VANCOUVER, British Columbia, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG)is pleased to announce the completion of a helicopter-borne combined magnetic-radiometric survey on its Salvadora silver-copper project in the El Indio Belt, Chile. The survey was flown by New-Sense Geophysics and data generated will now be processed by SouthernRock Geophysics. The results are anticipated in the coming weeks and will help determine final surface locations for the Company’s drilling campaign scheduled for January 2022.
The magnetic data generated will be used to aid geological mapping including identification of principal faults and cross structures. These displacements can produce dilational cymoid zones along the 7 km length of the Salvadora mineralised structure. These dilation zones can host high grade ore deposits such as those mined at the El Indio deposit 40 km to the north. The radiometric data will provide a high-resolution hydrothermal alteration image of the project which will also be used for drill targeting.
Airbus AS350 B3 (ASTAR) helicopter pictured flying the magnetic-radiometric survey at Salvadora
The survey covered 31.5 square kilometers in an area 3.5 km east-west by 9 km north-south. Flight lines were oriented east-west with a 50 meter line spacing, and north-south tie lines were spaced 500 m apart. The flight height was programmed for 50 m and variable flight speeds were used to permit the flight terrain height to be maintained. The helicopter used was an Airbus AS350 B3.
Rugby is awaiting the results of the recently completed talus sampling program at Salvadora which will be reviewed in conjunction with the processed results of this geophysical survey. Both datasets will be used to target potential high-grade areas under alluvial cover. A drilling contractor is being selected for the core drilling campaign anticipated to commence in January 2022.
The tightly spaced flight lines will generate high resolution geophysical data on Salvadora
Rugby has filed an independent technical report on SEDAR on the Salvadora project (the “Salvadora Report”) prepared by Dr. Gustavo Delendatti (PhD, B.Sc-Geol, MAIG) dated July 5, 2021, in accordance with NI 43-101. The Salvadora Report can be viewed on www.sedar.com
Paul Joyce, Rugby’s Chief Operating Officer 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 Rugby Mining
Rugby is an exploration company focussed on conducting “discovery stage” exploration at Salvadora in Chile. The Company is also advancing the El Zanjon gold-silver project in Argentina. In addition, the Company has projects and property applications in Colombia, the Philippines and Australia. These opportunities have considerable potential for gold, silver and copper discoveries but are secondary at this time to Salvadora and El Zanjon.
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. Two successful companies under their management were Exeter Resource Corporation and Extorre Gold Mines Limited, which discovered significant deposits in South America. These companies were purchased by Goldcorp (Newmont) and Yamana Gold respectively.
For additional information please visit the Rugby Mining Limited website at www.rugbymining.com
|Jon Hermanson, VP Corporate Development|
Tel: 604.688.4941 Fax: 604.688.9532
|Suite 810, 789 West Pender St.|
Vancouver, BC Canada V6C 1H2
Certain 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 proposed exploration plans for the Salvadora project in Chile, progress on obtaining approval for its exploration concession applications in Colombia, the expected timing of drilling and/or geophysics programs, budgeted costs to conduct exploration programs including drilling, high grade potential and potential for mineral discoveries at its projects and the style or occurrence of the mineralization 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. The Company holds certain of its projects, including Salvadora, under option agreements, which require annual cash payments, 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, Argentina, Chile 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 pandemic 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 28, 2021 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.
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