Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V:
RUG) is pleased to advise that it has been granted three
exploration permits totalling 849 square kilometres (“km2”)
covering extensive gold occurrences in the Georgetown region in
North Queensland, Australia. The three exploration permits form
Rugby’s new Georgetown Project and exploration will commence in Q2,
2021.
Highlights
- Three Exploration
Permits (100% Rugby) granted over 849 km2 at
Georgetown.
- Significant historical bullion
production recorded from numerous gold mines at Georgetown.
- At Perpendicular Peak, high-grade silver and gold
targets were identified at the Snake Creek and Munitions
Creek prospects.
- A porphyry copper target at Fiery Creek is
defined by a large circular magnetic anomaly with associated copper
occurrences.
The Georgetown Project comprises three granted
exploration permits (100% Rugby) covering 849 km2 centred on
Georgetown in North Queensland, Australia (Figure 1).
Click Here for:Figure 1: Georgetown Project
Location
The region has had a long history of mining,
particularly for gold, with over 1,000 mines, prospects and mineral
occurrences identified within the district. This includes the
Kidston mine located approximately 90 kilometers to the south east.
Kidston operated from 1985 to 2001 and was one of Australia’s
largest historical gold producers producing 5.1 million ounces (145
tonnes) of gold*.
The Georgetown region lies in the Proterozoic
Etheridge Province of the North Australian Craton. Plutonic,
intrusion-related and epithermal styles of mineralization have been
identified in the region (Figure 2).
Click Here for:Figure 2: Georgetown Regional
Geology
Yale Simpson, Rugby's Chairman, stated, "We are
fortunate to have secured a large land position in a very
favourable environment to host gold and silver deposits. Little to
no systematic modern exploration has been done. Given the abundance
of gold and silver occurrences and the area's structural complexity
we will focus exploration on major structural traps for
mineralizing fluids in the Georgetown Goldfield.
"We believe this is the perfect project to
explore at modest cost while we await permitting on our more
advanced Colombian gold, silver and copper projects."
Georgetown
The Georgetown permit contains numerous gold
mines which mostly operated from circa 1880 to 1900. Significant
historical bullion production was recorded from 18 mines located
along the Delaney Fault (Figure 2). The largest producers* include
the following mines:
|
Mine |
Gold Bullion Mined |
Period |
|
|
North Star |
287.8 kg (10,152 oz) |
1879-1895 |
|
|
St. George |
154.8 kg (5,460 oz) |
1877-1915 |
|
|
Spero Meliora |
106.6 kg (3,760 oz) |
1878-1903 |
|
|
Victoria |
95.6 kg (3,372 oz) |
1878-1913 |
|
|
Papa |
94.7 kg (3,340 oz) |
1894-1896 |
|
|
Better Luck |
93.6 kg (3,302 oz) |
1877-1913 |
|
|
Owens |
93.1 kg (3,284 oz) |
1894-1899 |
|
|
Wexford |
86.1 kg (3,037 oz) |
1896-1907 & recent |
|
|
Coolgardie |
73.2 kg (2,582 oz) |
1879-1899 |
|
Fiery Creek
The Fiery Creek permit, covering an area of 325
km2 is targeting epithermal style gold mineralization and intrusive
hosted copper-molybdenum deposits. The area hosts several known
gold and copper occurrences with the most significant being the
Yataga copper prospect associated with a large aeromagnetic anomaly
(Figure 3).
Click Here for:Figure 3: Fiery Creek
Aeromagnetics (RTP)
Perpendicular Peak
The Perpendicular Peak permit covering an area
of 325 km2 is targeting high-grade silver and gold at the Snake
Creek and Munitions Creek prospects (Figure 2).
Snake CreekSilver-lead
mineralization at Snake Creek is associated with a shear zone in
rhyodacite of the Croydon Volcanics. The old workings comprise
trenches and a 14 metre (“m”) deep shaft sunk below the zone of
oxidation into sulphide mineralization. The old workings remain
undrilled and will be the focus of Rugby’s initial exploration
program. Sampling of the workings by Pickands Mather in 1971
recorded 1.8m of 9oz silver (Ag) and 18.6% lead (Pb). Later
rockchip sampling by Battle Mountain (1988) recorded assays of:
- 852g/t Ag and 21.4% Pb
- 794g/t Ag and 22.0% Pb
Approximately 250m to the southwest of these
samples other significant results include:
- 950g/t Ag and 13.7% Pb
- 640g/t Ag and 14.0% Pb
- 1,030g/t Ag and 18.6% Pb
- 471g/t Ag and 21.4% Pb
No significant gold assays were recorded - all
results were <0.01g/t Au.
Munitions CreekApproximately 10
km north of Snake Creek, Battle Mountain defined a 100m x 2m wide
quartz vein swarm with gold values ranging from <0.01g/t to
22.5g/t. In 2006, Diatreme Resources conducted a shallow reverse
circulation drilling program comprising 11 holes for 779m, with
most holes intersecting low grade gold mineralization.
Georgetown Exploration
ProgramRugby plans to follow-up the historical gold mines
located along a north-south structure in the centre of the
Georgetown tenement and an alteration zone in the northwest
(identified by processed Landsat imagery). This program will
commence in Q2, 2021.
Rugby’s other exploration targets include
epithermal style gold mineralization and intrusive hosted
copper-molybdenum deposits at Fiery Creek and the high-grade silver
and gold targets at Snake Creek and Munitions Creek.
* Metallogenic Study of Georgetown, Forsayth and
Gilberton Regions, north Queensland - Terra Search Pty Ltd Report
TS 2019/025
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 and gold-copper project
applications in Colombia that do not require Department of Forestry
approval for drilling as does the Cobrasco copper project in Choco
Province. These gold projects have considerable potential for
significant 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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