Rugby Mining Limited Announces Initial Drilling Results Provided by Calidus Resources Limited on the Otways Project, Australi...
November 09 2020 - 5:30AM
Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V:
RUG) is pleased to report that joint-venture partner
Calidus Resources Limited (ASX:CAI, “Calidus”) have reported
partial results from their first reconnaissance drilling program on
Rugby’s Otways Project, Pilbara Australia. Calidus recently entered
into a Heads of Agreement with the Company to earn up to 70%
interest as reported in news release NR2004.
Calidus recently completed five RC holes and one
diamond hole with assays returning broad zones of copper
mineralization. The results confirm historic intercepts.
Highlights include:
43 meters (“m”) @
0.70% Cu (incl 10m @ 1.64%) from 0-43m in hole 20OTRC00218m @ 0.33%
Cu from 18-36m in hole 20OTRC00313m @ 0.35% Cu from 60-73m in hole
20OTRC00353m @ 0.17% Cu from 0-53m in hole 20OTRC00111m @ 0.47% Cu
from 92-103m in hole 20OTRC00411.25m @ 0.42% Cu from 71-82.25m in
hole 20OTDD001
In addition, four RC holes have been completed
at Malachite Flats approximately 1.5km to the southwest of Otways,
targeting surface gold and copper mineralization. Results are
pending.
Otways
In the late 1960’s shallow (<60m depth)
percussion drilling of coincident soil and induced polarization
anomalies by Conwest Exploration identified copper mineralization
in metabasalts at/near surface. Several holes intersected copper
mineralization at depth. The drill holes lie at the eastern end of
a well developed, northeast trending copper in soil anomaly. It
continues for about 1.5 km to the southwest of the current
drilling.
Calidus drilled six holes in July-August to test
the validity of the results from the historic drilling. The drill
results reported here comprise three lines approximately 80m apart,
each of two holes. Copper mineralization is present from surface
down to a maximum depth of about 105m. It appears to be thickening
and strengthening in grade to the west where it remains open. This
pattern is consistent with a copper in soils anomaly.
Mineralization along the western two lines is
developed from surface or near surface to a depth of about 85m and
appears to be nearly horizontal and subparallel to the
stratigraphy. Mineralization is hosted by moderately to strongly
altered and locally brecciated pillowed basalt and comprises
fracture fill and coarse-grained chalcopyrite in the matrix between
basalt pillows. The copper is associated with carbonate-
epidote-chlorite alteration and mild local brecciation.
Calidus reported that next year they plan step
out drilling to the west and south to test whether the grades
improve under the 1.5 km long soil anomaly.
For detailed information of the drill program
and results please visit the Calidus’ news release by: Clicking
HerePaul 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.
Calidus Resources Limited and Steve Sheppard a
Competent Person* have approved the content of this news
release.
*Competent Person as defined in the 2012 edition
of the Australasian Code of Reporting of Exploration Results,
Mineral Resources and Ore Reserves.
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.
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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