Rugby Announces Three Exploration Permits Granted within the Georgetown Goldfield, Australia

April 13, 2021 6:30 AM EDT

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

VANCOUVER, British Columbia, April 13, 2021 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to advise that it has been granted three exploration permits totalling 849 square kilometres (“km2”) covering extensive gold occurrences in the Georgetown region in North Queensland, Australia. The three exploration permits form Rugby’s new Georgetown Project and exploration will commence in Q2, 2021.

Highlights

  • Three Exploration Permits (100% Rugby) granted over 849 km2 at Georgetown.
  • Significant historical bullion production recorded from numerous gold mines at Georgetown.
  • At Perpendicular Peak, high-grade silver and gold targets were identified at the Snake Creek and Munitions Creek prospects.
  • A porphyry copper target at Fiery Creek is defined by a large circular magnetic anomaly with associated copper occurrences.

The Georgetown Project comprises three granted exploration permits (100% Rugby) covering 849 km2 centred on Georgetown in North Queensland, Australia (Figure 1).

Click Here for:Figure 1: Georgetown Project Location

The region has had a long history of mining, particularly for gold, with over 1,000 mines, prospects and mineral occurrences identified within the district. This includes the Kidston mine located approximately 90 kilometers to the south east. Kidston operated from 1985 to 2001 and was one of Australia’s largest historical gold producers producing 5.1 million ounces (145 tonnes) of gold*.

The Georgetown region lies in the Proterozoic Etheridge Province of the North Australian Craton. Plutonic, intrusion-related and epithermal styles of mineralization have been identified in the region (Figure 2).

Click Here for:Figure 2: Georgetown Regional Geology

Yale Simpson, Rugby's Chairman, stated, "We are fortunate to have secured a large land position in a very favourable environment to host gold and silver deposits. Little to no systematic modern exploration has been done. Given the abundance of gold and silver occurrences and the area's structural complexity we will focus exploration on major structural traps for mineralizing fluids in the Georgetown Goldfield.

"We believe this is the perfect project to explore at modest cost while we await permitting on our more advanced Colombian gold, silver and copper projects."

Georgetown

The Georgetown permit contains numerous gold mines which mostly operated from circa 1880 to 1900. Significant historical bullion production was recorded from 18 mines located along the Delaney Fault (Figure 2). The largest producers* include the following mines:

 MineGold Bullion MinedPeriod 
  North Star287.8 kg  (10,152 oz)1879-1895  
 St. George154.8 kg  (5,460 oz)1877-1915 
 Spero Meliora106.6 kg (3,760 oz)1878-1903 
 Victoria95.6 kg  (3,372 oz)1878-1913 
 Papa94.7 kg  (3,340 oz)1894-1896 
 Better Luck93.6 kg  (3,302 oz)1877-1913 
 Owens93.1 kg  (3,284 oz)1894-1899 
 Wexford86.1 kg  (3,037 oz)1896-1907 & recent 
 Coolgardie73.2 kg  (2,582 oz)1879-1899 

Fiery Creek

The Fiery Creek permit, covering an area of 325 km2 is targeting epithermal style gold mineralization and intrusive hosted copper-molybdenum deposits. The area hosts several known gold and copper occurrences with the most significant being the Yataga copper prospect associated with a large aeromagnetic anomaly (Figure 3).

Click Here for:Figure 3: Fiery Creek Aeromagnetics (RTP)

Perpendicular Peak

The Perpendicular Peak permit covering an area of 325 km2 is targeting high-grade silver and gold at the Snake Creek and Munitions Creek prospects (Figure 2).

Snake CreekSilver-lead mineralization at Snake Creek is associated with a shear zone in rhyodacite of the Croydon Volcanics. The old workings comprise trenches and a 14 metre (“m”) deep shaft sunk below the zone of oxidation into sulphide mineralization. The old workings remain undrilled and will be the focus of Rugby’s initial exploration program. Sampling of the workings by Pickands Mather in 1971 recorded 1.8m of 9oz silver (Ag) and 18.6% lead (Pb). Later rockchip sampling by Battle Mountain (1988) recorded assays of:

  • 852g/t Ag and 21.4% Pb
  • 794g/t Ag and 22.0% Pb

Approximately 250m to the southwest of these samples other significant results include:

  • 950g/t Ag and 13.7% Pb
  • 640g/t Ag and 14.0% Pb
  • 1,030g/t Ag and 18.6% Pb
  • 471g/t Ag and 21.4% Pb

No significant gold assays were recorded - all results were

Munitions CreekApproximately 10 km north of Snake Creek, Battle Mountain defined a 100m x 2m wide quartz vein swarm with gold values ranging from

Georgetown Exploration ProgramRugby plans to follow-up the historical gold mines located along a north-south structure in the centre of the Georgetown tenement and an alteration zone in the northwest (identified by processed Landsat imagery). This program will commence in Q2, 2021.

Rugby’s other exploration targets include epithermal style gold mineralization and intrusive hosted copper-molybdenum deposits at Fiery Creek and the high-grade silver and gold targets at Snake Creek and Munitions Creek.

* Metallogenic Study of Georgetown, Forsayth and Gilberton Regions, north Queensland - Terra Search Pty Ltd Report TS 2019/025

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 RugbyRugby is an exploration company conducting “discovery stage” exploration on targets in Colombia, Argentina, the Philippines and Australia. The Company controls a portfolio of gold and gold-copper project applications in Colombia that do not require Department of Forestry approval for drilling as does the Cobrasco copper project in Choco Province. These gold projects have considerable potential for significant gold, silver and 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.

Robert Grey, VP, Corporate CommunicationsTel: 604.688.4941 Fax: 604.688.9532Toll-free: 1.855.688.4941Suite 810, 789 West Pender St.Vancouver, BC Canada V6C 1H2info@rugbymining.com

CAUTIONARY STATEMENTCertain 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 progress on obtaining approval for its exploration concession applications in Colombia, the expected timing of drilling and/or geophysics 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, the ongoing effects of the COVID 19 virus and 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 29, 2020 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

Primary Logo

Source: Rugby Mining Limited


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Globe Newswire, Press Releases