Rugby Completes Geochemical Program at El Zanjon Gold-Silver Project, Argentina
21 December 2020 - 10:30PM
Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V:
RUG) is pleased to report the completion of a follow-up
soil sampling program at the El Zanjon gold-silver project in Santa
Cruz province, Argentina. The program targeted gold-silver
geochemical anomalies located on magnetic structures considered
prospective for hosting high grade epithermal gold deposits.
Figure 1: El Zanjon regional location showing
prominent structures within the ground magnetics survey
In 2019, Rugby conducted ground magnetic surveys
which identified structural features considered prospective for
gold mineralization beneath gravel cover. The initial geochemical
program defined 10 zones of anomalous gold-silver geochemistry
ranging from 320m to 2,800m in length along these structures. 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.
Mr. Bryce Roxburgh, CEO of Rugby commented, “We
are using a similar exploration approach to that successfully
employed for drill targeting at the multi-million ounce gold-silver
Cerro Moro deposit. The El Zanjon area has been ignored in the past
due to the absence of outcrop. The magnetic survey delineated
structures prospective for gold silver mineralization within the
favourable Chon Aike formation. The awaited results are expected to
vector us closer to defining specific drill sites. Follow-up work
early in 2021 will start as soon as practicable. It will comprise
more detailed sampling and geophysics.”
Following the recent Covid-19 related travel
clearances our team has completed a detailed follow-up soil
sampling program to further define the extent of the gold-silver
anomalies outlined by the initial geochemical program. A total of
258 soil samples were collected on 320m spaced intervals and pH
readings were recorded for all samples (Figures 2 & 3). Lower
pH samples could indicate the presence nearby of sulfides commonly
found associated with gold and silver deposits in this region.
Samples will be analyzed geochemically by ultra-low detection
Ionic-Leach at ALS in Vancouver with the anticipated turnaround
time to be approximately 6 weeks. It is anticipated that the
results will identify prospective targets for more detailed
sampling, magnetic surveying and subsequent drilling.
Figure 2: El Zanjon project showing soil sampling
locations and ground magnetics survey area
Figure 3: El Zanjon project showing soil sampling
pH values and ground magnetics survey area
Figure 4: Rugby Mining’s geologist Fernando
Chacon conducting soil sampling at El Zanjon
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.
About RugbyRugby 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 Department of Forestry approval that stalled the
Cobrasco copper project in Choco Province. These gold projects have
considerable potential for gold, silver and copper discoveries.
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. 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 CommunicationsTel: 604.688.4941 Fax:
604.688.9532Toll-free: 1.855.688.4941 |
Suite 810, 789 West Pender St.Vancouver, BC Canada V6C
1H2info@rugbymining.com |
CAUTIONARY STATEMENTCertain 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.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE
Rugby Resources (TSXV:RUG)
Historical Stock Chart
From Apr 2024 to May 2024
Rugby Resources (TSXV:RUG)
Historical Stock Chart
From May 2023 to May 2024