TSX.V: REL
VANCOUVER, BC, Dec. 8, 2020 /CNW/ - Roughrider
Exploration Limited ("Roughrider") (TSX-V: REL) is
pleased to provide a corporate update and announce that it has
recently completed a second phase of surface exploration at the
Empire Mine property located in the Rupert District on northern
Vancouver Island.
Roughrider's surface sampling program focused on the Southwest
and Snowbird areas (see Figure 1) where our exploration team
collected a total of 275 soil, 15 rock and 17 stream samples.
Compilation and interpretation of the Empire Mine property's
historical geological data is ongoing, leading to the definition of
numerous targets for a proposed million-dollar diamond drill
program in Q1, 2021, contingent on permitting.
Adam Travis, CEO and Director of
Roughrider, comments: "We are very encouraged by the work that we
have completed on the Empire Mine Property since signing our
definitive agreement just over two months ago. Our latest field
program shows that new discoveries can still be made, particularly
along the margins of the Merry Widow Pluton. While we await further
permits, our planning continues for a drill program in the new year
based on a full, sound geological, geochemical and geophysical
compilation of the historical data that has never been undertaken
before. I am also pleased that the Board has earmarked
$1 million of our current treasury
for an initial drill program estimated at up to 5,000 m. Drilling will initially focus on
expanding the 2008 Resource calculated by Grand Portage on the edge
of the Merry Widow Pit and remaining mineralized areas as noted in
1972 by Cominco south of the Benson Lake Mine. Previous intercepts
are highlighted by a 2006 drillhole (MW06-17) near the Merry Widow
Pit which returned 6.51 g/t gold and 1.38% copper over 50.32 m. Numerous other drill targets occur
principally along the 2 km Merry Widow Trend and 6 km Old Sport
Trend associated with more than 22 mineral occurrences".
Snowbird Area (~ 3 km NNW of the Merry Widow Pit) – New
Discovery of Massive Magnetite in Outcrop
In the Snowbird Area, coincident airborne magnetic and
electromagnetic anomalies ("EM") are noted near the northern
contact of the Merry Widow Pluton. In this area, limited surface
work by previous operators included the discovery of a magnetite
boulder by Noranda Inc. from Snowbird creek in 1991 that
assayed 1.75 g/t Au, 3.77 g/t Ag, 53.37% Fe, and 0.24% Cu. The
source of this boulder has not been found to date. Roughrider's
recent program included soil sampling (90 soils, 9 rock and 2
stream sediment samples) over a 300 m
x 1000 m area upslope of this boulder
and to cover the airborne geophysical anomalies. Prospecting by
Roughrider in this forested and covered area has discovered
discontinuous massive magnetite bands up to 30 cm hosted in
limestone near the contacts with intrusive bodies that appear to
have never been sampled or documented previously. We eagerly
await our sample results. This work demonstrates that new
discoveries can still be made within this mature camp and that
other contact portions of the Merry Widow Pluton have potential to
form mineralization. Investigation of the mainly
unexplored ~8.0 km western contact of the Merry Widow
Pluton is also clearly warranted.
Southwest Anomalies (~ 6 km SW of the Merry Widow Pit) –
Multiple EM Anomalies
In the Southwest Area, a minimum of eight EM anomalies were
noted in a 2007 airborne survey with apparently little follow up.
Roughrider targeted five higher-priority anomalies and we completed
the collection of 185 soil samples, 15 stream sediment samples and
4 rock samples across them. Initial prospecting appears to indicate
that the EM anomalies are underlain by sediments with high
graphitic content intruded by subvolcanic intrusions. Previous
gold, copper and arsenic in silt anomalies are located generally
upslope of these EM anomalies draining the western contact of the
Merry Widow Pluton and require follow up.
Data Compilation
Roughrider has engaged Tripoint Geological Services Ltd., based
in Comox, B.C., to compile the
extensive historical database, which includes many private reports
such as a 1990 Noranda I.P survey indicating potential sulphide
horizons on trend of the historical workings and a Cominco 1972
drilling and resource target area located south of their
underground workings. This data compilation along with Roughrider's
field programs will help site future drill-holes.
Roughrider also wishes to remind shareholders of the upcoming
Annual General Meeting ("AGM") being held in Vancouver on December
10, 2020. Due to the increasing number of COVID-19 cases and
the government's response to social distancing and gatherings, it
is highly recommended that all shareholders vote ahead of the AGM
and attend via teleconference using the number provided in the
Information Circular.
On Behalf of the Board of Directors:
"Adam
Travis"
Adam Travis, Chief
Executive Officer and Director
Qualified Persons
The scientific and technical
information contained in this news release has been prepared,
reviewed and approved by Wade
Barnes, P.Geo (British
Columbia), Roughrider's Geological Consultant and a
Qualified Person within the context of Canadian Securities
Administrators' National Instrument ("NI") 43-101; Standards of
Disclosure for Mineral Projects.
About Roughrider Exploration Limited
Roughrider's
current exploration focus is the Empire Mine property located on
Northern Vancouver Island, B.C. and covers three past-producing
open pit mines and two past-producing underground mines that
produced iron, copper, gold and silver. Roughrider's other
properties include its 100% owned Eldorado, Gin and Bonanza properties located
in the Golden Triangle of northern B.C. which are adjacent to the
Red Chris Mine as well as its 100% Sterling property which is
located in central B.C. Roughrider management also continuously
reviews strategic precious metals opportunities in western
North America.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION
Certain information contained or
incorporated by reference in this press release, including any
information regarding the proposed Transaction, private
placement, board and management changes, as to our
strategy, projects, plans or future financial or operating
performance, constitutes "forward-looking statements." All
statements, other than statements of historical fact, are to be
considered forward-looking statements. Forward-looking statements
are necessarily based on a number of estimates and assumptions
that, while considered reasonable by Roughrider, are inherently
subject to significant business, economic, geological and
competitive uncertainties and contingencies. Although Roughrider
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance. Known and unknown factors
could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include
but are not limited to: fluctuations in market prices, exploration
and exploitation successes, continued availability of capital and
financing, changes in national and local government legislation,
taxation, controls, regulations, expropriation or nationalization
of property and general political, economic, market or business
conditions. Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and, therefore, readers are advised to rely on their own evaluation
of such uncertainties. All of the forward-looking statements made
in this press release, or incorporated by reference, are qualified
by these cautionary statements. We do not assume any obligation to
update any forward-looking statements.
SOURCE Roughrider Exploration Limited