Rugby Completes Sampling at El Zanjon, Argentina
February 26 2020 - 5:30AM
Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V:
RUG) is pleased to report that a recent geochemical
sampling program has been completed at the El Zanjon gold-silver
project in Santa Cruz province, Argentina.
El Zanjon covers approximately 600 square
kilometers near world class mines at Cerro Negro
(Newmont-Goldcorp), Cerro Vanguardia (AngloGold Ashanti) and Cerro
Moro (Yamana) (Figure 1).
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f752114-d81e-4c24-b9e6-3fbd26d5f98b
Rugby’s work program at El Zanjon was initiated
in late 2019 with ground magnetic surveys. These surveys
successfully identified structural features that are considered
prospective sites for gold mineralization beneath recent gravel
cover. The geochemical program comprised some 108 surface samples
collected at 320-meter spaced intervals. The sample locations
follow the structural targets defined by the ground magnetics as
shown in Figures 2 and 3. It is anticipated that this program’s
results will identify prospective targets for more detailed
sampling, magnetic surveying and drilling.
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/19463dc0-519a-48a9-896b-a8d449488ff0
Figure 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c93e4e74-5fd6-4f35-9e16-5a29f7adf352
Samples will be analyzed by ultra-low detection
Ionic-Leach at ALS in Vancouver. The turnaround time is estimated
to be 4 to 6 weeks.
Figure 4 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dc2c53b0-f0ff-4114-aeef-67b1c20ecd90
Colombia UpdateField work is
continuing on Rugby’s Pastora project in the Bucaramanga region
(Figure 5). Detailed follow-up sampling of anomalous gold locations
is underway. In addition, geophysical consultant Southernrock
Geophysics has designed IP and ground magnetic surveys covering
previously defined areas of anomalous gold geochemistry.
The IP lines are proposed to be spaced at
400-meter intervals and a 100-meter dipole length, comprising a
total of 20-line kilometers. Ground magnetics would cover a total
of 35 square kilometers, with a 200-meter line spacing for a total
of 180-line kilometers. The planned geophysical surveys which are
appropriate for porphyry mineralization and high sulphidation
epithermal style deposits, would follow the expected near-term
grant of exploration licenses.
Figure 5 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/16f3aeee-74c1-4190-9031-3382aed2706d
Otway UpdateThe Company has
delayed field work, including a magnetotelluric (“MT”) survey at
Bonnie Downs, due to cyclonic weather conditions in the Pilbara
area. Stable weather, necessary for this survey is not expected
until mid-year.
Philippines UpdateAn MT survey
is also planned at Motherlode. It is expected to follow the Otway
MT program anticipated in H2, 2020.
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
highly prospective targets in Colombia, Argentina, the Philippines
and Australia. Importantly, Rugby controls a large portfolio of
projects and applications in Colombia that 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 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, 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 labor. 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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