Rugby Resources Ltd. [RUG-TSXV] shares were active Monday after the company announced the discovery of high grade copper mineralization over significant widths in the first test of the Cobrasco porphyry in Western Colombia.
Drilling highlights include hole CDH001, which was drilled to a depth of 1,036 metres and intersected 82 metres of 1.00% copper equivalent (CuEq) within a broader interval of 808 metres of 0.46% CuEq from 184 metres.
“Rugby is excited to announce the discovery of a copper porphyry in only the second test of the Cobrasco mineral system,’’ said Rugby Chairman Yale Simpson. “Such significant copper intercepts indicate the system is robust and worthy of significant ongoing exploration,’’ he said. “The second test, CDHOO2 is in progress. It is currently at a depth of 781 metres, with a target depth of 1,200 metres. Initial assay results are expected in early December.
Cobrasco has not previously been tested by either Rugby or any other operator.
Rugby shares were unchanged at 11 cents on volume of 534,200 on Monday and currently trade in a 52-week range of 24 cents and $0.075.
Cobrasco is located within the Western Cordillera, a belt representing a continuation of the prolific porphyry terrain that extends through Chile and Peru to the south of Ecuador and Panama to the north. The Cobrasco copper molybdenum porphyry is a large, previously undrilled porphyry target supported by geophysical and geochemical anomalies. The 30 square kilometre project is held 100% by Rugby.
Having recently changed its from Rugby Mining, the company is focused on the discovery and delineation of copper, gold and silver deposits. It benefits from a experienced management team that was previously involved with companies such as Exeter Resources, and Extorre Gold Mines. Both of those companies held significant projects in South America. Both were eventually taken over by Newmont Corp., [NGT-TSX, NEM-NYSE], and Yamana Gold Inc. [YRI-TSX, AUY-NYSE] respectively.
Recent exploration at Cobrasco has included ongoing environmental assessment, additional soil and rock sampling and subsurface exploration, testing targets to a possible depth of 1,000 metres. Environmental work is a continuation of previous assessments that included both soil and vegetation categorisation work. Subsurface exploration is expected to continue through the fourth quarter of 2022, the company has said.
Meanwhile, Rugby has said assays results from 1,344 ionic leach and soil samples collected to date show significant gold anomalies with elevated pathfinder values of silver, arsenic, molybdenum and mercury at the El Zanjon gold-silver project in Argentina.
The company said an environmental impact assessment study and water permit application have been lodged in preparation for a drilling program planned for the first quarter of 2023.