Rugby Sampling Results Establishing Targets at the El Zanjon Gold-Silver Project, Argentina
February 16 2021 - 6:30AM
Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V:
RUG) reports that further follow-up soil sampling at the
El Zanjon Gold Silver Project (“El Zanjon”) is defining specific
sites for more detailed work and later drilling. El Zanjon is one
of the first projects in Santa Cruz Province designed to discover a
fully intact epithermal gold-silver system beneath sedimentary
cover. The follow-up program is being scheduled to start within 60
days.
Highlights
- Ultra-low level Ionic Leach
geochemistry is “seeing” through gravel cover for leakage from the
underlying bedrock, particularly in areas of interpreted fault
flexures.
- Gold values that range from 0.02 to
1.72 ppb (Figure 2) and silver values range from 0.9 to 27.1ppb
(Figure 3).
- An area of highly anomalous arsenic
(max 1,195 ppb), molybdenum (max 967 ppb) and mercury (max 2.2 ppb)
with coincident anomalous gold and silver assays was defined near
the centre of the property (Figure 4).
- Follow-up in-fill geochemical
sampling and detailed ground magnetics is planned.
Please Click Here for Photos and Figures
Mr. Yale Simpson, Chairman of the
Company, commented, “Rugby’s approach at El Zanjon is designed to
find an entire gold system, not just the odd vein. The current soil
sampling is designed to put us on top of specific sites where we
can apply a similar exploration approach to that successfully
employed for drill targeting at the multi-million-ounce Cerro Moro
discovery that is so familiar to us. Undoubtedly, the El Zanjon
area has been ignored in the past due to the absence of outcropping
veins.”
Rugby is targeting major flexures within fault
structures extending south from the Cerro Vanguardia mine to El
Zanjon (Figure 1). Host rocks are the prospective Chon Aike
formation which host the major high-grade gold-silver epithermal
orebodies in Santa Cruz Province. The favorable host rocks are
extensively gravel covered within this tenement, and low-level
geochemical techniques are utilized to see leakage from potential
orebodies at depth. Samples were assayed for 61 multi-elements
using ultra-sensitive Ionic Leach by ALS (Vancouver).
Our earlier geochemical programs 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.
Anomalous results from the 366 geochemical
samples collected over 35 kilometres of strike are very encouraging
and have better delineated specific zones requiring more detailed
work prior to drill testing. Follow-up work is planned to commence
early in Q2 prior to the onset of the southern winter. We plan to
reduce the geochemical sample spacing from 320m to 160m and include
ground magnetic surveying at 80m spacing over the anomalous zones
to more accurately define flexures along the structures prospective
for high grade mineralization for drill testing.
Sampling Methodology
- The soils were sampled following
ALS laboratories sampling instructions.
- All site locations were recorded as
WGS84, UTM Easting and Northing coordinates Zone 19 using a
hand-held Garmin eTrex® 20.
- Samples were collected from 10 cm
to 20 cm below the surface.
- A 120 gram sample was collected and
placed in a Ziplock plastic bag with the sample number permanently
marked on the bag.
- The bag was folded over to remove
most of the air and sealed, then placed in another plastic bag
again removing as much air prior to sealing.
- Jewelry was removed and only
plastic and wooden implements were used.
- All 258 samples were placed in
plastic boxes and dispatched to ALS (Vancouver) for Ionic Leach
analysis by ME-MS23™ method.
- Fifteen
laboratory duplicate samples were included in the analysis.
Data Analysis
- The geochemical data were imported
into the project’s database for geostatistical analysis,
determination of correlation and geochemical mapping.
- The dataset of 366 assays was
filtered by soil type and grouped in Sand and Gravel (SG) or
Tertiary (TR) to analyse them independently.
- Geostatistics were calculated using
Discover software for the sub-dataset Ag, As, Au, Cd, Cu, Fe, Hg,
Mo, Pb and Sr.
- The percentiles
were then used to prepare accurate geochemical thematic maps with
the objective of distinguishing anomalies.
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, and
the Company is hopeful that The Department of Mines will move to
grant titles this year as COVID restrictions ease in Colombia.
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
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