TSX.V: REL
VANCOUVER, BC, April 26, 2021 /CNW/ - Roughrider
Exploration Limited ("Roughrider" or the "Company")
(TSXV: REL) is pleased to announce it has completed an
airborne geophysical survey at its 100% owned Red Chris Properties
adjacent to Newcrest Mining Limited's ("Newcrest") and
Imperial Metals Corporation's ("Imperial Metals") Red Chris
Mine and GT Gold Corp.'s Tatogga Property. Roughrider is encouraged
by the results which highlight the discovery of numerous large
magnetic anomalies in an area previously untested. Roughrider is
also pleased to announce it has signed a Communications and
Engagement Agreement with the Tahltan First Nations and is looking
forward to continuing to build on its meaningful and mutually
beneficial relationship with the Tahltan Nation.
Red Chris Area Properties
Roughrider engaged Peter E.
Walcott & Associates to complete a total of 966-line
kilometers ("km") of airborne magnetics (see Figure 1) over
its Gin and Eldorado Properties, on either end of the Red Chris
Mine1.
The airborne geophysical magnetic survey flown over Roughrider's
Eldorado Property to the east of the Red Chris Mine shows a 250
meter ("m") x 2,000 m long
east-west trending magnetic high that coincides with previously
known mineralization including drillhole EL13-004
returning 91.6m of 0.12% copper and 0.28 gram per tonne
("g/t") gold from top of bedrock (52.4m depth) to 144m depth2. More importantly, this
survey discovered two new large magnetic anomalies (see Figure
2) that may represent intrusive bodies in area located under
gravel cover which has seen no previous exploration as it was
originally thought to be underlain by sediments and south of the
prospective area. The first anomaly is located approximately
750 m south of the previous drill
area and trends east-west with dimensions of 1,000 m x 2,000 m
and is located along the same geological trend and inferred fault
system as the Red Chris open pit mine. The second anomaly is
approximately 1,500 m in diameter and
is located approximately 1.5 km east of the area previously
drilled.
The airborne geophysical survey over Roughrider's Gin Property,
at the western side of the Red Chris Mine, shows several magnetic
anomalies that may indicate other intrusive bodies exist under the
covered plateau and slopes, which are not shown on regional
geological maps.
Adam Travis, CEO of Roughrider
comments: "The Red Chris area has certainly been very active
recently and I would like to take this opportunity to congratulate
both GT Gold on its $456 million
("M") takeover offer from Newmont and Questex for its
recently announced $11 M financing
led by Newmont and Skeena Resources. Roughrider, with its very
strategic landholdings on either side of Red Chris is now the only
company not directly or indirectly held by either Newmont or
Newcrest. Imperial Metals and Newcrest have also been very
active at the Red Chris Mine and have made significant new
discoveries south of their pit and have extended exploration roads
5 km to the east out towards the boundary with our Eldorado
Property. In light of the new discoveries at Red Chris and
recognition that the South Boundary Fault may in fact be a conduit
for mineralization rather than a termination of mineralization, we
elected to fly a first ever detailed airborne magnetic survey over
our properties. This work has discovered two very significant
magnetic anomalies that are 5 times larger than the magnetic
anomaly where previous operators had focused and discovered highly
anomalous copper and gold values in soils, rocks and drillcore.
These new anomalies are located less than 10 km away from the Red
Chris Mine pit and are new high-priority targets that require
ground truthing and surface geophysical surveys followed by
drilling."
Empire Project, Northern Vancouver Island
Due to an unseasonably cool and snowy spring on northern
Vancouver Island the Company has delayed proposed surface
geophysical and geochemical surveys until early May. As we await
drill permits, ongoing compilation of historical data continues to
refine proposed drillhole locations. The company is actively
engaging with the Quatsino First Nation about its proposed programs
to build a mutually beneficial relationship.
Corporate
Roughrider announces the resignation of Scott Gibson from the Board of Directors. Mr.
Gibson is leaving to focus on his commitments to his private
companies but will continue to be a large supportive shareholder of
the Company. Roughrider wishes him all the best in his future
endeavors.
About Roughrider Exploration Limited
Roughrider's exploration focus is the Empire Mine Property,
located on Northern Vancouver Island, B.C., which covers three
historical open pit mines and two past-producing underground mines
that yielded 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.
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) of Tripoint Geological
Services, Roughrider's Geological Consultant and a Qualified Person
("QP") within the context of Canadian Securities
Administrators' NI 43-101; Standards of Disclosure for Mineral
Projects.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive
Officer and Director
Cautionary Notes Related to this News Release and
Figures
- This news release and related maps contain information about
adjacent properties on which Roughrider has no right to explore or
mine. Readers are cautioned that mineral deposits on adjacent
properties are not indicative of mineral deposits on the Companies
properties.
- Oliver, J. (2020). NI 43-101 TECHNICAL REPORT ON THE
ELDORADO PROPERTY
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