VANCOUVER, British Columbia, June 01, 2021 (GLOBE NEWSWIRE) — Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to report that previously reported gold-silver anomalies have been followed up with a third round of exploration on the El Zanjon property. The project is south of the high-grade Cerro Vanguardia mine in Argentina (Figure 1). A total of 506 soil samples and 422-line kilometres of ground magnetics were completed. Results are awaited.
Yale Simpson, Rugby’s Chairman stated: “We continue to be encouraged by the way targets are emerging from what began as a conceptual gold play. The soil sampling is now on 160 metre spaced lines with the ground magnetics on 80 metre lines. The results will determine whether another program of soil sampling is necessary before drill targeting. Fortunately, our team has considerable experience in the Deseado Massif giving us the confidence to pursue this step-by-step discovery strategy in what is undoubtedly a world class gold district.”
El Zanjon is entirely covered by gravels making geochemistry and magnetics the ideal tools for the discovery of an unexplored gold system. This program will further define gold-silver anomalies related to magnetic features/structures considered prospective for epithermal gold-silver deposits (Figure 2).
The program just completed is further defining pH anomalies indicating more acidic conditions potentially reflecting sulphides associated with gold-silver mineralization in the underlying Chon Aike Formation in the Deseado Massif (Figure 2). When the soils results are to hand, we will determine the correlation between the pH anomalies and the gold-silver anomalies.
Previous work by Rugby included ground magnetics and low detection geochemical sampling at 320m intervals over selected parts of the property. Gold-silver geochemical anomalies were then followed up in the current program with a total of 456 soil samples collected at 160m intervals. An additional 50 samples were collected at 320m spacing along two structures in the northern sector of the project area. Assay results are expected in June.
Paul Joyce, Rugby’s Chief Operating Officer, Director and a “qualified person” (“QP”) within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has verified the technical information that forms the basis for this news release.
Rugby is an exploration company conducting “discovery stage” exploration on targets in Colombia, Argentina, the Philippines and Australia. The Company controls a portfolio of gold projects in Colombia that do not require the drilling approval process that stalled the Cobrasco copper project in Choco Province. These projects are proceeding through the grant process at present.
Rugby benefits from the experience of its directors and management, a team that has either been directly responsible for world-class mineral discoveries or have been part of the management teams responsible for such discoveries. Prior companies under their management included Exeter Resource Corporation and Extorre Gold Mines Limited, which held significant projects in South America. These companies were taken over by Goldcorp (Newmont) and Yamana respectively.
For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com.
|Robert Grey, VP, Corporate Communications
Tel: 604.688.4941 Fax: 604.688.9532
|Suite 810, 789 West Pender St.
Vancouver, BC Canada V6C 1H2
Certain of the statements made and information contained herein is “forward-looking information” within the meaning of the British Columbia, Alberta and Ontario Securities Acts. This includes statements concerning the Company’s plans at its projects including progress on obtaining approval for its exploration concession applications in Colombia, the expected timing of drilling and/or geophysics programs, prospectivity, high grade potential and potential for mineral discoveries, the style or occurrence of the mineralization and drilling costs which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. In addition, the Company holds certain of its projects under option agreements, which require expenditure and/ or drilling requirements in order to maintain its interest. Should the Company not be able to meet its obligations or renegotiate the agreements it will lose its rights under the option agreement. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the effect on prices of major mineral commodities such as copper and gold by factors beyond the control of the Company; events which cannot be accurately predicted such as political and economic instability, terrorism, environmental factors and changes in government regulations and taxes; the shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration services; the Company’s dependency on equity market financings to fund its exploration programs and maintain its mineral exploration properties in good standing; political risk that a government will change, interpret or enforce mineral tenure, environmental regulations, taxes or mineral royalties in a manner that could have an adverse effect on the Company’s assets or financial condition and impair its ability to advance its mineral exploration projects or raise further funds for exploration; risks associated with title to resource properties due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the interpretation of laws regarding ownership or exploration of mineral properties in the Philippines and Colombia and in the sometimes ambiguous conveyancing characteristic of many resource properties, currency risks associated with foreign operations, the timing of obtaining permits to conduct exploration activities, the ability to conclude agreements with local communities and other risks and uncertainties, the ongoing effects of the COVID 19 virus and including those described in each of the Company’s management discussion and analysis and those contained in its financial statements for the year ended February 29, 2020 filed with the Canadian Securities Administrators and available at www.sedar.com. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
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