Yahoo Finance SALVADORA PROJECT EXPLORATION UPDATE
Vancouver, B.C., March 28, 2022 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to report that exploration on the Salvadora silver-copper project in Chile has identified three additional zones of gold, silver and copper mineralisation similar to that on the Silverado prospect.
Exploration, including reconnaissance mapping and sampling of areas to the west and east of the main mineralised trend has continued utilizing three exploration teams. The work has identified vein and disseminated gold, silver and copper mineralisation in new areas identified as Silica Cap, Alteration Area 3, and Alta Hediondita (Figure 1). Applications have been made for two additional properties to the west of the Cumbres area to cover an area of recently discovered stockwork veins and silicification. The new properties are also shown on Figure 1.
Click here for: Figure 1 Mineralised zones on Landsat alteration image
A further 297 rock chip samples have been collected and assayed. Sampling methodology and the statistical details of selected metals are described below*. Mapping has identified +500 metres of vertical potential with outcrop rock chip samples returning significant assays from elevations extending from 4,379m (e.g., Sample 15947: 7.1 g/t gold, 121 g/t silver, and 3.9% copper) down to 3,831m elevation (e.g., Sample 16036: 0.18 g/t gold, 630 g/t silver, 3.8% copper, and 6.5 % lead) (See Figure 1).
A combined Induced Polarization / Resistivity and Magneto-Telluric Survey was completed with lines run over the Silverado, T-09 target and Cumbres prospects (Figure 2). The survey defined several zones of strong chargeability potentially corresponding to sulfide mineralisation such as is observed in the Silverado Induced Polarization Vertical Profile in Figure 2 below. This has several compelling high IP-Phase zones that may indicate potential sulfide mineralisation at depth.
Click here for: Figure 2 Silverado Pole-Dipole Induced Polarization Vertical Profile, line 6657100 view looking north.
Field work on Salvadora will continue throughout April and May in preparation for drill testing following the southern hemisphere winter.
Colombia Update
The Ministry of Environment and Sustainable Development’s recently approved “Resolution No. 110 of 2022”, and its stated effects, has been temporarily suspended pending a Bogota Superior Tribunal review of certain contested legal aspects. The Company’s Colombian advisors and legal counsel are currently investigating the situation and based on current assessments, reinstatement of Resolution 110 is expected.
The Company will soon initiate a detailed environmental assessment, including geophysics and soil sampling at Cobrasco. This assessment program will be conducted under an agreement with the local community and includes providing work for its members.
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.
* Sampling Methodology
An average of 2.5 kilograms of rock was collected and bagged in the field and sent to the Andes Analytical Assay Laboratory of Santiago, Chile.
All site locations Easting, Northing and Elevation are recorded using a Garmin Montana GPS.
Samples are dried at a maximum temperature of 800 Celsius to less than 5% humidity.
Samples are crushed to 80% passing #10 mesh, homogenized and a 400-400 gram split is taken and pulverized to 95% passing a #150 mesh.
Au is assayed from a 40 gram split using aqua regia and fire assay.
A nominal 0.5 gram split is dissolved in aqua regia and analyzed by ICP for 31 elements.
Overlimit Ag, Cu, Pb and Zn are analyzed by AAS.
Laboratory blanks, standards and duplicate assays are performed for each batch of samples according to industry standards.
Statistical Details of Selected Metals
About Rugby
Rugby is an exploration company conducting “discovery stage” exploration on targets in Chile, Colombia and Argentina. The Company’s focus is potential discoveries of copper in Colombia and high-grade silver-copper-gold at the Salvadora Project in Central Chile’s El Indio Gold Belt. Rugby also controls a portfolio of gold projects and/or applications in Colombia that do not require forest extraction permits. 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.
Rob Grey, VP, Corporate Communications
Tel: 604.688.4941 Fax: 604.688.9532 Suite 810, 789 West Pender St.
Toll-free: 1.855.688.4941 Vancouver, BC Canada V6C 1H2
info@rugbymining.com
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 mineralisation 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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