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Rugby Mining Ltd.
Summary
| Project: | San Antonio | |
|---|---|---|
| Deposit: | San Antonio | |
| Location: | Chile | |
| Commodities: | Gold | |
| Date: | 11/7/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 7-11-2018: Rugby Mining Ltd. announces an Exploration/Drilling Update report for its San Antonio deposit at the San Antonio project. Drilling results incl. 72.0m @ 0.14g/t Au from 351.0m. Vancouver, B.C., November 7, 2018 – Rugby Mining Limited (“Rugby” o | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Paul Joyce (Internal) | |
| ABSTRACT: | Vancouver, B.C., November 7, 2018 – Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) drilled one hole of a proposed two-hole program at the San Antonio project, Colombia (“San Antonio”). As the results were below expectations (see assays below) the Company has elected to terminate its option over the project. The hole had been sited to test geophysical/geochemical targets considered to represent a gold porphyry at depth. At Cobrasco, Rugby’s 100% owned copper-molybdenum porphyry project, where drill permitting is progressing, the Company recently submitted such additional technical information as was requested by the authorities to support the application. Although the timing for approval of the Cobrasco drilling application is uncertain, recent reports in the country indicate the government is looking to mining as part of its economic growth focus. This has been demonstrated by their recent initiative to reduce the considerable backlog of exploration applications (see below). This action supports our view that the outcome of our drilling application will be favourable. Progress on Rugby’s Concession Applications acquired in 2016 (news release NR16-03 June 1, 2016) The Colombian Mining Agency (Agencia Nacional de Minería) has notified Rugby that eight concession applications are progressing to the grant review stage. These concessions, covering a total 12,953 hectares, form part of the Pastora, Arboledas and El Playon projects to the north and west of the California high-grade gold district (Figure 1). Importantly the key concessions are situated below the “Páramo”, the 3,200 metre elevation level above which mining is prohibited in Colombia. The timing of the application grants is uncertain but given current circumstances the Company is moving forward on the basis that grants will be forthcoming on a timely basis. The most prospective of the applications covers the Pastora project where systematic sampling included 917 rock and 816 soil samples to follow up on anomalous gold stream geochemistry. | |
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