Announcement Date: 2022-10-31
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Rugby Resources Ltd.
Project name: Cobrasco
Location: Colombia
Commodities: Copper,Molybdenum
Highlight: Drilling results incl. 808m at 0.42% Cu, 79ppm Mo from 184m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Vancouver, B.C., October 31, 2022 – The Board of Directors of Rugby Resources Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to announce the discovery of high grade copper mineralisation over significant intervals in its first test of the Cobrasco porphyry in Western Colombia. Cobrasco has not been previously tested by Rugby or any other operator. CDH001 was oriented in a south westerly direction at a shallow inclination (average -42 degrees) across the northern portion of the large surface footprint of the Cobrasco porphyry. The mineralised porphyry shows encouraging potassic alteration within quartz diorite porphyry generally in association with the better copper grades. Retrograde sericite alteration overprinting is evident. It is anticipated that even higher copper grades may be present at depth below the sericite overprint zone. A deeper test is planned to assess this possibility. Assay results are summarized in Table 1. CDH002 is inclined at -70 degrees to test the mineralised zone intersected in CDH001 some 300m to 400m deeper in the system. It is currently at a depth of 781m, with a target depth of 1,200m. Initial assay results are expected in early December.
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