEG with extraction AA finish
Au-AA26 25-g charge fire assay, AAS finish
Au-AROR43 aqua regia digest
AusIMM Australasian Institute of Mining and
Metallurgy
Bi bismuth
BLEG bulk leach extractable gold
CAD Canadian dollars
CLR centre log ratio
cm centimetre
CMA Crown Minerals Act 1991
CP(Geo) Chartered Professional Geologist
CRAE CRA Exploration Limited
CSV comma-separated values
Cu copper
DGPS Differential Global Positioning System
DOC Department of Conservation
DQO data quality objectives
DSIR Department of Scientific and Industrial
Research
E east
EBSD electron backscatter diffraction
EP exploration permit
ERI electrical resistivity imaging
FAA505 fire assay, AAS finish
FAS30K 3-g charge, screen fire assay at 75 μm
Fe iron
FEG-SEM field emission gun scanning electron
microscopy
Fe-ox iron oxide
ft foot
g gram
g/t grams per tonne
GIS Geographic Information System
GMNZ Gold Mines New Zealand Ltd
GNSS Global Navigation Satellite Systems
GPS Global Positioning System
GRDM GRD Macraes Limited
HGM horizontal gradient magnitude
HQ core diameter: 63.5 mm
Hz hertz
ICP-MS inductively coupled plasma mass
spectrometry
ICP-OES inductively coupled plasma optical
emission spectroscopy
IMU inertial measurement unit
IP induced polarisation
IRG intrusive related gold
K potassium
KCSZ Krantz Creek Shear Zone
kg kilogram
km kilometre
Landpro Landpro Ltd
LiDAR Light Detection and Ranging
low-P low pressure
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m metres
Ma million years
MBIE Ministry of Business, Innovation and
Employment
ME-MS61 four-acid digest with MS/OES finish
Mg magnesium
MIA minimum impact activities
min minute
ml millilitre
mm millimetres
MMCL Macraes Mining Co Ltd
Mo molybdenum
MOU memorandum of understanding
Moz million ounces
MP Member of Parliament
MPG MPG Partnership
MRE mineral resource estimate
MS magnetic susceptibility
MSc Master of Science
Mt million tonnes
mV/V millivolts per volt
N north
NA not available
NI 43-101 National Instrument 43-101
NNE north-northeast
No. number
NQ core diameter: 47.6 mm
NS not sufficient data
nT nanotesla
NZ New Zealand
NZD New Zealand dollars
NZP&M New Zealand Petroleum and Minerals
NZST New Zealand Standard Time
NZTM New Zealand Transverse Mercator
oz ounce
Pb lead
PGM platinum group metals
PP prospecting permit
ppb parts per billion
ppm parts per million
PPS pulse per second
PQ core diameter: 85 mm
pXRF portable x-ray fluorescence
py pyrite
QA quality assurance
QAT quality acceptance testing
QC quality control
QMAP quarter million mapping
QP qualified person
QQ quantile-quantile plot
Res/IP resistivity/induced polarisation
RGI Reefton Goldfields Inc.
RGL Reefton Gold Limited
RMA Resource Management Act
RSC RSC Consulting Ltd
RTP reduced to pole
RUA Rua Gold Inc
Sb antimony
SEM scanning electron microscope
Sn Tin
SOP standard operating procedure
SQL Structured Query Language
t tonne
TEM transient electrodemagnetic method
Th thorium
tilt tilt angle filter
TIR thermal infrared
TL tie Line
TMI total magnetic intensity
UAV unmanned aerial vehicle
U uranium
UTC Universal Time Coordinated
VHF very high frequency
W tungsten
X latitude
Y longitude
Z elevation
Zn zinc
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1. Summary
Rua Gold Inc (RUA) commissioned RSC Consulting Ltd (RSC) to update an independent technical report (the Report) for
RUA in compliance with National Instrument 43-101: Standards of Disclosure for Mineral Projects (NI 43-101) and Form 43-
101F1: Technical Reports, in respect of the Reefton Project (the Project) in the Buller District of New Zealand. The Project
comprises three exploration permits (EP 60491, EP 60624, and EP 61062), all of which are held by Reefton Gold Limited
(RGL), a wholly owned NZ subsidiary of RUA. All work for these exploration permits has been completed by RGL. This
Report documents all data and data collection procedures for the Reefton Project, up to and including the effective date of
8 July 2024.
1.1 Property Description & Ownership
The Reefton Project properties are located in the Buller Region of the South Island, New Zealand, and consist of three
contiguous exploration permits, for a total area of 342.06 km
2
. EP 60491 and EP 61062 are classified as tier 1 exploration
permits, whereas EP 60624 is classified as a tier 2 exploration permit. Exploration permits are granted for a maximum of
five years.
RGL has 100% ownership of EP 60491, EP 60624, and EP 61062.
1.2 Geology & Mineralisation
The basement rocks of the South Island of New Zealand are divided into two main geological provinces: the Western
Province and Eastern Province. The Western Province is composed of Early-to-Mid Palaeozoic metasedimentary and
volcanic terranes, that formed on the margin of the Gondwana supercontinent, and the Eastern Province is composed of
exotic terranes that were accreted onto the Western Province, in the Late Palaeozoic to Early Cretaceous (Mortimer, 2004).
The two provinces are intruded and separated by the Median Batholith, which comprises a complex series of typically
gabbroic-granitic plutons, that were generated during subduction, along the southeastern margin of Gondwana, in the Mid-
Palaeozoic to Cretaceous (Mortimer et al., 1999). Oblique-compression and initiation of the Alpine Fault in the Miocene
resulted in displacement of the basement units and the eventual formation and uplift of the Southern Alps in the Pliocene.
The currently active Alpine Fault has ~470 km of dextral offset and marks the major plate boundary between the Australian
and Pacific plates.
Situated west of the Alpine Fault, the Western Province is made up of two north trending terranes: the westernmost Buller
Terrane, composed of variably metamorphosed continentally derived Ordovician sandstones and mudstones with no
intercalated volcanic rocks; and the eastern, more heterogeneous Takaka Terrane, composed of Cambrian to Early
Devonian, siliclastics, carbonates and volcanic rocks. Basement rocks were variably deformed and metamorphosed in the
Devonian-Cretaceous, with the highest metamorphic grades, amphibolite-granulite facies, reached in gneisses of the
Pecksniff Metasedimentary Gneiss and the Victoria Paragneiss, in the Paparoa and Victoria ranges (Nathan et al. 2002).
Several fault-bounded sedimentary outliers are preserved in the Buller Terrane, including well indurated and stratified
sequences of Devonian marine sandstone, limestone and mudstone of the Reefton Group, and Cretaceous non-marine,
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sedimentary rocks of the Pororari Group, that are best represented by the coarse-grained, poorly sorted Hawks Craig
Breccia (Nathan et al. 2002).
The Reefton Goldfield is hosted entirely within Ordovician-age rocks of the Greenland Group, which form part of the Buller
Terrane. In the Reefton area, the Greenland Group forms a ~35-km-long by 15-km-wide north-northeast trending belt of
rocks, that is bounded to the north and east by granitic plutons of the Late-Devonian to Carboniferous Karamea, and
Cretaceous Rahu and Separation Point batholiths. In the south and west, the block is in fault contact with higher-
metamorphic grade paragneisses of the Paparoa metamorphic core complex.
The Greenland Group is a turbiditic sequence of alternating greywackes and argillites that were deformed and
metamorphosed to lower greenschist facies in the Silurian to Devonian (~450–387 Ma; Adams 2004, Turnbull et al. 2016).
The sequence is dominated by greywacke-sandstone and beds are typically 0.2–2 m thick, separated by layers of argillite
typically 10–30 cm thick. The greywackes typically contain >50% quartz with lesser albite, partially recrystallised rock
fragments and muscovite (Milham & Craw, 2009). Argillites are less quartz-rich and more micaceous.
Gold (Au) mineralisation in the Reefton Goldfield is orogenic-style and the deposits occur in and around steeply dipping,
north to north-northeast trending shear zones that cut across the hinges of earlier folds in weakly altered metasedimentary
rocks. The deposits are similar, in many respects, to those found at Bendigo and Ballarat in Victoria, Nova Scotia in Canada
(Christie et al., 1999 and 2000), Beaconsfield in Tasmania, Gympie in Queensland, and the ‘Mother Lode’ deposits of
California.
Most of the Au-bearing mineralisation, including all of the larger deposits, is arranged along a linear belt, which runs
approximately north–south through a sequence of deformed metasedimentary rocks of the Greenland Group. This suggests
the presence of a deep-seated structure, that has permitted mineralising fluids to migrate from their source to sites in the
upper crust, where the gold was deposited.
The two dominant styles of Au mineralisation in the Reefton Goldfield are:
• coarse native gold associated with minor sulphides in quartz veins; and
• microscopic refractory gold, within sulphides, in sheared sediments and clay alteration (pug) zones adjacent to the
quartz veins.
The coarse native gold style of mineralisation comprises the majority of historical gold production. Both styles, however,
provide important exploration targets.
1.3 Exploration
RGL conducted an extensive exploration programme, including geological mapping, soil, stream and rock-chip sampling
and geochemical analysis, petrological analysis, and geophysical and remote sensing surveys.
Extensive geological and structural mapping was conducted by RGL and third-party contractors to understand the
mineralisation and plan surface sampling and drilling. RGL collected 17,259 soil samples, nearly 814 rock-chip samples,
169 stream-sediment samples, and dug eight trenches to collect 36 channel samples. A total of 41 diamond drillholes were
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drilled for a total of 6,668.6 m. Gold mineralisation was intercepted at depth at Pactolus; some of the best intercepts include
DD_PAC_002 with 5 m at 6.28 ppm Au, DD_PAC_004 with 12 m at 9.41 ppm Au, and DD_PAC_022 with 19 m at 1.69 ppm
Au, inclusive of 2 m at 8.2 ppm Au.
All samples (drill, soil, rock-chip, stream-sediment), including historical samples, were analysed by portable x-ray
fluorescence (pXRF). RGL used the data to identify anomalies and performed principal component analysis to build a
lithological classification scheme, effective at discriminating mafic dykes within the Greenland Group.
RGL conducted a comprehensive geophysical programme, including reprocessing the existing Crown airborne magnetic
and radiometric data over the Reefton Project. Additionally, RGL conducted or engaged third-party contractors to conduct
resistivity, induced polarisation, chargeability, and resistivity surveys over parts of the Crushington prospect. Using an
unmanned aerial vehicle (UAV), RGL collected photogrammetry, including orthophotographs, magnetic and LiDAR datasets
over areas of interest within EP 60491.
RGL completed a comprehensive process of data compilation, data processing, 3D geological modelling, and the creation
of new interpretations and exploration targets for the Reefton Project, leading to the identification and ranking of 21
exploration targets. RGL has focussed much of its exploration programme around the five areas within the Reefton Project
(Capleston, Crushington, Murray Creek, Stony Creek, and Orlando) that contain the majority of the exploration targets. This
culminated in a significant greenfield discovery (Pactolus) and the identification of several additional greenfield prospects.
1.4 Conclusions & Recommendations
Overall, the Qualified Person (QP) considers that the exploration work conducted at the Reefton Project is of a reasonable
standard and fit for purpose. Following on from the previous work programme, the QP identified several recommendations
to help progress the exploration at each property.
Recommendations for the Phase 2 exploration work programme include:
• infilling soil grids;
• creating a 3D reconstruction of historical veins and ore shoots, and
• targeting of potential replication of Victoria, Inglewood, and Phoenix (VIP) shoots.
The QP also recommends conducting additional drilling at VIP, NorthStar, and Atalanta, and conducting further exploration
by a mix of mapping, surface sampling, drilling, 3D modelling and drilling of several targets at Capleston, including Specimen
Hill and Fiery Cross-Reform East.
The proposed exploration budget for Phase 2 is presented in Table 1-1. Estimated costs are in Canadian dollars (CAD).
Table 1-1: Proposed exploration budget (CAD) for Phase 2.
Category Phase Exploration Task Estimated Cost (CAD)
Prospecting and Exploration
Expenditures
2 Data Compilation 25,000
2 Mapping 62,000
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2 Geochemistry 170,000
2 Geophysics 25,000
2 Drilling 725,000
Other Expenditures
2 Consenting 50,000
2 Administration 172,000
2 Corporate 63,000
Total Phase 2 1,292,000
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2. Introduction
2.1 Purpose of the Report
Rua Gold Inc (RUA) commissioned RSC Consulting Ltd (RSC) to update an independent technical report (the Report) for
RUA in compliance with National Instrument 43-101: Standards of Disclosure for Mineral Projects (NI 43-101) and Form 43-
101F1: Technical Reports, in respect of the Reefton Project (the Project) in the Buller District of New Zealand. The Project
comprises three exploration permits (EP 60491, EP 60624, and EP 61062), all of which are held by Reefton Gold Limited
(RGL), a wholly owned NZ subsidiary of RUA. All work for these exploration permits reported here has been completed by
RGL. This Report documents all data and data collection procedures for the Reefton Project, up to and including the effective
date of 8 July 2024.
2.2 Sources of Information
The scientific and technical information disclosed in this Report is based on data supplied by RGL, in addition to data
collected by the Qualified Person (QP) or data that were collected under the supervision of the QP. RGL provided csv files
exported from the database of all drilling and sample data available for the Project. Copies of previous reports (geochemical,
petrological, geophysical), core and chip photographs, standard operating procedures (SOPs) and GIS data were also
provided.
Scanned copies of the original raw logging sheets for a selection of drillholes were made available to RSC. Original
certificates and data files from ALS and SGS chemical analyses and corrected (i.e. calibrated based on standards analysed
in the sample stream) portable XRF (pXRF) data were also made available to RSC. RSC used the scans of original and
historically recorded data to verify the data in the database.
Information relating to property ownership, property titles, legal and environmental matters was sourced from existing
documentation and from the New Zealand Petroleum and Minerals (NZP&M) website.
A list of the sources of information, data and reports reviewed as part of this technical report can be found in section 27.
The QP takes responsibility for the content of this Report and considers the data review to be accurate and complete.
2.3 Qualified Persons
The work completed by RSC Consulting Ltd, and the subject of this NI 43-101 technical report, was carried out by the
following Qualified Person and report authors.
Sean Aldrich (QP) is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Member of the
Australian Institute of Geoscientists (AIG). Mr Aldrich is a full-time employee and principal geologist with RSC. Mr Aldrich
holds an MSc in Earth Sciences from the University of Waikato (1996). He has more than 25 years of mining and exploration
experience in New Zealand, Papua New Guinea, the Middle East, Central Asia, and Africa. Mr Aldrich’s wider experience
covers project generation, resource definition, and underground and open-pit mine geology. Mr Aldrich conducted the site
visits and takes responsibility for all sections of this Report.
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The QP was supported by Stephie Tay, who reviewed data and assisted in preparation of this Report.
Stephie Tay is an Associate of the Australasian Institute of Mining and Metallurgy (AusIMM) and holds an MSc in Geology
from the University of Otago, Dunedin, New Zealand. Ms Tay is a full-time employee and Project Geologist at RSC. She
has practiced continuously as a tenement advisor and consulting for mining and exploration firms in a range of commodities
since 2019. Ms Tay, under the guidance of the Qualified Person, helped prepare this Report.
The Report and the data and evaluations supporting it were peer reviewed by Mr Rene Sterk.
René Sterk is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM), and a Chartered Professional
Geologist (CP(Geo)) with the AusIMM. Mr Sterk is a full-time employee and principal geologist with RSC. Mr Sterk holds an
MSc in structural geology and tectonics from the Vrije Universiteit Amsterdam (2002), and is the managing director of RSC,
an independent consulting group based in Dunedin, New Zealand. He has practiced continuously as a mining geologist,
exploration geologist, manager and consultant for mining and exploration firms in a range of commodities since 2003.
2.4 Personal Inspection (Site Visit)
Site Visits
Mr Aldrich (QP) conducted three site visits to the Reefton Project.
On 20 April 2021, Mr Aldrich (QP) conducted a site visit of the Project. During the visit, the QP travelled to the drill site. The
QP checked drill core, reviewed the logging procedures and visited surface outcrops. No check samples were collected
during the site visit.
On 20 and 21 March 2023, Mr Aldrich (QP) conducted a second site visit to the Reefton Project. During this site visit, the
QP checked drillhole collar locations, reviewed SOPs, checked logging and collected 30 half-core check samples and 30
pulp check samples.
On 18 and 19 June 2024, Mr Aldrich (QP) conducted a site visit of the Project. During the visit, the QP travelled to the drill
site. The QP checked drillhole collar locations, reviewed SOPs, and checked logging. No check samples were collected
during the site visit.
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3. Reliance on Other Experts
The QP has not independently verified the legal status of RGL’s mineral permits, and has not investigated the legality of
any of the underlying agreements(s) that exist concerning the Reefton Project.
The QP has reviewed the RGL permit status information on the New Zealand Petroleum and Mineral (NZP&M) website.
The QP relied on the NZP&M website and the permit certificates issued under the Crown Minerals Act 1991 (certificates
dated 12 April 2019, 27 September 2019, 5 February 2021), which states RGL’s legal status and title of prospecting and
exploration. However, the QP is not qualified to give a legal opinion with respect to the property titles contained within this
Report and discussed in sections 4.2 and 4.3 of the Report.
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4. Property Description & Location
4.1 Location
The Reefton Project is located in the Reefton Goldfield, in the Buller Province of South Island, New Zealand. The Project is
~one km east of the township of Reefton, and 48 km east-southeast of the town of Westport. RGL’s current operation
comprises three exploration permits (EP 60491, EP 60624, and EP 61062) issued under the Crown Minerals Act 1991
(CMA). The combined area of the permits is 34,206 ha. Figure 4-1 illustrates the location of the Project within the country
of New Zealand and indicates the Project’s proximity to surrounding communities. The Project’s centroid is situated at about
1521157 E and 5347474 N (NZTM).
Figure 4-1: Location of the Reefton Project.
4.2 Mineral Tenure
4.2.1 Mineral Rights
Within New Zealand, the allocation of rights to prospect, explore and mine for minerals, owned by the Crown, is carried out
by the issuing of prospecting, exploration and mining permits under the CMA. The administration of Crown-owned minerals
is conducted on behalf of the New Zealand Government by the Minister of Energy and Resources, through the Ministry of
Business, Innovation and Employment (MBIE). The department which oversees the issuing of Mineral Permits is known as
New Zealand Petroleum and Minerals (NZP&M).
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Under the CMA, all petroleum, gold (Au), silver (Ag), and uranium (U) existing in its natural state is deemed to be owned by
the Crown, and pounamu (greenstone) is owned by Te Rūnanga o Ngāi Tahu. The granting of a prospecting, exploration or
mining permit provides the permit holder the right to prospect, explore or mine the minerals specified in the permit.
Permits under the CMA are classified as either Tier 1 or Tier 2 depending on the minerals they relate to, expected work
programme expenditure, estimated production or royalty and where the activities take place. All prospecting permits are
classified as Tier 2. Exploration permits for Au are classified as Tier 1 unless the expected total work programme
expenditure, for the final five years of its life, is less than NZD 1,250,000. Mining permits for Au, Ag and platinum group
metals (PGMs) are classified as Tier 1 if, in any one permit year in the next five years of its life, the annual royalty will be
equal to or more than NZD 50,000. All underground operations are Tier 1.
4.2.2 Mineral Permits
4.2.2.1 Prospecting Permits
Prospecting is any activity undertaken for the purpose of identifying land likely to contain mineral deposits or occurrences.
An exclusive prospecting permit gives the permit holder the exclusive right (although non-exclusive permits are also
available) to prospect for the minerals referred to in the permit, in the land covered by the permit and in accordance with the
permit’s conditions.
The permit conditions are subject to the following.
• The rights under a prospecting permit apply to the relevant minerals whether they are Crown or privately owned.
However, any extraction of privately owned minerals, beyond that incidental to prospecting, requires negotiation
and agreement with the mineral owners.
• The holder of a prospecting permit has prima facie right to be granted a subsequent exploration permit, in respect
of the land and Crown-owned minerals, to which the prospecting permit relates, if the prospecting is successful.
A prospecting permit is granted for a period of two years, with the possibility to be extended for a further two years. There
are no rights of renewal beyond four years. When a prospecting permit for minerals is renewed, the Minister will typically
require relinquishment of half of the permit area.
Ordinarily, the maximum size of a prospecting permit (PP) granted by New Zealand Petroleum & Minerals (NZP&M) is
500 km
2
, with the expectation that the size of any subsequent exploration permit will be smaller than the original PP.
There is a minimum annual fee for prospecting permits that are payable to the Crown. For onshore prospecting, the fee is
NZD 63.02 per square kilometre or part of a square kilometre or NZD 1,610.00, whichever is greater.
RGL does not currently hold any prospecting permits; however, it formerly held PP 60554 prior to EP 61062.
4.2.2.2 Exploration Permits
Exploration is any activity undertaken for the purpose of identifying mineral deposits or occurrences and evaluating the
feasibility of mining.
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An exploration permit gives the permit holder the same rights as a prospecting permit, plus the exclusive right to explore for
the Crown-owned minerals referred to in the permit, in the land covered by the permit and in accordance with the permit’s
conditions. An exploration permit cannot authorise exploration for privately owned minerals (noting, however, that all
petroleum, Au, Ag, and U existing in its natural state is deemed to be owned by the Crown under the CMA).
Subject to the permit conditions, the holder of an exploration permit has a prima facie right to be granted a subsequent
mining permit, in respect of the land and Crown-owned minerals to which the exploration permit relates, if the exploration is
successful.
An exploration permit for minerals other than petroleum is typically granted for a period of five years, with the possibility to
be extended for a further five years. There are no rights of renewal beyond ten years except for appraisal purposes.
Appraisal extensions may extend the duration of an exploration permit by up to eight years. When an exploration permit for
minerals is renewed, the Minister typically requires relinquishment of half of the permit area.
NZP&M does not specify a maximum size for an exploration permit but does dictate that an exploration permit must not be
smaller than 150 hectares.
There is a minimum annual fee for exploration permits that are payable to the Crown. For onshore exploration, the fee is
NZD 358.00 per square kilometre or part of a square kilometre or NZD 1,610.00, whichever is greater.
RGL holds three exploration permits (EP 60491, EP 60624, and EP 61062) issued under the CMA, within the Reefton
Goldfield.
4.2.2.3 Mining Permits
Mining is taking, winning or extracting, by any means, a mineral existing in its natural state.
A mining permit gives the permit holder the same rights as an exploration permit plus the exclusive right to mine for the
specified Crown-owned minerals referred to in the permit, in the land covered by the permit and in accordance with the
permit’s conditions. A mining permit cannot authorise exploration or mining for privately owned minerals (noting, however,
that all petroleum, Au, Ag, and U existing in its natural state is deemed to be owned by the Crown under the CMA).
A mining permit remains in force for a period of up to 40 years. The duration of a mining permit may be extended if the
discovery to which the permit relates cannot be economically depleted before the date of expiration.
There is a minimum annual fee for mining permits that are payable to the Crown. For onshore mining, for Tier 1 mining, the
fee is NZD 2,058.50 per square kilometre or part of a square kilometre or NZD 1,610.00, whichever is greater. For Tier 2
mining, the fee is NZD 2,058.50 per square kilometre or part of a square kilometre or NZD 1,150.00, whichever is greater.
RGL does not currently hold any mining permits.
4.2.2.4 Revocation of Permits
The Minister may revoke a permit if:
• the permit holder contravenes a condition of the permit, the CMA or regulations made under the CMA;
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• the permit is a Tier 1 permit, the permit holder is the permit operator, and the permit holder undergoes a change
of control without the Minister’s consent; or
• the permit holder undergoes a change of control without notifying the Minister or the Minister is not satisfied the
permit holder, following the change of control, has the financial capability to meet its obligations under the permit.
The conditions for each of RGL’s permits are in Schedule 1 of the permit certificate.
On 31 May 2019, RGL underwent a change of control within the meaning of the CMA, for which the Minister’s consent was
not sought or obtained. This constituted a breach of the CMA because RGL was, and is, the permit operator for a Tier 1
exploration permit (EP 60491). On 26 February 2020, RGL received a warning letter from NZP&M in relation to the breach.
The warning letter confirmed the Minister does not intend to revoke RGL’s exploration permit or prosecute RGL for the
breach. To the best of RGL’s knowledge, it has not otherwise contravened the CMA or any regulations made under it.
4.2.2.5 Current Permits
RGL is 100% owner and operator of three exploration permits issued under the CMA (see Table 4-1 and Figure 4-2 for
details). Unless otherwise stated in this Report, the multiple semi-contiguous permits are referred to as a single entity,
named the Reefton Project. The total size of the Reefton Project is 342.06 km
2
. The Reefton Project is managed 100% by
the local operating company, RGL. Details of the individual permits are outlined in Table 4-1.
Table 4-1: Status of the mineral permits that comprise the Reefton Project.
Permit
No.
Owner
Operation
Name
Tier Commodity
Date
Granted
Term
Expiry
Date
Area
(ha)
Comment
EP 61062
RGL
(100%)
Bald Hill 2
metallic
minerals,
excluding
uranium
17 May
2024
5
years
16 May
2029
1,997
EP 60491
RGL
(100%)
Capleston 1 Au, Ag
12 April
2019
10
years
11 April
2029
2,424
Extension of duration
for a further 5-year
term (to 11 April
2029) granted on 5
July 2024
EP 60624
RGL
(100%)
Kirwans
Hill
2
metallic
minerals,
excluding
uranium
22
September
2020
5
years
21
September
2025
29,785
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Figure 4-2: Boundaries of EP 60491, EP 60624, and EP 61062.
4.2.2.6 Work Programmes
An applicant for a permit under the CMA must propose a minimum work programme for the proposed permit. The Minister
will not grant the permit unless the Minister is satisfied the work programme is consistent with the CMA, the purpose of the
permit and good industry practice, and that the applicant is likely to comply with and give proper effect to the work
programme. In addition, the work programme for a subsequent permit or permit extension of duration must be approved by
the Minister. A permit holder may apply to the Minister to change the work programme for the permit.
EP 60491 has ongoing permit obligations to be completed by April 2027 and April 2029 (Table 4-2). EP 60624 (Table 4-3)
and EP 61062 (Table 4-4) have ongoing permit obligations to be completed by September 2025 and May 2029, respectively.
Table 4-2: Minimum work programme for EP 60491.
Item
Type of
Activity
Due Date Comment Status
1a
Data
compilation
11/04/2022
Create a GIS database with all relevant geological and geophysical
exploration data
Complete
1b Other activity 11/04/2022 Complete a programme of airborne ortho-photo and digital terrain acquisition Complete
1c Geophysics 11/04/2022 Complete a geophysical passive seismic survey Complete
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1d Mapping 11/04/2022
Complete geological and structural mapping to produce a new detailed
geological map of the permit area
Complete
1e Geochemical 11/04/2022
Complete a programme of soil and rock sampling for a minimum of 400
samples
Complete
1f Geochemical 11/04/2022
Complete a programme of geochemical surveying that consists of orientation
soil and wacker sampling
Complete
1g Geochemical 11/04/2022
Complete a programme of portable XRF data collection on available sample
pulps and data analytics
Complete
1h Geophysics 11/04/2022
Complete a programme of geophysical aeromagnetic data analysis on all
available survey data
Complete
1i Geophysics 11/04/2022 Complete a geophysical magnetic survey over known gold anomalies Complete
1j Geophysics 11/04/2022
Complete a programme of geophysical magnetic susceptibility on existing drill
core over known mineralisation zones
Complete
1k Drilling 11/04/2022 Complete a programme of diamond core drilling for a minimum of 1,500 m Complete
1l
Data
compilation
11/04/2022 Update the geological and GIS database Complete
1m Other activity 11/04/2022 Complete a detailed structural and geological 3D model Complete
1n Other activity 11/04/2022 Identify targets for further exploration Complete
1o Reporting 11/04/2022
Prepare a technical report detailing all work completed during this stage of the
work programme, in conjunction with QAQC information and data, sufficient to
demonstrate levels of accuracy and precision to be submitted to the chief
executive, in accordance with the regulations
Complete
2a Drilling 11/04/2024 Complete a further drilling programme for a minimum of 2,500 m Complete
2b
Data
compilation
11/04/2024 Update the GIS database Complete
2c Other activity 11/04/2024
If results warrant, complete a mineral resource estimate to at least an inferred
status in accordance with a recognised reporting code
Complete
2d Other activity 11/04/2024
If results warrant, complete a mine scoping study in accordance with a
recognised reporting code
Complete
2e Reporting 11/04/2024
Prepare a technical report detailing all work completed during this stage of the
work programme, in conjunction with QAQC information and data, sufficient to
demonstrate levels of accuracy and precision to be submitted, to the chief
executive, in accordance with the regulations
Complete
03a Test pitting 12/04/2027 complete a programme of pitting and trenching;
Not yet
started
03b Geophysical 12/04/2027
complete additional high resolution magnetic surveying to extend the current
Pactolus surveying south beyond the extent of current gold anomalism;
Not yet
started
03c Drilling 12/04/2027 complete a programme of diamond core drilling for a minimum of 6,000 m;
Not yet
started
03d Other activity 12/04/2027
complete a programme of geotechnical studies for specific gravity, and rock
quality determinations;
Not yet
started
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03e Other activity 12/04/2027 complete preliminary petrological and metallurgical testing;
Not yet
started
03f Other activity 12/04/2027
complete a program of DGPS surveying of old mine workings to accurately
locate the historical workings;
Not yet
started
03g Geophysical 12/04/2027
complete a programme of ultra-detailed magnetics over the Capleston and
Crushington areas;
Not yet
started
03h Geochemical 12/04/2027 complete a program of 1,500 infill soil sampling over historical areas;
Not yet
started
03i
Data
compilation
12/04/2027
update the GIS database with relevant geological, geochemical, and
geophysical data;
Not yet
started
03j
Data
compilation
12/04/2027
update the 3D geological and structural model, integrate the model with the
improved surface geochemistry, 3D modelling of the high-resolution
geophysical data, and accurately modelled historical workings;
Not yet
started
03k Other activity 12/04/2027
carry out a targeting and ranking process on the model using a systems-driven
approach to interpretation to define drill targets; and
Not yet
started
03l Other activity 12/04/2027
prepare a technical report detailing all work completed during this stage of the
work programme in conjunction with QAQC information and data sufficient to
demonstrate levels of accuracy and precision to be submitted to the chief
executive in accordance with the regulations.
Not yet
started
04a Drilling 12/04/2029 complete a further programme of drilling, with a minimum of 4,000 m;
Not yet
started
04b Drilling 12/04/2029
if results warrant, complete a resource definition drilling programme on
exploration targets;
Not yet
started
04c Other activity 12/04/2029 if results warrant, complete a resource estimate;
Not yet
started
04d Other activity 12/04/2029 if results warrant, complete a scoping study;
Not yet
started
04e
Data
compilation
12/04/2029 update the GIS database with all new data obtained;
Not yet
started
04f Other activity 12/04/2029
prepare a technical report detailing all work completed during this stage of the
work programme in conjunction with QAQC information and data sufficient to
demonstrate levels of accuracy and precision to be submitted to the chief
executive in accordance with the regulations.
Not yet
started
Table 4-3: Minimum work programme for EP 60624.
Item
Type of
Activity
Due Date Comment Status
1a
Data
compilation
21/09/2023
Compile all available geological data into a GIS database and undertake a
data intervention to identify targets for further exploration
Complete
1b
Mapping/
Geochemical
21/09/2023
Undertake a programme of mapping and geochemical sampling comprising
a minimum of 1,600 soil samples and 50 stream-sediment samples
Complete
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1c Geophysics 21/09/2023
Complete a programme of geophysical aeromagnetic data analysis on all
available survey data
Complete
1d Geophysics 21/09/2023
Carry out ground-based geophysical surveying over targets identified from
analysis of aeromagnetic and surface geochemical sampling
Complete
1e Other activity 21/09/2023 Identify potential drill sites for hard-rock targets Complete
1f Drilling 21/09/2023
Complete a programme of drilling of the high-grade ore shoots, with a
minimum of 500 m
Complete
1g Reporting 21/09/2023
Prepare a technical report detailing all work completed during this stage of
the work to be submitted to the chief executive, in accordance with the
regulations
Complete
2a Geochemical 21/09/2025
Complete a further programme of geochemical sampling with a minimum of
800 soil samples
Complete
2b Drilling 21/09/2025
Complete a further programme of drilling either surface or underground, with
a minimum of 1,250 m
Not yet
started
2c
Data
compilation
21/09/2025 Update the GIS database with all new data obtained
Not yet
started
2d Other activity 21/09/2025 Define an inferred resource, if warranted
Not yet
started
2e Reporting 21/09/2025
Prepare a technical report detailing all work completed during this stage of
the work to be submitted to the chief executive, in accordance with the
regulations
Not yet
started
Table 4-4: Minimum work programme for EP 61062.
Item
Type of
Activity
Due Date Comment Status
1a
Data
compilation
17/05/2027
Update all available geological data into the existing GIS database and
undertake a data intervention to identify targets for further exploration.
Not yet
started
1b Geophysics 17/05/2027
Complete improved geophysical aeromagnetic data analysis on all available
survey data.
Not yet
started
1c Geophysics 17/05/2027
Complete a programme of ultra-detailed UAV MagArrow magnetic surveying,
including LiDAR surveying where existing data are insufficient for the UAV
flight systems.
Not yet
started
1d Geochemical 17/05/2027
Complete a programme of geochemical sampling on identified targets for a
minimum of 500 samples.
Not yet
started
1e Geochemical 17/05/2027
Complete a further programme of geochemical sampling on identified targets
for a minimum of 500 samples.
Not yet
started
1f Geochemical 17/05/2027
Complete a programme of stream-sediment sampling for a minimum of 50
samples.
Not yet
started
1g Mapping 17/05/2027
Complete a programme of detailed geological mapping with structural
mapping and a minimum of 50 rock chip samples.
Not yet
started
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1h Other activity 17/05/2027 Identify potential drill targets.
Not yet
started
1i Drilling 17/05/2027 Complete a programme of drilling for a minimum of 250 m.
Not yet
started
1j Reporting 17/05/2027
Prepare a technical report detailing all work completed during this stage of
the work programme — in conjunction with QA/QC information and data
sufficient to demonstrate levels of accuracy and precision — to be submitted
to the chief executive in accordance with the regulations.
Not yet
started
2a Geochemical 17/05/2029 Complete a further programme of geochemical sampling.
Not yet
started
2b Drilling 17/05/2029 Complete a further programme of drilling for a minimum of 500 m.
Not yet
started
2c
Data
compilation
17/05/2029 Update the GIS database with all new data obtained.
Not yet
started
2d Other activity 17/05/2029 If results warrant, complete an inferred resource estimate.
Not yet
started
2e Reporting 17/05/2029
Prepare a technical report detailing all work completed during this stage of
the work programme — in conjunction with QA/QC information and data
sufficient to demonstrate levels of accuracy and precision — to be submitted
to the chief executive in accordance with the regulations.
Not yet
started
4.3 Surface Rights & Permits
The granting of a permit under the CMA does not confer a right of access to the land covered by the permit, except for
certain minimum impact activities.
Subject to some limited exceptions, the permit holder must have an access arrangement with each owner and occupier of
the land to carry out more than minimum impact activities on or under the land, but the permit holders is required to give 10
working days’ notice to the landowner and occupier. The access agreement may be either agreed by the parties or
determined by an arbitrator under the CMA. An access arrangement is binding on the owner’s or occupier’s successors in
title.
An activity carried out below the surface of the land does not require an access arrangement if the activity will not, or is not
likely to:
• cause any damage to the surface of the land or any loss or damage to the owner or occupier of the land;
• have any prejudicial effect regarding the use and enjoyment of the land by the owner or occupier; or
• have any prejudicial effect regarding any possible future use of the surface of the land.
Access to Crown land requires permission from the relevant Minister of the Crown with responsibility for the land. To sample
Crown land, held or managed under the Conservation Act (1987) or in other Acts specified in Schedule 1 of the Conservation
Act, the permit holder must gain consent or an access arrangement from the Department of Conservation (DOC). Permit
holders require consent (this differs from an access arrangement, which is stricter) from DOC to conduct minimum impact
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activities on conservation land. For all other exploration and mining activities on conservation land, the permit holder will
require an access arrangement from DOC. If an access arrangement is sought for conservation land, the Minister of
Conservation must determine whether the proposed mining activities are ‘significant’. If the activities are ‘significant mining
activities’, the application for land access must be publicly notified with a submission period.
Prospecting permits give the permit holder the right to prospect for specified minerals by very low-impact methods, such as
literature searches, geological mapping, hand sampling or aerial surveys. Exploration permits give the permit holder the
exclusive right to explore for the specified minerals in the permit area using higher impact exploration methods, such as
drilling and earthworks. However, any exploration activity must be allowed under the Resource Management Act (1991) or
permitted by a granted resource consent.
The Resource Management Act classifies activities into six primary categories: permitted, controlled, restricted
discretionary, discretionary, non-complying, and prohibited. These different categories determine whether resource consent
is required before carrying out an activity, and what will be considered when resource consent application is assessed.
National Environmental Standards and Regional and District Plans regulate which category an activity falls in, and therefore
whether resource consent is required.
The majority of land within the Reefton area was State Forest Land, gazetted in 1981 as the Victoria State Forest Park. The
land was subsequently renamed as the Victoria Conservation Park and came under the administration of the DOC under
the Conservation Act 1987. The DOC, therefore, has primary responsibility for the conservation of New Zealand’s natural
and historic heritage. The Department also has responsibilities under other related legislation including the National Parks
Act 1980 and the Reserves Act 1977. Parts of the land within the permit area have further conservation protection with the
additional gazettal of Wildlife Management Areas, Amenity Areas and Ecological Areas. Timberlands West Coast
administers exotic and some indigenous forest stands. Freehold land forms a minority of the tenement distribution.
RGL has one active agreement with DOC to undertake minimum impact activities (MIA) on the land administered by DOC,
within its permit area. An MIA gives access to the land to conduct non-mechanical exploration, such as surface geochemical
sampling and mapping. Details of these MIA agreements are presented in Table 4-5.
RGL previously held an MIA agreement with DOC covering the Capleston EP 60491, which expired on 11 April 2024, the
original permit expiry prior to the EP 60491 extension term. RGL applied to DOC for a new MIA on 2 May 2024. If the MIA
is granted, the MIA is expected to expire on 11 April 2029.
The Kirwans East PP 60554 was superseded by EP 61062 on 17 May 2024. The previous MIA for PP 60554 expired on 26
September 2023. RGL has not applied for any further MIAs.
The MIA agreement for the Kirwans Hill EP 60624 is currently the only active MIA agreement RGL holds with DOC. It is due
to expire on the expiry date of the permit.
Table 4-5: DOC MIA agreements previously held and applied for by RGL.
Permit No. Operation Name MIA Consent No. MIA Grant Date Status MIA Expiry Date
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EP 60491 Capleston 78144-MIA 12 April 2019 Inactive 11 April 2024
EP 60491 Capleston -
(Lodged on 2 May 2024)
Pending
11 April 2029
(proposed)
PP 60554 Kirwans East 98142-MIA 1 June 2022 Inactive 26 September 2023
EP 60624 Kirwans Hill DOC-6483252 1 November 2020 Active 21 September 2025
In addition to the current MIA agreement, RGL held an access agreement (AA) (AA; and variations thereof) with DOC that
recently expired, and RGL has applied for two new AAs (Table 4-6). An AA allows for more intrusive work, including
exploration drilling.
The AA previously held by RGL covered EP 60491 (78806_AA_v2). It was granted to RGL for a term of 5 years, from 12
April 2019 to 11 April 2024. The AA gave RGL consent for access to 0.66 hectares of land (Victoria Forest Park, Boatman
Creek Conservation Area and overlays of Murray Creek Amenity Area and Larrys Wildlife Management area) contained
within EP 60491 — specifically 3 campsites/helicopter landing pads, 8 pump sites, and 21 drilling sites. The AA expired on
11 April 2024, the original permit expiry.
On 1 May 2024, RGL applied to DOC for a new AA to cover EP 60491. The AA application details sites previously approved
under 78806_AA_v2 and four new drill sites in Murray Creek. If granted, the AA is expected to expire on 11 April 2029.
On 6 June 2023, RGL applied to NZP&M for an AA to cover EP 60624. The application details nine drill sites.
Table 4-6: DOC AA agreements previously held and applied for by RGL.
Permit No. Operation Name AA Consent No. AA Grant Date Status AA Expiry Date
EP 60491 Capleston 78806_AA_v2 18 November 2019 Inactive 11 April 2024
EP 60491 Capleston -
(Lodged 1 May 2024)
Pending
11 April 2029
(proposed)
EP 60624 Kirwans Hill -
(Lodged 6 June 2023)
Pending -
Based on its review of RGL’s agreements with DOC concerning exploration in the Reefton area, and other available material,
RSC has identified nothing to suggest RGL does not hold sufficient surface rights to allow it to effectively explore the permit
area.
4.4 Royalties & Encumbrances
4.4.1 Crown Royalties
One of the purposes of the CMA is to provide “a fair financial return to the Crown for its minerals”, which is achieved through
a system of mandatory Crown royalties.
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The Crown Minerals (Royalties for Minerals Other than Petroleum) Regulations 2013 (Royalty Regulations) set out rates
and provisions for the payment of Crown royalties on non-petroleum mineral production. The Royalty Regulations provide
for the payment of royalties on exploration and mining permits, to the extent minerals are produced from the permits.
Subject to certain thresholds (notably, a net sales revenue threshold of NZD 200,000 per annum), the royalty regime under
the Royalty Regulations for Tier 1 permits, for metallic minerals, is:
• for gold and net sales revenue from Au, of not more than NZD 2M per annum, an ad valorem royalty of 2% of net
sales revenue; and otherwise
• the higher of an ad valorem royalty of 2% of net sales revenue or an accounting profits royalty of 10% of accounting
profits.
4.4.2 MPG Rights
The MPG Partnership is a collective of six men who undertook exploration under PP 60377. This permit was acquired by
RGL with a memorandum of understanding (MOU). Under the MPG MOU, RGL has agreed to grant MPG:
• a 1% net smelter royalty on all “hard rock production from RGL’s hard rock operations on PP 60377...Including but
not limited to gold, silver, tungsten and all other hard rock gold-associated minerals”; and
• “an indefinite right to mine any alluvial material contained within PP 60377...Subject to standard non-interference
clauses in relation to [RGL’s] hard rock exploration and mining operations.”
PP 60377 is the predecessor prospecting permit to MPG’s subsequent exploration permit, which RGL acquired from MPG
when it was issued; this transfer has occurred, and the subsequent Exploration Permit (EP 60624) is held 100% by RGL.
4.5 Environmental Liabilities & Permits
New Zealand’s principal environmental legislation is the Resource Management Act 1991 (RMA).
The RMA regulates the impacts of all activities on the natural and physical environment, including land, water and air. An
activity must be permitted under either:
• the relevant district or regional plan (which is administered by the relevant district or regional council);
• a resource consent granted by the relevant district or regional council; or
• the RMA itself, or a regulation made under the RMA.
Activities are typically permitted subject to conditions, such as to mitigate environmental effects in various ways, to monitor
and report, or to pay an environmental bond.
The RMA contains a general duty to avoid, remedy or mitigate any adverse effect on the environment arising from an activity,
whether the activity is permitted or not.
If a resource consent is required for an activity, an application must be made to the relevant district or regional council.
Resource consents may be granted or declined, and are subject to appeal procedures. Unless the environmental effects of
the activity are minor and written approvals have been obtained from any affected parties, resource consent applications
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will be notified and third parties, or the general public, will be able to submit on whether the activity should be consented
and on what conditions.
A variety of injunctive and compensatory enforcement orders are available under the RMA to prevent, remedy and provide
compensation for environmental non-compliance. In serious cases, resource consents can be cancelled. It is an offence to
contravene the principal sections of the RMA. Offences attract significant fines; up to NZD 600,000 for a company with the
possibility of an additional penalty in the case of commercial gain.
To the best of RGL’s knowledge, it has not committed any breaches of the RMA or any other environmental laws. RGL has
not been the subject of any enforcement proceedings for breaches of its environmental obligations.
Based on its review of RGL’s agreement with The Ministry of Energy and Mines concerning exploration in the Reefton area,
dated 10 January 2018, and other available material, RSC has identified nothing to suggest RGL will be prohibited for
environmental reasons from effectively exploring the permit areas.
RGL holds the necessary permits under the CMA for its current prospecting and exploration activities (see section 4.3).
RGL has, or is expected to have, the necessary access arrangements in place for its current prospecting and exploration
activities (see section 4.3).
Based on its review of RGL’s permits, issued by New Zealand Petroleum and Minerals concerning exploration in the Reefton
area, dated 8 July 2024 and other available material, RSC has identified nothing to suggest RGL does not hold sufficient
permits to allow it to explore the permit area effectively.
4.6 Other Significant Factors & Risks
Mining in New Zealand is a sensitive subject and like many other Western Countries, there are active anti-mining groups.
Exploration and mining projects within New Zealand can also be subject of negative social media campaigns by embolden
local and online anti-mining groups. In 2019, Plaman Resources lost its social licence to operate at Foulden Hills, Diatomite
Mine, Otago
1
. A negative Facebook social media campaign resulted in the project losing funding and therefore being unable
to proceed. The QP notes that while there is some risk of social licence issues, the West Coast region has stronger support
for mining than the rest of New Zealand.
1
https://www.newsroom.co.nz/southern-discomfort-at-fossil-mining-plans
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5. Accessibility, Climate, Local Resources, Infrastructure & Physiography
5.1 Accessibility
The Reefton Project is located to the east of the Reefton township and can be accessed via State Highway 6 and 7 (Figure
5-1). Local roads that lead off from the highways provide vehicle access to various parts of the Project, and old mining
access roads locally provide 4-wheel-drive access to the major historical mines. The DOC maintains recreational walking
tracks within the prospects.
Heavy machinery access requires helicopter transport to some permit areas. Local firms operate helicopter charter services,
and fixed-wing charter services are available through the Greymouth Aero Club.
Figure 5-1: Cadastral map illustrating accessibility to the Reefton Project.
5.2 Climate
The Project Area is in the rain shadow of the Paparoa Range. The climate is wet and temperate, with average annual rainfall
in Reefton of 1,920 mm per year. Seasonally, spring receives the most precipitation, while late summer and early autumn
are the driest. Summer weather is often hot and relatively dry, while frosts and fogs are common in winter — average mean
temperatures range from 5°C in the winter months to 17°C in summer. The region receives, on average, two days of snow
and 68 days of ground frost each year. Field work can be conducted year-round.
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5.3 Physiography
The Reefton Goldfield is situated in hilly country of moderate to steep relief, in the foothills of the Victoria Range. The
topography is locally very steep and varies in elevation from 240 m to >1,000 m above sea level. Creeks and rivers strongly
dissect the area (Figure 5-2).
5.4 Vegetation
Apart from the Inangahua and Grey valleys, which have been largely cleared for agriculture, the dominant vegetation of
mountain slopes below 1,000 m is mixed, regenerating, indigenous beech (Nothofagus spp.) and podocarp, principally rimu,
forest growing on poor and immature soils. Alpine scrublands and grasslands are present at higher altitudes. There are also
areas of exotic pine plantations near the township of Reefton. Vegetation in the Project Area is predominantly thick and can
impede exploration (Figure 5-3).
Figure 5-2: Significant ranges and valleys around the RGL permit area.
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Figure 5-3: Typical topography at the Reefton Project. Looking southeast towards the Capleston area.
5.5 Local Resources & Infrastructure
All the properties are located within the Buller region and are typically well connected by state highways and public roads
to nearby towns. The nearest hospital is located in Greymouth and there is a community health centre located in Westport.
The closest regional airport is located in Hokitika which connects to Christchurch International Airport. Reefton is connected
to New Zealand’s rail network. There are small ports located at Westport and Greymouth, which typically service fishing
vessels and recreational vessels.
To facilitate its exploration, RGL has established an exploration office in the township of Reefton, immediately to the
southeast of the permit area. The exploration office includes a small laboratory for processing soil samples, a core cutting
and logging facility, and additional containers to store samples and supplies.
Cell phone coverage for much of the Project Area is poor. VHF radios are used for communication between the RGL base
and drill site, and GSP units, with satellite communication functions (Garmin InReach), are used for communication between
RGL base and surface sampling teams.
A helipad has been built within the Project at Pactolus Campsite (E1513002, N5340972) to service the drilling (Figure 5-4).
Ten drill pads have also been built, eight of which have been decommissioned and the land rehabilitated (Figure 5-5).
Water at the drill sites was sourced from the nearest creek. Depending on how far away the nearest water source was from
the drill site, a series of pumps were used to transport water. At the Pactolus campsite, water was pumped from Topffer
Creek to halfway up the spur. Then a second pump would pump the water to the camp. A diversion was in place in the water
line, sending water to the drill site. Power at the camp and drill site was from diesel-fuelled generators.
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The West Coast region of the South Island has an active mining industry; therefore, there are numerous skilled contractors
and organisations in the area that can support exploration and mining activity.
Figure 5-4: A. Helipad at Pactolus; B. Helicopter landing at Pactolus.
Figure 5-5: Drill pad 1 at Pactolus.
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6. History
6.1 Tenure & Operating History
The Reefton Project is located in the Reefton Goldfield, which contains several historical alluvial and hard-rock Au mines
including Capleston Group, Crushington Group, Murray Creek Group, Ajax Group, Italian Gully Group, Larry Creek Group
and Kirwan’s Hill mines.
The central section of the Reefton Project was previously held by Lime and Marble Limited (L&M) between 1970 and 1971
(Riley and Ball, 1971), and subsequently by CRA Exploration Limited (CRAE) between 1981 and 1990.
In December 1990, CRA Exploration Pty. Ltd. withdrew from New Zealand, and tenders were called for the company’s West
Coast licence areas. The successful tenderer was Macraes Mining Co. Ltd., which changed its name to Gold and Resource
Developments (NZ) Limited on 14 May 1999, and again to GRD Macraes Limited (GRDM) on 30 June 2000. The permits
subsequently formed part of the asset portfolio of OceanaGold (New Zealand) Limited, listed in May 2004. The area of the
Capleston Exploration Permit (EP 60491) was relinquished by OceanaGold in 2018 (Edwards, 2018).
The eastern section of the Reefton Project, over Kirwans Hill, was held by Gold Mines New Zealand Ltd (GMNZ) between
1978 and 1987 (Bunting, 1985). Between 1988 and 2013, the area has been held by several exploration companies
including Kirwans Reward Mining Ltd (Hohback, 1988), Kamedon Management Ltd, Zephyr Minerals NL (Sylvester, 1998),
Auzex Resources (Hill, 2009) and Siburan Resources Ltd (Way, 2013). In 2018, the area was pegged by the MPG
Partnership who entered into a Joint Venture with RGL in 2019.
6.2 Exploration History
6.2.1 Alluvial Gold
The first discovery of Au within the Reefton area was made by John Redman in 1866, during the peak of the first West
Coast Au rush. Alluvial Au was found in Redman’s Creek and was followed by discoveries in Boatmans, Murray, Rainy and
Soldier Creeks (Barry, 1993; Figure 6-1).
Easily accessible alluvial Au deposits in Holocene gravels were first exploited by individuals or small parties of miners using
dishes, cradles, and sluice boxes. Gold-bearing fluvioglacial gravels of Pleistocene age were worked by co-operative parties
who constructed dams, water races, tunnels, flumes, and tail races to enable ground and hydraulic sluicing (Barry 1993).
Dredging operations were effectively employed on many of the local rivers and tributaries from 1900–1919 and 1934–1957.
The cessation of the Snowy River Dredge in 1957 led to a 23-year lull in alluvial mining in the area. Increases in the Au
price in 1980 led to a revival of the alluvial Au industry, which was aided by the introduction of hydraulic excavators and
floating rotary screens. Mining by these methods continues in the Reefton area to this day (Barry, 1993).
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Figure 6-1: Locations of historical alluvial Au mining around Reefton.
6.2.2 Hard-Rock Gold
The first discovery of auriferous quartz in the Reefton area was in June 1870, with the discovery of a reef in the head of
Murray Creek. The first prospecting claim application was lodged, on what was later the Golden Treasure claim. Further
discoveries followed in November 1870, the most important being the Andersons lode in Andersons Creek, and a reef in
German Jacks Gully, subsequently called the Ajax shoot, followed by the adjacent Golden Fleece shoot (Barry, 1993).
Between December 1871 and January 1872, payable quartz was found north of Reefton in Larry, Boatmans and Caples
Creeks, on which the Capleston Group of mines were situated (Barry, 1993).
For the year ending March 1877, 952.6 kg (30,627 oz) of Au was mined from 33,963 t of quartz, but by 1878 Au output from
the Reefton mines had declined to 809.4 kg (26,022 oz). A second mining boom, incited by the discovery of the Rand
Goldfield in South Africa, commenced in 1880. Speculation was encouraged by handsome returns, particularly from the
Capleston Group of mines. The Welcome ore shoot, a down-plunge extension of the Hopeful ore shoot, recovered 415.7
kg (13,365 oz) from 4,024 t of quartz. For the next ten years, this mine was consistently profitable (Barry, 1993).
From the first crushing of ore from the Ajax Mine in March 1872, a total of 3,983,351 t of quartz was extracted from 59
productive mines for a return of 64,678 kg (2.08 Moz) of Au. Only 11 of these mines produced more than 500 kg (16,075
oz) of Au (Barry, 1993).
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Discoveries of new deposits dropped off in the late 1890s and early 1900s. Other than the discovery of the Alexander reefs
to the south of Reefton in 1920, there were no further significant discoveries, and Au production steadily declined as Globe-
Progress, Wealth of Nations, and Keep-it-Dark mines closed in the 1920s and 1930s (Barry, 1993).
At the outbreak of the Second World War, the Big River and Blackwater mines were the only producers. Wartime labour
shortages were responsible for the closure of the Big River Mine in September 1942. When the Blackwater shaft collapsed
on 9 July 1951, the ventilation and drainage systems of the Blackwater Mine were disabled and 81 years of continuous
quartz mining activity in the Reefton Goldfield came to an end.
Hard-Rock Au mining would not recommence in Reefton until 2007 when OceanaGold (NZ) Ltd reopened the Globe-
Progress mine. Construction on the project started in 2005, consisting of a surface mine and process plant to grind and
concentrate the mined ore. The mine yielded 606,000 oz Au over the life of the open pit operation which ceased production
in 2015. In total, 12.89 Mt of ore was processed, with an average grade of 1.8 g/t Au. Globe-Progress transitioned to closure
and rehabilitation in 2016. It is now known as the Reefton Restoration Project (Edwards, 2020).
Table 6-1 summaries the historical Au produced within the Reefton Project.
Table 6-1: Historical production from mines within Reefton Project (Barry, 1993; Figure 6-2).
Mine Group Quartz (tonnes) Gold (oz)
Larry Creek Group 9,064 5,289
Italian Gully Group 1,071 1,093
Capleston Group 85,523 134,927
Murray Creek Group 63,056 39,680
Ajax Group 147,688 96,671
Crushington Group 818,247 406,212
Kirwans Hill 22,554 11,012
Total 1,147,203 646,884
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Figure 6-2: Location of historical mining centres within the Reefton Goldfield.
6.2.2.1 Capleston Group
The Capleston Group consists of five mines: Imperial-Reform, Just-In-Time, Fiery Cross, Welcome-Hopeful and Specimen
Hill mines, which define the strike of a lode system, with individual workings targeting ore shoots (Barry, 1993; Figure 6-3).
The Imperial-Reform is the southernmost mine of the group and produced a total of 33.3 kg (1,071 oz) Au from a shallow,
north-plunging ore shoot, with an average grade of 19.6 g/t. A 61-m-deep shaft was sunk on the northern claim boundary,
which was deepened to 122 m and driven northwards, but any downdip extension of the Imperial-Reform shoot was not
discovered (Downey 1928).
Just-in-Time was mined from adits, winzes and via the Fiery Cross shaft. The Just-in-Time ore shoot was up to 30 m long
and up to 3 m wide, with an average width of 1.2 m (Gage, 1948). From 1874–1889, the mine was a regular producer, with
a total of 534 kg (17,169 oz) of Au produced from 13,755 t of ore (38.8 g/t) (Barry, 1993).
The Fiery Cross ore shoot was worked from a shaft and five levels, with an incline shaft driven from No.3 level, which
allowed the two lower levels to be developed. Below the bottom level, a subhorizontal fault cut off the ore shoot. The No. 3
level was driven south to the Just-in-Time shoot which was followed down by an internal shaft to 232 m. The orebody at this
depth was again terminated by a gentle, north-dipping fault (Henderson, 1917). Production from the mine up to 1896
amounted to 870 kg (27,971 oz) of Au from 24,956 tonnes of quartz (34.8 g/tonne), including Au recovered from the southern
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portion of the Just-in-Time shoot. The Fiery Cross shaft was extended to 305 m depth and included an easterly 244-m
crosscut which encountered three reef tracks (the sheared country rock in which the quartz lodes are found), but no ore
(Downey, 1928; Riley & Ball, 1971).
The initial crushing from the Fiery Cross in December 1873 produced 24.6 kg (791 oz) of Au from 447 t of quartz; compared
to 50.7 kg (1,630 oz) from 313 t of quartz from Just-In-Time.
The Welcome-Hopeful mine was the most profitable of the Capleston Group. The upper section of the ore shoot yielded
651.75 kg (20,954 oz) of Au from 13,004 t of ore (50.1 g/t). The average width of the Welcome shoot was 0.45 m, but widths
of up to 2.1 m were reported. The down-plunge extension of the shoot was followed for ~300 m below outcrop. Workings
comprised five adits and an underground shaft from which three levels were opened. At No. 9 level, the orebody was faulted
out, and despite an internal shaft sunk, levels driven from this shaft did not re-encounter the orebody (Barry, 1993). Attempts
to locate a down-plunge extension of the Welcome shoot, with a branch drive from the Boatmans low-level tunnel, were
unsuccessful. Extensions to the North Welcome shoot were also sought by a 366-metre adit driven from the valley of Little
Boatmans Stream (Gage, 1948).
From 1876–1906, 44,868 t of quartz were treated from the Welcome-Hopeful mine, for a yield of 2,756 kg (88,608 oz) Au
(61.4 g/t; Gage, 1948).
The area to the north of the Welcome-Hopeful mine was prospected, with a 700-m-long adit from Little Boatmans Creek
driven eastwards towards the Specimen Hill claim. A 91.5-m-deep shaft was then sunk at the end of the adit but did not
intersect the shoot (Downey, 1928).
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Figure 6-3: Capleston Group and underground workings.
6.2.2.2 Crushington Group
The principal mines within the Crushington Group include Keep-it-Dark, Wealth-of-Nations and Energetic, with minor
workings at Pandora, Nil Desperandum-Hercules and Golden Ledge (Figure 6-4).
The Keep-it-Dark lease was taken up in 1872, and the first crushing took place in 1875. Up until the mine closure in 1928,
333,797 t of quartz were mined for 5,680 kg (182,616 oz) of Au.
Two lode systems were mined in the Keep-it-Dark property: the Eastern and the Western. A quartz lode was also mined
from the ‘Old Dark’ shoot located ~100 m east of the Eastern lode system. This shoot died out 37 m below outcrop. Adits
and levels from a 150-m-deep ‘monkey’ shaft were used to mine the Eastern lode system. The ore body comprised two
shoots: the northern and the southern. Payable quartz at a grade of 17–18 g/t was found in No. 6 level and stoped up to
No. 5 level (Downey, 1928). On No. 7 level, the northern shoot again proved to be uneconomic. Around 1897, the Western
lode system was located west of the main shaft. The Western lode system, consisting of the eastern and western shoots,
was worked from the main shaft and nine levels. The eastern shoot was worked as far as No. 5 level.
The discovery of auriferous quartz on the Wealth of Nations claim was made in 1871, with payable quartz found in the
adjacent Energetic claim shortly afterwards. Both the Wealth of Nations and Energetic reefs were worked for ten years until
the reef was faulted off 90 m below the outcrop. Gold produced from the near-surface workings on the Energetic and Wealth
of Nations lodes amounted to 958 kg (30,800 oz) and 871 kg (28,003 oz), respectively. The downward continuation of the
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Wealth of Nations ore shoot was not discovered for another 12 years. The search for the faulted ore shoot commenced from
a 61-m vertical shaft, sunk 244 m from the portal of No. 4 (battery) level. A drive, directed to the north, from the bottom of
this shaft intersected a 1.5-metre-wide reef carrying grades of 7–9 g/t. An inclined shaft was sunk on the reef; however,
payable quartz was not found until the 152-metre level. The inclined shaft was extended to 211 m below No. 4 (battery)
level, and several levels were put out, encountering three subvertical ore shoots. Development below the 213-metre level
was carried out from the Energetic shaft, which was progressively deepened to 692 m below the surface (No. 13 level) and
extracted large quantities of quartz from above No. 11 level. The mine ceased operations in 1927 with the collapse of the
main shaft for a second time (Barry, 1993)
During the operation of the Energetic and Wealth of Nations claims, 4,229 kg (135,966 oz) of Au was recovered from
323,660 t of quartz (13.5 g/t) (Barry, 1993).
Small quantities of Au were recovered from workings at No. 2, South Keep-it-Dark, Pandora and Nil Desperandum-Hercules
(Barry, 1993).
Figure 6-4: Crushington Group mines with underground workings.
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6.2.2.3 Murray Creek Group
The Murray Creek Group which includes the Inglewood, Phoenix, Victoria, Golden Treasure, Westland, Comstock, Band of
Hope and Perseverance leases are situated in the headwaters of Murray and Burkes Creeks (Figure 6-5). According to
Gage (1948), 1,234 kg (39,674 oz) of Au was recovered by the Murray Creek mines from 63,056 t of quartz (19.6 g/t).
The Victoria shoot, discovered in 1870, was one of the first quartz reefs to be pegged out in the area. Payable quartz was
located on the adjacent Phoenix and Inglewood claims shortly after the Victoria discovery. Up to 1908, 16,557 t of quartz
had been extracted from the Inglewood and Phoenix shoots to yield 376 kg (12,089 oz) of Au (22.7 g/t). Production from
the Victoria shoot, in the same period, amounted to 3,000 t of quartz from which 65 kg (2,090 oz) of Au was recovered
(21.7 g/t). In 1909, the three claims were purchased by the New Murray Creek Gold Mining Co and in 1914, the crushing of
ore from a down-plunge continuation of the Victoria shoot commenced. Production continued until the end of 1919, during
which time 31,124 t of quartz were processed for 592 kg (19,033 oz) of Au (19.0 g/t). In 1920, high operating costs
contributed to the failure of the company. Crushing recommenced on the Victoria shoot in early 1929, but work was
suspended in July of the same year because of Au recovery problems caused by the presence of arsenic (As) and antimony
(Sb) in the ore (Gage, 1948). Later efforts to bring the mine into production were also unsuccessful, and all work ceased in
1938 (Barry, 1993; Gage, 1948).
The Perseverance Mine is situated in a tributary of Murray Creek, between the Royal and Golden Treasure mines. The
prospect was abandoned in 1880 because of the low (10.2 g/t) ore grade (Downey, 1928). After reopening the mine in 1910,
the No. 1 adit level was extended and commenced work on a lower No. 2 adit. Work ceased with the outbreak of World War
l, and it was not until 1937 that the Mines Department undertook prospecting work. The mine was abandoned in 1942
without any further production (Barry, 1993).
Four ore shoots were mined in the Golden Treasure claim. From north to south they are the Westland, Golden Treasure-
North Block, ‘Antimony’ Block and the Band of Hope Block. Of these shoots, the Golden Treasure-North Block was the most
productive, yielding 7,795 t of quartz for 150 kg (4,823 oz) of Au (19.2 g/t). The Westland shoot, in the northern part of the
lease, was 1.2 m wide of unknown length and reportedly returned poor Au grades. The Golden Treasure North Block was
0.6–1.5 m wide over 30 m long and reported excellent Au grades (Henderson, 1917). To the east, parallel to the Golden
Treasure North Block, the ‘Antimony Block’ was at least 55 m long and averaged 1.5 m wide. At the southern end of the
lease, the Band of Hope Block was 61 m long with an average width of 1.8 m. Although this shoot was rich in places, most
of the quartz proved to be unpayable (~6 g/t; Henderson, 1917). As the ore contained stibnite, some difficulty was
experienced in Au recovery, and production ceased from the Golden Treasure mine in 1897.
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Figure 6-5: Ajax Group and Murray Creek Group mines, with underground workings.
6.2.2.4 Ajax Group
The principal mines of this group are the Golden Fleece, Ajax and Royal, which are located in the head of Burkes Creek,
with the Ajax and Golden Fleece mines working parallel shoots on adjacent claims (Figure 6-5). A total of 3,007 kg (96,677
oz) of Au from 147,688 t of quartz was produced by the mines of the Ajax Group, at an average grade of 20.4 g/t.
The Ajax shoot was discovered in 1870, and the first parcel of quartz from the Ajax shoot (610 t) was crushed in March
1872 for a yield of 29.8 kg (958 oz) Au. During the first four years of production, 200 kg (6,430 oz) of Au was extracted from
7,000 tonnes of quartz (28.6 g/t). In late 1872, the first crushing from the Golden Fleece returned 29.5 kg (948 oz) Au from
305 t of rock. Again, in January 1873, the Golden Fleece recovered 34.9 kg (1,112 oz) of Au from 694 t of quartz. By 1884,
the Ajax shaft had been sunk to 217 m and six levels opened up, with the Ajax shoot persisting to the bottom level, but the
richer Golden Fleece shoot disappeared between Nos. 4 and 5 levels.
Compared to the adjacent Ajax and Golden Fleece shoots, the Royal shoot was narrow, broken and of low grade (Downey,
1928). It was mined from 1878 by three companies via four adits (Barry, 1993).
The Venus shoot, to the southwest of the Royal shoot, was found in 1875. The shoot was narrow (0.5 m), decreased in
width with depth and was faulted out between Nos. 3 and 4 adit levels.
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During 20 years of intermittent operations, 11,046 t of quartz was crushed from which 92 kg (2,958 oz) of Au were obtained
(8.3 g/t). In 1895, when the mines were connected, a low-level tunnel was extended from Blacks Point to No. 6 level. Stoping
resumed in 1900, and large quantities of quartz were mined over the next seven years. The mine was let out on tribute in
1908, and all work ceased in 1912 (Barry, 1993).
6.2.2.5 Italian Gully Group
Quartz lodes were first discovered in the Italian Gully in 1872, with two mines mentioned in the literature; Italian Gully and
Garibaldi (Downey, 1928; Gage, 1948; Figure 6-6). Four adits were driven on the Italian Gully claim, proving a 150-m-long,
but narrow reef. The shoot averaged between 15–20 cm, only attaining a width of 1 m in one area (Downey, 1928). In 1876,
the Italian Gully Gold-mining Company erected a battery that operated intermittently. In 1878, a new company called the
Golden Arch purchased the claim, prospecting and crushing intermittently until 1883, when the mine was let on tribute for a
further year before being abandoned. Except for minor prospecting, no more was done until 1905, when a syndicate erected
a new battery and reopened the No. 4 crosscut. Multiple cross-faults displaced the reef repeatedly to the west, and the
resulting dead-work in development, together with the narrowness of the reef and the hardness of the walls, led to unpayable
working. In 1908, a new Golden Arch Company built yet another battery and cyanide plant and carried out more prospecting,
but could not make the mine pay, so it was let out to tributers who operated with some success for several years. The
Company went into liquidation in 1911. However, Downey (1928) states that quartz of fair value was left underfoot in both
mines. Over its lifetime, the mine produced 30,957 g Au from 1,644 tons crushed rock, giving an average grade of ore of 18
g/t (Downey, 1928).
The Garibaldi Mine was situated immediately south of the Italian Gully claim, which reported an ore shoot of similar length
and width as the adjoining claim. However, little development work took place on the Garibaldi claim due to the narrow
nature of the lode (Downey, 1928).
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Figure 6-6: Italian Gully Group and Larry’s Creek Group mines, with underground workings.
6.2.2.6 Larry Creek Group
The Larry Creek Group consists of the Caledonian and No. 2 South Larry’s claims (Figure 6-6). The ore body at the
Caledonian claim in Larry’s Creek (7.2 km above its confluence with the Inangahua River) was discovered in 1872 and
mined from a shaft and four levels (Barry, 1993; Gage, 1948). The shaft was constructed on the south bank of Larry’s Creek
and sunk to a depth of 55 m, with the first level being 21 m below the shaft collar and others at intervals of 12 m (Downey,
1928). In Nos. 1 and 2 levels, the 55-m-long and 0.9-m-wide ore shoot dipped steeply east and pitched 30° north. No reef
structure was intercepted below No. 2 level. The reef track was intersected below No. 4 level, from a shaft sunk by the New
Caledonian Company, in 1906, and was also devoid of quartz (Barry, 1993). Gold production from the Caledonian Mine
amounted to 67.25 kg (2,162 oz) from 1,429 t of ore (Henderson, 1917).
In the nearby Larry’s No. 2 Mine, an adit 182 m long was driven, with mineralisation found ~30 m below outcrop. The reef
consisted of 3.7 m of stockwork quartz veins, interspersed with wall rock. The quartz stringer veins carried visible Au. By
1877, all of the reefs above the adit were mined out and crushed for a return of 128 kg (4,129 oz) Au. A further tunnel was
driven 42 m below outcrop from 1883–1884. The quartz in this tunnel is reported to have been more compact than in the
upper workings, but of poorer grade (Downey, 1928).
6.2.2.7 Kirwans Hill
Gold was discovered at Kirwans Hill in December 1896, in the form of loose Au-bearing quartz (Downey, 1928). Numerous
reefs were found outcropping on adjacent claims, from 1–2 m wide, but none were found to carry payable Au. The loose
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auriferous quartz on the surface was scattered over an area approximately 300 m x 400 m, with some boulders weighing
2–3 t. The area was intensely prospected, with tunnels and shafts being sunk under the loose material. Two tunnels were
each driven a distance of 76 m, one at a depth of 40 m, the other at 62 m below the surface (Figure 6-7). None of the test
workings encountered a solid reef (Downey, 1928). Mining of the loose surface quartz continued until 1906, by which time
21,967 tons of quartz was crushed yielding 311.4 kg (10,012 oz) Au. The open pit mine extended to a depth of 36 m, where
at depth, the quartz boulders were found to be mixed with crushed country rock (Barry, 1993).
Figure 6-7: Kirwan’s Hill Group mines, with open pit (Lord Brassey) and underground workings.
6.2.3 Previous Exploration & Development Work
6.2.3.1 Government Assisted Surveys (1935–1948)
During the late 1930s to 1940s, Government-assisted surveys in the form of work schemes, or as part of scientific studies,
surveyed the goldfield to identify the controls on Au mineralisation (Gage, 1948). The Department of Scientific and Industrial
Research (DSIR) based its work on a comprehensive geological and physiographic study of the Reefton Goldfield that was
conducted in 1917 (Henderson, 1917; Gage, 1948). Additional mapping and reinterpretation of the structural geology of the
area were presented in Gage (1948).
During 1938, the DSIR geophysically surveyed two areas of the Reefton Goldfield from Crushington to the
Cumberland/Exchange workings and around the Blackwater Mine area. A potential drop ratio (resistivity) method was
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utilised to identify mineralised structures by their low resistivity zones relative to the country rocks (Modriniak and Marsden,
1938).
6.2.3.2 1951–1980
From 1951, when the Blackwater mine closed, up to the early 1980s, little exploration work was conducted in Reefton,
mostly due to the low Au price.
Carpentaria Exploration Co Pty Ltd conducted the first significant prospecting work in the Reefton area in the early 1970s.
In total, 444 stream-sediment samples were collected from across 14 prospecting licence areas (Zuckerman, 1972).
Small-scale exploration for Sb over Murray Creek was completed by L&M Ltd in the 1970s. This survey work consisted of
a stream-sediment sampling programme, which collected samples from ~230 locations. Hand-drawn contour maps are the
only record of this programme and no sampling or analytical methodology was reported (Riely & Ball, 1971).
6.2.3.3 Gold Mines NZ (1978–1990)
Summary
Gold Mines of New Zealand Limited (GMNZ) held ground over the Kirwans Hill Prospect, as well as much of the Victoria
Range, during the 1980s. The company was focussed on the intrusion-related Au potential of the area, seeking multi-
element mineralisation, in addition to Au. As a result, GMNZ conducted some of the most extensive regional exploration
surveys of the goldfield.
Geological Mapping and Petrology
GMNZ carried out regional-scale mapping of the various igneous intrusions, adjacent to the Reefton Goldfield, and carried
out petrological studies on ~300 thin sections (polished and unpolished) across a range of regional lithologies (Pirajno,
1981; Bentley, 1982).
The Greenland Group rocks were defined as metagreywacke and metapelites based on both field observations and
petrographic studies. Metagreywackes are typified by abundant detrital quartz (35–50%) and only minor amounts of (<6%
sodic) plagioclase, and fine-grained sedimentary and volcanic rock fragments. Detrital K-feldspar was not identified. The
remainder of the rock consists of fine-grained chlorite and sericite formed by recrystallisation of the original clay matrix.
Metapelites are finer-grained, and of similar mineral composition, but contain a significantly higher proportion of
recrystallised clay matrix, and are therefore more aluminous (Bentley, 1982).
Greisenisation and hydrothermal alteration of the Greenland Group metasediments is fracture controlled at Kirwan’s Hill.
The resultant mineral assemblage is a complex superimposition of different phases due to the confinement of the reaction
fluids to major fractures. Two resultant alteration assemblages were reported:
• biotite-tourmaline-muscovite-pyrrhotite, in quartz fissure vein haloes; and
• phlogopite-clinozoisite-scheelite-(chlorite-pyrite), in greisenised sections.
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Stream-Sediment and Rock-Chip Sampling
During the initial years of operation, GMNZ conducted an extensive stream-sediment sampling programme, which collected
1,795 samples (Pirajno, 1981). Samples were collected at 100–200 m intervals in active stream channels. Analabs, in Perth,
assayed the stream-sediment samples for Cu, Pb, Zn, Mo and W. In addition to the stream sediments, the survey collected
89 rock samples, either as float or from outcrop, which were analysed for trace elements. Follow-up stream-sediment
surveys were conducted in Station Creek (14 samples) and in Bateman Creek (74 samples) (Pirajno, 1982; Bunting, 1985).
GMNZ collected a large number of rock samples from the area of the Kirwans ‘open pit’, predominantly tailings/mullock from
the historical mining operation. The company reported collecting 40 in-situ samples from the ‘open-pit’ area (Pirajno, 1982;
Bentley, 1983; Bunting, 1985).
In 1987, GMNZ entered a joint venture with Kirwans Reward Mining Ltd, commencing a programme of rock-chip sampling
in the ‘open pit’ and relocating and resampling geochemical Au-soil anomalies along surrounding ridgelines (Hohbach,
1988).
Soil Sampling
During the first soil sampling programme GMNZ conducted, they collected 1,708 samples from the McConnochie-Tobin
(1,167 samples) and Kirwans Hill (541 samples) areas. Sampling lines were established along creeks, spurs, and ridges,
with stations at 50-m intervals in all cases. Along creeks or streams, soils were taken from both sides, at the stream bank,
or at the break of slope (Pirajno, 1981).
Soil samples were, in most cases, collected from the B zone ~25–50 cm deep depending on the thickness of overlying
humus and forest litter. Samples were dried and sieved to <180 μm (80 mesh) and the resulting fractions analysed for Cu,
Pb, Zn, Mo, Au, Sn and W.
GMNZ followed up the regional-scale soil sampling programme with a gridded programme surrounding Kirwans Hill from
1982–1983, and a ridge-spur soil programme in the vicinity of Mt Haast. The soil sampling grid was spaced at 50-m intervals,
with material taken from the B horizon, at depths between 0.1–0.3 m. In total, the Kirwans programme collected 656 samples
and the Mt Haast programme collected 830 samples (Pirajno, 1982; Bentley, 1983).
Another detailed grid survey was completed by GMNZ, over the Kirwans open pit, to further delineate the Au anomaly
(Bunting, 1985). Grid lines were surveyed in at a bearing of 104° (true north) at 120-m intervals for a distance of 1,560 m.
Soil samples were collected at 40-m intervals along the surveyed lines, after slope corrections had been applied, with a total
of 374 soil samples collected during this survey. Further infill sampling was completed at a closer spacing to better
understand the anomaly prior to trenching. A total of 265 soil samples were collected during this infill sampling, on existing
lines and on intermediate lines surveyed, using a grid with a 60-m line spacing and 20-m sample interval.
Further regional work was also carried out in the eastern watershed of Station Creek, to the south of Kirwans Hill and in the
headwaters of Batemans Creek. A total of 167 soil samples were collected on eight east to north-east trending ridges on
the eastern side of Station Creek, stopping at the base of the younger overlying Tertiary sediments. 462 soil samples were
collected along the main ridges and subsidiary spurs at intervals of 50 metres in the Bateman Creek area (Bunting, 1985).
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6.2.3.4 CRA Exploration (1983–1990)
Summary
From 1983 to the acquisition of the tenements by Macraes Mining Company Limited in 1990, CRA Exploration Limited
(CRAE) was a major explorer in the Reefton Goldfield, holding ground spanning from Waiuta in the south to the Brunner
Range in the north. They conducted regional-scale stream-sediment geochemical sampling and flew the goldfield with
airborne magnetics/radiometrics. This airborne work also included a photo-based interpretation of the mineralised corridor.
CRAE drilled 52 drillholes throughout the goldfield, the majority of which (39 holes) were completed at the Globe Progress
deposit, with only three holes drilled at Capleston and three at Crushington.
The exploration work completed is recorded in a number of CRAE company reports (i.e. Begg & Foster, 1983; Green &
Rosengren, 1984; Rosengren, 1984; Lew, 1986, 1987a,b; Corner, 1987; Patterson, 1987; Lew & Agnew, 1989; Lawrence,
1998, 1989; Corner, 1990).
Stream-Sediment and Rock-Chip Sampling
CRAE conducted a detailed reconnaissance survey over the Brunner Range in 1988 (Lawrence, 1988). This survey
collected 138 stream sediment, 259 pan concentrate and 166 lithological samples, with a sample density of one sample per
2.3 km
2
. CRAE implemented a further systematic regional stream-sediment/pan concentrate/float rock-chip sampling
programme over most of the Greenland Group stratigraphy the following year (Lew & Agnew, 1989). The second survey
involved the collection of 121 stream-sediment, 121 pan concentrate and 191 rock-chip samples which tested an area of
745 km
2
. A theoretical sampling density of one sample per 2.4 km
2
was achieved.
Stream-sediment samples were collected from the active portions of the creeks and were wet sieved to <180 μm (-80 mesh)
in the field. Samples were dried and ring milled to -200 μm in the laboratory. A 30-g split was fire assayed for Au, while a 1-
g split was analysed for As, Sb, Ag, Bi, Cu, Pb and Zn using atomic absorption spectrometry (AAS) (Lew & Agnew, 1989).
Ten-to-twenty-gram pan-concentrate samples were from two 20 L pans of <10-mm sieved gravel, taken from the best trap
sites available from the active flood portion of the creeks. The entire sample was dried, weighed and analysed for Au, As,
Sb and W by Neutron Activation Analysis (Lew & Agnew, 1989).
Analabs analysed both the stream-sediment and pan concentrate samples in their Auckland, New Zealand, laboratory.
CRAE revealed that the stream-sediment technique was not an effective method in the goldfield due to contamination from
old workings, interference from fluvio-glacial derived Au and the poor chemical weathering of the area. Anomalous As and
Sb were revealed the best indicators of primary mineralisation. The pan concentrates were demonstrated to be a better
technique. Nevertheless, some anomalies were identified. These included: Snowy River Tributary; South Capleston; Snowy
Creek; Montgomery Tributary; Shaw Stream and Bateman’s Creek.
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Soil Sampling
During the period from August 1984 to January 1986, CRAE conducted a regional-scale soil sampling programme on east-
trending ridge traverses, spaced ~2 km apart, over the majority of the goldfield (Lew, 1986). This survey collected 2,693 A-
horizon soil samples along 17 traverses.
CRAE concluded that soil sampling was an effective technique for identifying the mineralisation over the Globe-Progress
deposit. The company conducted another survey in 1987, completing an east-west orientated grid over the Capleston area.
The 1987 survey collected C-horizon samples on lines 50–200 m apart, with a 12.5 m separation between sample points
(Lew, 1987a). The grid was extended north during a second survey in 1987 to cover the Welcome-Hopeful workings (Corner,
1987). This second grid collected 359 samples from the B/C soil horizon which were assayed for Au, As and Sb by AAS at
the ISL laboratory, Nelson, New Zealand.
In 1989, CRAE established a grid to the north of the Welcome-Hopeful mine, over the Specimen Hill prospect. 496 soil
samples were collected and analysed for Au, by fire assay, at Analabs in Auckland. Arsenic and Sb concentrations were
determined by AAS, with hot and cold acid digests, respectively (Corner, 1990). This study noted the close association
between As and Au in soil samples, with coincident anomalies in both metals.
During the 1987 field season, CRAE installed a 100 m x 25 m grid covering an area of 600 m x 600 m over part of the
Murray Creek group of mines. This soil grid comprised of 343 samples (Corner, 1987).
Further to the south, the company conducted a ridge and spur survey over the old Wealth-of-Nations mine near Crushington.
This survey delineated two Au-mineralised shear zones, but it was noted that the As anomaly associated with these
structures was less pronounced than the anomaly present at the nearby Globe-Progress deposit (Lew, 1987b).
Airborne Geophysical Surveys
In 1988, CRAE completed an airborne, goldfield-wide magnetic/radiometric survey. The survey was conducted by Geo
Instruments Pty Ltd, using a Geometrics G-813 proton precession, bird-mounted, magnetometer. The survey was flown with
a flight line spacing of 200 m and a mean terrain clearance of 85 m (Craven, 1996a).
Ground Geophysical Surveys
Several techniques were trialled on a prospect-by-prospect basis by CRAE, e.g. ground magnetics, IP-resistivity and
downhole logging. The ground magnetics had little application due to the low magnetic contrast of the Greenland Group
sediments. The exception was at Murray Creek, where a ground magnetic survey identified a mineralised dolerite dyke
(Lawrence, 1989). These methods were never routinely used except for IP-resistivity surveys.
In 1986, CRAE conducted IP-Resistivity surveys over the Capleston prospect (Harvey, 1986, 1987). The survey employed
a Scintrex ICP-8 250-watt battery-powered transmitter and a Scintrex IPR-11 receiver. The survey was carried out with a
six-level, 25-m dipole array on east-west (105°) grid lines typically spaced 100 m apart. The surveys were reported to be
plagued with instrument and ground problems and produced poor data quality (Harvey, 1986). Craven (1996b) attributed
this to low transmitter currents, problems with the receiver, the low conductivities of the host rock and the strong effects of
the topography on the data.
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Air Photo Interpretation
A photogeological study of the Reefton Goldfield was undertaken in by Hunting Australia (1986) for CRAE. The aim of the
study was to enhance the understanding of the regional stratigraphic and structural controls of primary Au mineralisation.
The study utilised black and white 1:15,000 scale aerial photographs, flown by NZ Aerial Mapping in 1973–1974, and some
1:40,000 scale photography taken in 1982–1984. The photogeological mapping was assisted by reference to detailed
traverse data, contained in published geological maps, and was supported by road traversing.
The survey highlighted the influence of northwest- and north-trending fracture corridors in the distribution of Au occurrences.
A concentration of Au mines is also evident along the northeast-trending lineament corridor occupied by a basic dyke swarm
passing south of Blacks Point.
Drilling
In 1987, CRAE drilled three holes at the Capleston prospect, for a total length of 305.3 m. Two of the holes were drilled by
Alton Drilling, with the third drilled by Otago Central Drilling. Despite losing circulation, the first two holes reached
mineralisation. The third hole was prematurely terminated at 36 m when the licence expired. Mineralised intervals were
sampled at one-metre intervals from half core. Other core was sampled with a grinder over two-metre intervals. Sawn splits,
and ground core were assayed for Au by fire assay and for As, Ag, Cu, Pb and Zn by AAS through ISL, Nelson, New Zealand
(Corner, 1987).
Three diamond drillholes totalling 351.35 m were drilled at the Crushington Prospect to test the mineralised shears, defined
by the geophysical and geochemical surveys, and the workings of the Hercules Keep-it-Dark and Wealth-of-Nations mines
(Lew, 1987b).
6.2.3.5 Macraes Mining Co and OceanaGold NZ Ltd (1990–2018)
Summary
Macraes Mining Co Ltd (MMCL), GRD Macraes, and then OceanaGold (NZ) Ltd held various permits over parts of the
Project Area.
From 1990–1995, Macraes Mining Co did limited work on the Capleston/Crushington prospect areas, with the majority of
their efforts going into assessing the work completed by CRAE, along with some high-level reconnaissance mapping and
rock-chip sampling (Abraham, 1995).
From the late 1990s to 2012, the company completed various exploration programmes within the area, including mapping
and geochemical sampling surrounding the historical workings. However, limited work was carried out post-2013 and with
the shut-down of OceanaGold’s Globe-Progress Mine in 2015 and later closure in 2016, most exploration activities ceased.
The Capleston permit was surrendered in July 2018.
Geological Mapping
Prior to 2009, mapping over the goldfield had been completed on a prospect basis with high-density mapping (i.e. 1:1,000
scale) on several key prospects (Rattenbury 1994; Stewart, 1996; Maw, 2000). Starting from 2009, OceanaGold geologists,
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with the assistance of external contractors re-mapped the entirety of Oceana’s tenement package at a regional scale and
completed prospect scale mapping (i.e. 1:1000 scale) around many of the historical mines. From 2009–2012, mapping was
carried out in the Capleston, Crushington and Caledonia prospect areas. The majority of the field mapping was completed
within the headwaters of the Waitahu River and Larry’s Creek. Mapping was carried out to determine structural facing
(bedding/cleavage relationships), younging and any new observations of faults or minor quartz veins (Allibone 2010, 2012:
Jongens, 2012; Gardener, 2013a).
Stream-Sediment and Rock Chip Sampling
Little advancement on the stream sediment coverage of CRAE has been completed over the Project Area during the tenure
of MMCL and OceanaGold. Various field programmes have collected rock samples from outcrop, trenches/channels,
mullock dumps and streams, the details of the number of samples taken during these programmes are given in Table 6-2.
Table 6-2: Samples taken during field programmes in the Reefton Goldfield.
Year Prospect
Total No.
Samples
Outcrop Float Mullock Trench/channel Reference
1995 Capleston 86 64 8 14 Abraham, 1995
1995
Crushington to Murray
Creek
81 62 7 12 Rose, 1995
2011
Crushington to Murray
Creek
28 16 12 McLelland, 2011
2012 Capleston 45 39 4 2 McLelland, 2012
2012
Crushington to
Caledonia
21 14 6 1 Gardener, 2013a
2013 Caledonia 2 2 Gardener, 2013b
2013 Murray Creek 17 14 3 McLelland, 2013
2014 Caledonia 65 34 31 Adamson, 2014
2010–
2013
Crushington 116 49 7 2 58 Edwards, 2018
Soil/Wacker Sampling
MMCL/OceanaGold moved away from traditional soil sampling within the Reefton Goldfield, instead relying on wacker
sampling, a technique capable of penetrating through the thick glacial cover that exists in some parts of the area.
OceanaGold’s method of wacker sampling involves a four-person team, including one geologist. A sampler is hammered
into the ground using the wacker (jackhammer) drill, then 1-m rods are added until refusal (when the rods will no longer go
down any further). The rod string is then jacked out manually with the sample collected from the sampler. Each sample
contains ~20 cm of material from the soil-bedrock interface.
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From 1995–2001, three wacker programmes were completed by MMCL/GRD Macraes over the Specimen Hill prospect, the
Murray Creek area and the Auld Creek area on the southern boundary of the current permit area (GRD Macraes. 2001).
At Specimen Hill, the existing CRAE soil grid that covered the Just-In-Time/Reform and Welcome/Fiery Cross workings was
extended to the northeast to fully cover the Specimen Hill prospect. A total of 437 samples were collected during this survey,
all of which lie in the Reefton Project.
At Murray Creek, GRD Macraes re-established the CRAE grid and extended it south from the Victoria Lode to cover the
Golden Treasure, Comstock, Band of Hope and Perseverance workings. The company used wacker sampling to locate
mineralised structures. A total of 374 wacker samples were collected on a 12.5 m x 100 m pattern and all lie within the
Reefton Project.
A total of 344 wacker samples over a 25 m x 100 m grid were collected over the Auld Creek prospect, of which 110 samples
fall within the Project Area.
From 2008–2011, OceanaGold completed an additional programme of wacker sampling over the Crushington/Murray Creek
area (McLelland, 2011; Comeskey, 2011). A total of 710 wacker samples were collected prior to March 2011, with a further
193 wacker samples taken between March 2011 and September 2011 (Comeskey, 2011). The additional Crushington
wacker sampling grid was designed on 100-m-spaced lines with 20-m spacing between samples. Infill sampling was also
completed in selected areas with samples spaced 10 m apart.
A total of 120 soil samples, from the adjacent Auld Creek North and Globe-Progress wacker grids, crossed into permit area
(McLellland, 2011).
Ground Geophysical Survey
An orientation ground magnetic survey was conducted by Groundsearch EES Limited, over a portion of the Murray Creek
workings (Wood, 1995). The method was designed to discriminate if magnetic contrasts could be observed between pug
shear zones. In essence, raw magnetic data did not differentiate the shear trend, although, by extensive processing of the
data, some expression was visible.
Drilling
MMCL drilled a total of four diamond drillholes for 449.45 metres in the Specimen Hill prospect between January and March
1997. Ausdrill New Zealand Limited completed the drilling using a helicopter supported Boart Longyear 38 diamond drill rig.
The drillholes were cored using HQ-diameter, triple-tube drilling equipment. The drillholes were geologically and
geotechnically logged, and the majority of the core was sampled by sawing the core in half with a diamond saw, and assayed
by ALS, Tauranga, New Zealand (GRD Macraes, 2001).
From March–October 2007, OceanaGold drilled nine diamond drillholes (RDD0047–RDD0055), for a total of 1,366.8 m, in
the Crushington prospect. The drilling programme was designed to test mineralised structures highlighted from historical
workings. The programme was completed by Boart Longyear’s helicopter supported CS1000 diamond drill rig.
Three of these drillholes were abandoned due to ground conditions and old workings. Intercepted mineralisation was narrow
and/or low grade in brecciated host rock. Interceptions through the inferred northern strike of Crushinghton mineralisation,
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within the vicinity of historical workings, suggest there is peripheral mineralisation in the broken/crushed host rock and
associated mineralised pug. This mineralised halo does not appear to continue along strike to the south (McCulloch, 2007).
From July–October 2011, OceanaGold drilled a further eight diamond drillholes at Crushington (CR001-CR007 including
daughter drillhole CR001-A). A total of 1,046 m of drilling was completed. Drillholes targeted the largest and most significant
geochemical anomalies within the field area, known Au mineralisation and areas that appeared to represent surface
locations of the offset portions of historically worked lodes (Comeskey, 2011).
6.2.3.6 Auzex Resources Pty Ltd (2006–2009)
Auzex Resources Pty Ltd was granted an exploration permit over Kirwans Hill in November 2006.
Soil and Rock-Chip Sampling
Auzex conducted a programme collecting 172 soil samples on a 40 m x 40 m spaced grid over Kirwans Hill. The area
selected, covered a tungsten (W) soil anomaly defined by Goldmines NZ work in 1983 (Bentley, 1983). Three-kilogram bulk,
wet soil samples were collected, dried, sieved to <180 μm (80 mesh) and dispatched to ALS for analysis (Auzex, 2007). A
brief follow-up programme of soil sampling was undertaken to investigate the potential for extension to previously defined
Au in soil and rock-chip anomalies, in the saddle between Drysdale Creek and Kirwans Creek, to cover an area ~700 m x
400 m. This follow-up survey analysed an additional 44 soil samples (Pilcher & Burns, 2008).
A total of 46 rock samples were collected from veins ranging in thickness from 1–120 cm. Scheelite was reported to be
visible with the naked eye as light-brown clots, rarely, but easily observed when using a UV lamp (Auzex, 2007). Cursory
follow-up rock sampling was undertaken in and around the Kirwans Reward pit. A total of three rock samples were taken
and dispatched to ALS Chemex Brisbane in the 2008 field season (Pilcher & Burns, 2008). None of the samples returned
significant Au, and W ranged from 0.9–6.5 ppm.
Drilling
Auzex planned two phases of diamond drilling at the Kirwans Hill prospect from April 2007 to January 2008. Difficult ground
conditions and delays led to the abandonment of the first hole KHDD07-01 at ~75 m and slowed production overall. Only
one hole, KHDD07-02, successfully achieved the target depth. A total of 393 m was drilled in three drillholes (Pilcher &
Burns, 2008). The first phase (April–June 2007) comprising drillholes KHDD07-01 and KHDD07-02 was undertaken by Alton
Drilling using a heli-portable skid-mounted LS1000 diamond rig, running triple tube PQ and HQ2 gear. The second phase
was undertaken by heli-drill with a modified CS1000 rig, also running triple tube PQ and HQ2 gear. Cost overruns in drilling
resulted in the abandoning of KHDD08-03 at 54.9 m (Pilcher & Burns, 2008).
Geophysical Surveys
In 2011, New Zealand Petroleum and Minerals (NZP&M), on behalf of the New Zealand government (the Crown)
commissioned an airborne magnetic and radiometric survey of the West Coast of the South Island (Vidanovich, 2013). The
West Coast Airborne Geophysical Survey, covering the Reefton Goldfield, was acquired from February 2011 to March 2013.
Australian geophysical company Thomson Aviation Ltd conducted the surveys using helicopters flown by Central South
Island Helicopters Ltd. The geophysical equipment consisted of a Geometrix G822A Caesium Vapour magnetometer and
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a Radiation Solutions RS 500 Gamma Ray Spectrometer, coupled to Nal Crystal packs, with a combined volume of 33.6 L
(Vidanovich, 2013). The survey was flown on a 110–290° bearing at a 200-m line spacing and a target 50-m ground
clearance. Orthogonal tie lines were flown every 2 km. Data collected were processed to create levelled grids in ER Mapper
format, and GeoTIFF formats at 40-m cell resolution. The radiometric grids included were for Potassium (K), Thorium (Th),
Uranium (U) and Total Count. A digital terrain model was also supplied based on elevation data acquired during the survey
(Vidanovich, 2013).
Airborne Magnetic Data
The aeromagnetic grids produced during the NZP&M survey (Figure 6-8) included many different industry-standard variants,
including total magnetic intensity (TMI), TMI reduced to pole (RTP), first vertical derivative (1VD), second vertical derivative
(2VD), analytic signal (AS) and automatic gain control (AGC).
Figure 6-8: Magnetics image, analytical signal over the Reefton Goldfields.
Radiometric
The radiometric grids included were for Potassium (K), Thorium (Th), Uranium (U; Figure 6-9) and Total Count. A digital
terrain model was also supplied based on elevation data acquired during the survey (Vidanovich, 2013).
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Figure 6-9: Radiometric grid of uranium intensity (Fathom Geophysics, 2019).
Satellite Data
Satellite systems capture wavelengths of light, typically in multiple spectrums, including bandwidths such that we see (red,
green and blue) and bandwidths we do not see, such as into infrared bands. Images including multiple bandwidths are
known as multispectral images — they are of relevance to mineral exploration as some infrared bands are sensitive to
changes in the soil and rock content making up a given area. Two satellite systems, ASTER and Sentinel2, provide
multispectral images that are free to download at slightly different bands in the infrared zone. Therefore, exploration
companies are able to use these images to try and infer information about the soil content across the tenement. The ASTER
satellite system images are short-wave infrared and thermal infrared bands, which are useful for imaging clays and silicas,
respectively, while Sentinel2 images are visible and near-infrared bands, which are useful for discerning iron phases.
Muscovite, Chlorite and Quartz [ASTER indexes] are the best indices to use in this geological environment. Quartz is an
ASTER TIR index, and the resolution is 90 m (coarse for the target style; Figure 6-10). Overall, the remote sensing results
for the RGL properties are of limited use. The mineralisation style at the Reefton Project is challenging to detect in the
satellite data, as is difficult to identify muscovite, chlorite, and quartz (common minerals in meta-sediments) alteration due
to the relatively high background levels for these minerals. Also, the vegetation is severe across the tenements and the
likelihood of a valid signal is low (Fathom Geophysics, 2019).
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Notwithstanding, there is clear ground around the Globe Progress and Echo mines and the younger Reefton Group geology
is outlined by subtle signatures as it is dominated by quartzite (Figure 6-10).
Figure 6-10: ASTER scenes illustrating the intensity of quartz.
6.3 Production History
There is no modern Au production from within the Project Area. Historical production from the mines within the Project Area
is presented in Section 6.2.
6.4 Previous Mineral Resource Studies
There are no pre-existing mineral resource estimates within the Project Area.
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7. Geological Setting & Mineralisation
7.1 Regional Geology
The basement rocks of the South Island of New Zealand are divided into two main geological provinces: the Western
Province and Eastern Province. The Western Province is composed of Early-to-Mid Palaeozoic metasedimentary and
volcanic terranes that formed on the margin of the Gondwana supercontinent, and the Eastern Province is composed of
exotic terranes that were accreted onto the Western Province in the Late Palaeozoic to Early Cretaceous (Mortimer, 2004).
The two provinces are intruded and separated by the Median Batholith, which comprises a complex series of typically
gabbroic-granitic plutons, that were generated during subduction along the southeastern margin of Gondwana, in the Mid-
Palaeozoic to Cretaceous (Mortimer et al., 1999). With the cessation of subduction in the Mid-to-Late Cretaceous,
Gondwanaland proceeded to break-up, and compressional tectonics gave way to crustal thinning, rifting and extension. This
shift in the tectonic regime resulted in the widespread emplacement of granitic plutons, the exhumation of metamorphic core
complexes along regional-scale detachment faults and the accumulation of thick successions of fluvial fanglomerate
sediments. Regional extension eventually led to the submergence of, at least most of, the South Island and widespread
deposition of Oligocene marine sedimentary rocks. Oblique-compression and initiation of the Alpine Fault in the Miocene
resulted in displacement of the basement units and the eventual formation and uplift of the Southern Alps in the Pliocene.
The currently active Alpine Fault has ~470 km of dextral offset and marks the major plate boundary between the Australian
and Pacific plates. Glaciation in the Quaternary resulted in widespread deposition of gravels and glacial sediments, that
have now been reworked and partially removed by processes of rainfall-induced erosion, associated with rapid uplift along
the Southern Alps.
7.1.1 Western Province
Situated west of the Alpine Fault, the Western Province is made up of two north trending terranes: the westernmost Buller
Terrane, composed of variably metamorphosed continentally derived, Ordovician sandstones and mudstones with no
intercalated volcanic rocks and the eastern, more heterogeneous Takaka Terrane, composed of Cambrian to Early
Devonian, siliclastics, carbonates and volcanic rocks. The two terranes are thought to have amalgamated in the Devonian
(Nathan et al. 2002) and are in fault contact along the Anatoki Thrust. The tectonostratigraphic terranes are bordered to the
east by the Median Batholith, which is composed of the Darrian Suite, the Rahu Suite and the Separation Point Suite of
plutons. The relatively smaller Jurassic-age Kirwans Dolerite is hosted entirely within the Buller Terrane. Two other, typically
contiguous, granitoid batholiths lie entirely within the Western Province: the Devonian to Carboniferous Karamea-Paparoa
Batholith and the Late Cretaceous Hohonu Batholith. All of these basement rocks were variably deformed and
metamorphosed in the Devonian-Cretaceous, with the highest metamorphic grades, amphibolite-granulite facies, reached
in gneisses of the Pecksniff Metasedimentary Gneiss and the Victoria Paragneiss, in the Paparoa and Victoria ranges
(Figure 7-1; Nathan et al. 2002).
Several fault-bounded sedimentary outliers are preserved in the Buller Terrane. These include some typically well indurated
and stratified sequences of Devonian marine sandstone, limestone and mudstone of the Reefton Group and some
Cretaceous non-marine, typically sedimentary rocks of the Pororari Group, that are best represented by the coarse-grained,
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poorly sorted Hawks Craig Breccia (Nathan et al. 2002). All of these rocks are locally cut by Late Cretaceous, narrow, metre-
scale, dykes and sills of lamprophyre, basalt and trachyte (Adams & Nathan, 1978). The sedimentary outliers and igneous
rocks are cut by a regional unconformity that, on the western margins of the Buller Terrane, separates Late Cretaceous
Paparoa Coal measures from overlying Eocene Brunner Coal measures and other Tertiary, shallow marine to deeper marine
cover rocks. Another later, regional unconformity separates the mainly marine Tertiary cover rocks from overlying
Quaternary glacial and alluvial deposits.
Figure 7-1: Regional geological map, modified from Nathan et al. (2022).
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7.2 Local Geology
The Reefton Goldfield is hosted entirely within Ordovician-age rocks of the Greenland Group, which form part of the Buller
Terrane (Figure 7-2). In the Reefton area, the Greenland Group forms a ~35-km-long by 15-km-wide north-northeast
trending belt of rocks, that is bounded to the north and east by granitic plutons of the Late-Devonian to Carboniferous
Karamea, and Cretaceous Rahu and Separation Point batholiths. In the south and west, the block is in fault contact with
higher-metamorphic grade paragneisses of the Paparoa metamorphic core complex. The southern and western margins of
the Greenland Group are typically obscured by Tertiary sediments and Quaternary gravels, including thick accumulations
that have infilled the down-faulted Grey-Inangahua Depression, a fault-bounded graben, to the west of Reefton (Nathan et
al., 2022).
7.2.1 Greenland Group
The Greenland Group is a turbiditic sequence of alternating greywackes and argillites that were deformed and
metamorphosed to lower greenschist facies in the Silurian to Devonian (~450–387 Ma; Adams 2004, Turnbull et al. 2016).
The sequence is dominated by greywacke-sandstone and beds are typically 0.2–2 m thick, separated by layers of argillite
typically 10–30 cm thick. The greywackes typically contain >50% quartz with lesser albite, partially recrystallised rock
fragments and muscovite (Milham & Craw, 2009). Argillites are less quartz-rich and more micaceous. The metamorphic
mineral assemblage consists of quartz, muscovite, albite, chlorite, titanite, calcite and/or Mg-Fe carbonate and epidote.
Despite undergoing metamorphism and several phases of deformation, primary sedimentary features in the Greenland
Group rocks are typically preserved and include graded bedding, cross-bedding, load casts and flame structures. Diagenetic
ankerite spots are also preserved and delineate original bedding in some of the finer-grained argillites.
7.2.2 Reefton Group
The Devonian-aged Reefton Group occurs as five small outliers, all with faulted contacts with the older Greenland Group.
Eleven units have been differentiated within the quartzose sandstone (quartzite), limestone and mudstone (shale) sequence,
which are ~1,500 m thick. The Reefton Group is inferred to have been deposited in shallow marine beach to shelf
environments (Bradshaw, 1995; Nathan et al., 2002).
7.2.3 Brunner Coal Measures
The Brunner Coal Measures constitute the oldest Eocene sedimentary rocks, in the Reefton area, consisting of quartz
sandstone, conglomerate, carbonaceous shale, and lensoid coal seams, locally up to 10 m thick (Nathan et al., 2002). The
formation is characteristically quartzose, being largely derived from deeply weathered, granitoid basement rocks. Having
been deeply buried in some areas, the sandstone beds are typically silica-cemented and thus form characteristic bluffs and
plateaus (Nathan et al., 2002).
7.2.4 Quaternary Deposits
Much of the Grey and Inangahua valleys have a complex cover of late Quaternary moraine, river and alluvial fan gravel,
coastal and lagoon deposits and swamps. These surface and near-surface deposits, together, record a succession of ice
advances and contemporary periods of low sea levels and intervening interglacial high sea levels (Nathan et al., 2002).
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Figure 7-2: Map of geological units in the Reefton Area. Modified after Nathan et al., 2002.
7.2.5 Alteration
The majority of Greenland Group rocks in the Reefton Goldfield are unaltered with no visible metasomatic effects, except
close to mineralised quartz veins. Diagenetic ankerite spots are typically preserved in some of the finer-grained argillites.
Alteration of these spots is apparent in zones up to 20 m adjacent to mineralised veins, where the original ankerite has
partially recrystallised and been replaced by siderite. Silicification of host rocks is typically minor and extends only a few
cms from veins. Metamorphic porphyroblasts of arsenopyrite and lesser pyrite, with only minor Au enrichment, mark some
of the metamorphic shear zones, and these sulphides may reflect a late metamorphic mobilisation of metamorphogenic
fluids along some regional-scale structures in the goldfield (MacKenzie et al., 2016). Although disseminated arsenopyrite
extends up to 200 m in the sheared host rocks at the Globe Progress deposit, a cm- to m-scale zone is more typical for
sulphides surrounding some of the other smaller Au deposits (e.g. Wealth-of-Nations, Keep-it-Dark). Hence, the best
geochemical indicators of an alteration halo in host rocks, around the Au deposits, is Au (typically <100 ppb), As and Sb
(both typically <100 ppm). Studies at the Birthday Reef, Blackwater deposit indicate that the extent of the alteration halo is
<20 m from the Au-bearing veins (Hamisi et al. 2017).
7.2.6 Structure
Primary bedding (S0) in the Greenland Group rocks is overprinted by a very subtle, bedding-parallel, early metamorphic
foliation (S1) that is typically weak and not typically recognised in the field; being only visible in thin section and under the
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microscope (Maw, 2000). The only potential macroscopic evidence of this D1 deformation is an area ~2–4 km north of Globe
Progress, where a limb with atypical east-trending strike and gently south-dipping bedding is cut by the regional S2
metamorphic cleavage (Allibone et al. 2020).
Elsewhere in the district, the Greenland Group has a moderate-to-steep dip and is tightly folded, north–northeast plunging
upright folds (F2), that formed during the latter stages of regional metamorphism and prior to emplacement of the Karamea
Suite of intrusions in the east (Gage, 1948; Rattenbury & Stewart, 2000; Turnbull et al., 2016). The folds are the dominant
structures in the Reefton district and comprise a set of six major F2 folds which are traceable for 15–20 km along strike
(Allibone et al., 2020). Major fold limbs are typically 1–2 km across and fold axial surfaces dip 45–90° east and west. The
regional-scale folding resulted in a pervasive fold axial cleavage (S2) that is best developed in argillaceous protoliths, but is
also locally preserved in the more massive greywacke units as an associated fracture cleavage. Mapping of preserved
primary bedding features and angular relationships between bedding and cleavage has enabled the distinction of younging
directions for many of the fold limbs, and indicate that only a few of the major folds are overturned (Allibone et al., 2020).
Fold intensity varies locally throughout the goldfield and smaller-scale parasitic folds, with limbs typically 100–200 m across,
occur on some of major fold limbs (Maw, 2000).
Some of the F2 folds are cut by northeast-striking, late metamorphic shear zones (D3; D2b of Allibone et al., 2020, see
Table 7-1) that typically lie subparallel to the axial surfaces of these folds. These shears can be up to 40 m wide and traced
for >10 km. The shears are typically situated on major F2 fold limbs or along F2 fold hinges, separating limbs with markedly
different bedding dip orientations. Most of the Reefton Au deposits are concentrated along these shear zones and are best
developed where the shears cut across the most tightly folded host rocks. In the northern parts of the goldfield, the Capleston
and Crushington deposits are hosted in subparallel north- to northeast-striking shear zones that cut the limbs of a major
north-trending regional-scale fold, the Waitahu Syncline. To the south, the sizeable Golden Progress deposit is situated at
the intersection of the north-striking Oriental Shear Zone and the west-striking Globe Progress Shear Zone, that cuts across
a series of tight F2 folds, on the eastern limb, of the Globe Hill anticline. The Oriental Shear Zone extends further southward
and hosts the General Gordon, Empress and Supreme satellite deposits. A subparallel shear to the east hosts the smaller
Souvenir Deposit. Further south, the Merrijigs deposits are hosted within a north-striking shear, that is partially contiguous
with, and connects the southern end of the Oriental Shear Zone with the north-northeast-striking Krantz Creek Shear Zone
(KCSZ). The KCSZ is the most extensive D3 structure in the Reefton Goldfield and extends ~12 km from Merrijigs to the
east side of the Blackwater area. It is broadly concordant with the eastern limb of the regional scale Waiuta syncline. At
Blackwater, the historical Birthday Reef, is hosted in north-northeast-striking shear that transects both the hinge and a zone
of parasitic F2 folds, in the west-dipping limb of the Waiuta anticline (Allibone et al. 2018). To the east of the KCSZ, the Big
River deposits are hosted in a north-northeast-striking D3 shear zone, that cuts the Big River F2 syncline on the eastern
margin of the goldfield.
The shear zones do not extend into any of the exposed late Palaeozoic sediments, nor do any of these later rocks host any
Au deposits, hence the Au-bearing structures are thought to predate the Devonian marine sediments of the Reefton Group,
as well as the late Devonian to Carboniferous plutonic rocks of the Karamea Suite and the Cretaceous granitoids of the
Rahu and Separations Point Suites.
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The F2 folds and ductile D3 shears are locally cut by a generation (D4) of more brittle cataclastic shears and faults. Locally
and in many of the Reefton Au deposits, these D4 structures have reactivated the D3 shears with up to tens of metres of
offset (Allibone et al. 2020). Younger D5 structures consist of a set of predominantly northwest–southeast steeply dipping
brittle faults that offset the basement, mineralised zones and overlying Cretaceous to Cenozoic cover rocks, and these are
thought to have been active since the Mid-Cretaceous (Allibone et al. 2020).
Table 7-1: Summary of deformational and mineralisation events in the Reefton Goldfield.
Age Class Mineral Associations Comments Source
Oldest D1
Early bedding-parallel foliation,
cryptic changes in bedding dip and
younging direction, apparently
unrelated to D2.
Allibone et al. 2020;
Maw, 2000.
450 ± 10Ma D2/D2a
Late metamorphic carbonate spots,
arsenopyrite porphyroblasts.
Metamorphic chlorite, muscovite,
ankerite.
Regional shortening, gently plunging
upright F2 folds, S2 cleavage,
contractional and transfer, tear
shear zones, lower greenschist
facies metamorphism.
Allibone et al. 2020;
Maw, 2000;
MacKenzie et al.
2016.
438±6Ma D3/D2b
Stage 1 quartz veining with minimal
stibnite. Main mineralisation stages: 1.
Grey translucent quartz with Au and
arsenopyrite, 2. Grey translucent
quartz with Au, arsenopyrite, and trace
stibnite.
Probable initiation of the Krantz
Creek Shear Zone continued
displacement of the Golbe-Progress
and Oriental Shear Zones. Phase 1
mineralisation.
Maw, 2000; Milham
and Craw, 2009;
MacKenzie et al.
2016; Allibone et al.
2020.
7.3 Property Geology
The Project Area is dominated by Greenland Group metasediments, a turbiditic sequence of alternating greywackes and
argillites that were deformed and metamorphosed to lower greenschist facies in the Silurian to Devonian (~450–387 Ma;
Figure 7-3; Adams 2004, Turnbull et al. 2016). The sequence is dominated by greywacke-sandstone and beds are typically
0.2–2 m thick and separated by layers of argillite typically 10–30 cm thick. The greywackes typically contain >50% quartz
with lesser albite, partially recrystallised rock fragments and muscovite (Milham & Craw, 2009). Argillites are less quartz-
rich and more micaceous. The metamorphic mineral assemblage consists of quartz, muscovite, albite, chlorite, titanite,
calcite and/or Mg-Fe carbonate and epidote. Despite undergoing metamorphism and several phases of deformation, primary
sedimentary features in the Greenland Group rocks are typically preserved and include graded bedding, cross-bedding,
load casts and flame structures. Diagenetic ankerite spots are also preserved and delineate original bedding in some of the
finer-grained argillites.
Mineralisation at the Reefton Project has been intercepted at Pactolus. The Pactolus vein has been drill tested over 500 m
in length, and to 300 m depth. The vein varies in width from 3–12 m. Mineralisation is dispersed throughout the vein, and
high-grade intercepts have been reported from ~300–460 RL.
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Figure 7-3: Geological map of EP 60491 and part of EP 60624.
7.4 Controls on Mineralisation
The earliest evidence of hydrothermal fluid flow and Au mineralisation in the Reefton Goldfield occurs within D3 shear zones.
Although not all the shears are significantly mineralised, most are characterised by late metamorphic, arsenopyrite (typically
acicular) and pyrite porphyroblasts that have grown across the S2 metamorphic fabric and have been rotated subsequently
and deformed by anastomosing shears. Where shearing has been most-intensely focused, hydrothermal quartz has infilled
around and within the deformed porphyroblasts. In the mineralised shears at the main Au deposits, early Au and
arsenopyrite-bearing quartz veins fill faults and fractures in the mineralised host rocks. Typical hydrothermal quartz textures
include undulose extinction, stylolitic veins, annealed quartz grain boundaries and other recrystallisation textures indicative
of plastic-ductile deformation.
Visible Au is relatively abundant at most historical Reefton deposits and Au-bearing sulphides (arsenopyrite >> pyrite) and
sub-mm sprays of acicular Sb-bearing sulphides (either stibnite or boulangerite-jamesonite) are present in many of the
quartz veins (MacKenzie et al., 2014). Arsenopyrite is typically concentrated in slivers of wall rock along vein margins and
along subparallel stylolitic seams within the white quartz veins. At Blackwater and the Birthday Reef, where these early Au-
bearing veins are particularly well-developed and continuous, chloritic veins cut across the white quartz and are typically
associated with coarse visible Au. Chlorite alteration also extends into the host rock, where hydrothermal chlorite has
replaced carbonate spots several metres from the veins. The original ankeritic carbonate spots have also been partially
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recrystallised and replaced by siderite, and this defines a subtle metre-scale alteration envelope around the veins. Ductile
deformation is further evidenced in some quartz veins by the presence of dark mylonitic anastomosing shears, that track
along vein margins and cut across the early white quartz, stylolitic seams and chloritic veins (MacKenzie et al., 2016).
The early Au and arsenopyrite-bearing quartz veins were cataclastically deformed (D4) as the Greenland Group was
exhumed and uplifted through the brittle-ductile transition. This brittle phase of deformation overprints all of the Reefton Au
deposits to some extent, but is best developed in the Au mineralised rocks of the Globe-Progress deposit. Therefore, early
quartz veins are intensely fractured and infilled with cross-cutting stibnite and/or pyrite veinlets. Quartz, stibnite, pyrite,
arsenopyrite and Au also infill cataclastic breccias. In many deposits, late-stage prismatic quartz and euhedral stibnite infill
minor open-space cavities within veins.
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8. Deposit Types
There are two main mineralisation types in the Reefton area: orogenic Au hosted deposits in the Greenland Group and
younger intrusion-related Au ± Cu deposits related to the Devonian to Carboniferous Karamea suite of plutonic rocks on
the goldfield’s eastern margin. Some intrusion-related sheeted scheelite vein deposits have been investigated near Reefton
(e.g. Kirwans Hill and Bateman Creek); however, these deposits typically have very low Au grades and are likely
Carboniferous or Cretaceous in age (Pirajno & Bentley, 1985; Brathwaite & Pirajno, 1993)
Minor, Late Cretaceous intrusion-hosted Cu mineralisation has been reported in a granitic dyke cross-cutting Greenland
Group metasedimentary rocks, from the southern part of the Reefton Goldfield near Blackwater (Dickie et al., 2019).
However, this dyke is small (cm- to m-scale), very low-grade Au (anomalous Cu and Mo), and hence RGL does not consider
it a target for potential mining.
8.1 Orogenic Gold
Orogenic Au lodes form in metamorphic rocks of the mid-to-shallow crust of compressional settings, where Au-bearing fluids
(derived from dehydrated metamorphosed rocks) migrate upwards from depth, via structural conduits, and precipitate Au
(often within quartz veins) following cooling and decompression (e.g. Fyfe & Henley, 1973; Gaboury, 2019). The term
orogenic gold was introduced by Bohlke (1982), but the popularity of the term orogenic Au deposit was started by Groves
(1993). While lode-Au is the predominant economic deposit type found within metamorphic belts, these settings may also
host Au-dominant intrusion-related deposits, as well as deposits with non-typical metal associations (e.g. Groves et al.,
2003). The crustal continuum model argued that orogenic Au mineralisation occurred at pressures and temperatures
covering a wide range of depths, from the sub-greenschist to granulite facies (Groves 1993; Groves et al. 1998, 2003).
More-recent literature (e.g. Phillips & Powell 2009, 2010), has suggested that the crustal continuum model is not applicable
over the broad range of temperatures and pressures as initially proposed, but only for restricted ranges of depth and
temperature — mostly for greenschist facies conditions. Notwithstanding the controversy of their formation, a large number
of gold deposits that range in nature from replacement-style (Vielreicher et al., 1994), quartz-vein hosted (e.g. Robert &
Brown, 1986) and those demonstrably associated with intrusions (e.g. Salier et al., 2004), are classed as orogenic Au
deposits. This results in a plethora of different characteristics associated with orogenic Au deposits (e.g. Gaboury, 2019).
The historical deposits in the Reefton Goldfield are the orogenic Au type. The main Au mineralisation event at Reefton
occurred in the latter stages of greenschist facies metamorphism of Greenland Group rocks. Whole-rock geochronological
studies indicate peak metamorphism at either ~450 Ma (Rb-Sr whole-rock ages, Adams 2004) or ~387 Ma during collision
and accretion of the Buller and Takaka terranes (U-Pb ages of inherited zircons in cross-cutting granitoids, Turnbull et al.,
2016). Accretionary tectonics and compression caused thickening of the metasedimentary pile and resulted in the
development of regional-scale folds. As deformation progressed, the folds tightened and metamorphogenic fluids were
focussed along shears that transected fold limbs and locally refracted around fold hinges (Figure 8-1). Early Au-bearing
quartz veins were emplaced in the shears, and their associated structures and textures record a transition from metamorphic
fluid flow to hydrothermal deposition, that was concurrent with a transition from ductile to brittle deformation (MacKenzie et
al., 2016). The quartz vein textures, elemental associations (Au-As-Sb), approximate depth of emplacement (near the brittle-
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ductile transition), tectonic setting and relative timing (late metamorphic with a post-metamorphic overprint; temporally
unrelated to any intrusive event) are characteristics typical of other Phanerozoic orogenic Au deposits around the world.
Figure 8-1: Historically mined lodes east of Reefton township.
The structural setting and host rocks of the Reefton Au deposits are most similar to the Palaeozoic rocks of the western
Lachlan Orogen, that host the central Victoria goldfields, in southeastern Australia (Cox et al., 1991). The historical Au mines
at Bendigo and Ballarat, and the currently producing Fosterville Au mine in Victoria, are hosted in Ordovician turbidites
which formed along the active Gondwana margin, concurrently with, and in a similar structural setting to, the Greenland
Group rocks in New Zealand’s Buller Terrane (Cooper & Tulloch, 1992). At Bendigo and Ballarat, Au-bearing quartz veins
are hosted in typically shallowly plunging anticlinal hinges and in paragenetically early faults and transpressional shears
that cut the folds, and were reactivated with metre-scale displacements (Wilson et al., 2016). Whereas the Birthday Reef,
at Reefton, is a single vein with a strike length of 100s of metres and >1,200 m continuous vertical extent, the Victorian
mineralised vein arrays typically have 100s of metres strike length, but rarely extend >20 m down dip. Like Reefton,
structurally controlled veins and fold-hosted vein arrays are typical; however, unlike Reefton, mineralised saddle reefs in
anticline hinges are typical in Victoria. The saddle reefs are thought to represent the uppermost part of the Victoria goldfield
mineral system. Although saddle reefs have not been discovered at Reefton, this may reflect that there has been more
extensive erosion in the Buller Terrane and deeper levels of the mineral system are currently exposed. The central Victoria
turbiditic sequence is underlain by greenstone belt volcanics, interlayered marine-volcanogenic sediments and subvolcanic
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intrusive rocks. Some of these units have been structurally emplaced along major thrusts in the goldfield and host minor
orogenic Au mineralisation (Bierlein et al., 2004). The base of the Greenland Group is not exposed, so it is not known
whether there are any underlying volcanic and/or subvolcanic rocks. Some of the orogenic Au deposits in the Victoria
goldfield are spatially related to a suite of mafic to intermediate dykes, related to the Late Silurian to Devonian suite of post
tectonic intrusions that are widespread throughout the western Lachlan Orogen. These dykes which include dolerite, gabbro,
peridotite and more andesitic lithologies are hosted in regional-scale fault zones that transect the goldfield and locally host
crosscutting Au mineralisation. In the Buller Terrane, folded Greenland Group rocks are cut by north-trending lamprophyre
and dolerite dykes, and some of the orogenic Au deposits are spatially associated with these dykes, and/or hosted in some
of the same regional-scale structures. The age of the dykes is poorly constrained; however, Bierlein et al. (2004, and
references therein) report some of the dykes to be pre-mineralisation, metamorphosed and/or hydrothermally altered.
Late Palaeozoic host rocks of the Meguma Terrane, Nova Scotia, Canada share a remarkably similar structural setting and
deformational history to the Reefton (and central Victoria) goldfields (Bierlein et al., 2004). The Meguma Group is part of a
Cambrian to Ordovician sequence that formed along, and was accreted onto, the continental margin of Avalon during the
Acadian orogeny. Like the Buller Terrane and Greenland Group, the Meguma is dominated by slates, argillites and lesser
sandstones that were metamorphosed to greenschist facies in the Late Palaeozoic. The Meguma Group hosts over 300
historical orogenic Au deposits including Nova Scotia’s biggest historical producer the Goldenville deposit (212,300 oz Au;
Ryan & Smith, 1998). Like the Reefton deposits, the orogenic Au deposits in the Meguma Group are hosted within faults
and shears, that cut across limbs, and near the hinges of regional-scale, steeply dipping, shallow-plunging, upright anticlinal
folds. The Au mineralised veins in the Meguma are narrow (cm- to m-scale), and structurally controlled in reverse faults and
associated fold-related fractures. Arsenopyrite is the dominant sulphide, but pyrrhotite and pyrite are also present. Gold
occurs as visible Au in veins as well as Au-bearing sulphides disseminated in metasedimentary host rocks. The Meguma
Au deposits include both the high-grade, Au-bearing vein type (e.g. Caribou Gold District) and lower-grade, disseminated
Au-bearing sulphide type that is hosted in argillite and interbedded metasandstones (e.g. Touquoy Zone; Bierlein et al.,
2004). Many deposits are a combination of the two (e.g. Osprey Gold’s Goldenville Project; Pettigrew et al., 2017).
8.2 Intrusion-Related Gold
The oldest intrusive rocks in the Reefton area are the Devonian to Carboniferous Karamea Suite of plutons, which intrude
the Greenland Group along the eastern margin of the goldfield. Various porphyry-Mo occurrences, rich in molybdenite-
chalcopyrite, are associated with discrete high-level tonalite, granodiorite and granite bodies that have intruded along pre-
existing regional-scale faults, that run subparallel to and along the margins of the Karamea batholith (e.g. west Nelson,
Prijano, 1985). The younger Cretaceous, Rahu Suite, also intrudes along the eastern margin of the Reefton Goldfield and
has the potential for porphyry-style mineralisation. Some discrete granitic plutons that intrude Greenland Group rocks, near
the western boundary of the igneous belt, have low levels of Mo and are associated with greisen hydrothermal alteration
(e.g. McConnochie granite, Kirwans Hill, Bateman Creek and Farmer Creek; Pirjano, 1985).
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8.2.1 Kirwans Hill & Bateman Creek Occurrences
Greisen-related scheelite, Au and sulphide mineralisation is recognised at Kirwans Hill and Bateman Creek. The Kirwans
Hill deposit consists of a sheeted-vein system that is hosted in Greenland Group rocks directly above a greisenised,
hydrothermally altered, granite stock, that is exposed in Batemen Creek (Pirajno, 1985; Figure 8-2). The granitic intrusion
is hosted within a north-northwest-striking fault that cuts the host Greenland Group rocks and is thought to be related to the
Karamea Suite intrusions of Devonian to Carboniferous age (Brathwaite & Pirajno, 1993). The W-bearing quartz veins,
above the intrusion, consist of scheelite and varying amounts of pyrite, pyrrhotite, chalcopyrite, arsenopyrite and loellingite
with minor molybdenite, cassiterite, sphalerite ± trace Ag-Pb-Bi-sulphosalts. Greisen-style alteration around the veins
includes biotite, tourmaline, fluorite, apatite, epidote, albite, and late-stage pyrite and carbonate. Some visible Au occurs
with arsenopyrite and pyrite in quartz veins adjacent to the scheelite-bearing vein system. However, it is unclear how the
two vein systems are related. The historicalKirwan’s Reward Au mine is located several hundred metres to the south of
Kirwans Hill and consists of outcropping high-grade Au-bearing quartz boulders. The mined boulders were not in situ, and
their genetic origin and relationship to the Kirwans Hill vein system remain unclear (Pilcher & Cutovinos, 2008).
Figure 8-2: Geological map of Kirwan’s Hill.
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9. Exploration
RGL restarted exploration in the Project Area in 2019 with the Capleston/Crushington exploration programmes. Exploration
activities since 2019 have been significant, with the compilation of a large geochemical dataset of legacy data, extensive
geochemical sampling, geological mapping and geophysical surveys.
9.1 Geological Mapping
Prior to 2019, the majority of the geological mapping was conducted on a regional scale, targeting historical mines and
possible lode extensions (e.g. Corner, 2005; Allibone, 2012). RGL has completed detailed mapping (1:250 and 1:1,000)
over the Capleston, Orlando, and Murray Creek prospects. Mapping was driven by geochemical anomalies identified during
soil sampling (e.g., Figure 9-15), and sites of structural complexity.
Dr Doug MacKenzie was contracted for the first phase of 1:1,000 mapping of three of the areas of interest covered by the
regional soil grid (north-Murray Creek, Orlando, and Pactolus-Fiery Cross). RGL geologists have completed further detailed
(1:250; 1:500) mapping over Golden Treasure, Pactolus, Murray Creek, and Stony Creek.
Mapping included the recording of lithology, bedding/cleavage relationships, younging, and mineralisation. Dykes
interpreted by the geophysical data processing (section 9.5), and important features in the understanding on controls on
mineralisation, were validated in the field where possible and added to the database of other known outcrops in the area
compiled from field mapping by OceanaGold mappers Jongens (2012), Gage (1948 field mapping sheets) and Hunting
(1986).
Geological notes from field mapping were entered as point data into an SQL database from .csv files, either created while
logging in the field, on a portable hand-held personal device, or recorded in field notebooks, by hand, and later entered into
Excel spreadsheets.
The resultant map for the Project Area is displayed in Figure 9-1, with zoomed-in versions illustrating the Capleston and
Murray Creek areas in Figure 9-2 and Figure 9-3, respectively.
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Figure 9-1: Geological map of the Reefton Goldfields.
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Figure 9-2: Detailed geological map of the Capleston area.
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Figure 9-3: Detailed geological map of the Murray Creek area.
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9.2 Petrology
Samples for petrological analysis were sent to an RGL contractor, Dr MacKenzie, at the University of Otago, where they
were made into polished sections. Petrology was used to locate and describe Au-bearing mineral phases, as well as to
describe rock types surrounding mineralisation. Samples selected for analysis included samples from sites of strong
mineralisation, i.e., Pactolus and Fiery Cross, or from outcrops to help determine the overall structure and deformation of
the property. Dr MacKenzie examined the samples and selected a number of sulphides from each slide to examine, in detail,
under transmitted and reflected light using 2.5x, 4x, 10x and 40x objectives. Petrological descriptions of the rocks analysed
follow in Table 9-1.
Table 9-1: Petrological summary of rock samples from EP 60491 (Capleston).
Sample ID Location
Au
(g/t)
Description
RG4_GERS1823
(Figure 9-4)
Pactolus
1512845E 5340999N
32.1
Foliated and crenulated argillite with abundant disseminated sulphides. The
sample is cut by a centimetre-scale quartz vein. The vein is brecciated and
cut by carbonate and Fe-oxides after sulphides. The sulphides are
predominantly arsenopyrite and these are typically acicular, oriented with
their long axis subparallel to the crenulation cleavage and boudinaged.
RG5_GERS1824
(Figure 9-5)
Pactolus
1512845E 5340999N
34.6
Highly sheared argillite cut by centimetre-scale quartz-carbonate veins. The
sheared argillite is partially replaced by abundant sulphides dominated by
arsenopyrite and lesser pyrite. The quartz-carbonate vein contains angular
fragments of mineralised argillite that have been extensively veined by an
earlier generation of quartz veins. There are at least two generations of
quartz veins in this sample. The visible sulphides are associated with the
earlier generation of mineralisation.
GERS1825
Pactolus
1512845E 5340999N
4.04
Hydrothermal mineralised breccia from the Pactolus vein. Breccia contains
fragments of argillite and greywacke cemented by quartz. Arsenopyrite is
concentrated in and has preferentially replaced host rock fragments rather
than the hydrothermal quartz. Quartz matrix is cut by shears. The quartz-
breccia and shears are locally mutually crosscutting, hence are likely to be of
the same generation.
Sample 890
Pactolus
1512783E 5341000N
n/a
Altered dolerite, that is mineralised on the margins of a cross-cutting quartz-
carbonate vein, in the southern tributary of the upper Pactolus Stream.
Fiery Cross
Float
(Figure 9-6,
Figure 9-7)
Fiery Cross
1512151E 5341678N
n/a
Samples consist of early, white vein quartz, which has been brecciated and
infilled by a later generation of stibnite and euhedral clear quartz. The early
quartz is relatively coarse and has a dusty appearance under the microscope
due to the abundance of fluid inclusions. The boundaries between the early
quartz grains are typically irregular and serrated and evince dynamic
recrystallisation. The quartz grains are deformed with some deformation
bands and undulose extinction. The stibnite that cuts the early quartz appears
massive in hand sample, but is typically euhedral under the microscope and
associated with a generation of inclusion-free quartz, that is typically euhedral
as well. The stibnite veins are composed primarily of stibnite with only minor
quartz. Rare blebs of Au are included in the stibnite veins.
Sample 950
Valhalla Adit
1511896E/5341514N
n/a
Fissile argillite sample, from the historical mine, dump outside the entrance to
the Valhalla drive. The sample exhibits carbonate spots and S0 + S2
cleavage directions.
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Sample 932
Northeast Pactolus
1512747E 5341007N
n/a
Quartz vein in sheared argillite in northern tributary of the upper Pactolus
stream —northeast and approximately along strike from main Pactolus vein.
Sample is a white hydrothermal quartz vein with slivers of wall rock. Quartz
has evidence of dynamic recrystallisation and a typical texture of orogenic
quartz veins, that have deformed in a ductile to semi-ductile manner.
Golden Treasure
vein
(Figure 9-8)
Murray Creek
1510119E 5335325N
n/a
The sample is composed of early white hydrothermal vein quartz that has
been brecciated and infilled by a later generation of stibnite. The early quartz
appears dusty under the microscope due to the abundance of submicron-size
fluid inclusions. This quartz is deformed with local deformation bands,
undulous extinction and irregular recrystallised grain boundaries that evince
dynamic recrystallisation. The stibnite is relatively undeformed and infills
fractures and veins that cut the early quartz, and occurs typically as
elongated prisms. The stibnite is associated with minor fine-grained quartz
that is relatively inclusion-free and euhedral. Some of the stibnite veins
contain grains of Au surrounded by massive stibnite.
Figure 9-4: Photographs and photomicrographs of two samples from Pactolus. A. Rock sample RG4_GERS1823. B. RG4
section in plane polarised. The sample is foliated and crenulated argillite with abundance sulphides (predominantly
acicular arsenopyrite), cut by a centimetre-scale quartz vein. C. Photograph B in cross-polarised light. D. Rock sample
RG5_GERS1824. E. RG5 section in plane polarised light. This sample consists of highly sheared argillite cut by
centimetre-scale quartz-carbonate veins. Argillite is partially replaced by abundant sulphides, dominated by arsenopyrite
and lesser pyrite. F. Same section as E. in cross-polarised light.
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Figure 9-5: Reflected and plane polarised transmitted light photomicrographs of GERS1824 collected from Pactolus. A.
Disseminated subhedral to euhedral arsenopyrite and minor anhedral pyrite in quartz veined and sheared argillite. B.
Folded quartz veins cut by shears (white dashed line). Diamond-shaped arsenopyrite (black opaques), some with quartz -
filled pressure shadows, are disseminated in the host argillite and along quartz vein margins. C. Same section as B. under
crossed polarised light. D. Plane polarised light. Close-up of disseminated arsenopyrite (aspy), locally boudinaged and
infilled with quartz. Shears, parallel to the quartz-filled pressure shadows or ‘wings’ around the sulphides, cut the argillite
host rock and the quartz veins. E. Same section as D. under crossed polarised light. Fine-grained quartz that has infilled
pressure shadows in boudinaged arsenopyrite also rims deformed and disrupted early quartz veins. F. Same section as D.
and E. under reflected and transmitted light. Disseminated, silver-coloured arsenopyrite is typically euhedral, diamond-
shaped and also occurs as elongated prisms that are boudinaged. Brassy-coloured pyrite is more equant and subhedral.
Figure 9-6: Fiery Cross float samples, brecciated hydrothermal quartz vein infilled with stibnite.
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Figure 9-7: Fiery Cross float samples, photomicrographs . A. Plane polarised light. Brecciated early quartz vein infilled with
stibnite (black opaque, sb). The early quartz is inclusion-rich giving it a ‘dusty’ appearance. Intergrown with the stibnite are
euhedral grains of relatively late quartz that are finer-grained and clearer with fewer inclusions; B. Same section as A.
under crossed polarised light; C. Plane polarised light. Brecciated, early, inclusion-rich quartz cut and infilled with stibnite.
D. Plane polarised light. Close-up of early hydrothermal quartz. The grains are relatively coarse-grained and inclusion-rich.
E. Same section as D. under crossed polarised light. The early quartz grain boundaries are deformed, and the grain
boundaries are serrated and evince bulging and dynamic recrystallisation. F. Reflected light. Close-up of stibnite infilling
brecciated, early quartz. The stibnite is light and dark grey depending on its polish. An irregular inclusion of Au is circled.
Figure 9-8: Photomicrographs of Golden Treasure vein. A. Plane polarised light. Brecciated hydrothermal vein quartz
infilled with veins of stibnite (black, opaque). B. Plane polarised light. Close-up of relatively early, vein quartz in A. which is
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inclusion-rich, giving it a ‘dusty’ appearance. C. Same section as B. under crossed polarised light. The quartz grain
boundaries are typically serrated and indicate evidence of bulging and dynamic recrystallisation. D. Plane polarised light.
Stibnite vein cutting relatively early hydrothermal quartz vein. The stibnite (sb) is euhedral with slender prisms. E. Plane
polarised light. Close-up of stibnite vein illustrating relatively late quartz associated with the stibnite vein. The late quartz is
much clearer with fewer inclusions than the early vein quartz. F. Same section as E. under crossed polarised light. G.
Reflected light. Close-up of stibnite. The stibnite is light and dark grey depending on its polish. An irregular inclusion of Au
is circled. There is a bubble in the slide, to the left of the scale bar. H. Original rock sample, hydrothermal quartz vein
infilled with stibnite.
Selected samples were examined at the University of Otago using field emission gun scanning electron microscopy (FEG-
SEM) with electron backscatter diffraction (EBSD). This was conducted to determine the mineral associations with gold, in
different forms of mineralisation across the tenement (Table 9-2).
Table 9-2: Rock samples from Capleston tenement, SEM summary.
Sample ID Au (g/t) SEM Description
RG4_GERS1823
(Figure 9-9)
32.1
Under the SEM, the sulphides are typically fractured and weathered to Fe-oxides. Gold blebs up to
10 μm occur as inclusions in some of the arsenopyrite grains, and as free Au blebs associated
with the oxidised sulphides. It is unclear whether these blebs were initially primary free Au grains
or Au inclusions that have been liberated from the oxidised sulphides during weathering.
RG5_GERS1824
(Figure 9-10)
34.6
The sulphides in the sheared argillite consist of both arsenopyrite and pyrite and these are
typically intergrown. Gold blebs up to 12 μm occur in both pyrite and arsenopyrite grains. Free Au
grains are also relatively common, and a large free Au grain of ~250 μm occurs in the quartz-
carbonate vein. Some of the sulphides in the sheared argillite are deformed and fractured and
some of the Au inclusions have been remobilised along the sulphide fractures.
Figure 9-9: SEM backscatter images. A. A fragment of mineralised argillite (right-hand side) is entrained in a quartz vein
(left-hand side). The sulphides are dominated by arsenopyrite (aspy, bright white). B. Close-up of arsenopyrite grain is
circled in A. The grain contains several Au inclusions up to 10 μm. C. Typical acicular, fractured and boudinaged
arsenopyrite grains (bright white) with lesser, more equant pyrite (bright grey) in a quartz-muscovite-rich matrix. D. Close-
up of arsenopyrite grains circled in C. with typical sub-micron size Au inclusion. E. Typical weathered arsenopyrite and
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lesser pyrite surrounded by irregular Fe-oxides (Fe-ox). Some free Au blebs up to 10 μm occur near the weathered
sulphides. F. Fractured arsenopyrite grains are surrounded by irregular anhedral Fe-oxides. Rare Au inclusions are visible
in some arsenopyrite grains.
Figure 9-10: RG5_GERS1828 SEM backscatter images. A. Disseminated sulphides, dominated by pyrite and lesser
arsenopyrite and several blebs of free Au. A grain of intergrown pyrite and arsenopyrite contains a relatively large inclusion
of Au (11 μm) in the pyrite portion of the grain. B. Large bleb of free Au (250 μm) and minor arsenopyrite in a quartz-
carbonate vein. C. Disseminated arsenopyrite and pyrite in a quartz-muscovite-rich argillite matrix. D. Closeup of
arsenopyrite grains and part pyrite grain circled in C. Free Au blebs up to 10 μm occur in the matrix near the sulphides. E.
Disseminated arsenopyrite (bright white) and pyrite (bright grey) in argillite matrix. Gold inclusions up to 12 μm occur in
some pyrite grains and along the contact between pyrite and arsenopyrite (middle, centre of image). F. Gold inclusions
and infilling fractures (up to 15 μm long) in arsenopyrite and pyrite.
The general textures and paragenesis of the samples analysed are typical of the Reefton Goldfield. The samples exhibit
evidence of an early generation of hydrothermal vein quartz that has been sheared, locally brecciated, and infilled by a later
generation of stibnite, pyrite, arsenopyrite, minor quartz and Au. The early quartz veins are associated with arsenopyrite
which has preferentially replaced the host rocks and host rock fragments within the veins. Pyrite is relatively minor in these
samples and may be either metamorphic pyrite or early pyrite associated with the early quartz veins and arsenopyrite. There
is likely to be micron-scale free Au associated with the early veins, and/or solid solution Au associated with arsenopyrite,
but none was observed optically.
Under the higher magnification of the SEM, it is evident that the sulphides in each of the analysed samples are predominantly
arsenopyrite with lesser pyrite. The arsenopyrite is typically euhedral with two common shapes (diamond and acicular),
whereas the pyrite is more equant and subhedral. In all samples, there were examples of arsenopyrite intergrown with pyrite,
indicating that the two are coeval mineral phases. Only very rarely was zoning noted (in pyrite in RG1 and arsenopyrite in
RG4). The sulphides are typically deformed, rotated along the cleavage, and fractured. Gold blebs, ranging in size from ~1–
15 μm, were observed as inclusions in sulphides from all the samples and occurred in both arsenopyrite and pyrite. Some
rare Au inclusions have been remobilised along fractures within deformed sulphides, but most occur as isolated inclusions
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within the grains. Free Au is relatively rare, but does occur typically near the sulphides and as rare, isolated blebs in quartz
(e.g. RG2). In one sample (RG5), a large bleb of free Au (~250 μm) occurs in a centimetre-scale quartz-carbonate. This
bleb is sufficiently large to be visible under reflected light microscopy, using the 40x objective lens.
Three mineralised core samples were collected from mineralised intercepts in DD_PAC_001 and DD_PAC_002 to
understand how gold presents in Pactolus. Samples were examined under the microscope, and a selection of sulphides
from each was examined in detail under reflected light using 2.5x, 4x, 10x and 40x objectives (Figure 10-4). At these
magnifications, including the highest (40x), no gold was visible in the sulphides. Polished sections are described in Table
9-3.
Table 9-3: Drill core samples from the Pactolus Programme polished section petrological summary.
Sample ID/Hole
ID
Depth
(m)
Au
(g/t)
Description
RG1_DD_PAC2
DD_PAC_002
134.3 11.7
Well foliated fine-grained greywacke with crosscutting crenulation cleavage. Sample is cut by
quartz-carbonate veins that are subparallel to the crenulation cleavage. Relatively coarse-
grained pyrite porphyroblasts (up to 250 μm) and smaller diamond-shaped and acicular
arsenopyrite grains (50 μm) are disseminated in the wall rock and along quartz vein margins.
RG2_DD_PAC2
DD_PAC_002
136.9 10.3
Foliated and crenulated, fine-grained greywacke cut by deformed quartz veins. Some of the
quartz veins are sheared and boudinaged. Fractures in the quartz veins are infilled with later
carbonate. The greywacke wall rock contains abundant sulphides dominated by arsenopyrite
and lesser pyrite. The sulphides are locally fractured and acicular arsenopyrite grains are
typically boudinaged and infilled with quartz.
RG3_DD_PAC1
DD_PAC_001
133.5 7.02
Fine grained greywacke cut by deformed quartz veins. The greywacke wall rock contains
abundant arsenopyrite and pyrite. Arsenopyrite grains are typically acicular and locally
boudinaged. Pyrite grains are more equant and less common.
Figure 9-11: Photographs and photomicrographs of the petrology samples. A. RG1_DD_PAC2: sample of silicified
greywacke with quartz veins, pyrite and arsenopyrite. B. Plane polarised light photomicrograph of RG1 exhibiting well
foliated greywacke and coarse pyrite porphyroblasts. C. Plane polarised light photomicrograph of RG1 illustrating foliated
greywacke with crosscutting crenulation cleavage. D. RG2_DD_PAC2: sample of sheared, fine-grained greywacke with
frequent quartz veins and intense arsenopyrite-pyrite mineralisation on vein selvage. E. Plane polarised light
photomicrograph of RG2 capturing a quartz vein and fine greywacke with abundant sulphides along the vein selvage. F.
Same section as E in cross polarised light.
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After the samples were examined by optical microscopy, the samples were carbon coated and examined at the University
of Otago by field emission gun scanning electron microscopy (FEG-SEM) with electron back scatter diffraction (EBSD).
Results indicated mineral associations with Au, which are described in Table 9-4.
Table 9-4: Drill core samples from the Pactolus Programme SEM analysis summary.
Sample ID/Hole
ID
Depth
(m)
Au
(g/t)
SEM Description
RG1_DD_PAC
DD_PAC_002
134.3 11.7
Some of the pyrite and arsenopyrite grains are intergrown (Figure 9-12D) and thus appear to
be the same generation. Microparticulate Au inclusions occur in both pyrite and arsenopyrite
grains with Au blebs up to 13 μm, but more typically ~1 μm (Figure 9-12A–F).
RG2_DD_PAC2
DD_PAC_002
136.9 10.3
Gold blebs up to 12 μm, but more typically 1–3 μm, occur as inclusions in both pyrite and
arsenopyrite (Figure 9-13A–F). Rare blebs of free Au occur in one quartz vein associated
with arsenopyrite that occurs along the vein margin and locally extends into the vein (Figure
9-13C–D). Pyrite and arsenopyrite are locally intergrown (Figure 9-13B), occur as inclusions
in one another (Figure 9-13E) and appear coeval.
Figure 9-12: RG1_DD_PAC2 135.3 m SEM backscatter images. A. Disseminated sulphides in quartz-muscovite (qz-
musc)-rich matrix. Arsenopyrite (aspy) appears brighter white than pyrite (py) (grey). B. Close-up of arsenopyrite grain,
circled in A, with Au blebs up to 5 μm. C. Disseminated aspy and py concentrated in the wall rock and along the margin of
a quartz-carbonate vein. D. Close-up of pyrite grain circled in C. Pyrite and arsenopyrite are intergrown. The pyrite grain is
zoned with a 1-μm bleb of Au in the core (darker grey) of the pyrite grain. E. Disseminated sulphides in greywacke wall
rock cut by relatively sulphide-poor, quartz vein. F. Subhedral pyrite grain circled in E. The grain contains several Au
inclusions up to 13 μm.
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Figure 9-13: RG2_DD_PAC2 136.9 m SEM backscatter images. A. Euhedral arsenopyrite (bright white) and pyrite (grey)
in a matrix of quartz, muscovite and carbonate. B. Close-up of arsenopyrite grain circled in A. Several micron-scale Au
blebs in the large grain of arsenopyrite. Smaller grains of arsenopyrite surround and form the rim of a grain of pyrite to the
right of the larger grain. C. Arsenopyrite grains concentrated along the margin of a quartz vein (lower half of image). Some
of the arsenopyrite grains partially extend into the quartz vein. D. Close-up of arsenopyrite grains circled in C. Free Au
grains up to 12 μm are spatially associated with arsenopyrite, but occur in the quartz vein. E. Pyrite grain with an inclusion
of arsenopyrite. F. Close-up of the core of pyrite grain circled in E, illustrating inclusions of Au up to 3 μm.
Under the higher magnification of the SEM, it is evident that the sulphides in each of the analysed samples are predominantly
arsenopyrite, with lesser pyrite. Gold blebs ranging in size from ~1–15 μm were observed as inclusions in sulphides from
all the samples and occurred in both arsenopyrite and pyrite. Some rare Au inclusions have been remobilised along fractures
within deformed sulphides, but most occur as isolated inclusions within the grains. Free Au is relatively rare but does occur,
typically, near the sulphides and as rare, isolated blebs in quartz (e.g. RG2; Figure 9-13).
9.3 Geochemical Sampling
9.3.1 Soil Sampling
As of 8 July 2024, RGL collected 17,259 soil samples (excluding repeat samples). Samples were collected following regional
grids at a nominal grid size of 100 m x 20 m, or 200 m x 20 m, or infill grids ranging between 20 m x 10 m and 50 m x 20 m.
Soil samples were collected from pits below a depth of 20 cm. Handheld GPS units were used to navigate to sample sites.
A spade was used to collect the sample from the C-horizon. A sample of 0.8–1.5 kg was collected in a sampling bag and
then stored in calico bags until the end of day.
Geological notes from soil sampling were entered into an SQL database from .csv files, either created while logging in the
field, on a portable hand-held personal device, or recorded in field notebooks by hand, and later entered into Excel
spreadsheets. Field teams consisted of a geologist and a field technician. Field geologists recorded the following data at
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each site location: depth, soil horizon sampled, colour and the lithology of any fragments present in the hole, along with any
points of interest or notes on why a sample was moved or skipped.
RGL has completed seven regional grids (Capleston, Orlando, Murray Creek, Stony Creek, Raglan, Caledonia, and Bald
Hill; Figure 9-14). Infill grids are planned around anomalous zones found in the regional grids. So far, eleven infill grids have
been completed (Pactolus Infill, Pactolus East, Pactolus South, Golden Treasure North and South, Golden Fleece, Energetic
North, Raglan, Caledonia West, Hopeful, and Stony Creek; Figure 9-14). Samples were moved or skipped if the point was
in an alluvial zone (i.e. a river). If there was obvious contamination from historical workings, an auger was used to sample
the C-horizon at a greater depth, below the contamination issue (>1.0 m deep).
Samples collected were from the C or B-C soil horizon. The C-horizon is well-developed clay, anywhere between 10–100 cm
deep. Where C-horizon clay was not available, the B-C horizon was sampled collecting a mix of clay and soil. The B-horizon
(purely soil and organic matter) was not sampled as the sample material dries to such a low weight that it is not feasible to
sieve enough of a fine portion for pXRF analysis.
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Figure 9-14: RGL soil samples.
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RGL has compiled comprehensive geochemical data from the extensive sample grids. Arsenic and stibnite, and to a lesser
extent, lead, were used as pathfinder elements to indicate geochemical anomalies that might represent Au mineralisation.
Z-score normalisation of the data was performed so that the raw concentrations can be compared in a consistent number
space. Figure 9-15 presents two geochemical heatmaps (Au and As), where a number of anomalies can be identified in
both maps.
A summary of the soil sampling results for Au, As, Pb, Sb and W is presented in Table 9-5. As of the effective date, 16,456
soil samples (excluding quality control samples) have been analysed by pXRF. Of these, 15,337 returned detectable As,
with a mean of 31 ppm and a median grade of 12 ppm. A total of 12,221 samples returned a detectable Au grade from
laboratory analysis (section 11.2.2), with a mean of 34.7 ppb and a median grade of 4 ppb.
Figure 9-15: Geochemical maps from soil sampling. Left Au heat map; Right As heat map.
Table 9-5: Soil summary results.
Au As Pb Sb W
Analytical Method Au_TL43 pXRF pXRF pXRF pXRF
Unit ppb ppm ppm ppm ppm
No. of Samples Analysed 12,221 16,456 16,456 16,456 16,456
Limit of Quantification 1 2 2 20 20
No. of Samples above LOQ 11,698 15,337 15,674 5,053 5,289
Minimum 1 2 2 18 8
Maximum 32,100 14,458 4,323 5,070 67
Mean 34 31 19 17 3
Median 4 12 13 0 0
Note: Only validated, corrected data were used to inform the summary results.
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9.3.2 Rock-Chip Sampling
As of 8 July 2024, RGL has collected 814 rock chip samples (Figure 9-16). Samples are from geological mapping and
stream-sediment sampling sites. Rock samples were entered into an SQL database from a .csv file. All samples were
photographed and stored in Reefton. Some rock-chip samples were collected for petrology analysis (section 9.2) or kept as
reference samples. The remaining samplers were sent to SGS for pulping, then returned and analysed with a pXRF and
sent to SGS Waihi for fire assay (Code PRP505).
Due to the obligatory partial tenement relinquishment (a condition of extending the permit duration), some of the samples
now lie outside the current property boundaries.
Figure 9-16: Rock sample locations.
The results of the rock-chip sampling programme are summarised in Table 9-6 and Figure 9-17. Four samples returned
very high As grades, above 10,000 ppm, which are from the Golden Treasure and Pactolus prospects, and five samples
returned very high Sb grades, above 100,000 ppm (10% Sb), which are from the Golden Treasure and Fiery Cross
prospects.
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Table 9-6: Rock-chip summary results.
Au As Pb Sb W
Analytical Method FAA505 pXRF pXRF pXRF pXRF
No. of Samples Analysed 502 502 502 502 502
LOQ 0.01 2 2 20 20
No. of Samples Analysed LOQ 197 281 364 155 144
Minimum (ppm) 0.01 2 3 28 8
Maximum (ppm) 93.9 16,714 13,682 5,057 112
Mean (ppm) 3.4 46 72 491 19
Median 0.06 17 23 43 13
Note: Only validated, corrected data were used to inform the summary results.
Figure 9-17: Rock-chip sample results for A. Au (ppm), B. As (ppm), C. Sb (ppm), and D. Pb (ppm).
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9.3.3 Stream-Sediment Sampling
A regional stream-sediment sampling programme was designed and executed to cover a large tract of ground dominated
by granitic intrusives, specifically targeting potential intrusive-related Au mineralisation. Sample locations were pre-selected
focussing on areas sampled during historical exploration programmes that were not previously analysed for Au and/or
ground where trace element geochemistry indicated some anomalism.
The sampling targeted fine sandy/clayey material along active stream margins, where flood waters would deposit residual
suspended material along stream bands and mini terraces. Sampling was undertaken over a 30–50 m stretch of each
drainage, collecting material where fines had settled. Sediment was sieved and flocculated in the field, and ~2–3 kg of wet
fines were collected per site, and transported back to the RGL offices/workshop for further sample preparation and analysis.
The samples were analysed using BLEG techniques.
A total of 169 stream-sediment samples have been collected to date (Figure 9-18). Due to the obligatory partial tenement
relinquishment (a condition of extending the permit duration), some of the samples now lie outside the current property
boundaries.
The results of the stream-sediment sampling programme are summarised in Table 9-7. Only four samples returned
detectable grades of Sb and W. Elevated Au grades (>17 pm) correspond to elevated As grades (>45 ppm) in the southwest
of the permit, around Stony and Lankey Creeks. Tributaries into the Rip and Tear Creek and the Landing Creek, in the
centre of the project, also returned anomalous Pb, Au and Sb grades (Figure 9-5).
Table 9-7: Stream-sediment summary results.
Au As Pb Sb W
Analytical Method Au-AA1 pXRF pXRF pXRF pXRF
No. of Samples Analysed 153 152 152 152 152
LOQ 0.001 2 2 20 20
No. of Samples Analysed LOQ 153 97 152 4 4
Minimum (ppm) 0.1 3 6 26 9
Maximum (ppm) 174 91 59 34 10
Mean (ppm) 3.9 11.6 23 29 9.75
Median 1.1 7 23 29 10
Note: Only validated, corrected data were used to inform the summary results.
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Figure 9-18: Stream-sediment sample locations. A. Au (ppm), B. As (ppm), C. Sb (ppm), and D. Pb (ppm).
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9.3.4 Channel Sampling
Mineralised veins at Pactolus and Golden Treasure were channel sampled (Table 9-8, Figure 9-19 (Pactolus), and Figure
9-20 (Golden Treasure)). Veins were sampled in 1 m or 0.5 m intervals, depending on the width of the outcrop. Before
sampling, outcrops were cleared of debris and alluvial sediments with shovels and hammers to uncover the full extent of
the veins. Results of the sampling is presented in Table 9-9.
Table 9-8: Channel sample locations at Pactolus and Golden Treasure.
Channel ID Hole Type Easting (NZTM) Northing (NZTM) Elevation Length (m) Azimuth (true)
TR_PAC_001 Trench 1512827 5340994 487 7 340
TR_GT_002 Trench 1510018 5335275 400 3 182
TR_GT_003 Trench 1510016 5335266 400 7 182
TR_PAC_004 Trench 1512826 5340896 474 4 005
TR_PAC_005 Trench 1512826 5340895 474 5 005
TR_PAC_006 Trench 1512820 5340859 475 5 005
TR_PAC_008 Trench 1512831 5340552 329 5 005
Table 9-9: Geochemical results from channel samples at Pactolus and Golden Treasure.
Channel ID Sample ID From (m) To (m) Au (ppm) As (ppm) Sb (ppm)
TR_PAC_001 RC02017 0 1 32.1 5847 46
TR_PAC_001 RC02018 1 2 12.55 2424 36
TR_PAC_001 RC02019 2 3 4.04 7823 68
TR_PAC_001 RC02020 3 4 8.87 9694 49
TR_PAC_001 RC02021 4 5 3.98 15528 122
TR_PAC_001 RC02022 5 6 34.6 366 37
TR_PAC_001 RC02023 6 7 0.11 0 0
TR_GT_002 GERS6024 0 1 5.92 4911 168
TR_GT_002 GERS6025 1 2 4.87 5706 158
TR_GT_002 GERS6026 2 3 0.6 1266 172
TR_GT_003 GERS6027 0 1 10.8 10004 17212
TR_GT_003 GERS6028 1 2 3.66 1369 38173
TR_GT_003 GERS6029 2 3 0.3 375 2130
TR_GT_003 GERS6030 3 4 10.8 850 223
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TR_GT_003 GERS5651 4 5 1 280 123
TR_GT_003 GERS5652 5 6 1.49 2153 123
TR_GT_003 GERS5653 6 7 19.8 4465 161
TR_PAC_004 GERS6075 0 1 8.61 9459 0
TR_PAC_004 GERS6076 1 2 10 10644 63
TR_PAC_004 GERS6077 2 3 0.87 2807 38
TR_PAC_004 GERS6078 3 4 3.78 4740 42
TR_PAC_005 GERS6083 0 1 9.53 9314 0
TR_PAC_005 GERS6084 1 2 10.1 12559 50
TR_PAC_005 GERS6085 2 3 14.9 9568 69
TR_PAC_005 GERS6086 3 4 2.99 5434 55
TR_PAC_005 GERS6087 4 5 3.21 4071 32
TR_PAC_006 GERS6088 0 1 10.6 14041 42
TR_PAC_006 GERS6089 1 2 9.52 14655 103
TR_PAC_006 GERS6090 2 3 10.5 16598 71
TR_PAC_006 GERS6091 3 4 17.1 23767 79
TR_PAC_006 GERS6092 4 5 13.4 21207 137
TR_PAC_008 GERS6145 0 1 0.1 330.3 37
TR_PAC_008 GERS6146 1 2 2.12 5567 62
TR_PAC_008 GERS6147 2 3 0.07 388.4 37
TR_PAC_008 GERS6148 3 4 9.44 11619.1 70
TR_PAC_008 GERS6149 4 5 16.1 16122.8 94
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Figure 9-19: Location of the trench at Pactolus.
Figure 9-20: Location of trenches at Golden Treasure.
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9.3.5 Interpretation of the Combined Geochemical Dataset
Gold geochemistry has an inherently highly skewed population distribution. To moderate this skewness, RGL used a log z-
score levelling algorithm. This algorithm has been used for Au, As, Sb, and W; thereby producing an additive dataset, if
geochemical indices are applied.
In addition to using its own internally collected data, RGL used historical soil and wacker soil geochemical datasets
accumulated by previous companies. Each dataset was levelled (using the log z-score algorithm) individually prior to
combining the data. This removes inconsistencies due to differing detection limits and differing analytical techniques.
The combined geochemical dataset identifies known Au mineralisation within the Reefton Project (i.e. historical mines) and
also identifies new soil geochemical anomalies (Figure 9-21). Following the identification of the soil geochemical anomalies,
RGL conducted ground-truthing visits, and confirmed these anomalies represent hard-rock Au mineralisation.
A z-score normalisation is implemented by subtracting the mean of any element in a population, and then dividing it by the
standard deviation of that element in that same population. A z-score normalisation is mathematically simple: a z-score
value of 1 means that the sample is one standard deviation positive from the mean, and a value of -1 indicates one standard
deviation negative from the mean. As a result, elements that have different ranges in raw concentrations (potentially orders
of magnitude) can be compared in a consistent number space. It also means that z-score values, for multiple elements, can
be added together to make poly-element indices, where each element has the same weighting.
Because geochemical data are compositional, and thus typically total 100% [or 1,000,000 parts per million (ppm)], they
suffer from a constant sum or closure issue; they are not independent, and consequently, do not naturally inhabit a ‘real
number’ space (Euclidean space) (e.g. Aitchison, 1982; Aitchison, 1986; Aitchison et al., 2000). A CLR transform has been
used, which opens the dataset by transforming it, such that the components are no longer dependent in a geometrical
sense. It transforms the dataset from a simplex space to an Euclidean space. Assessing the dataset using the CLR-
transformed data allows for better insights compared to the raw elemental data, as the CLR values account for variation in
the other elements in the sample, rather than just considering a single component, in a compositionally closed space.
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Figure 9-21: Geochemical anomalies from levelled Au (left) and As (right) datasets.
9.4 Lithological Classification
The chemistry of pulverised rock-chip, channel, soil (section 9.3), and diamond drill core samples (section 11.2.1) was
determined using an Olympus Vanta pXRF instrument. The suite of elements allowed for a number of geochemical and
data analysis techniques to be applied, including a principal component analysis. From this work, a classification scheme
was built to allow for the discrimination of lithology based on geochemistry (Figure 9-22). The classification scheme was
built and validated on drill core data and then applied to soil and wacker data, where it is particularly effective at
discriminating mafic dykes within the Greenland Group (Figure 9-23).
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Figure 9-22: Ternary classification diagram of rocks in the Reefton Goldfield.
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Figure 9-23: Lithology classifications applied to soil samples in the Reefton Project.
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9.5 Geophysics
9.5.1 Reprocessing Crown Geophysical Survey Data
As discussed in section 6.2.3.6, the Crown conducted an airborne magnetic and radiometric survey of the West Coast of
the South Island (Vidanovich, 2013). The Reefton Goldfield lies within the ‘north block’ of the survey area.
RGL commissioned Fathom Geophysics (Fathom) to reprocess the raw magnetic and radiometric data to aid in target
generation across the goldfield.
Fathom applied four filters to the magnetic data.
• First vertical derivative (1VD): accentuates the shorter wavelength (shallow-source) components at the expense
of longer wavelength (deeper) features. Noise is also enhanced in this process.
• Horizontal gradient magnitude (HGM): calculated from the orthogonal x and y derivatives of the magnetic field. The
filter highlights the location of contrasts in susceptibility (source body edges), assuming vertical sided sources.
However, this filter is not independent of the direction of magnetisation, as is the case for the analytic signal filter.
Additionally, the location of a peak (ridge) in the HGM image will be offset in the down-dip direction, if the source
body is dipping.
• Analytic signal (ASig): uses the local amplitude of the analytic signal, calculated from the x, y and z derivatives of
the grid. The analytic signal peaks over the edges of wide bodies and over the centre of narrow (dyke-like) bodies.
Source body edges can be located by tracing the peaks in the analytic signal amplitude. The analytic signal has
low sensitivity to remanence.
• Tilt angle filter (tilt): defined as the arctangent of the ratio of the vertical derivative to the horizontal gradient
magnitude, of the field. For isolated sources, the tilt angle is positive over the source, crosses through zero at or
near the edge of a vertical sided source, and is negative outside the source region. The tilt angle filter is excellent
for highlighting structure in magnetic data. It responds equally well to shallow and deep sources.
In addition to the standard suite of filters, Fathom applied a unique method of grid-based, semi-automated structure
detection (Figure 9-24). These structure detection filters employ an edge detection filter that differs from conventional filters,
in that the results obtained are a measure of asymmetry regardless of amplitude. This methodology means that structures
in areas of low contrast are highlighted just as well as those in areas of high contrast, as long as the frequency range of the
structures being extracted is present (where frequency correlates with scale, and to a large degree with depth). This
additional processing is important for areas where structures separate lithological units, exhibiting similar magnetic
properties, and where the strength of the magnetic responses are very subtle.
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Figure 9-24: Structural complexity from the reprocessed Vidanovich, 2013 data.
9.5.2 Ground Geophysics
In August 2019, RGL engaged PGC Geophysics to conduct a resistivity and induced-polarisation survey at the Crushington
prospect. The objective of the survey was to map any disseminated sulphides associated with quartz veins. Both the
chargeability signature of any disseminated sulphides and any resistivity low associated with the weathered quartz veins
were envisaged to be subtle.
The survey was designed to cover the area with a 3D survey block. Two deeper looking lines were included to map any
deeper sources that could cause edge effects in the 3D processing. The 3D survey consisted of a series of 2D lines of 64
electrodes at a spacing of 5 m, and the deeper looking lines consisted of 64 electrodes at a spacing of 10 m.
A total of 11 resistivity/induced polarisation (Res/IP) lines were acquired at the Crushington prospect, a summary of which
is provided in Table 9-10. Of those, nine were acquired with 5-m electrode separation, forming the main 3D block, and two
with 10-m electrode separation. The two lines, with the longer electrode separation, were extensions of 1001 and 1008 and
the electrode separation, 10 or 05, was added to the line number for identification. One line, 101199, was a repeat of 1011
for data quality and verification. All lines were typically east-trending cross the slope, as the dominant geological trend is
north-south.
The eight unique lines with 5-m electrode spacing were processed first as individual lines (2D) then as a group (3D). Lines
100110 and 100810 were processed as individual lines. As line 101199 was used for data quality and verification only, it
was not included in the final processing. Due to the severe and steep undulation of the survey area and thick vegetation,
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line cutting was extremely difficult. The severity of the topography caused issues in line cutting, which explains the layout of
these Res/IP lines (Figure 9-25).
Table 9-10: Summary of Resistivity/IP survey lines. All measurements were acquired with full power settings (600V, 2.5A
and up to 250W).
Line Date Electrode Spacing (m) Array Length (m) Readings (Tx/Rx)
100105 25/08/2019 5 235 180/1477
100110 25/08/2019 10 630 180/1477
1003 26/08/2019 5 235 180/1477
1004 18/08/2019 5 235 180/1477
1005 19/08/2019 5 235 180/1477
1006 26/08/2019 5 235 180/1477
100805 17/08/2019 5 235 180/1477
100810 16/08/2019 10 630 180/1477
1009 24/08/2019 5 235 180/1477
1011 19/08/2019 5 235 180/1477
101199 25/08/2019 5 235 180/1477
Figure 9-25: 3D perspective view of the IP survey area, viewed from the northwest. Digital terrain model generated from
LiDAR data. Blue line represents a steep track from Energetic picnic area to the ridge.
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The instrument for the IP survey was an ABEM Terrameter LS2, which is an integrated transmitter/receiver/switching relay
unit. The ERI survey equipment consists of multichannel cables (on reels), 300-mm stainless-steel electrodes, and jumper
cables connected the cables with those electrodes. The main relay unit sits between the two multi-channel cables and is
powered by deep-cycle 12 V batteries. Multiple gradient arrays were applied to all lines to increase the data resolution and
effectiveness of this survey. The measurement sequence (protocols) was customised for this survey and, as an additional
step, the protocol was re-arranged with an in-house optimising software, to minimise the effects of the common charge-up
effects at electrodes (Palmer, 2019).
The 3D survey block consists of all lines with 5-m electrode spacing. Several approaches to 3D inversion were trialled. The
final 3D inversion was based on linear perturbation with a separate damping of 0.01.
Figure 9-26 presents the model of chargeability for the main 3D block, viewed from the south, looking into the plane of the
hill and presented as a set of isosurfaces. The model also incorporates legacy drilling data from the Crushington holes
completed by OceanaGold. The drillholes have been colour coded to the assay results of Au. Although the isosurfaces
extend to great depths, only the upper 50 m should be considered relevant.
The chargeability isosurfaces reveal one main anomalous zone in the centre of the survey area (Figure 9-26, Figure 9-27).
The chargeability values are not very high, but the anomalous zones range from 8–11 mV/V, compared to a background of
4 mV/V. There is another anomaly at the western end of the survey area, but it does not fully extend to the southern end of
the volume (Palmer, 2019).
The model of resistivity is presented as isosurfaces in Figure 9-26. The model indicates a wider resistivity low in the middle
of the survey area, represented as a dome-shaped darker blue isosurface. By comparing the resistivity and changeability
models in an interactive 3D viewer, the main chargeability feature is located at the eastern end of this resistivity low ‘dome’
like feature. The resistivity low ‘dome’ and the chargeability features do not trend in the same direction, and the chargeability
features do not extend fully through the model, possibly indicating a fault. Further 3D studies and correlating these studies
with drillhole data may help define any faults, if present.
Correlating the Au results from RDD0048 with the chargeability results suggests that the main chargeability volume is
between the two sections of Au grades. This implies wall-rock alteration around a vein (possibly disseminated pyrite), and
that the edges of the chargeability volume are areas of interest with respect to Au mineralisation. Wall-rock alteration is
noted in RDD0053, although this drillhole is ~25 m south of the edge of the grid.
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Figure 9-26: 3D view of the main 3D block, viewed from the south. Layers (isosurfaces) are of chargeability values with the
colour legend in the top left corner. Also included are a few drillholes and their assay results. The colour legend for the
assay results is in the top right corner.
Figure 9-27: 3D view of the main 3D block, viewed from the south. Layers (isosurfaces) are of resistivity values with the
colour legend in the top left corner. Also included are a few drillholes and their assay results. The colour legend for the
assay results is in the top right corner.
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9.5.3 UAV Programme
In 2021, RGL invested in a drone system capable of acquiring unmanned aerial vehicle (UAV) geophysical and remote
imaging datasets, in particular magnetic, photogrammetry and LiDAR data. RGL owns a DJI Matrice 300 Drone for UAV
operations, a Geometrics MagArrow magnetometer for acquiring magnetic anomaly data sets, and a DJI Zenmuse LI LiDAR
system with a DJI D-RTK Base Station 2 base station. The steep terrain around Reefton, and across the property, makes
UAV operations an ideal solution for collecting good-quality geophysical data in challenging terrain.
RGL acquired three magnetic anomaly datasets over sites of interest within EP 60491 (Capleston, Murray Creek,
Crushington; Figure 9-28), and one in EP 60624 (Raglan, Figure 9-29). The aim of these datasets was to support the
interpretation of the structural framework of the property, in particular to understand the relationship between the structural
and mineralisation around magnetic intrusive features in the region. For mission design and execution, RGL used UgCS
Expert software and to Oasis Montaj to pre-process the magnetic anomaly dataset. Fathom Geophysics was commissioned
to provide support and high-level processing of these data. The data were collected at 30-m line spacing, and the drone
was flown between 20 m and 50 m above the canopy. Although data collection, and particularly drone height, could be
optimised for depth of target magnetic anomaly, the risk of anomalously tall trees along the flight path meant restricting the
altitude of the drone to a safe height.
Magnetic anomaly pre-processing included correcting the data for diurnal magnetic variability and cropping the data to
relevant areas, while the processing steps included a 1D Forward Fourier Transform, reduction of the data to pole and
levelling. Once gridded, the data were smoothed and refiltered to remove corrugations.
The equipment used to carry out the survey consisted of the following.
• DJI Matrice 300 RTK drone: with an autonomy of 35 minutes, while carrying a 1-kg payload, and the total capacity
of lifting up to 9 kg. The dimensions of the drone, propellers excluded, are 810 mm × 670 mm × 430 mm (unfolded)
and 430 mm × 420 mm × 430 mm (folded).
• Geometrics MagArrow: a laser pumped caesium vapour (C2133 non-radioactive) total field scalar magnetometer
of 1 kg weight and 1 m length, tethered 2.7 m below the drone (Figure 9-28a). The MagArrow takes 1,000 readings
every second while the drone follows the flight time and tie line paths. This magnetometer was equipped with a
GPS, enabling the recording of time, location, and magnetic field readings.
• Static base station magnetometer: in order to monitor the diurnal variations in the Earth’s magnetic field, a rapid-
cycling GEM Overhauser, proton precession magnetometer was set up to take autonomous readings every three
seconds (Figure 9-28b). These variations were subsequently removed from the field data.
The MagArrow was set to UTC (Universal Time Coordinated), whereas the base station was set to NZT (New Zealand
Standard Time). Magnetometers and survey specifications are outlined in Table 9-11.
The data were collected in geodetic coordinates (latitude and longitude) using WGS84 (version G2139), and later converted
to the NZTM2000 projection.
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Figure 9-28: Photographs of the UAV surveying process. A. UAS with the DJI M300 drone and the MagArrow
magnetometer. B. GEM Overhauser magnetometer in a typical base station configuration.
Table 9-11: Magnetometer and survey specifications.
Survey Details Survey Specifications
UAV Magnetic Survey
Specifications
Permit EP 60491 Capleston
Date 21 October 2021 to 18 February 2022
Survey Number 2
Line Orientation
N90E (Capleston)
N150E (Murray Creek)
Line Spacing 30 m
Number of Lines
160 FL 64 TL (Capleston)
279 FL 63 TL (Murray Creek)
Length of Lines
196 km (Capleston)
241 km (Murray Creek)
Base Magnetometer Survey
Specifications
Survey Mode Base
Datum 57,500 nT
Time Synced with roving
File 01survey.b
Cycling 3.0 second cycling time
Turning
Tune initialise N
Autotune Y
57.4 microT
AC Filter 60 Hz
Display Mode Text
Text N/A
ID 1
MagArrow Survey Specifications
Type of Magnetometer
Laser pump caesium vapour (C2133 non-
radioactive) total field scalar
Sample Rate 1,000 Hz
GPS Pulse 1 PPS
Time UTC
Data Storage 32 GB Micro SD card, U3 speed class
Altitude (above ground level) 57.3 m
Speed 4 m/s
Altitude (above ground level) 60 m
Maximum Flight Time (with load) 35 min
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Figure 9-29: UAV survey area map, illustrating flight line paths.
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9.5.4 Results and Interpretation
Reprocessing of the Crown’s geophysical survey for RGL by Fathom Geophysics (see section 6.2.3.6), in combination with
RGL’s ultra-detailed unmanned aerial vehicle (UAV) magnetic data, has resulted in a number of new filtered images and
vector files, which have been used to infer a number of geological features on a regional scale.
Fathom Geophysics developed a method of grid-based, semi-automated structure detection (Figure 9-24). The goal in
developing structure detection was to move towards an automated interpretation of potential field data, that would be most
similar to an interpretation by a person. Structure detection is a phase congruency algorithm based on oriented exponential
filters (Kovesi, 1999).
The structure detection filter is a feature-detection algorithm used to highlight ridges, valleys or edges in gridded data. The
results differ from other feature-detection routines in that the results are a measure of symmetry or asymmetry, irrespective
of amplitude. The analysis is completed using the local phase rather than the signal amplitude, meaning that features in
areas of low contrast are highlighted just as well as those in areas of high contrast, as long as the frequencies are present.
High values in the structure grid indicate that the structure is close to a step edge. A small step change will have a higher
value than a higher amplitude change that is more gradual.
The method is also multi-scale by design. For structures to be highlighted, they must be present at more than one scale,
eliminating minor edges that may be present over a narrow frequency range. The use of exponential filters to determine the
scale allows for some inference as to the depth of the structures detected, when the filter is applied to potential field data.
The reported wavelength is the shallowest upward continuation level used, and the approximate depth should range
between 0.5 and 1 times this wavelength. This depth estimate is based on Jacobsen (1987). While not perfect at separating
sources from different depths, the method provides a good first-pass estimate of which features extend to depth, and which
are only surficial.
Feature detection filters can be applied in various orientations, allowing the quantification of the major structural orientations
in a belt. It is also used to highlight features with certain orientations, or that are parallel or perpendicular/oblique to a feature
of interest.
The Crown aeromagnetic data were run through the structure detection routine using different starting wavelengths. The
results using 320 m as the starting wavelength was found to be useful for highlighting deep-seated structural corridors,
which have the potential of being pathways for deep-sourced mineralising fluids. It is difficult to map these corridors using
the original RTP data as their presence is masked by the strong amplitude and high-frequency variations present in the
data.
In addition to deep-seated structures, the structure detection routine was run using small starting wavelengths (20 m and
40 m) and outputted as orientation grids. The resultant grid provides a distribution of edges categorised by their dominant
strike. When imaged, these data provide a noticeably clear representation of the dominant trends and orientations across
the data, particularly the domaining of folds (axes, limbs) and fold closures. Breaks in the fold patterns or changes in fold
intensity are known foci of mineralisation within the Reefton Goldfield (Allibone, 2010; Allibone, et al., 2020).
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Basic dolerite dykes are a key unit in the Project area, and the distribution of these is important for ongoing exploration. The
dykes are potential proxies for faults, which may have been fluid conduits during mineralisation, as dykes often take
advantage of pre-existing crustal weaknesses during their formation. As the intrusion of the dykes appears to be pre- or
syn-mineralisation, they become important proxies for structural controls on mineralisation.
The dykes have a distinctive magnetic signature (moderate to strong amplitude, high frequency), which can be recognised
in the aeromagnetic data and enhanced using custom-designed filtering. The magnetic data were filtered to keep only the
shallow (high-frequency) component of the signal by using the differential upward continuation method. Separation filtering
using differential upward continuation can be used to approximate the magnetic response, arising from different depth
intervals, below the surface. Complete separation of responses is not possible; however, the method is useful for discerning
‘shallow’ from ‘deep’ sources. In effect, band-pass filters (with a physical meaning) are being applied to the data. In this
case, a shallow (0–160 m) residual was taken.
To further enhance the dolerite dykes, an additional filtering routine was applied to the residual RTP grid. The ‘1vd-h’ filter
is simply the difference between the first vertical derivative and the horizontal gradient magnitude of the input grid. This
filtering enhances the high-frequency component of the signal; emphasising detail and highly magnetic near-surface
sources. Further refinement of the resulting image was needed, as it was established that the filtering was also highlighting
drainages. The river systems in the area contain alluvial boulders of granite, sourced upstream in the Victoria Range. These
boulders can sometimes give the rivers a similar magnetic response as the dolerite dykes. Further refinement of the dykes
was achieved by removing any features which had a strong response in the airborne radiometric data.
In the Murray Creek Survey area (Figure 9-31), the highest values of MS (red colour) are in the central to southern part of
the map in a northeast orientation. In the same way as in the Capleston area, these features are interpreted to be dolerite
dykes that have also been recorded in the survey area. From both studies, the location of the dolerite dykes can be
delimitated with more accuracy (red highs in Figure 9-30 and Figure 9-31). This information was used for improving the
mineralised vein model in the Capleston area and for targeting possible areas of interest in the Murray Creek area. Further
studies have been completed in Crushington (Figure 9 32), Raglan-Caledonian (Figure 9 33), and Buller (Figure 9 34).
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Figure 9-30: Reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter from Capleston area.
Figure 9-31: Reduce to the pole (RTP) UAV magnetic map, with the difference between the first vertical derivative and the
horizontal gradient magnitude from Murray Creek.
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Figure 9-32: Unprocessed reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter from Crushington
area.
Figure 9-33: Unprocessed reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter from Raglan
area.
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Figure 9-34: Reduce to the pole (RTP) UAV magnetic map, with first vertical derivative filter from Buller area.
9.6 Remote Sensing
RGL commissioned remote-sensing studies over the licence area, that were conducted by Fathom Geophysics, using data
from ASTER infrared channel imagery and Sentinel2, to locate areas of possible hydrothermal alteration.
Satellite data were acquired for the Reefton area to identify areas of alteration, that could be associated with potential
mineralisation. The ASTER data were downloaded as surface-corrected reflectance for bands 1–9, and surface-corrected
emissivity for bands 10–14. These data were ortho-rectified using the 30 m SRTM data over the area. Sentinel-2 data were
downloaded as ortho-rectified Level 1 data. These data were surface-corrected using the Sentinel Application Platform
(SNAP–sen2cor) produced by the European Space Agency.
Due to the dense vegetation cover in the Reefton Goldfield, little useful data were obtained from the remote sensing imagery.
9.7 LiDAR & Orthophotography
From 16–17 April 2019, Landpro Ltd (Landpro) collected LiDAR and Medium Format Digital Camera Imagery of EP 60491
(Capleston). The aerial survey data were captured using the Reims Cessna Skymaster, ZK-SVY, from a variety of altitudes,
from 5,000–8,500 ft, above mean sea level. Data were captured using the following systems:
• Leica RCD30 80MP RGBN Image Sensor (SN:82552); and
• Leica ALS60 LiDAR Sensor (SN: 6129).
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Global Navigation Satellite Systems (GNSS) and Inertial Measurement Unit (IMU) data were processed using WEST Base
Station and precise ephemeris data. The GNSS and IMU were processed in a tightly coupled loop to give an optimum
trajectory. These data were then applied to the LiDAR and Image exterior orientations prior to LAS and ortho creation. Image
data were created using Leica FramePro and any radiometric adjustments were applied, as required. LiDAR data were
generated via CloudPro.
A ‘1
st
run’ automatic classification was carried out on the raw LiDAR points, using Terrasolid’s TerraScan software, to
separate the LiDAR points into ground hits and non-ground hits, resulting in a >90% correct classification. After this, a
manual classification was done, over the required area, to edit the points with gross classification errors, that may have
occurred in the automatic classification process.
The orthophotography imagery was developed into tiffs using Leica FramePro. The exterior orientation was obtained by
using IPAS CO+, which uses the trajectory and event file to determine an accurate orientation of every image.
The imagery was then run using Pix4D. Key points were computed on the images, and matches were then determined.
From these matches, Automatic Aerial Triangulation (AAT) was run. This process results in the creation of an orthomosaic
based on orthorectification.
Processing of the LiDAR data was completed by Fathom Geophysics.
RGL acquired four remote imaging datasets (LiDAR and photogrammetry) at target drill sites, and areas of exploration with
no prior LiDAR available, within the Reefton Project (Figure 9-35). The aim of these datasets was to support drilling
operations, and aid fieldwork planning. For mission design and execution, the UgCS Expert software was used. For LiDAR
processing, RGL used Global Mapper software and DJI Terra, while Agisoft and DJI Terra were used for photogrammetry.
For all data, a digital elevation model and photomosaic were the final processing results. The processing of both LiDAR and
photogrammetry datasets followed standard routines of data quality control and cleaning, gridding, and outputting mesh
models.
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Figure 9-35: LiDAR flown and processed by RGL (2019–2024).
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9.8 3D Solid Geological Modelling
9.8.1 Pactolus
RGL generated a basic 3D solid geological model of the Pactolus vein system. The model was originally based on geological
and structural measurements from the outcropping Pactolus quartz vein. The model has subsequently been updated with
downhole intercepts from the drilling programmes (Figure 9-36).
Figure 9-36: Pactolus 3C geological model.
9.8.2 Murray Creek
RSC was contracted over December and January 2024 for an in-depth analysis of data from Murray Creek to produce a
detailed 3D model of the area. RSC used pXRF and assay data from soil samples, rock chips, and drill core, magnetic
susceptibility readings from drill core, and mapping by RGL and others to produce a lithological model of the area. Combining
this with magnetic and structural complexity (from magnetic surveying by RGL), and data from old mine workings, 10 drill
targets were produced (Figure 9-37).
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Figure 9-37: Structural complexity and targets (left and middle); Numerical Au model from soil geochemistry (right).
Modelling completed by RSC.
9.9 Exploration Target Interpretation
The Reefton Goldfield is a classic orogenic system containing numerous structurally controlled Au deposits, hosted in tightly
folded, greenschist-facies Greenland Group sediments. Gold deposits are predominantly clustered along the intersection of
north-trending shear and fault zones and areas of intense folding. Quartz veins are typically discordant to bedding and strike
parallel to axial surfaces of regional-scale north-plunging folds. Two end-member styles of mineralisation are described: an
early generation of relatively undeformed Au-and-arsenopyrite-bearing quartz veins (e.g., Phoenix-Inglewood at Murray
Creek), and a later, shallower, more brittle event that is characterised by Au and stibnite-bearing quartz breccias (e.g.,
Golden Treasure).
RGL completed a comprehensive process of data compilation, data processing, and the creation of new interpretations and
exploration targets for the project areas in 2020, and again in 2023. Using a mineral systems approach, coupled with new
datasets and new processing technology associated with those datasets, RGL prioritised the features listed above to
produce targets for further exploration.
Table 9-12 lists the key characteristics of the orogenic Au mineral system based on source, transport and deposition. Then
it identifies how each of these characteristics manifests, in terms of the geology/proxies to geology, the geophysics and the
geochemistry. Finally, it identifies the attributes in the various databases, that can be queried, in search of such
characteristics within the Reefton Goldfield.
An empirical target identification and ranking system was implemented using a set of knowledge-based queries, based on
the Table 9-12. A total of 33 ranked and scored Au exploration targets were identified during the initial targeting process
conducted in 2020. RGL has focussed much of its extensive geochemical and geophysical exploration programme around
the five areas within the Reefton Project (Capleston, Crushington, Murray Creek, Stony Creek, and Orlando) that contain
the majority of the exploration targets. This culminated in a significant greenfield discovery (Pactolus) and the identification
of several additional greenfield prospects.
In 2023, RGL re-ran the targeting process again, refining the number of exploration targets to 21 (Figure 9-38). The mineral
systems approach to exploration and targeting lends itself to all scales and allows reiteration of the targeting, as new data
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and understanding of the geology matures. The reiteration of the targeting and ranking process has endorsed the earlier
ranking, and, in addition, places equal emphasis and attention on both new discoveries, historical mine ore shoot extensions,
and near mine duplications of structures (Figure 9-38; Table 9-13).
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Table 9-12: Critical parameters of the sub-crustal mineral system orogenic gold model at the district to deposit scale.
Mineral System Requirement Geological Parameter Geological Expression/Proxy
Geochemical/Geophysical
Response
Data Attribute
Energy Source
Subduction at a
convergent margin
Lithostratigraphic sequences
corresponding to arc and
accretionary sequence
indicating geodynamic setting
Greenland Group — thick
turbidite sequence deposited
on active continental margin
Greenland Group — thick turbidite
sequence deposited on active
continental margin
Regional QMAP/Regional geological
mapping (e.g., Figure 7-1)
Strong metamorphic
gradients dominated by low-
P Barrovian metamorphic
terranes
Sub-greenschist — amphibolite
facies domain
Classic deformation
sequence of D1 to D4 with
late orogenic collapse
D1 thrusting, D2–D3 upright
folding and thrust reactivation
D3–D4 oblique-slip
shearing/faulting
Aeromagnetic linears define major
structures
Mag_RTP_SD_lin_640/320
Fluid & Ore
Source
Thermal energy to
drive sub-crustal
mineral system
Heat from igneous intrusion
Contact metamorphic aureoles,
surrounding crustal intrusions
— hornfels Greenland Group
rocks
Regional QMAP/detailed geological
mapping (e.g. Figure 7-2)
Metamorphic gradients
Low-pressure metamorphic
facies
Fluid flow from
below MOHO into
crust
Lithosphere to crustal-scale
plumbing system
>100 km-long fault of shear-
zone within low-strain rock
sequences with well-preserved
structures and textures
Regional QMAP and RGL mapping —
faults (e.g. Figure 7-3).
Mag_RTP_SD lin 640/320.
Au-bearing fluid
from sub-crustal
sources
Anomalous metal enrichment
in permeable zones
Anomalous metal enrichment
along shear/fault zones
Linear multi-element (Ag, As, Au, Bu,
Hg, Sb, Te, W) soil or rock-chip
anomalies
Au, As, Sb log (Z)-score maps and
contours (e.g. Figure 9-15).
High fluid flux
around margins of
granite intrusions
Rigidity contrasts between
minor intrusions and host
rocks
Granite intrusions <1-km
diameter within host sequences
Aeromagnetic, radiometric and gravity
gradients in district-scale surveys.
Local geochemical anomalies
RTP_vdmhgm_heq_hc
Rad_TC_heq_NE
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Sheared margins of irregular
granite intrusions
Changes in dip and/or strike of
intrusion margins along
curvilinear shear zones
Discontinuous gold anomalies along
granite intrusion contact
Au, As, Sb log (Z)score maps and
contours (e.g., Figure 9-15).
Enrichment &
Focussing
Mechanism
Focussed fluid
infiltration to
suitable structural
sites
High-damage zones in
second- or third-order faults
adjacent to first-order faults
Jogs representing 10–30°
angular variations from the
mean strike of first-order faults
Change in strike of regional
aeromagnetic linears. More resistive
zones (?)
Mag_RTP_SD_lin_640/320
Cross faults that
accommodate the high-
damage-zone jogs
Arrays of cross faults at ~70°
to the second- or third-order
faults
Arrays of aeromagnetic linear zones
at high angle to the more continuous
regional linear zones
Mapped fold anticline/syncline axis &
form lines (e.g. Figure 9-1).
Fluid infiltration due to
rotation of blocks between
faults with the same
kinematics
Complexity of structure at fault
intersections
Local non-linear aeromagnetic
patterns
RPT_agc_SD_160_complexity
Metal enrichment in fluid
plumbing systems
Alteration zones near fault
intersections
Gold and related elements
(particularly As, Sb, Te, W) anomalies
Au, As, Sb log (Z)score maps and
contours (e.g., Figure 9-15).
Trap
High fluid flux into
structural trap
sites in host rock
sequences
Locked-up anticlinal or
antiformal folds
Typically, 30–40º apical angles
for asymmetrical folds with
steep back limbs
Mapped fold anticline/syncline axis &
form lines (e.g. Figure 9-3)
Thrust or oblique-slip
duplexes
Folded thrust sequences with
complex structural geometries
Complex aeromagnetic signatures
with anomalous closure within the
regional aeromagnetic pattern
RTP_agc_SD_complexity, (highlights
areas of intense complexity vs less
complexity)
Fluid migration
into stratigraphic
trap sites
Strong rheology contrasts
between units in rock
sequences
Contrasts between competent
and incompetent rock units
Geochemical distinction between
psammites and pelites
pXRF data identifying lithologies (e.g.
Figure 9-23)
Reactive host rocks
Rock units with high Fe/(Fe þ
Mg) ratios or high C contents
High-magnetic intensity pixels for Fe-
rich rocks. IP or TEM anomalies for C-
rich rock units
RPT_agc_SD_40_NS/22.5
Surface
Expression
Uplift to lower
lithostatic
pressures
Major vertical displacement
of lithostratigraphic
successions
Late conglomerate/coal-
forming basins juxtaposed
against lower rock units
Strong radiometric contrasts at
district-scale
Regional Mapping
Rad_TC_heg_NE
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Figure 9-38: Location of exploration targets identified by RGL.
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Table 9-13: Table of exploration targets.
Name Easting Northing
Pactolus 1512843 5340636
Specimen Hill 1512428 5342653
VIP 1510166 5336042
North Star 1510494 5335942
Crushington East 1509140 5333935
Crushington West 1508473 5334374
Fiery Cross-Reform East 1512315 5341258
Globe North 1508743 5333218
Phoenix Jog 1510901 5335951
Cementown Contact 1510147 5335046
Golden Fleece 1509449 5335800
Energetic North-Machine 1508950 5334943
Orlando 1511891 5339033
Caledonian-Potter 1514040 5344500
Inglewood East 1510646 5336253
Perseverance 1509629 5335320
Atalanta 1509845 5336158
Ulster-Invincible 1509195 5337186
Stony-Lankey Creek 1510920 5333557
Raglan 1512089 5344943
Kirwans Hill 1518149 5338147
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10. Drilling
RGL completed a total of 41 diamond drillholes from August 2019 to April 2024, carried out in three phases and summarised
in Table 10-1. The location of the drillholes, in the properties, are presented in Figure 10-1. Diamond core was drilled as
either HQ, PQ, or NQ in size. Tables of all drillhole collar locations can be found in Table 10-2. Drillholes were drilled within
EP 60491 and EP 60624.
Table 10-1: Summary of the RGL drillholes within the Reefton Project.
Prospect Hole Type No of Holes Total Depth (m) Avg Depth (m)
Year Drilled
From To
Keep it Dark Diamond 1 140.9 140.9 2019 2019
Pactolus Diamond 30 4,991.3 161.1 2020 2024
Welcome Diamond 2 467.9 233.9 2021 2022
Golden Treasure Diamond 4 547.7 136.9 2022 2022
Raglan Diamond 4 510.0 127.5 2023 2023
Total Diamond 41 6668.6 161.2 2019 2022
Figure 10-1: RGL drillhole collars.
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Table 10-2: Collar details for RGL drillholes.
Hole ID Northing Easting RL (m) Azimuth Dip Depth (m)
DD_PAC_001 5341019 1512924.1 541.0 257 -50 224
DD_PAC_002 5341019 1512924.2 541.0 280 -45 204.4
DD_PAC_003 5341019 1512924.3 541.0 279 -71 305.4
DD_PAC_004 5341019 1512924.4 541.0 213 -52 225
DD_PAC_005 5341019 1512924.5 541.0 213 -70 305.6
DD_PAC_006 5341019.6 1512924 541.0 304 -42 189.7
DD_PAC_007 5341019.7 1512924 541.0 201 -43 299
DD_PAC_007A 5341019.8 1512924 541.0 202 -42 37.5
DD_PAC_008 5340787 1513028 505.3 297 -42 312.3
DD_PAC_009 5340787.1 1513028 505.3 268 -50 284.6
DD_PAC_010 5340787.1 1513028 505.3 230 -60 330.2
DD_PAC_011 5341019 1512924.3 540.9 224 -41 178.95
DD_PAC_014 5340988 1512867 503.9 250 -60 44.95
DD_PAC_015 5340988 1512867 503.9 250 -70 89
DD_PAC_016 5340988 1512867 503.9 250 -45 63.7
DD_PAC_017 5340958 1512863 500.0 250 -45 75.6
DD_PAC_018 5340958 1512863 500.0 250 -60 81.9
DD_PAC_019 5340958 1512863 500.0 250 -70 92.3
DD_PAC_020 5340924 1512878 500.0 250 -55 96.7
DD_PAC_021 5340924 1512878 500.0 250 -70 100
DD_PAC_022 5341082 1512833 500.0 250 -55 87.3
DD_PAC_023 5341082 1512833 500.0 250 -70 107.7
DD_PAC_024 5341082 1512833 500.0 250 -45 85.9
DD_PAC_025 5341036 1512843 506.0 250 -55 91.2
DD_PAC_026 5341036 1512843 506.0 250 -70 90
DD_PAC_035 1512893 5340880 516.5 265 -45 118.5
DD_PAC_036 1512893 5340880 516.5 292 -57 191.8
DD_PAC_037 1512826 5340896 474.2 220 -65 254.1
DD_PAC_038 1512826 5340895 474.6 264 -63 115
DD_PAC_039 1512820 5340859 475.5 238 -57 150
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10.1 Keep it Dark
Keep it Dark consisted of a single hole (DD_KID_001) drilled into the historical Keep-It-Dark workings in the southern section
of the EP 60491. The hole was drilled by EcoDrilling using a Coretec 1300 diamond drill. The hole was drilled at a dip of
80° and was terminated after 140.9 m. This hole drilled PQ size core until 59.4 m, then switched to HQ core. DD_KID_001
intercepted a void and did not intercept mineralisation.
10.2 Pactolus
The Pactolus programme consisted of three phases. Phase One drilling commenced in January 2021 using a helicopter-
supported Christensen CS1000 P4 drill rig, supplied by Alton Drilling. This programme collared PQ-sized core to 100–150
m, then reduced to HQ core. A total of 12 holes were drilled from the first two drill pads, with the purpose of testing the
Pactolus vein system (Figure 10-2; DD_PAC_001 to DD_PAC_011), totalling 2,896.6 m. All holes were successful in
reaching target depth.
Phase Two began in March 2022 using an Alton LT100 mini rig. This smaller rig is capable of drilling NQ core to a depth of
80–120 m. A total of 13 holes were drilled totalling 1,106.25 m (DD_PAC_014 to DD_PAC_026). The mini rig was used to
confirm the orientation and plunge of the high-grade ore shoots in the Pactolus vein system.
The third phase of drilling at Pactolus commenced in December 2023 after samples from trenching and mapping indicated
the possible extension of the Pactolus mineralisation trend. Phase three consisted of six drillholes (DD_PAC_035 to
DD_PAC_040). The drill programme utilised an Alton LT140. Drillholes are collared in PQ, then reduced to HQ and NQ.
The rig is capable of drilling HQ to 100 m, then reducing to NQ to 250 m. There were no notable intercepts in phase three.
DD_PAC_040 1512831 5340552 329.7 220 -55 154.1
DD_GT_027 5335100.5 1509962.9 400.0 101 -70 106.1
DD_GT_028 5335100.5 1509962.9 400.0 85 -50 103.4
DD_GT_029 5335415 1509944 554.1 85 -50 106
DD_GT_030 5335123 1509859 537.8 85 -60 232.2
DD_WEL_012 5342018 1512652 613.3 299 -60 290.5
DD_WEL_013 5342018 1512652 613.3 263 -46 177.4
DD_KID_001 5334081 1508629 212.6 76 -80 140.9
DD_RAG_031 1512369 5345369 437 102 -45 206.6
DD_RAG_032 1512369 5345369 437 104 -65 178.8
DD_RAG_033 1512291 5345408 422 130 -45 107.8
DD_RAG_034 1512291 5345408 422 130 -65 16.8
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The most significant intercepts at Pactolus were calculated with a 1.5 ppm Au cut-off and up to 2-m internal dilution (Table
10-3). Notable intercepts include DD_PAC_002 with 5 m at 6.28 ppm Au, DD_PAC_004 with 12 m at 9.41 ppm Au, and
DD_PAC_022 with 19 m at 1.69 ppm Au, inclusive of 2 m at 8.2 ppm Au (Table 10-3).
Figure 10-2: Drillhole collar and traces at Pactolus.
Table 10-3: Significant intercepts for Pactolus, calculated with a 1.5 ppm Au cut-off and up to 2-m internal dilution.
Hole ID From To Interval Au (ppm)
DD_PAC_001 132.5 135 2.5 4.75
DD_PAC_002 133 138 5 6.28
DD_PAC_004 183 195 12 9.41
DD_PAC_005 218 223 5 2.24
DD_PAC_005 258 260 2 5.26
DD_PAC_007 214 219 5 2.92
DD_PAC_007 244 246 2 1.71
DD_PAC_009 219 221 2 4.40
DD_PAC_010 221 225 4 2.69
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DD_PAC_015 76 81 5 3.13
DD_PAC_016 41 43 2 2.77
DD_PAC_018 43 46 3 2.75
DD_PAC_018 58 60 2 3.11
DD_PAC_022 54 56 2 8.20
DD_PAC_025 33 35 2 3.53
Figure 10-3: Significant intercepts from drill core in the Pactolus programme.
10.3 Welcome
The Welcome programme is located to the east of the historical Welcome-Hopeful mine workings. The aim of the programme
was to test geochemical anomalies identified in the soil sampling and geological mapping. The programme consisted of two
drillholes (DD_WEL_012 and DD_WEL_013; Figure 10-4) totalling 376.5 m, which were drilled using a helicopter-supported
Christensen CS1000 P4 drill rig supplied by Alton Drilling. The Welcome programme collared PQ-sized core to 100–150 m,
then reduced to HQ core. DD_WEL_013 was terminated prematurely due to adverse ground conditions. DD_WEL_012
intercepted 6 m of faulted and deformed greywacke, with weakly disseminated pyrite and no significant mineralisation.
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Figure 10-4: Drillhole collar and traces at Welcome.
10.4 Golden Treasure
Four holes were drilled into the Golden Treasure prospect between September and November 2022 (Figure 10-5). The first
three holes were drilled using an Alton LT100 rig, capable of drilling NQ core to 80–120 m. The final hole (DD_GT_030)
was drilling by and Alton LF70 rig, which drilled HQ core.
Holes DD_GT_027, DD_GT_028 and DD_GT_030 targeted a geochemical anomaly identified in the soil sampling.
DD_GT_029 targeted the northern extension of the historical Golden Treasure workings. None of the four holes intercepted
mineralisation; however, DD_GT_029 did intercept a void (from historical workings).
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Figure 10-5: Drillhole collars and traces at Golden Treasure.
10.5 Raglan
A programme of four drillholes targeted a north-trending soil (Pb) anomaly identified during the 2023 soil sampling
programme (Figure 10-6). The holes were drilled using an Alton LF70 rig, which drilled PQ and then reduced to HQ.
DD_RAG_031 and 032 intercepted a fault zone at 125.7 m and 141.0 m respectively. In DD_RAG_031 the fault presented
as ~1 m wide, laminated with strong chaotic brecciation and graphite alteration. The fault in DD_RAG_032 presented as ~1
m wide brecciated quartz in gouge. DD_RAG_033 intercepted a 6.9-m fault from 101.0–107.9 m. The fault has strong
graphite alteration, some brecciated quartz, and laminated grey quartz. The pXRF detected no anomalous As and no
samples were submitted for Au analysis.
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Figure 10-6: Drillhole collar and traces at Raglan.
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11. Sample Preparation, Analyses & Security
11.1 Sample Preparation
11.1.1 Soil Samples
A bulk sample of ~0.5–1 kg was collected in the field and taken back to RGL’s office for preparation. Samples were dried in
a customised incubator, set at 38°C, for a minimum of two days. Once the samples were fully dried, they were sieved to
<180 μm in size. A sub-sample of 50–100 g was scooped from the <180 μm size fraction for analysis. The remaining
material was retained and stored in Reefton.
11.1.2 Stream-Sediment Samples
The bulk sandy material was collected along a 30–50-m zone of a stream bed. While in the field, RGL geologists sieved the
stream sediments to remove coarse material (>1 mm). The sieved material was then agitated in a bucket of water. After
~5–10 seconds, the suspended sediment was decanted into a second bucket, leaving the coarse material at the bottom of
the bucket. Approximately 150 ml of flocculent was added to the bucket of suspended sediment. Once the sediment had
flocculated, the water was decanted off, and the ‘flocs’ of sediment transferred to a numbered and labelled sample bag. The
sediment was dried at the RGL offices, and a 50-g sample was sampled for in-house analysis, while the rest of the material
was sent to ALS Brisbane for laboratory analysis.
11.1.3 Rock-Chip Samples
Rock-chip samples were sent to SGS Laboratories, Westport for sample preparation. Samples were crushed and pulverised
to 85% passing 75 μm. The pulverised 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.
11.1.4 Drill Samples
The majority of drillholes were sampled in full, typically following 1-m sample intervals unless geological contacts (i.e. dolerite
intrusions) dictated otherwise. NQ core was analysed 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 pulverised (to 85% passing 75 μm). No split duplicates were collected during the crushing steps. Two
scoops were taken from the pulveriser bowl: one for laboratory analysis (~150 g) and the other for pXRF analysis (~100 g).
The pulp reject is stored in Reefton.
11.2 Analysis
11.2.1 Portable Xray-Ray Fluorescence
RGL analysed a total of 13,195 soil samples, 353 stream-sediment, 1,372 rock-chips, and 5,824 drill core samples were by
pXRF to produce a multi-element geochemical dataset. Samples were analysed with an Olympus Vanta VMR instrument,
with a 4 W, 50 kV rhodium anode and a large silicon-drift detector. The instrument was operated using a field test stand and
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a laptop with Vanta PC Software. The approach adopted by RGL followed industry best practice as outlined in Fisher et al.
(2014) and Gazley et al. (2014).
To prepare the samples for analysis, ~20 g of sample material was collected from the sample bag using a spoon and poured
into a 40-mm sample cup, with the base of the cup covered by 4-μm polypropylene film. The sample cup was put in the test
stand and analysed using 3-beam Geochem mode. A beam — also referred to as a filter — is a combination of voltage and
amperage that allows different elements to be detected. Analysis times were set to 15 s for each beam. To ensure the
quality of the pXRF data, standard operating procedures were strictly adhered to, which included a solid quality control
framework.
The pXRF data were corrected using calibration plots derived from certified reference materials (CRMs) inserted and
analysed for each analytical session. The calibration plots are based on the expected values of the CRM plotted against the
analysed values of the CRM samples (Fisher et al., 2014). The gradient of the linear fit between the expected and the
analysed values defines the correction factor used to correct the elemental data.
11.2.2 Laboratory Analysis: Soil Samples
A 50–100-g fine-sieved (<180 μm) soil sample was sent to ALS Geochemistry, Brisbane for Au-TL43 analysis. The analysis
consisted of 25-g sample digestion by aqua regia, followed by trace Au analysis by ICP-MS. The detection limit for Au by
this method is 1 ppb.
All samples from the regional grids (Capleston, Orlando and Murray Creek) were analysed for Au, at ALS in Brisbane, using
an aqua regia digest and an ICP-MS finish. Approximately 5% of the samples were analysed for a full multi-element suite
using a 4-acid digest and ICP-MS finish.
ALS Brisbane is independent to RGI/RGL.
11.2.3 Laboratory Analysis: Stream Sediment Samples
The dried samples (~300–500 g) were shipped to ALS Brisance for bottle roll cyanide extraction Au recovery, followed by
AAS finish. Results are reported in ppb with a lower detection limit of 1 ppb (Table 11-1).
11.2.4 Laboratory Analysis: Rock-Chip Samples
Pulverised rock-chip samples were analysed by 50-g fire assay with AAS finish at SGS Waihi (SGS Code FAA505). The
detection limit for Au by this method is 0.01 ppm (Table 11-1).
SGS Waihi is independent to RGI/RGL.
11.2.5 Laboratory Analysis: Drill Core Samples
Pulverised drill core samples were analysed by 50-g fire assay with AAS finish at SGS Waihi (SGS Code FAA505). 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%.
Samples from Keep it Dark were sent to ALS Perth for assaying. Pulverised samples were analysed by 50-g fire assay with
AAS finish (ALS Code Au-AA26).
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ALS Perth is an ISO 17025 accredited laboratory, and independent of RGI/RGL.
Thirteen 3-kg samples were also analysed by screen fire assay (FAS30K) at SGS Waihi to establish the presence of
nuggetty Au. Samples were screened to 75 μm.
Table 11-1: Summary of the laboratory method codes for assay and geochemical analyses.
Analysis Type Sample Type Laboratory Method Description
pXRF
Soils/rock-chips/stream-
sediments/drill core
RGL office
- pXRF of ~20 g of pulp
Low-level Au Soils ALS Brisbane Au-TL43 Low-level aqua regia digest
High-level Au Soils ALS Brisbane Au-AROR43 Aqua regia digest
BLEG Stream sediments ALS Brisbane Au-AA1 BLEG with extraction AA finish
Fire assay Rock-chips/drill core SGS Waihi FAA505 50-g charge FA, AAS finish
Screen Fire Assay Drill core SGS Waihi FAS30K 3-g charge, screened at 75 μm
Fire Assay Drill core (Keep in Dark
only)
ALS Perth
Au-AA26 25-g charge FA, AAS finish
11.3 Density & Moisture Content
No density or moisture measurements have been completed to date. This is considered appropriate by the QP for an early-
stage exploration project; however, the QP recommends the density measurements are collected once the project progress
to resource drilling.
11.4 Security
An RGL geologist was on-site for the duration of the drilling for the first hole (DD_KID_001); but thereafter, RGL geologists
were only on site to markup holes, and to observe the drilling through mineralised zones. When not at site, an RGL geologist
remained in daily contact with the drillers via VHF radios. The drillers frequently sent photographs of the recovered core to
RGL. The core was removed from site weekly via helicopter.
A secured processing facility in Reefton stored core and resulting samples in locked shipping containers, while not being
worked on. Core samples were transported to SGS New Zealand Limited in Westport by RGL employees for sample
preparation and analysis. Sample submission sheets to SGS were in both digital and paper form.
For the ground geochemical surveys, RGL field geologists collected the samples in the field and returned them to the secure
processing facility in Reefton. Soil samples were dried and sieved on-site to obtain a fine fraction. The coarse soil rejects
were retained, and the coarse reject and surplus fine fraction are stored in locked containers on site. The fine soil fraction
was sent by international courier to ALS Brisbane, Australia.
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Stream-sediment and rock-chip samples were transported to SGS Westport by RGL employees. The splits for analysis were
sent to SGS Waihi and reject samples were collected by an RGL employee, and returned to the Reefton site for storage in
a locked container.
An SOP covering sample transport and chain-of-custody details was not available for RSC to review. The QP recommends
an SOP is created that captures this process.
11.5 Data Quality
11.5.1 Data Quality Objective
Every data collection process implicitly comes with expectations for the accuracy and precision of the data being collected.
Data quality can only be discussed in the context of the objective for which the data are being collected. In the minerals
industry, the term ‘fit for purpose’ is typically used to convey the principle that data should suit the objective. In the context
of data quality objectives (DQOs), fit for purpose could be translated as ‘meeting the DQO’.
The Reefton Project is early-stage exploration project. The near-term goal of the exploration programmes presented in this
Report is defining exploration targets. However, if the potential of these exploration targets proves sufficient, the collected
exploration data are intended to support Minerals Resources classified into at least the Inferred category. This ultimate
Mineral Resource classification objective sets a requirement for the level of quality of the data and determines the DQO.
11.5.2 Quality Assurance
Quality assurance (QA) is about error prevention and establishing processes that are repeatable and self-checking. The
simpler the process and the fewer steps required the better, as this reduces the potential for errors to be introduced into the
sampling process. This goal can be achieved using technically sound, simple, and prescriptive SOPs and management
systems.
In discussing the suitability of QA systems for the data collection that might underpin a future MRE, and the potential impact
of these processes on the resource classification, RSC has applied the process summarised in Figure 11-1. This summary
discusses whether:
• processes are clearly documented in an SOP, and they represent good practice;
• the SOP includes clearly defined data quality objectives;
• the SOP includes clear details on quality control (QC) measures; and
• the site visit confirmed adherence to the SOPs.
For each part of the sampling, preparation and analytical process, a comment on the expected associated risk with respect
to resource classification is provided.
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Figure 11-1: Flow chart of RSC’s QA review process.
11.5.2.1 Soil Samples
RGL collected four different types of primary sample — soil samples, stream-sediment samples, rock-chip samples and
diamond drill core samples. Diamond drill core and soil samples are the predominant sampling methods conducted and
used to identify exploration targets; only these methods are therefore discussed below.
11.5.2.1.1 Surface Sample Location
Surface location data were captured using a Garmin GPSMAP 66i handheld GPS with a horizontal accuracy of ~3 m. An
SOP was in place for the collection of surface location data. The SOP outlines an industry-standard procedure, but it does
not include any information on the objectives, and is text-heavy. To improve clarity, and for ease of reference, RSC
recommends outlining the procedure in a step-by-step, bullet-point fashion. It is also recommended to provide specifics
where possible. For instance, the SOP states that “when a location needs to be precisely recorded, waypoint averaging
should be applied”. It is not immediately clear, however, in which cases more precisely recorded waypoints are required.
The Guideline for GPS Use also does not state for how long the waypoint should be averaged; but the SOP Soil Sampling
document states “an average waypoint of 3–5 minutes should give a sufficient accuracy”. However, the QP notes that 3–5
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minutes is less than the recommended time, as Garmin recommends the waypoint averaging function should be used for a
minimum of five minutes, but 7–10 minutes is preferred.
The SOP describes what actions should be undertaken if the performance of the GPS becomes poor. To better quantify
what poor performance means, the QP recommends using the accuracy information provided by the GPS. The GPS
accuracy can be used to set thresholds that define when certain steps to improve GPS performance should be undertaken.
Ideally, the accuracy of the GPS is monitored before collecting a waypoint, and recorded when capturing a waypoint.
The surface sample location collection process was not audited by the QP. However, based on the review of the SOP and
discussion with RGL geologists, the QP considers the location data procedure poses a low risk with respect to the quality
objective.
11.5.2.1.2 Primary Sample
An SOP detailing the collection of soil samples was available for review, and the sampling methods are summarised in
section 11.1.1. The SOP is of a decent standard and describes industry best practice; however, it does not include clear
enough language on the objectives. The SOP is prescriptive, and includes a step-based sampling procedure, noting quality
control steps (collection of field repeats). The process was not audited by the QP; however, based on discussions with RGL
geologists, the QP considers that there is low risk with respect to data quality.
11.5.2.1.3 First Split
An SOP regarding the first-split process for soil samples was not available to review. From discussion with RGL geologists,
dried soil samples were sieved to separate the fine fraction (<180 μm) from the coarse fraction. This process was not
audited by the QP. Since sieving is a straightforward and standard industry procedure, the QP considers the risk with respect
to the quality objective to be low.
11.5.2.1.4 Second Split
An SOP regarding the second-split process for soil samples was available to review. A scoop, ~20 g, of sieved fines was
collected for analysis.
Based on discussions with RGL, a scoop of 50–100 g of sieved soil was collected and sent to ALS Brisbane. No SOP is
available to review for this step. However, in the QP’s opinion, due to the fine-grained nature of the sample, only a low risk
to the quality of the sample is associated with the second split procedure.
11.5.2.1.5 Third Split
The third split, collecting an analytical aliquot, was conducted at ALS Brisbane. No SOP for the third splitting process was
available for review. The QP did not audit this process; however, the QP is familiar with ALS laboratories and its SOPs. In
the opinion of the QP, there is a low risk associated with the third splitting process with respect to the quality objective.
11.5.2.1.6 Analytical
Multi-element analysis of the soil samples was completed at RGL’s office in Reefton using an Olympus Vanta VMR pXRF
instrument. RSC provided RGL with a pXRF SOP that reflects industry best practices. The SOP includes procedures
regarding a robust QC framework that, when followed, ensures the instrument is working according to its specifications and
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that no special-cause variation is introduced. The process was not audited, and the QP considers that the risk associated
with the pXRF analysis is low with respect to the quality objective.
Soil samples were analysed for Au at ALS Brisbane. An SOP of the analytical processes was not available for review and
the process was not audited. ALS Brisbane is an ISO 17025 accredited laboratory, and even though there is some residual
risk as the laboratory has not been audited, the QP is conversant with ALS laboratories and its SOPs around the world, and
in view of the quality objective, the risk associated with the Au analysis is considered low.
11.5.2.2 Diamond Drill Samples
11.5.2.2.1 Collar Location
Collar location procedures are outlined in the SOP Drilling Rig Procedures and Guideline for GPS Use documents. These
SOPs outline the same procedure as discussed in section 11.5.2.1.1 for soil samples. Therefore, the same observations
and comments apply here.
Additionally, when using the waypoint averaging function on the Garmin GPSMAP 66i, Garmin recommends collecting four
to eight samples taken at least 90 minutes apart. RSC recommends RGL update the SOP Drilling Rig Procedures to include
repeat measurements taken 90 minutes apart, throughout the first day of drilling, as part of its quality control practices.
The SOP also states if mineralisation at depth is proven in one or more drillholes, RGL should consider having the collars
surveyed using DGPS. To date, no drillhole collar locations were captured by a certified surveyor using a higher-accuracy
instrument like a DGPS. The QP considers this appropriate for defining exploration targets, but recommends having a
contract surveyor resurvey all collars that will be used to support an MRE with a DGPS.
The collar location collection process was not audited by the QP. However, based on the review of the SOP and discussion
with RGL geologists, the QP considers that the collar location capture process presents a low risk with respect to the quality
objective.
11.5.2.2.2 Downhole Orientation Survey
The downhole surveys were conducted using a Reflex EZ-Trac downhole instrument. RGL’s drilling contractors surveyed
the diamond drillholes at 6 m intervals below the mineralised zone and 30 m intervals above the mineralised zone, following
the manufacturer's instructions for operating the survey tool. Downhole surveying was conducted by the drilling contractors;
however, ideally, this process is monitored by the rig geologist. An SOP regarding the downhole survey is available; it is of
a good standard and describes industry best practice; however, it does not include any information on the data quality
objective. The SOP is prescriptive, includes a step-based operating procedure with lots of photographs. The quality control
section is comprehensive, outlining daily checks, and tolerance ranges for gravity, magnetic field strength and magnetic
field dip. The process was not audited by the QP; however, based on discussions between RGL geologists and the QP, the
QP considers that there is low risk with respect to the quality objective, and this has been taken into account when identifying
exploration targets.
11.5.2.2.3 Density
No density data have been collected at the Reefton Project so far. In the QP’s opinion, this is acceptable when defining
exploration targets, but should be collected for any subsequent resource estimation work.
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11.5.2.2.4 Primary Sample
An SOP detailing the drilling of diamond core was available for review. The SOP is of fit for purpose, with relevant
prescriptive steps and diagrams/images. It outlines the responsibilities of the geologists and drillers and covers important
aspects of logistics, preparation, safety around the drilling campaign, downhole surveying and core recovery, and includes
a minimum threshold of 90% recovery.
The QP did not audit the drilling operations as no drilling was taking place during the QP’s site visits.
The described processes of managing the diamond drill sampling and recovery is excellent and considered industry best
practice.
11.5.2.2.5 First Split
The first split for the diamond core occurs in the core yard when cutting the core in half. An SOP regarding the first split of
diamond core is available to review, describing that core is sampled along one-metre intervals, except in zones of distinct
mineralisation (e.g. quartz veins or sulphide enrichment) where the sample interval was adjusted for lithological breaks.
RSC recommends updating the SOP to include different procedures for core with a different diameter. In the case of NQ
core, RGL digressed from the SOP, as NQ core was sampled in full, rather than following the procedure of sampling half-
core. Both HQ and PQ core were sampled in accordance with the SOP. The SOP also states the minimum and maximum
sample interval to be 0.3 m and 1.0 m, respectively; however, the drill database indicates samples as long as 1.6 m were
sampled. The remaining HQ and PQ half core was retained in the core tray for future reference and check analyses.
The marking, selecting, and cutting procedures were not audited by the QP. However, the QP reviewed the remaining core,
sample marks and sampling documentation during the site visit. The SOP states core should be cut perpendicular to features
of interest (e.g. shearing, faulting, significant veins and stockwork), and where these features are absent, core should be
cut perpendicular to the rock fabric. The QP reviewed sections of cut core during the site, which indicated the SOP was
followed. However, the QP notes it is best practice to mark and cut core along the orientation line (or a few degrees off it to
preserve the line), and it is important to always sample the same half of the core to ensure no sampling bias is introduced.
In core drilling campaigns where core orientation is not carried out or where it is difficult to align core in broken zones, this
may lead to cut lines that are biased to preserve visible gold in the core, potentially leading to biased sampling.
Based on the SOP and observations made by the QP, the QP considers that the first splitting process poses a moderate
risk with respect to the quality objective. The QP recommends changes are made to the core cutting procedures at the
Reefton Project to minimise the risk of introducing selection bias.
11.5.2.2.6 Second Split
The crushing of the sample and second split happened at the laboratory (SGS Westport). The crushing parameters were
set to 75% passing 2 mm at the laboratory, which is a standard passing for this step. A 1-kg split was collected by SGS
Westport. An SOP for this second-split process was not available to review. SGS Westport is an ISO/IEC 17025 accredited
laboratory, and, even though there is some residual risk with this part of the process not having been audited by a QP, the
QP is conversant with SGS laboratories and its SOPs around the world, and considers the risk associated with the second
split procedures to be low.
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11.5.2.2.7 Third Split
Following crushing and splitting, SGS Westport pulverised the samples to 85% passing 75 μm before taking a 50-g split for
analysis. An SOP for this third-split process was not available to review has not audited the third split but is familiar with
SGS’s SOPS. In the opinion of the QP, the risk associated with the third split QA is low.
11.5.2.2.8 Analytical
Multi-element analysis of the pulverised diamond core was completed at RGL’s office in Reefton using an Olympus Vanta
VMR pXRF instrument, and followed industry best practice and RGL’s pXRF analysis SOP. A robust QC framework was in
place to ensure that the instrument was working according to its specifications and that no special-cause variation was
introduced. The process was not audited, and the QP considers that the risk associated with the pXRF analysis is low.
Pulverised diamond core samples were analysed for Au at SGS Waihi. No SOP of the analytical process was available for
review and the process was not audited. SGS Waihi is an ISO 17025 accredited laboratory, and even though there is some
residual risk as the process has not been audited, the QP is conversant with SGS laboratories and its SOPs around the
world, and considers the risk associated with the Au analysis SOPs to be low with respect to the quality objective.
11.5.3 Quality Control
The purpose of quality control (QC) is to detect and correct errors while a measuring or sample-collection system is in
operation. The outcome of a good QC programme is that it can be demonstrated that errors were fixed during operation and
that the system delivering the data was always in control. Together with good QA (covered in section 11.5.2), it ensures that
quality objective is met.
Good QC is achieved by inserting and constantly evaluating checks and balances. These checks and balances can be
incorporated at every stage of the sample process (location, primary sample collection, preparation and analytical phases)
and, if in place, should be monitored during data collection, allowing the operator to identify and fix errors as they occur.
11.5.3.1 Soil Samples
11.5.3.1.1 Surface Sample Location
No quality control practice checks, such as repeat measurements, were collected for the surface samples.
11.5.3.1.2 Primary Sample
The primary sample was collected by hand in the field. The quality of primary soil samples was tested by the collection of
repeat samples. Repeat samples (sometimes called ‘field duplicates’) were collected at a rate of ~1:20, following the same
methods and procedures as the primary sample, within ~0.5 m from the primary sample site. An a posteriori review of the
repeat samples was conducted by RSC. The relative difference (RD) plot for As (Figure 11-2) does not indicate step changes
or trends over time, indicating that the process was in control.
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Figure 11-2: The RD in As grade between the original and field repeat samples against time. Data filtered to above LOQ
(2 ppm).
11.5.3.1.3 First Split
The quality of the first splitting process (sieving dried soil samples to separate the fine fraction (<180 μm) from the coarse
fraction) could not be monitored as the entire sample was sieved down to 180 μm.
11.5.3.1.4 Second Split
RGL collected second-split repeat samples at a rate of ~1:20 from the sieved soil samples, which were analysed by pXRF.
The quality of the second split can be monitored by comparing the RD of the grade between the original and repeat samples,
as presented in Figure 11-3. Data were filtered above the LOQ. The RD between second-split sample pairs typically varies
from -60% to +70%. One outlier is reported (-102%); RSC could not confirm this was due to a sample swap. The variance
reported for the second split is less than the variance reported for the primary sample, which is expected. No major step
changes or trends are observed, as a result, the second-split process is considered to have been in control.
Figure 11-3: The RD in As grades between the original and second split repeat against time, illustrating soil samples only.
Data filtered to above LOQ (2 ppm).
11.5.3.1.5 Analytical Process: ALS
RGL did not submit any blind certified reference material (CRM) or blank samples to ALS alongside the soil samples.
Laboratory QC data (Internal reference material and laboratory blank data) were not available for RSC to review. RSC could
therefore not assess if the analytical process was in control. Given that ALS Brisbane is an ISO 17025 accredited laboratory,
RSC considers this acceptable for the delineation of exploration targets.
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11.5.3.1.6 Analytical Process: Pulp-Sample pXRF
Certified reference material (OREAS112, OREAS232, OREAS235, OREAS238, OREAS239, OREAS23C, OREAS24B,
OREAS24C, OREAS25A, OREAS45E, OREAS460, OREAS501B, OREAS600, OREAS60D, OREAS700, OREAS701, and
OREAS920) were inserted in the sample stream for quality control during pXRF operation. Every pXRF operator started
their session by analysing a blank and five CRMs. After that, only one CRM was analysed at a frequency of 1 in 20. A
replicate measurement and repeat sample (second scoop from the sample bag) were analysed at a frequency of 1 in 20. At
the end of the analytical session or day, the five CRMs and blank were analysed again. Reference materials were inserted
in the sample stream to allow post-processing correction of the data, as well as to monitor the consistency of the pXRF
analytical process during the measuring process. Blanks were inserted to ensure that any contamination of the instrument
was identified before samples were analysed. Repeat measurements were used to test the precision of the instrument.
All pXRF measurements were calibrated against the OREAS standards. The geochemical data collected with the pXRF
were corrected using calibration plots after every time the data were uploaded into the database. The calibration plots are
based on the expected values of the CRM standards plotted against the analysed values of the standards. The gradient of
the linear fit between the expected and the analysed values defined the correction factor used to calibrate the collected
geochemistry data.
The control plot presented in Figure 11-4 covers CRMs analysed for the entire pXRF analytical programme (including the
analysis of soil, stream, rock, drill and historical samples). Several step changes and trends were observed during the pXRF
analytical process. The step change observed in August 2020 is due to a change in instrument. Minor but persistent trends
over time (analytical drift) are a common phenomenon in pXRF analysis, and this was addressed by calibrating the data.
The control plot for Al indicates two periods (May–July 2021 and May–August 2020) when the analytical process was not in
control, this is marked by several erratic data points and trends observed in multiple CRMs. However, since the CRM data
of other elements reviewed (Al, Fe, As (Figure 11-4), Sb and Rb) do not indicate erratic behaviour during the aforementioned
periods, the pXRF analytical process is considered to have been in control.
Figure 11-4: Combined CRM chart of selected CRMs analysed for As by pXRF, possible sample swaps noted by red
circles.
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The quality of the pXRF analytical process can also be assessed by reviewing the RD between the original and replicate
measurements. A replicate measurement is where a second pXRF reading is taken without moving the sample. The RD
plot present in Figure 11-5, indicates the analytical process was in control, with no trends or step changes observed in the
data.
Figure 11-5: The RD in As grades between the original and replicate measurements against time, illustrating soil samples
only. Data filtered to above LOQ (2 ppm).
11.5.3.2 Diamond Drill Samples
11.5.3.2.1 Collar Location
No quantitative collar location QC data were available to review, so it could not be established if the collar location data
capture process was in control or not. Quality control of the collar location data, as derived from a combination of drillhole
collar positions and downhole surveys, should occur on site, as surveys are being conducted by performing check
measurements and applying performance thresholds, such as dog-leg severity for downhole surveys. RGL collected multiple
hand-held GPS measurements at each collar and validated the collar coordinates against high-resolution LiDAR imagery.
The multiple GPS measurements were not recorded in the RGL database. The QP recommends RGL records the repeat
GPS measurements to be able to quantitatively assess the quality of the location data. However, based on the SOP, and
LiDAR verification, the QP is in the opinion that, in view of the DQO, the risk associated with the collar location data is low.
11.5.3.2.2 Downhole Survey
The downhole survey was monitored daily via radio checks between the drilling contractors and RGL geologists. One hole,
WEL013, was abandoned due to major deviations after it struck a major fault system at depth.
The downhole survey instrument was not tested at the start of each day, contrary to this being a requirement as per the
SOP. No quantitative control data (e.g. magnetic field strength, magnetic dip, gravity) were recorded over the course of the
drill programme to monitor the quality of the downhole survey data. The Reflex gyro survey device seeks out true north with
no risk of magnetic interference and has internal QC procedures that flag surveys as failed if certain parameters (e.g. the
misclose) exceed predetermined limits. The downhole surveys and the associated QC aspects were managed by the drillers.
Because the Reflex Gyro Sprint-IQ is easy to operate, and because it auto-validates the survey data, the downhole survey
process is considered to have been in control throughout the programme.
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11.5.3.2.3 Density
No density data have been collected.
11.5.3.2.4 Primary Sample
The primary sample is collected at the drill bit. The quality and consistency of the primary sample for diamond drilling was
monitored, by proxy, by assessing the core recovery. The drillers used drill blocks to record drill recovery, which were
checked by RGL geologist during core mark-up. When poor core recovery was identified by the geologist (<90% as outlined
in the SOP), the geologist would alert the drillers. The QP considers this good practice.
The quality control data, by proxy of recovery data, indicate that the diamond drilling process was not always in control with
step-drops, and out-of-threshold recoveries demonstrated throughout the drilling campaign (Figure 11-6). The decrease in
sample recovery corresponds to a change in drilling rigs and core size (switch to mini rig drilling NQ core). Recovery
increased as the drilling operators became more familiar with the rig. Cyclic dips in the recovery correspond to the start of
new holes, as the ground was typically more weathered at the surface. More recent drilling at Pactolus and Raglan has
demonstrated an improvement in sample recovery due to the change back to HQ core.
The QP considers that low risk, associated with the NQ diamond core sampling consistency, exists, and there may be minor
impacts on any resource classifications that are based on these data.
Figure 11-6: Sample recovery per metre sample. Shaded grey background represents data from NQ holes. The remaining
data are from HQ and PQ holes.
11.5.3.2.5 First Split
The quality of the first splitting process is typically monitored by the collection of duplicate or repeat samples. The
consistency of the splitting process can be broadly assessed by tracking the RD of the duplicate or repeat pairs over time.
For diamond drilling, the first split occurs when the core is cut. No first-split (half-core) duplicate or repeat samples were
collected by RGL. Therefore, RSC cannot determine if the first-split process has been in control. In the QP’s opinion, this is
0
0
.
2
0
.
4
0
.
6
0
.
8
1
1
.
2
1
501
1001
1501
2001
2501
3001
3501
4001
4501
5001
5501
Recovery
(
m
)
Sample no
.
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acceptable for the purpose of delineating exploration targets. However, the QP recommends collecting quarter-core samples
to compare with the opposing quarter core sample for any diamond drillholes that are included in a future resource estimate
(see Stanley, 2014) for an explanation.
11.5.3.2.6 Second Split
No second-split duplicates of core samples were collected during the crushing stage. Therefore, RSC cannot determine if
the second-split process has been in control. In the QP’s opinion, this is acceptable for the purpose of delineating exploration
targets. The QP recommends collecting second-split repeat samples for any future resource delineation drilling programmes
from the same samples that have core split duplicates.
11.5.3.2.7 Third Split
Further reduction of the drill core sample (pulverisation) was carried out at the laboratory, after which another split was
collected. SGS Westport collected a duplicate sample at a frequency of one per batch, or at 1:100 for batches larger than
100 samples. The RD between sample pairs reporting above the Au detection limit is depicted in Figure 11-7. Only 14 third-
split pairs returned Au data above the detection limit, which is not sufficient for a meaningful statistical analysis. Three
sample pairs report ~30% difference, which corresponds to a difference of 1 ppm between the original and duplicate sample.
In each case, the grade of the duplicate sample was higher than that of the original sample. This requires follow-up
investigations with the laboratory and may require adjustment of the pulp splitting processes to better homogenise the
material before the final aliquot is prepared.
Repeat samples collected from the pulp bag were also analysed by pXRF. Three outliers were removed from the data,
reporting a RD of ~75%, which may represent sample swaps. No major trends and step changes were observed (Figure
11-8), and the third-split process is considered to have been in control.
Figure 11-7: The RD in Au grades between the original and third-split duplicate pairs against time. Core Samples only. Au
analysed by FA505 at SGS Waihi.
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Figure 11-8: The RD in As grades between the original and third-split duplicate pairs against time. Core samples only.
Arsenic analysed by pXRF at the RGL office.
11.5.3.2.8 Analytical Process: SGS
For the analysis of the drillhole samples, RGL inserted six different CRMs into the sample stream to control the quality of
the analytical process (Table 11-2). No IRM data were available for RSC to review. RSC has conducted an a posteriori
review of the CRM data to determine consistency of the analytical process that delivered the data. However, because only
few and widely spaced data points per CRM are available, a statically valid, in-depth assessment of the CRM data is not
possible. A visual assessment of Shewhart control plots, for the different CRMs inserted, indicated four of the CRMs reported
at least one analysis reporting outside three standard deviations; however, none of these instances occurred on the same
day. The QP recommends that RGL obtains and frequently reviews the SGS IRM data and insert CRMs at higher frequency
so that their analysis becomes statistically meaningful.
Table 11-2: Certified reference material analysed for the Reefton Gold diamond core samples.
CRM Source Material Cert. Value Au (ppm) Standard Deviation Number of Assays
SC110 Rocklabs Ltd Sulphide 0.235 0.009 4
SL76 Rocklabs Ltd Sulphide 5.960 0.192 6
Si81 Rocklabs Ltd Sulphide 1.790 0.030 8
SE101 Rocklabs Ltd Sulphide 0.606 0.013 10
OxE150 Rocklabs Ltd Oxide 0.658 0.016 10
SN103 Rocklabs Ltd Sulphide 8.520 0.146 5
RGL inserted 43 sample blanks across 34 work orders. Four sample blanks returned detectable but low grades of Au,
ranging from 0.01–0.05 ppm (Figure 11-9).
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Figure 11-9: Plot of sample blank analysis conducted at SGS Waihi.
11.5.4 Quality Acceptance Testing
Quality acceptance testing (QAT) is where a final judgement of the data is made by assessing the accuracy and precision
of the data, for those periods where the process was demonstrated to be in control, and separately for those periods where
the process was demonstrated to be not in control. Accuracy and precision are evaluated, and a final pass/fail assessment
is made based on the DQO.
11.5.4.1 Soil Samples
11.5.4.1.1 Surface Sample Location
There are no quantitative quality data available for the surface sample location collection process; hence, accepting the
quality (accuracy and precision) of the surface sample location data, based on statistically defined thresholds, is not
possible. Based on the review of processes, systems and tools available to determine surface sample locations (section
11.5.2.1.1), the surface samples location data are considered fit for the purpose of defining exploration targets.
11.5.4.1.2 Primary Sample
A practical way to check and verify the quality of a primary sample is to validate it against, or compare it with, a sample of
a known grade. In simple terms, the difference between the analysed value and the ‘known’ value is then defined as the
bias, a measure of sample quality. Precision can be benchmarked by comparing the variance in the measurements of
samples with the variance in the check samples. This is the principle, for instance, behind the utility of laboratory CRMs.
A total of 424 repeat soil samples were collected in the field, of which, 429 sample pairs returned grade data above the LOQ
for As (analysed by pXRF). The review of the As data indicates there is good correlation between the original and repeat
hole, with a root mean square CV (RMSCV) (Stanley & Lawie, 2007 and Abzalov, 2008) of 27%. The quantile-quantile (QQ)
plots do not indicate significant bias, and ranked Wilcoxon tests confirm that there are no statistically significant biases at
95% confidence. The scatter in the repeat data likely reflects a large component of natural inherent variability of As in the
soil (Figure 11-10), and to a lesser degree variance from sampling errors.
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The Au repeat data exhibit high variability (Figure 11-11), which is reflected in the RMSCV of 64.7%. At low grades (2–15
ppb), the QQ plot indicates there is no bias towards the original sample; and ranked Wilcoxon tests confirmed there are no
statistically significant biases at 95% confidence (Figure 11-11).
Figure 11-10: Scatter and QQ plots for field repeat samples analysed for As by pXRF. Data filtered to above LOQ (2 ppm
As).
Figure 11-11: Scatter and QQ plots for field repeat samples analysed for Au by aqua regia extraction with ICP-MS at ALS
Brisbane.
11.5.4.1.3 First Split
No QC data are available for the first splitting stage for the soil samples, hence the quality of the first splitting process cannot
be quantitatively determined. Based on the adequacy of the operating procedures (section 11.5.2.1.3), the QP is of the
opinion that data resulting from the first splits are fit for the purpose of delineating exploration targets.
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11.5.4.1.4 Second Split
Scatter and QQ plots indicate a good correlation between second-split sample pairs (Figure 11-12). The QQ plot and ranked
Wilcoxon test confirm there is no statistically significant biases at 95% confidence. The RMSCV is an acceptable 16%. As
expected, the RMSCV of the second split repeat pairs is significantly lower than that of the primary sample repeat pairs.
Based on the quantitative quality data and the adequacy of the operating procedures (section 11.5.2.1.4), the QP considers
the second-split data are fit for purpose with respect to the DQO.
Figure 11-12: Scatter and QQ plots for second split soil samples, analysed for As by pXRF.
11.5.4.1.5 Analytical Process: ALS
No CRMs were inserted during the analytical process at ALS, and no IRM data were available. Therefore, the quality of the
analytical process cannot quantitatively be determined. Based on the review of processes, systems and tools (section
11.5.2.1.5), the analytical data are considered fit for the purpose of estimation and resource classification.
11.5.4.1.6 Analytical Process: pXRF
To compensate for longer-term trends in pXRF analytical results related to instrumental drift, CRM data are used for
calibration purposes. Because of this drift, the CRM data are not suitable to determine the accuracy and precision of the
pXRF analytical data. As a proxy, replicate measurements collected at a rate of 1 in 20 were assessed by the QP. A review
of the pXRF replicate data for As indicates a good correlation (RMSCV of 16%) and no statistical bias (as calculated by
Wilcoxon test) between the original and replicate data (Figure 11-13). In the opinion of the QP, the pXRF data are fit for
purpose with respect to the DQO.
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Figure 11-13: Scatter and QQ-plots replicate analyses, analysed for As by pXRF.
11.5.4.2 Diamond Drill Samples
11.5.4.2.1 Collar Location
There are no quantitative quality data available for the collar location collection process; hence, accepting the quality
(accuracy and precision) of the collar location data based on statistically defined thresholds is not possible. Based on the
review of processes, systems and tools available to determine collar locations (section 11.5.2.2.1), the collar location data
are considered fit for the purpose of defining exploration targets.
11.5.4.2.2 Downhole Survey
No quantitative quality downhole survey data were collected, and therefore, the quality of the analytical process as
determined by accuracy and precision cannot be determined. Based on the adequacy of the operating procedures (section
11.5.2.2.2), the downhole survey data are considered fit for the purpose of defining exploration targets.
11.5.4.2.3 Density
No density data have been collected.
11.5.4.2.4 Primary Sample
A practical way to check and verify the quality of a primary sample is to validate it against, or compare it with, a sample of
a known grade. In simple terms, the difference between the analysed value and the ‘known’ value is then defined as the
bias, a measure of sample quality. Precision can be benchmarked by comparing the variance in the measurements of
samples with the variance in the check samples. This is the principle, for instance, behind the utility of laboratory CRMs.
For the primary sample, i.e. The sample collected at the drill bit, such options do not readily exist. The next practical way to
determine the quality of the primary sample is to compare it with a sample of similar or better quality, taken at the same
location. This process is often called ‘twinned drilling’, but it can be used anywhere, where a sample from drill type A is close
enough to a sample from drill/sample type B.
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As of the effective date of this Report, no twin drilling has been conducted at the Reefton Project. In the QP’s opinion, this
is acceptable for early-stage exploration programmes, but twin drilling, particularly of significant intersections, is
recommended as the project progresses to resource definition.
The quality of the primary sample can be assessed, by proxy, through assessing sample recovery rates. Sample recovery
was actively monitored during drilling (section 11.5.3.2.1). Drill core recovery for the Reefton Project averages 96%;
however, it is noted that the average recovery for DD-PAC-014 was only 51%. DD-PAC-014 was the first hole drilled using
the mini rig. Core recovery improved after hole 014, as the drillers became more familiar with the rig and ground conditions.
The QP notes that an average 96% recovery is a relatively standard recovery target for DD drilling, under most conditions.
The data are fit for purpose of interpreting exploration results, but poor performance from DD-PAC-014 should be further
reviewed in case of any future resource estimation.
As a back-door check for primary sample quality, the sample recovery can be used as a proxy to investigate the impact of
grade distribution. No trend is observed between sample recovery and Au grade (Figure 11-14).
Figure 11-14: Sample recovery vs Au grade (laboratory fire assay).
11.5.4.2.5 First Split
No first-split duplicate samples were collected; therefore, it is not possible to determine the accuracy and precision of the
first split based on statistically defined thresholds. Based on the adequacy of the operating procedures (section 11.5.2.2.5),
in the QP’s opinion, the sub-sampling methodology is appropriate for the style of mineralisation, and the quality of the data
are accepted with respect to the DQO. The QP notes that in absence of orientation lines, and therefore a consistent cut line,
there is a residual risk of sample selection bias towards visible gold or sulphide presence. This needs to be captured in the
SOPs and must be controlled in future drilling by collecting duplicate samples from the core.
11.5.4.2.6 Second Split
The absence of quantitative QC data on the second split (crush) limits the ability to determine the quality of this split based
on statistically defined thresholds. However, based on the adequacy of the operating procedures (section 11.5.2.2.6), in the
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QP’s opinion, the sub-sampling methodology is appropriate for the style of mineralisation, and the quality of the data are
accepted with respect to the DQO. The QP recommends that duplication is routinely carried out by the laboratory to
understand any quality issues at this stage of splitting.
11.5.4.2.7 Third Split
Third-split repeat samples of the PQ and HQ core were collected by SGS Westport. A minimum of one repeat was collected
per work order batch. Additionally, for batches larger than 100 samples, additional repeats were collected at a rate of 1:100.
A total of 39 repeat samples were collected; however, only 21 were analysed for Au, and only 13 sample pairs returned
above detection limit (>0.01 ppm) Au grades. Figure 11-15 presents the scatter and QQ plots for Au. Wilcoxon signed-
ranked test indicates there is no statistically significant bias introduced during the third (pulp) split.
A larger population (n=269) of third-split repeat pairs were analysed by pXRF. Arsenic data supports the quality of the Au
data, with an RMSCV of 6%, and based on signed Wilcoxon tests, there is no statistically significant bias at 95% confidence.
SGS Waihi also collected and analysed additional third-split repeat samples as part of its internal QC processes (at least
one per batch). Figure 11-16 presents the scatter and QQ plots for Au. Wilcoxon signed-ranked test indicates there is no
statistically significant bias between the original and repeat analyses.
On the basis of the repeat analysis, in the opinion of the QP, the splitting of pulps produced data of an acceptable quality
with respect to the quality objective.
Figure 11-15: Scatter and QQ plots of third-split (pulp) repeat pairs from diamond drill samples collected by SGS Westport.
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Figure 11-16: Scatter and QQ plots for third-split (pulp) repeat pairs from diamond drill samples collected by SGS Waihi.
11.5.4.2.8 Analytical Process: SGS
Due to the small sample size for each CRM (n<10), it is not possible to carry out a meaningful statistical analysis of the
CRM data. A basic assessment of the CRM data did not suggest any issues. No SGS IRM data were available for review.
Based on the adequacy of the procedures (section 11.5.2.2.8) and the visual assessment of the CRM data, in the QP’s
opinion, the analytical process can be expected to not have unduly affected the quality of the data to such a degree that
interpretations of exploration potential cannot be made. The QP recommends RGL increases the number CRMs for future
analytical programmes, specifically as the project progresses to resource definition.
11.6 Summary
Following a review of the available quality data and SOPs, the QP considers the location, sampling, preparation, and
analytical data to be fit for the purpose of exploration targets and interpretation of exploration results. A summary of the data
quality is presented in Table 11-3, where the process has been divided into the various sampling and preparation stages.
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Table 11-3: Summary of data quality review for the Reefton Project. NA = not available. NS = not sufficient data. FA = fire
assay.
Sample
Type
Data Type QA QC Accuracy Precision
Fit for
Purpose
Comment
Soil
Sample
Surface Sample
Location
Pass NA Unknown Unknown Yes
No quantitative control data collected
for surface sampling programme.
Primary Sample Pass Pass Pass Pass Yes
SOPs available for review. No bias
observed between primary and
repeat sample pairs. Data fit for
purpose.
First Split NA NA Unknown Unknown Yes
No SOPs or quantitative control data
were available. Process is standard;
data are fit for purpose.
Second Split Pass Pass Pass Pass Yes
SOP available for review.
Quantitative control data indicate
splitting process was in control, and
data are fit for purpose.
Analytical
Process: ALS
NA NA NA NA Yes
No SOPs or quantitative control data
were available. Process is standard;
internationally accredited laboratory,
data are fit for purpose.
Analytical
Process: pXRF
Pass Pass Pass Pass Yes
Comprehensive SOP. Quantitative
control data were collected and
indicate the data are fit for purpose.
Drill
Sample
Collar Location Pass Pass Unknown Unknown Yes
Collar location data were compared
to LiDAR imagery to confirm quality.
DGPS measurements recommended
for future resource drilling.
Downhole Pass NA Unknown Unknown Yes
Comprehensive SOP; however, QC
processes not adhered too.
Primary Sample Pass Pass Pass Pass Yes
SOP available for review. Recovery
data indicates issues related to the
switch of rig, but data are fit for
purpose.
Density NA NA Unknown Unknown NA No density data collected.
First Split Pass NA Unknown Unknown Yes
SOP was available for review. No
quantitative control data collected.
Second Split NA NA Unknown Unknown Yes
No quantitative quality control data
collected. Coarse crush reject was
discarded after analysis. The QP
strongly recommends the collection
of coarse crush duplicates and to
retain all excess coarse crush
material for future quality check
analysis.
Third Split NA Pass Pass Pass Yes
No SOP available for review.
Quantitative control data collected
indicate data fit for purpose.
Analytical
Process: SGS
NA Pass Pass Pass Yes
No SOP available for review. Blind
CRMs and sample blanks indicate
analytical process in control, and
data fit for purpose.
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12. Data Verification
12.1 Drillhole Database
A digital database was supplied to RSC by RGL. RGL manages a cloud-based Isogonal database. The QP, or RSC staff
under his supervision, has independently reviewed the RGL drilling, soil sample and rock chip database, and supporting
records, logs and photos. The first 11 drillholes were logged using paper logs before transitioning to digital logging via a
tablet. RSC staff, under the supervision of the QP, verified a representative number of paper logs including collar, sampling,
lithology and geotechnical logs against the digital database. One minor typo in the geotechnical log was identified and
quickly corrected by RGL. The digital database contains more entries than the paper log, as some intervals were not logged
at the time of drilling but were subsequently digitally logged when time permitted. The digital logs were also verified against
the database, and no transcription errors were identified.
12.2 Collar Locations
During the second site visit, the QP visited drill platforms 1, 2, and 3 to verify collar positions (Figure 12-1). The QP did not
visit the collar locations at the Golden Treasure prospect, as these holes have been remediated by RGL.
On the third site visit, the QP visited the collar locations at the new drilling target, Raglan. The QP did not visit new collar
locations at Pactolus, as the area had been visited previously in 2021 and 2023. All collars checked by the QP matched the
recorded collar location within a margin of error (GPS error range).
Figure 12-1: QP checking collar locations at Raglan (RAG032 &033).
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12.3 Sampling Verification
During the site visits, the QP checked database entries with core retained on site (Figure 12-2). The QP also checked the
SOP against core sample specifics. No issues or discrepancies were observed.
Figure 12-2: Core tray verification conducted by the QP (RAG31: Box 60 & 61).
12.4 Half Core & Pulp Check Sample Analysis
During the second site visit, the QP collected 30 half-core and 30 pulp duplicates of mineralised intervals to validate
mineralised intervals and check for sampling bias. Samples were purely selected on geological mineralisation features and
not on a minimal cut-off grade, to prevent selection bias in the analysis. These samples were bagged and sent to SGS
Westport for sample preparation (half-core) and then to SGS Waihi (half-core and pulp duplicates) for sample analysis.
Sample preparation and analysis followed the same methods as described in sections 11.1.4 and 11.2.3.
Figure 12-3 indicates two outlier samples, but otherwise suggests no bias in the sampling. It provides a good verification of
the sampling, preparation and assaying processes conducted by RGL.
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Figure 12-3: Comparison between half-core check samples. A. QQ plot, original sample on x-axis, check sample on y-
axis; B. scatter plot.
Table 12-1: Precision summary table for half-core check samples.
Split Type Analyte N Pairs Wilcoxon p-value Wilcoxon (p95) RMSCV (%)
Half Core Au 30 0.627 Accept H0 40
The pulp sample check indicates no apparent bias for the selected samples (Figure 12-4). This interpretation is supported
by a Wilcoxon test (Table 12-2), which demonstrates at 95% of confidence that H0 is accepted (no apparent bias). Root
Mean Square CV (Stanley & Lawie, 2007 and Abzalov, 2008) for the selected population is 15% (Table 12-2), indicating a
reasonable precision for pulp sample pairs that were assayed at different times.
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Figure 12-4: Comparison between pulp check samples. A. QQ plot, original sample on x-axis, check sample on y-axis; B.
scatter plot.
Table 12-2: Precision summary table for pulp check samples.
Split Type Analyte N Pairs Wilcoxon p-value Wilcoxon (p95) RMSCV (%)
Pulp Au 30 0.273 Accept H0 15
12.5 Summary
Checks completed by the QP, or under the direct supervision of the QP, only uncovered minor database errors, which were
corrected. The QP collected a total of 60 check samples (mix of half-core and pulp samples), which indicated an expected
correlation compared with the original sampling. Overall, in the QP’s opinion, the data were collected through proper
processes, quality controlled to be fit for the purpose of exploration targeting, and the data resulting from the process
managed well in appropriate management systems.
TECHNICAL REPORT ON THE REEFTON PROJECT, NEW ZEALAND
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13. Mineral Processing & Metallurgical Testing
No metallurgical work has been completed on any of the RGL permits to date.
TECHNICAL REPORT ON THE REEFTON PROJE
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Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.