-- Published: Wednesday, 19 September 2018 | Print | Disqus
VANCOUVER, British Columbia, Sept. 19, 2018 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (RUG.V) is pleased to announce that drilling has commenced at its San Antonio Gold Project, Colombia (“San Antonio”).
San Antonio is located about 80 kilometers (“km”) south of Medellin and 7 km north east from the Marmato Gold Project (M+I: 3.8 million ounces (“oz”) gold and Inferred: 4.2 million oz gold)1 in the mid-Cauca gold district. The Company considers Marmato and San Antonio to be geological similar.
The drilling program is designed to test a gold porphyry target below an outcropping quartz stockwork zone that is coincident with anomalous gold geochemistry. Drilling will initially comprise two deep drill holes with the first hole targeting the anomaly to a depth of 800 metres (“m”) (Figure 1 below).
To view Figure 1: Drill hole 1 (SA-18-01) cross section and geophysical anomaly - please click on the following link: https://jon-hermanson-td2s.squarespace.com/rugnr1807-images
The drilling program follows a recently completed auger soil sampling program. Assays were received for 55 samples taken on a 200m x 100m spacing. Results confirmed a typical porphyry metal zonation pattern of gold – copper / molybdenum – zinc. These assays were combined with previous geochemical and geophysical data to site the first drill hole.
Logan Drilling Colombia SAS, a Colombian subsidiary of Canadian based Logan Drilling Group International (“Logan”) has been contracted to conduct a 1,500 m drilling program at San Antonio.
Mr. Paul Joyce, Rugby CEO stated, “We are excited to initiate drilling at San Antonio, our first drill program in Colombia. Drilling will continue over the next 6-8 weeks with results anticipated in November, 2018.
“Additionally, we are pleased to work with Logan Drilling, a company with a great reputation and extensive experience in Colombia.”
To view Figure 2: Project Location - please click on the following link: https://jon-hermanson-td2s.squarespace.com/rugnr1807-images
Gold Resources (as of December 31, 2017)
Measured: 388,000 ounces at 4.8 g/t gold
Indicated: 3,485,000 ounces at 2.8 g/t gold
Inferred: 4,194,000 ounces at 2.5 g/t gold
The Company recently submitted additional technical information, requested by the authorities, to support the previously filed drilling application. Timing for completion of the review of the application is uncertain.
Paul Joyce, Rugby’s Chief Executive 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.
Rugby is an emerging mineral resource company focused on a portfolio of projects having considerable potential for significant mineral discoveries. 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.
For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com.
|Jon Hermanson, VP, Corporate Development|
Tel: 604.688.4941 Fax: 604.688.9532
|Suite 1660, 999 West Hastings St.|
Vancouver, BC Canada V6C 2W2
Certain 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 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, including Comita 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, 2018 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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-- Published: Wednesday, 19 September 2018 | E-Mail | Print | Source: GoldSeek.com