VANCOUVER, B.C., July 16, 2018 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG ) is pleased to announce that a water usage permit has been granted for its San Antonio Gold Project, Colombia (“San Antonio”).
The permit, issued on July 9, 2018 by the environmental agency Corpocaldas, is the final permit required to commence drilling. Mapping, sampling and site preparation are currently underway with the drill program expected to follow within 30 days.
Mr. Paul Joyce, Rugby CEO stated, “ San Antonio was acquired as a very prospective drill-ready porphyry gold target. It is expected that a drilling company will be contracted within the next week, with actual drilling to commence in August. The program will initially comprise two deep holes.”
Rugby recently engaged Southern Rock Geophysics S.A. to reprocess the existing geophysical data over San Antonio. An updated 3D model has confirmed the potential for a deep mineralized porphyry deposit. The target is at depth below an outcropping quartz stockwork zone which is coincident with anomalous gold geochemistry. The new model in combination with our exploration results has encouraged the Company to advance into drilling.
Drilling by a previous operator tested mineralization peripheral to both our geophysical target and gold anomaly. That drilling reportedly intersected 500 metres (“m”) at 0.4 grams/tonne (“g/t”) gold from surface in DDH23 1 and in DDH24 1 387 m at 0.2g/t gold from 87 m, including the final 50 m which assayed 0.7g/t gold.
Drilling will initially comprise two deep drill holes. One drill hole will directly target a deep geophysical anomaly under the quartz stockwork zone. The other drill hole will be in the vicinity of DDH24 1 and will extend past the higher grades previously intersected at the bottom of the hole.”
Figure 1 is available at http://www.globenewswire.com/NewsRoom/Attachm...e988e50948
Figure 2 is available at http://www.globenewswire.com/NewsRoom/Attachm...b9f4a2f8d7
San Antonio is located about 80 kilometers south of Medellin and 7 kilometres north east from the Marmato Gold Project (M+I: 3.8 million ozs gold and Inferred: 4.2 million ozs gold) 2 in the mid-Cauca gold district. The Company considers San Antonio to be geological similar to Marmato.
Cobrasco Update
The Company was recently notified that limited additional technical information including a geophysical survey to identify any underground water sources was required to support the previously submitted drilling application. Rugby’s technical team with the assistance of local contractors and consultants, is collecting and compiling the requested data. The geophysical program and data interpretation is expected to be completed within a few weeks. All the amendments to the drilling application are expected to be ready for submission later in August.
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. 1 Drilling and assay results were reported by a previous operator and are considered historic in nature. The presented results could not be verified by Rugby, however, the Company believes the data is suitable to report in this news release for information reference only.
2 www.grancolombiagold.com 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
About Rugby 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 | Suite 1660, 999 West Hastings St. |
| Tel: 604.688.4941 Fax: 604.688.9532 | Vancouver, BC Canada V6C 2W2 |
| Toll-free: 1.855.688.4941 | info@rugbymining.com |
CAUTIONARY STATEMENT 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.
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