VANCOUVER, British Columbia, June 21, 2021 (GLOBE NEWSWIRE) — Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to report encouraging follow-up soil sampling results from El Zanjon, Patagonia. The program is designed to discover an intact epithermal gold-silver system beneath shallow sedimentary cover. The ultrasensitive analytical method being employed is defining numerous discrete multi-element geochemical anomalies associated with interpreted fault structures.
- Ultra low-level Ionic leach geochemistry is capable of “seeing through” gravel cover into the underlying bedrock. Rugby is targeting flexures within major faults that trend south from the Cerro Vanguardia gold-silver mine onto El Zanjon (Figure 1).
- A total of 876 samples that have been collected to date.
- Gold values range from <0.02 to 2.3 ppb (Figure 3) and silver values range from 0.3 to 70.3 ppb (Figure 4).
- An area of highly anomalous arsenic (max 1,195 ppb), molybdenum (max 1,420 ppb) and mercury (max 4.4 ppb) with coincident gold and silver is defined near the centre of the property (Figure 5).
- Follow-up sampling and geophysics are planned to define drill sites.
Yale Simpson, Rugby’s Chairman, stated, “Low-level geochemistry is working remarkably well in locating potential leakage from a concealed epithermal gold-silver system below recent gravels. We are very encouraged by the clustering of anomalous values, but feel we need to close in from 160 metre lines to 80 metre lines prior to drilling. We expect that program will commence in October, immediately following the Argentine winter. Drill permitting has been initiated.
“Rugby’s field work is being conducted by Biz Latin Hub S.A. (BLH), contractors/consultants managed by Fernando Chacon, with whom management worked within the discovery of Cerro Moro.”
Host rocks at El Zanjon are the prospective Chon Aike Formation which hosts the major high-grade gold-silver epithermal orebodies in Santa Cruz Province.
The results from the 876 geochemical samples are encouraging and have delineated numerous coherent multi-element targets: Blanca, Antonia and Martina prospects. Samples were assayed for 61 multi-elements using ultra sensitive Ionic Leach by ALS (Vancouver). To date 13 zones of anomalous gold-silver geochemistry associated with interpreted magnetic structures (Figure 2`) have been identified. A number of these anomalies have coincident lower pH readings suggesting an acidic environment which can indicate oxidizing sulfides at depth, an association common to other epithermal projects in the region.
An Environmental Impact Assessment (EIA) is currently being prepared for the future drilling program. EIA’s are currently taking approximately 6 months for approval.
- The soils were sampled following ALS laboratories sampling instructions.
- All site locations were recorded as WGS84, UTM Easting and Northing coordinates Zone 19 using a hand-held Garmin eTrex® 20.
- Samples were collected from 10 cm to 20 cm below the surface.
- A 120-gram sample was collected and placed in a Ziplock plastic bag with the sample number permanently marked on the bag.
- The bag was folded over to remove most of the air and sealed, then placed in another plastic bag again removing as much air as possible prior to sealing.
- Jewelry was removed and only plastic and wooden implements were used.
- All 876 samples were placed in plastic boxes and dispatched to ALS (Vancouver) for Ionic Leach analysis by ME-MS23™ method.
- Laboratory duplicate samples were included in the analyses.
- The geochemical data were imported into the project’s database for geostatistical analysis, determination of correlation and geochemical mapping.
- The dataset of 876 assays was filtered by soil type and grouped in Sand and Gravel (SG) or Tertiary (TR) to analyse them independently.
- Geostatistics were calculated using Discover software for the sub-dataset Ag, As, Au, Cu, Fe, Hg, Mo, Pb, Sr, Te and Zn.
- The percentiles were then used to prepare accurate geochemical thematic maps with the objective of distinguishing anomalies.
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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