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Rugby Starts Third Sampling and Geophysical Programs at El Zanjon, Argentina

/EIN News/ -- VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to report that it is starting a third round of soil sampling plus geophysics at the El Zanjon gold-silver project. The program further targets gold-silver geochemical anomalies identified on magnetic features that have been confirmed to be prospective for epithermal gold-silver deposits (Figure 2).

Figure 1: Deseado Massif Gold-Silver District and El Zanjon Project Location

The El Zanjon epithermal gold-silver project was acquired for its regional geologic and geophysical similarities to the Cerro Moro and Cerro Vanguardia gold systems. Negligible work had been done previously in the area. Rugby has now advanced to a point where more detailed work is warranted on gold targets generated to date.

El Zanjon is covered by a veneer of sediments over Chon Aike Formation volcanic rocks. The volcanics are cut by magnetic discontinuities (faults) which appear to be hosting gold mineralization. Previous work by Rugby included ground magnetics and low detection geochemical sampling at 320 meter (“m”) intervals over selected parts of the property.

Figure 2: El Zanjon regional magnetics showing the
proposed soil sample locations and ground magnetic survey

Field work will follow receipt of routine travel clearances through Covid-19 restricted areas. Soil sampling will be conducted at 160 m intervals (approximately 500 samples). The program will include 50 samples (at 320 m spacing) along two structures in the northern sector of the project area not previously sampled (Figure 2). To assist drill planning, the magnetic coverage will be reduced to 80 m spaced lines over prospective structural flexures.

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 targets in Colombia, Argentina, the Philippines and Australia. The Company controls a portfolio of gold projects in Colombia that do not require the Department of Forestry approval that stalled the Cobrasco copper project in Choco Province. These gold projects have considerable potential for gold, silver and copper discoveries, and the Company is hopeful that The Department of Mines will move to grant titles this year as Covid restrictions ease in Colombia.

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 Communications
Tel: 604.688.4941 Fax: 604.688.9532
Toll-free: 1.855.688.4941
Suite 810, 789 West Pender St.
Vancouver, BC Canada V6C 1H2
info@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 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


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