Yahoo Finance Rugby Commences Field Work Prior to Drilling the Salvadora Silver-Copper Project, Chile
VANCOUVER, British Columbia, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) reports that field work is underway at its Salvadora project in Chile in preparation for Q1-2022 core drilling. The current program includes airborne magnetics, mapping and talus sampling along the non outcrop portions of the 7 km long alteration system.
Salvadora is located 40 km south of Barrick’s El Indio gold mine in the south of the El Indio gold belt that hosts +44 Moz of gold and 875 Moz of silver*. The Salvadora project was brought into Rugby through the acquisition of Proximo Resources (see News Release dated October 27, 2021). The exploration target is a high-grade silver-copper-gold ore deposit.
Mr. Peter Love, CEO of Rugby commented, “It is exciting to be preparing for drilling at Salvadora as it is a very impressive alteration system. We are fortunate that winter ended early enabling us to get on the ground sooner than expected. Investors can expect continuing updates on Salvadora as we move towards drilling. We will also have news on our El Zanjon gold-silver project in Argentina as work is in progress again on that promising project.”
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Location of the Salvadora Project, Chile
The Salvadora hydrothermal alteration halo is large, suggesting excellent ore potential. During 2020-2021, exploration work comprised road rehabilitation, geological mapping, geochemistry, alteration analysis and remote sensing satellite studies. 218 surface rockchip and continuous channel samples were collected from veins and mineralized exposures within the two main areas of the project. Much of the system is covered by talus (scree) such that artisanal mining on the vein focussed entirely on the limited sites of vein exposure.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Enhanced satellite imagery of the Salvadora project exhibits a prominent 7km alteration zone
Follow-up exploration started in October 2021. Given the extensive talus cover, it is essential to do additional broad-spaced work ahead of drill targeting. To that effect Rugby has engaged New-Sense Geophysics who are currently flying an airborne magnetic/radiometric survey over the entire property. The Company has also prospected and sampled the talus cover between the artisanally mined outcrop areas, with results expected in the coming weeks.
The talus sampling program will be very useful as the exploration team reported visible copper oxide mineralization in talus, well away from artisanal activity. The current program will significantly expand our knowledge of what appears to be a complex system. Drilling is expected to commence early in January 2022.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Sampling of talus material at Salvadora
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Recent aerial photo of a portion of altered talus material where sampling/mapping is underway
View Rugby’s most recent Corporate Presentation
Rugby has filed an independent technical report on SEDAR on the Salvadora project (the “Salvadora Report”) prepared by Dr. Gustavo Delendatti (PhD, B.Sc-Geol, MAIG) dated July 5, 2021, in accordance with NI 43-101. The Salvadora Report can be viewed on www.sedar.com
Paul Joyce, Rugby’s Chief Operating Officer 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, however some of the information is historical in nature and the Company will be required to do further assessment of this data.
References Cited:
*Barrick 2004, Barrick Gold Corporation, Annual Report, 2004; SEDAR.com
*Barrick 2019, Barrick Annual Information Form for the year ended December 31, 2019; SEDAR.com Jannas, R.R., Bowers, T.S., Petersen, U., and Beane, R.E., 1999, High-sulfidation deposit types in the El Indio district, Chile, in Skinner, B.J., ed., Geology and Ore Deposits of the Central Andes: Society of Economic Geologists, Special Publication 7, p. 219–266.
*Porter 2001, El Indio Belt - El Indio, Tambo, Pascua Lama; Porter GeoConsultancy Pty Ltd, 2001; portergeo.com.au
About Rugby Mining
Rugby is an exploration company focussed on conducting “discovery stage” exploration at Salvadora in Chile. The Company is also advancing the El Zanjon gold-silver project in Argentina. In addition, the Company has projects and property applications in Colombia, the Philippines and Australia. These opportunities have considerable potential for gold, silver and copper discoveries but are secondary at this time to Salvadora and El Zanjon.
The Company 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. Two successful companies under their management were Exeter Resource Corporation and Extorre Gold Mines Limited, which discovered significant deposits in South America. These companies were purchased by Goldcorp (Newmont) and Yamana Gold respectively.
For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com
Jon Hermanson, VP Corporate Development | Suite 810, 789 West Pender St. |
CAUTIONARY STATEMENT
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 proposed exploration plans for the Salvadora project in Chile, progress on obtaining approval for its exploration concession applications in Colombia, the expected timing of drilling and/or geophysics programs, budgeted costs to conduct exploration programs including drilling, high grade potential and potential for mineral discoveries at its projects and the style or occurrence of the mineralization 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. The Company holds certain of its projects, including Salvadora, under option agreements, which require annual cash payments, 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, Argentina, Chile 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 pandemic 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 28, 2021 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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