VANCOUVER, British Columbia, June 05, 2019 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (RUG.V) is pleased to announce that it has signed a contract with Major Drilling Group International Inc. to drill the Motherlode Gold-Copper Project (“Motherlode” or the “Project”), Surigao Del Norte, Philippines. The program is scheduled to start late-June, weather permitting.
The Motherlode deposit was mined over a strike length of 765m and a vertical depth of 245m. Production from 1937 to 1953* is reported to have been some 500,000 ounces of gold at a recovered grade of 14g/t. The mine was considered one of the Philippines’ highest grade producers*.
Rugby plans to test the depth extension to the epithermal vein system and a deeper porphyry copper-gold target indicated by an Induced Polarization survey (Figure 1)
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c3e58d2-ff15-4574-9538-72a87f16e088
Rugby’s President and CEO Mr. Paul Joyce stated, “Since acquiring the project in 2010, Rugby has been unable to drill the immediate Motherlode mine area. In January we were granted the exploration permit necessary to finally have drill access and we have now commenced arrangements for road construction.
“Rugby plans to drill the most prospective part of the project area as defined by both the old gold workings and a large anomaly defined by our geophysical surveys. The epithermal vein system is interpreted to lie above a porphyry copper-gold system. To confirm this, our first drill hole will be oriented to intersect the epithermal veins and to continue into the deep copper-gold porphyry target. This geological model is analogous to major projects currently being explored in B.C.’s Golden Triangle (Figure 2).”
Separately, detailed mapping and auger sampling is being conducted to identify drill targets within a possible fault block to the southwest of the Motherlode mine (Figure 1).
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4cfb734-1b4a-4907-a187-fabf90d928ed
*This historical estimate is presented is for reference purposes only. A majority of the records on actual ore produced at Motherlode were destroyed during WW2 and later by fires. However, management has examined physical evidence at the site and existing geological data to confirm that the estimation is suitable for presentation purposes.
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 exploration company conducting “discovery stage” exploration on targets considered prospective for significant mineral deposits. 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.
|Jon Hermanson, VP, Corporate Development |
Tel: 604.688.4941 Fax: 604.688.9532
|Suite 810, 789 West Pender St. |
Vancouver, BC Canada V6C 1H2
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 at the Motherlode, prospectivity, high grade potential and potential for mineral discoveries at Motherlode, 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, 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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