- 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.
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.
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.