Rugby Mining Limited: Rio Chico Drilling and Exploration Update
November 14 2012 - 5:30AM
Marketwired Canada
Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE:RUG) provides an
update on the recent drilling program at its Rio Chico
Gold-Platinum-Palladium-Copper Project, Argentina.
A 6 hole diamond drilling program totalling 170 meters ("m") was completed to
test a multi-element geochemical anomaly over a 500m strike length. The majority
of holes intersected a shallow zone of copper-gold-platinum-palladium
mineralisation with significant drill hole intersections as follows:
-- RCD-01: 0 to 25.0m = 25.0m of 0.9% copper, 0.2g/t gold, 0.5g/t platinum,
0.6g/t palladium
-- RCD-03: 0 to 19.0m = 19.0m of 0.8% copper, 0.2g/t gold, 0.4g/t platinum,
0.3g/t palladium
-- RCD-05: 0 to 20.1m = 20.1m of 0.9% copper, 0.3g/t gold, 0.5g/t platinum,
0.4g/t palladium
Drill hole details and assay results are shown in the table below:
Drill Hole Mineralised Intercepts
============================================================================
Hole From To Interval Cu Au Pt Pd
m m M % g/t g/t g/t
----------------------------------------------------------------------------
RCD-01 0.0 25.0 25.0 0.9 0.2 0.5 0.6
----------------------------------------------------------------------------
inc. 5.0 22.3 17.3 1.2 0.3 0.6 0.7
----------------------------------------------------------------------------
RCD-02 0.0 5.5 5.5 0.2 0.1 0.1 0.1
----------------------------------------------------------------------------
Inc. 4.1 5.5 1.5 0.4 0.2 0.3 0.3
----------------------------------------------------------------------------
No Significant
5.5 16.5 Results
----------------------------------------------------------------------------
less than
16.5 19.0 2.5 0.1 0.1 0.6 0.7
----------------------------------------------------------------------------
RCD-03 0.0 19.0 19.0 0.7 0.2 0.3 0.3
----------------------------------------------------------------------------
inc. 4.9 7.2 2.3 1.1 1.1 1.2 0.9
----------------------------------------------------------------------------
RCD-04 No significant assays (Hole abandoned at 12.2m)
----------------------------------------------------------------------------
RCD-05 0.0 20.1 20.1 0.9 0.3 0.5 0.4
inc. 0.0 3.0 3.0 2.7 0.5 0.9 1.0
----------------------------------------------------------------------------
and 9.0 16.0 7.0 0.8 0.3 0.5 0.5
----------------------------------------------------------------------------
RCD-06 No significant assays (Hole abandoned at 27.48 m)
============================================================================
Click here for complete drill hole survey data
Paul Joyce, the Company's CEO stated, "Although initial drilling results at Rio
Chico indicate the presence of a shallow zone of copper-gold-platinum-palladium
mineralisation, the project will be put on hold to focus our financial resources
on advancing the potentially high grade epithermal gold targets at the Mabuhay
project in the Philippines and very promising Comita copper porphyry project in
Colombia".
Comita Copper Porphyry Project, Colombia
The Comita project covers a copper porphyry system situated in the western
cordillera of Colombia. The Company continues to work through the administrative
process necessary to conduct drilling and to this end is advancing the community
socialisation, prior consultation process and baseline environmental programs.
It is anticipated that certain non-drilling exploration activities will commence
in the first half 2013.
Mabuhay Gold Project, Philippines
The Mabuhay project, in Surigao Province, comprises the Motherlode epithermal
gold target and a gold-copper porphyry target at depth. The Company is awaiting
an MPSA application approval, the timing of which is beyond the Company's
control. Production sharing by the government remains under review, and reports
from the Philippines indicate that it is unlikely that MPSAs will be granted in
the next 12 months. The Company is reviewing the possibility of converting MPSA
application to an Exploration Permit which could potentially be granted within
the next six months.
Quality Control and Assurance
Assay results presented above are final with no cutting of high grades. All
diamond drill core samples are split on regular 2 metre intervals or on
geological contacts and represent sawn half core. Samples were prepared at the
ALS Minerals Labs ("ALS") and assayed at ALS, a registered ISO-9001:2008
certified laboratory. ALS is independent of Rugby.
Standard and blank samples are used throughout the sample sequence as checks for
the diamond drilling reported in this release.
Francisco Montes, the Company's Exploration Manager, a "qualified person" ("QP")
within the definition of that term in National Instrument 43-101, Standards of
Disclosure for Mineral Projects, has supervised the preparation of the technical
information that forms the basis for this news release.
About Rugby
Management has a successful record in the identification, acquisition,
exploration and development of international mining projects. The Company's
treasury is currently CAN $2.8 million.
Mabuhay Project, Philippines: The Company holds an option to acquire up to 80%
of the Mabuhay project in Surigao Province. The Company considers the project to
have excellent potential for the discovery of both epithermal gold deposits and
gold-copper porphyry systems.
Comita Project, Colombia: Rugby holds an option to earn up to 60% of Comita, an
undrilled large scale porphyry copper-gold project in the western cordillera of
Colombia. The project was recognised during a joint German-Colombian government
sponsored exploration program over 20 years ago. No systematic exploration has
been conducted since that time.
Interceptor Project, Argentina: The Company holds an option to acquire 100% of
the Interceptor copper-gold project in "mining friendly" Catamarca Province. The
property is near the Maricunga gold belt in Chile, an established mining
district that hosts both producing gold mines and advanced stage porphyry-type
projects.
Hawkwood Project, Australia: Rugby holds an option to acquire 90% of the
Hawkwood project in Queensland. The property, covering 427 km2 is prospective
for gold, copper-gold and iron deposits. In January 2010, the Company entered
into an agreement with Eastern Iron Limited wherein that company can earn an 80%
interest in iron ore targets in the project area. To date Eastern Iron has
conducted several programs, including geophysical surveys and drilling.
For additional information you are invited to visit the Rugby Mining Limited
website at www.rugbymining.com
RUGBY MINING LIMITED
Paul Joyce, President and CEO
CAUTIONARY STATEMENT
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the British Colombia,
Alberta and Ontario Securities Acts. This includes statements concerning the
Company's plans at its projects, 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. 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, gold and iron 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 of mineral tenures in the
Philippines and in the sometimes ambiguous conveyancing characteristic of many
resource properties, currency risks associated with foreign operations, the
timing for obtaining permits to conduct exploration activities, the ability to
conclude agreements with local communities and other risks and uncertainties,
including those described in each of the Company's management discussion and
analysis including those contained in its year-end financial statements for the
year ended February 28, 2012 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rugby Mining Limited
P. Joyce
President
604.688.4941 or Toll-free: 1.855.688.4941
604.688.9532 (FAX)
Rugby Mining Limited
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
info@rugbymining.com
www.rugbymining.com
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