15:20:41 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Rugby Mining Ltd
Symbol RUG
Shares Issued 54,422,500
Close 2016-06-10 C$ 0.36
Market Cap C$ 19,592,100
Recent Sedar Documents

Rugby finishes review of Colombian asset database

2016-06-13 07:16 ET - News Release

Mr. Bryce Roxburgh reports

RUGBY MINING LIMITED ANNOUNCES UPDATE ON RECENTLY ACQUIRED COLOMBIAN GOLD ASSETS

Rugby Mining Ltd. has completed a partial technical review of the extensive database relating to the recently acquired Colombian gold projects. See news release NR16-03 dated June 1, 2016.

The portfolio comprises numerous projects including the El Poma and the Caramanta projects located in the prolific mid-Cauca gold-copper porphyry belt and the Pastora projects which are located in the Bucaramanga belt. These belts are considered prospective for both epithermal and porphyry gold mineralization. Importantly, the database includes regional-scale geochemical and geophysical data over a larger area than just that of the concessions and applications acquired.

Chairman Bryce Roxburgh stated: "We remain in the early stages of our database and project portfolio review. Our initial assessment has centred on El Poma, the only project that has been partially drilled tested. We are certainly encouraged by past results, and follow-up is anticipated.

"As an example, past drilling completed at El Poma utilized wide drill hole spacings, typical of early-stage exploration, and intersected encouraging results as listed below. Based on my experience, such wide spacings leave ample room for discovery of additional mineralisation, particularly when the effect of epithermal overprinting is a consideration.

"What is particularly exciting for Rugby is the opportunity to immediately start work on these fully permitted concessions. We are eager to develop quality relationships with landowners and members of the surrounding community. We believe that ensuring open dialogue and transparency with local stakeholders is key to the future success of our projects."

The El Poma project

El Poma, the most advanced project in the portfolio, is located in the mid-Cauca belt. The economic significance of the region is evidenced by the multimillion-ounce gold discoveries made by AngloGold Ashanti at La Colosa and Quebradona.

Gold mineralization at El Poma is interpreted to be a high-grade epithermal style overprinting a larger lower-grade porphyry system. The prospect, discovered in 2009, was defined by a regional stream sediment sampling program. Subsequent groundwork and geophysical surveys defined a two-kilometre-by-six-kilometre gold porphyry target. Thirty diamond drill holes totalling 14,316 metres were completed (i).

Three gold targets, known as La Estrella, El Deleite and La Hermita, have been drilled to date. Several attractive targets remain untested both within the granted concessions and adjacent applications. These targets are represented by untested geochemical and aeromagnetic anomalies.

Selected drill intersections reflecting broad intervals of mineralization include (i):

  • 99.50 metres of 0.74 gram per tonne gold from 42.00 m -- hole P25 (La Estrella);
  • 95.50 m of 0.90 g/t Au from 117.00 m -- hole P5 (El Deleite);
  • 175.30 m of 0.81 g/t Au from 324.70 m -- hole P6 (El Deleite);
  • 181.25 m of 0.72 g/t Au from 39.75 m -- hole P27 (El Deleite).

Selected drill intersections reflecting narrower zones of higher-grade gold mineralization include (i):

  • 4.10 m of 13.28 g/t Au from 136.90 including 1.50 m of 33.70 g/t Au from 139.50 m and 2.10 m of 89.71 g/t Au from 292.90 m -- hole P7 (El Deleite);
  • 22.50 m of 3.09 g/t Au from 408.00 m including 4.50 m of 10.51 g/t Au from 418.50 m -- hole P6 (El Deleite);
  • 1.5 m of 28.40 g/t Au from 52 m -- hole P21 (La Hermita).

Note

(i) Visit the company's website for the complete listing of drill hole intercepts above one g/t gold including associated drill hole data, quality control and assurance information. The company was not involved in past drilling or assaying of the results presented, however, it believes the data are suitable to report in this news release.

El Poma's granted concessions and applications are located in a designated coffee growing region known locally as the Eje Cafetero. Even though El Poma is situated in this designated area, exploration employing all the relevant modern techniques including drilling is permitted on the granted concessions. It should be noted that the Eje Cafetero region is not a national park, forestry reserve or ethnically protected zone and mineral exploration and extraction are not restricted.

Further technical information on the Pastora, Caramanta and other gold properties is expected to follow in the near future pending further review of the extensive database.

Francisco Montes, Rugby's chief geologist and a qualified person 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.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.