VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 13, 2016) – Rugby Mining Limited (“Rugby” or the “Company”) (TSX VENTURE:RUG) is pleased to announce that the Company 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.
To view Figure 1: Location of recently acquired Colombia gold properties, please visit: http://media3.marketwire.com/docs/1058694f.pdf
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 mineralisation. Importantly, the database includes regional scale geochemical and geophysical data over a larger area than just that of the concessions and applications acquired.
Chairman Mr. 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 utilised 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 land owners 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 (Figure 2). The economic significance of the region is evidenced by the multimillion ounce gold discoveries made by AngloGold Ashanti at La Colosa and Quebradona.
To view Figure 2: Mid-Cauca Gold Deposits, please visit: http://media3.marketwire.com/docs/1058694f.pdf
Gold mineralisation 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 ground work and geophysical surveys defined a 2km x 6km gold porphyry target. *30 diamond drill-holes totalling 14,316 metres were completed.
To view Figure 3: Prospect location and regional gold stream sediment geochemistry*, please visit: http://media3.marketwire.com/docs/1058694f.pdf
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 mineralisation include:
- 99.50m of 0.74 g/t Au from 42.00m Hole P25 (La Estrella)
- 95.50m of 0.90 g/t Au from 117.00m Hole P5 (El Deleite)
- 175.30m of 0.81 g/t Au from 324.70m Hole P6 (El Deleite)
- 181.25m of 0.72 g/t Au from 39.75m Hole P27 (El Deleite)
*Selected drill intersections reflecting narrower zones of higher grade gold mineralisation include:
- 4.10m of 13.28 g/t Au from 136.90 including 1.50m of 33.70 g/t Au from 139.50m and 2.10m of 89.71 g/t Au from 292.90m Hole P7 (El Deleite)
- 22.50m of 3.09 g/t Au from 408.00m including 4.50m of 10.51 g/t Au from 418.50m Hole P6 (El Deleite)
- 1.5m of 28.40 g/t Au from 52m Hole P21 (La Hermita)
*Click here for the complete listing of drill-hole intercepts above 1.0 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 is 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” (“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.
For additional information, you are invited to visit the Rugby Mining Limited website at www.rugbymining.com.
RUGBY MINING LIMITED
Paul Joyce, President and CEO
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 approval of permits required for exploration, timing of drilling programs, high grade potential at the El Poma Project, potential for mineral discoveries on its projects 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.
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 of mineral properties 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 including those contained in its year-end financial statements for the year ended February 28, 2015 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.
Paul Joyce
President and CEO
604.688.4941 / Toll-free: 1.855.688.4941
604.688.9532 (FAX)
[email protected]
www.rugbymining.com
