VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to report that field work is continuing at its Salvadora silver-copper-gold project in Chile ahead of a core drilling program in February. The current program has included a detailed interpretation of the recent airborne geophysics and talus sampling, geological mapping, rock chip sampling and road construction.
Salvadora is located in the south of the El Indio gold belt that hosts +44 million ounces of gold and 875 million ounces of silver. The Salvadora exploration target is a structurally controlled deposit(s) of high grade silver-copper-gold ore within the large Salvadora alteration zone.
Rugby’s recent Salvadora airborne magnetic/radiometric survey has provided key structural information and delineated the trace of the prospective host sequence for +7 kilometers. A total of 14 geochemical/geophysical targets have now been identified (Figure 1) and are in the process of being ground truthed. The Company will delay the commencement of drilling until February so that these high priority targets can be refined to provide the best target areas for both access and drill testing.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Figure 1 The Salvadora project showing high priority targets on alteration enhanced Landsat-8 image. Zones of strong hydrothermal alteration are observed as pale yellow to white colours.
The geophysical survey has highlighted several magnetic lows within the Salvadora alteration zone that are interpreted to represent large scale hydrothermal plumes and the associated destruction of magnetite. Two large inflections of the main structure are evident, one in the north and the second in the south. Such inflections represent sigmoidal dilation features due to dextral fault movement. These features commonly become sites where mineralising fluids may be focussed (Figure 2).
Profiling of the magnetic data by Southernrock Geophysics has identified deep steeply dipping structures within the targeted sigmoidal structures. Electrical geophysical surveys are currently being considered to locate sulphide accumulations along the structures under the extensive cover of talus debris.
Bryce Roxburgh, Rugby’s President and CEO stated, “While we were tempted to commence drilling on two of the most obvious areas of historic artisanal mining, I believe the decision to delay drilling by one month is prudent, as it allows our geologists' time to evaluate two significant magnetic flexures. A flexure with similar dimensions is a primary ore control on the El Indio gold deposit 40 kilometres to the north. In that case, like Salvadora the flexure was largely scree covered with sulphide mineralisation preferentially eroded.
“This project provides Rugby with an excellent opportunity to explore a zone with high grade silver copper gold mineralisation that has never been tested by modern exploration. It was acquired through the acquisition of Proximo Resources.”
“Rugby has just been advised that entry to the project area is currently unavailable due to minor landslides over the highway. We believe that it will be cleared this week.”
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Figure 2 Sigmoidal structural zones (black hatch areas) on ASVI magnetics (left) and alteration (right). Alteration shown in the gold colour.
Following our current field evaluation program, Rugby will contract a 2,000 meter drilling program which we expect to commence in February. Surface rights access and water agreements have been completed and construction of drill access roads and drill pads is well advanced (Figure 3). Road construction within the talus cover has also exposed a number of hidden zones of alteration with secondary copper mineralisation (Figure 4).
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Figure 3 Drill access construction - Silverado Prospect
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
Figure 4 Hidden high angle mineralised structures beneath talus on drill access road.
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.
About Rugby
Rugby is an exploration company conducting “discovery stage” exploration on targets in Chile, Colombia, Argentina, the Philippines and Australia. The Company’s current focus is the potential discovery of a high grade silver-copper-gold deposit 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
Toll-free: 1.855.688.4941 Suite 810, 789 West Pender St.
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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