Source: Rugby Resources Ltd.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Rugby Resources (RUG) reported exploration progress at its Cobrasco Copper Project in Colombia
  • Field work has discovered strongly mineralised porphyry float samples 2 km southeast of the drilling area
  • Auger sampling north of the area drilled has extended the copper-molybdenum geochemical anomaly to the north of that defined previously
  • Rugby Resources Ltd. (RUG) opened trading at $0.055 per share

Rugby Resources (RUG) reported exploration progress at its Cobrasco Copper Project in Colombia.

Continued reconnaissance field exploration has been conducted over the northern of the two Cobrasco IHS-08005X tenement blocks. Field evidence indicates the presence of a cluster of mineralised porphyries.

Source: Rugby Resources Ltd.

Field work has discovered strongly mineralised porphyry float samples 2 km southeast of the drilling area. This is outside and east of the known porphyries demonstrated by the company’s 2022 auger sampling program.

Auger sampling north of the area drilled has extended the copper-molybdenum geochemical anomaly to the north of that defined previously. The team has also expanded its environmental and community programs.

More than 600 additional soil samples were collected during the current campaign, taking the total number to 793 samples. The program has delineated a significant copper-molybdenum anomaly.

Copper auger geochemistry. Source: Rugby Resources Ltd.
Copper auger geochemistry. Source: Rugby Resources Ltd

Rugby’s Cobrasco Project Manager, Francisco Montes led the geologic team’s latest reconnaissance program.

He said that his team has been continually surprised by the sheer extent of porphyry copper mineralisation evident on surface exposures within the northern tenement block.

“This is exemplified by numerous new mineralised outcrops defined within areas of known geochemical anomalism, as well as new areas in the far north where we extended the auger sampling over the zone with the highest molybdenum values located to date. Molybdenum grades are typically found to be elevated directly overlying or central over a buried porphyry system and this occurrence may represent another porphyry system located north of our recent drilling which produced potential economic grade mineralisation. Mapping has also delineated a strong lithocap alteration in an area some two kilometres west of drilling where we believe older volcanic rocks mask another mineralised porphyry at modest depth, coincident with magnetite depletion evident in our airborne magnetic surveying. Although this area was auger sampled with depressed geochemistry, we would not expect elevated geochemistry at surface within this volcanic sequence. Furthermore, some two kilometres east from our drilling, significant chalcocite/malachite breccia and porphyry float was located over an extent of some 300 metres, totally outside the area originally thought to have potential for hosting porphyry mineralisation. The field evidence collected to date points towards the northern Cobrasco tenement hosting an extensive copper-molybdenum porphyry complex with multiple porphyries, and we will continue to expand our systematic geochemical sampling and geophysical programs to capture this potential.”

Rugby Resources (RUG) is an exploration company conducting “discovery stage” exploration on a portfolio of copper, gold and silver targets in Colombia, Argentina, and Chile.

Rugby Resources Ltd. (RUG) opened trading at $0.055 per share.

More From The Market Herald

@ the Bell: TSX ends September on a low note

Canada’s main stock index ended lower on Friday under the weight of declines in the energy and utilities sectors.

U.S. Supreme Court to review controversial Alaska mine by year’s end

Northern Dynasty Minerals (TSX:NDM) has received updated timelines for comment on the future of its Alaskan mine.
Aritzia

Aritzia Inc. stock jumps after it reports Q2 2024 results

Aritzia Inc. (TSX:ATZ) stock jumped early Friday after the Canada-based fashion design house reported second quarter results for fiscal 2024.