VANCOUVER, British Columbia, Nov. 19, 2019 (GLOBE NEWSWIRE) — Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to announce that field work is underway on its prospective Pastora and El Playon gold concession applications near Bucaramanga, Colombia.
Rugby geological teams have recently been conducting detailed ground proofing of strong geochemical anomalies delineated on Pastora and El Playon. This work program commenced following the recent notice that the Agencia Nacional de Mineria (“ANM”) expects to advance the process for approval of the Pastora and El Playon applications. Our teams have confirmed interesting sulfide rich silica veining in thickly covered areas with little outcrop. These have been sampled and assays are awaited.Pastora and El Playon were acquired in 2016, when Rugby purchased Soratama, the Colombian subsidiary of a major global gold miner (News Release: NR16-03). Prior to Rugby’s acquisition, Soratama had spent approximately US$20 million exploring the major Colombian gold belts over a 10-year period. Soratama made numerous applications during this period over areas with identified gold targets generated from their comprehensive regional geochemical sampling programs.At Pastora 1,800 soil samples previously collected by Soratama have defined a large 7 km x 6 km gold soil anomaly. The anomaly has similar geological characteristics and size to the La Bodega* and La Mascota deposits* located in the California-Vetas mining district situated 25 km to the east.The Soratama assets purchased by Rugby include concession applications covering approximately 845 km2 and a vast geochemical and geophysical database. Surface exploration on these concession applications is permissible at this stage; however, subsurface work can only be done once the concessions are granted.The notification from the ANM indicates that community presentations will soon be conducted to obtain local approval which is the final step before a full grant of the concession(s). Nine Soratama applications, including four at Pastora and El Playon have now advanced to this stage (figure 1 below). Importantly, the Pastora and El Playon applications are all outside the Paramo de Santurban, national parks and forestry reserves.The ongoing ground exploration programs recently initiated by Rugby’s technical team are intended to further identify high priority gold targets. Identification of targets will allow for a drilling program to commence shortly after these concessions are granted. Timing for final grant(s) is not known at this time but Rugby considers this to be a near-term outcome and has thus put importance on advancing these projects ahead of grant.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/260c7a9c-0920-41b0-aa1b-641bd17ba529*La Bodega and La Mascota deposits: Inferred resource of 3.5Moz Au, 19Moz Ag, 84Mlb Cu – Altmann et al 2010, 43.101 Technical Report Preliminary Assessment La Bodega Project.*Angostura: Measured and indicated resource of 20.67 Mt @ 3.93 g/t Au, 17.3 g/t Ag; Inferred resource of 9.17 Mt @ 4.08 g/t Au, 16.7 g/t Ag. Eco Oro website, 2016Cobrasco Update
The Department of Forestry (“Forestry”) recently rejected Rugby’s forestry extraction appeal. The Company will continue to work with environmental experts and legal advisors to address Forestry’s concerns and explore the best options to obtain approval.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 Rugby
Rugby is an exploration company conducting “discovery stage” exploration on highly prospective targets in Colombia, Argentina, the Philippines and Australia. Importantly, Rugby controls a large portfolio of projects and applications in Colombia that have considerable potential for significant gold-copper discoveries.The Company 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.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 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, 2019 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 RELEASENR19-16
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