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RUG Rugby Resources Ltd

0.05
-0.005 (-9.09%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Rugby Resources Ltd TSXV:RUG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -9.09% 0.05 0.05 0.055 0.05 0.05 0.05 329,000 14:44:26

Rugby Mining Limited: Drilling Update Great Northern Gold Project, Pilbara, Australia

28/07/2014 11:30am

Marketwired Canada


Rugby Mining Limited ("Rugby" or the "Company") (TSX VENTURE:RUG) is pleased to
announce preliminary high grade gold results from the recently completed diamond
drilling program at the Great Northern Gold Project in the Pilbara region of
Western Australia. 


The initial drilling program was conducted at the early stage Berghaus prospect,
located approximately 9 kilometres to the northwest of Wingina. (Figure 1).
Eight shallow holes for a total of 640 metres ("m") were drilled along 750 m of
strike to target high grade gold mineralization associated with a series of
northeast-trending structures in meta-sedimentary rocks. Two of the eight holes
intersected visible gold mineralization. Preliminary gold assays have been
received for all the drill holes and significant drill results include:




--  RDD001 0.5m @ 11.9 g/t gold from 47.2m 
    
--  RDD002 1.0m @ 17.4 g/t gold from 15.5m 
    
--  RDD003 3.4m @ 6.25 g/t gold from 20.1m 
    
--  RDD006 1.4m @ 16.1 g/t gold from 63.2m 
    
--  RDD008 0.5m @ 10.7 g/t gold from 43.0m 
    



Please click here for a plan locating all drill holes (Figure 2), for all
significant drill intercepts above 1.0 g/t gold, and for drill hole details. All
results are preliminary as assays are being verified and check samples are
currently being assayed at another independent laboratory. 


Rugby's CEO, Paul Joyce stated "We are encouraged by our initial program at
Berghaus. We have both delineated high grade mineralization and are close to
meeting the minimum expenditure requirement for the project by drilling holes
previously permitted by our joint venture partner. Further drilling at Berghaus
will now follow drilling at our top priority target, Wingina. Our objective at
Wingina, is to test for potential depth extensions to the very high grade
footwall gold zone (Figure 3). We believe that the host rocks are favourable for
extensions of the high grade to significant depths. A 2,000 m drilling program
is expected to commence early Q4, subject to permitting and drill rig
availability.


Previous operators established a historical mineral resource at Wingina however,
the resource was not completed in compliance with National Instrument 43-101
("NI 43-101") consequently the Company is not reporting any resource estimates
prior to further evaluation. We plan to work with independent consultants to
upgrade the historical mineral resource at Wingina to NI 43-101 requirements.
Under our JV agreement the Company has an option to purchase 80% of the
historical resource by 2018."


Quality Control and Assurance

Blanks and certified standards were inserted into the sample stream as part of
Rugby's quality assurance and control program, which complies with NI 43-101
requirements. Core samples were cut in half-lengths using a diamond saw, with
one half retained in secure storage for logging, and the other half sent to ALS
Laboratory Services lab in Perth, Western Australia for mineral analyses. All
samples were prepared using ALS' PREP-31B method (drying, crushing, and
pulverizing), and assaying for gold by ALS' Au-AA26 technique in which a 50g
charge was split from each sample for fire assay with an AAS finish.
Check-assaying is currently underway at Intertek-Genalysis Laboratory Services,
Perth. Both ALS and Intertek are independent and ISO-9001:2000 certified
laboratories with no association to Rugby. For more information on Quality
Control and Assurance please click here.


Update: Cobrasco Project, Colombia

Water permits for the proposed drilling program were recently granted. The
permits are valid for a five year period. The forestry extraction permit, the
final step in the drill permitting process, is currently being processed by the
Ministry of Environment with approval expected before year end. 


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


About Rugby

Rugby is an emerging mineral resource company focussed 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.


Cobrasco and Comita Projects, Colombia: Rugby owns 100% of the Cobrasco project,
subject to a 1% NSR and has an option to earn up to 60% of the adjacent Comita
project in western Colombia. Both projects host undrilled large scale porphyry
copper-molybdenum-gold targets which were recognised during a joint
German-Colombian government sponsored exploration program over 30 years ago. No
systematic exploration or drilling has been conducted since that time. Rugby
currently awaits final permitting approval for a proposed drilling program at
Cobrasco. Discussions have commenced with local drilling companies for a
drilling campaign in late in 2014.


Mabuhay Project, Philippines: The Company holds an option to acquire up to 80%
of the Mabuhay project in Surigao Province. The Company considers the project to
have excellent potential for the discovery of both epithermal gold deposits and
gold-copper porphyry systems. An application for an Exploration Permit ("EP") is
currently awaiting approval. Unfortunately, in common with almost all other
mining permits in the Philippines, the delay has been considerable. To minimise
expenditures, the project will remain under care and maintenance until the EP is
granted. 


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 Great Northern Gold 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, gold and iron 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 in the
Philippines 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, 2014 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. 


EITHER 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rugby Mining Limited
Paul Joyce
President and CEO
604.688.4941 or Toll-free: 1.855.688.4941
604.688.9532 (FAX)
info@rugbymining.com
www.rugbymining.com

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