Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V:
RUG) is pleased to announce that it has intersected a
gold-copper porphyry below mine workings at the Motherlode
Gold-Copper Project (“Motherlode” or the “Project”), Surigao Del
Norte, Philippines.
Drill hole MD009 was collared to test depth
extensions to the high grade Motherlode Mine and a deep Induced
Polarisation (“IP”) anomaly underlying the vein system. The hole
successfully intersected the vein target twice between 320 metres
(“m”) and 335 m but unfortunately the veins had been mined out. The
target was an unmined zone represented by historic drill hole
DDH11. That hole intersected 13.9 m at 6.8 g/t gold and a further
3.9 m at 18.1 g/t gold*.
The Motherlode IP anomaly is two kilometres
(“km”) in length (see diagram below) and represents a porphyry
target similar to other porphyry deposits in the area.
MD009 intersected 584 m of porphyry mineralization from
immediately below the mine workings at 343 m to the hole bottom at
928 m. The grade was 0.62 g/t gold equivalent (see
Table below).The intercept included a wide zone of diorite porphyry
and argillically altered tuff averaging 0.3 g/t gold, 0.3% copper
and 64 g/t molybdenum. Copper and molybdenum values increased with
depth coinciding with higher IP chargeabilities.
From (m) |
To (m) |
WIDTH |
Au g/t |
Cu % |
Mo g/t |
Au eq** |
343.5 |
928 |
584.5 |
0.29 |
0.27 |
64 |
0.62 |
Click here for drill hole details, location plan
and methodology.
A second drill hole, MD010, tested a possible
faulted extension to the Motherlode system. No epithermal veining
was encountered in the hole to a total depth of 283 m. Partial
assays received to date include 3.0m of 2.0 g/t gold from 40 m
downhole in pyritic, altered and brecciated tuff.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7d6295d6-9204-44ca-8648-ef8229c85959
Rugby CEO Bryce Roxburgh stated, “The Motherlode
gold mine continues to have potential for additional ore grade
mineralization. The vein system appears to continue to depth into
the underlying porphyry. To determine whether a renewed mining
operation focused on further developing the epithermal veins and
later the lower gold-copper target could be established will
require additional drilling.
“The high grade gold target continues to be
viable as the system remains open at depth. Further drilling to
specifically focus on the high grade veins is being planned.
“The long mineralized intercept in drill hole
MD009 combined with the 2 km long geophysical signature indicates
the sulphide system has impressive dimensions with ample room for a
higher grade potassic zone. Argillic alteration in drill hole MD009
shows that hole is peripheral to the potassic zone. Should the
Motherlode porphyry be similar to the high grade Cascabel deposit
in Ecuador, the potassic zone will in fact be deeper in the system
than tested by our drill hole.
“Following a detailed evaluation of the MD009
core we will select the next site for drilling this impressive
target.
“Separately, recent prospecting has located gold
anomalous float located south of the area drilled. One large
breccia boulder assayed 4.4% zinc, 0.7% lead, 0.4 g/t Au and 21 g/t
Ag, a second boulder has preliminary assays of 3.1 g/t Au and
>100 g/t Ag. That float is now being followed up with
prospecting as they potentially represent an entirely new
target.”
Quality Assurance and Quality
ControlAll technical information for Rugby’s Motherlode
project is obtained and reported under formal quality assurance and
quality control (“QA/QC”) procedures and guidelines. Rugby’s
procedures are designed to meet or exceed C.I.M. “Best Practices
Guidelines” and National Instrument 43-101 standards of disclosure.
QA/QC protocols for drill core sampling and assaying include the
insertion and monitoring of appropriate reference materials
(certified standards, blanks, duplicates and checks) to validate
the accuracy and precision of the assay results.
All drilling samples were collected with a
diamond core drilling rig using approximately one to three metre
sample intervals following industry standard practice. Intertek
Mineral Services (NATA ISO/IEC 17025 accredited) prepared the
samples at Intertek’s sample preparation facility in Surigao,
Philippines and then samples assayed at Intertek’s laboratory in
Manila, Philippines. All samples were assayed for Au using fire
assay (50g) with an AAS finish and multi element analysis using
trace level ICP. Samples >1% Cu were re-assayed using an ore
grade 4 acid digest with AAS finish.
Paul Joyce, a 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.
*Results shown above are historical in nature.
Management is conducting follow-up exploration including drilling
to confirm past results from a previous operator. Management
considers this information to be appropriate for reference
purposes.
**The assay grades are uncut. Gold equivalent
values were calculated using gold, copper and molybdenum, using the
metal prices: US$2.62/lb Cu, US$1500 Oz Au, and US$27/kg Mo. No
allowances for metallurgical recoveries were considered as this is
an early stage project and metallurgical data is not yet available.
The formula utilized to calculate equivalent values was Au Eq (g/t)
= Au g/t + (Cu % X 1.20336) + (Mo g/t X 0.00056). Values given in
the table have been rounded and apparent calculation errors
resulting from the calculation are not considered to be
material.
About RugbyRugby is an
exploration company conducting “discovery stage” exploration on
targets in Colombia, Argentina, the Philippines and Australia
considered prospective for significant mineral deposits. The
Company controls a portfolio of gold and gold-copper projects in
Colombia that are unaffected by the recent negative permitting
decision on the Cobrasco copper project. These projects have
considerable potential for significant gold 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.
Jon Hermanson, VP, Corporate
DevelopmentTel: 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
the expected timing of drilling programs at the Motherlode,
prospectivity, high grade potential and potential for mineral
discoveries at Motherlode, 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, 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 28, 2019 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
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