Rugby Completes Detailed Sampling / Magnetics at El Zanjon Gold-Silver Project, Argentina
June 01 2021 - 5:30AM
Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V:
RUG) is pleased to report that previously reported
gold-silver anomalies have been followed up with a third round of
exploration on the El Zanjon property. The project is south of the
high-grade Cerro Vanguardia mine in Argentina (Figure 1). A total
of 506 soil samples and 422-line kilometres of ground magnetics
were completed. Results are awaited.
Yale Simpson, Rugby’s Chairman stated: “We
continue to be encouraged by the way targets are emerging from what
began as a conceptual gold play. The soil sampling is now on
160 metre spaced lines with the ground magnetics on 80 metre lines.
The results will determine whether another program of soil sampling
is necessary before drill targeting. Fortunately, our team has
considerable experience in the Deseado Massif giving us the
confidence to pursue this step-by-step discovery strategy in what
is undoubtedly a world class gold district.”
El Zanjon is entirely covered by gravels making
geochemistry and magnetics the ideal tools for the discovery of an
unexplored gold system. This program will further define
gold-silver anomalies related to magnetic features/structures
considered prospective for epithermal gold-silver deposits (Figure
2).
Click here for: Figure 1: Major mineralizing
structures in Deseado Massif Gold-Silver District showing the
priority targets at the El Zanjon Project
The program just completed is further defining
pH anomalies indicating more acidic conditions potentially
reflecting sulphides associated with gold-silver mineralization in
the underlying Chon Aike Formation in the Deseado Massif (Figure
2). When the soils results are to hand, we will determine the
correlation between the pH anomalies and the gold-silver
anomalies.
Click here for: Figure 2: El Zanjon horizontal
gradient magnetics and zones of low pH values
Previous work by Rugby included ground magnetics
and low detection geochemical sampling at 320m intervals over
selected parts of the property. Gold-silver geochemical anomalies
were then followed up in the current program with a total of 456
soil samples collected at 160m intervals. An additional 50 samples
were collected at 320m spacing along two structures in the northern
sector of the project area. Assay results are expected in June.
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 drilling approval process that stalled the Cobrasco
copper project in Choco Province. These projects are proceeding
through the grant process at present.
Rugby 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.
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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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