Rugby Resources drills 0.69% copper over 44.6 metres at Cobrasco, Colombia

Rugby Resources Ltd. [RUG-TSXV; RBMNF-OTC] reported initial results for the third drill hole (CDH003) on the 100%-owned Cobrasco copper-molybdenum discovery in western Colombia. When completed, CDH003 is planned to be drilled to 1,300 metres. Cobrasco drilling commenced in August with 2,283m completed to year end.

Highlights: CDH003 intersected 144.6 metres of 0.69% copper and 155 ppm molybdenum from 156 metres. The hole, which is targeted to be drilled to 1,300 metres, was paused at 300.6 metes at year end in high-grade porphyry mineralization.

CDH003 was drilled using the same drill collar location as CDH002 (172 metres of 0.74% Cu and 78 ppm Mo within a broader interval of 754 metres of 0.46% Cu and 76 ppm Mo from 152 metres downhole). The holes are sited 400 metres south of CDH001. (82 metres at 0.90% Cu and 199 ppm Mo within a broader interval of 808 metres of 0.42% Cur and 79 ppm Mo).

CDH003 also intersected a near surface mineralized zone of 148 metres of 0.20% Cu and 65 ppm Mo from 8 metres, which included 60 metres of 0.27% Cu and 57 ppm Mo. This shallow intercept is interpreted as the continuation of the same shallow mineralized zone intersected in CDH002 grading 70 metres of 0.29% Cu and 50 ppm Mo.

CDH003 is almost orthogonal, drilling to the north of CDH002. It was drilled to test the mineralized upper part of CDH001 to a greater depth but when paused just before Christmas it was well short of the target. The hole is planned to be continued to a depth of 1,300 metres.

Rugby’s Chairman, Yale Simpson, stated: “Results for CDH003 support what I said on January 17. With this partial hole returning 144.6 metres of 0.69% Cu and 155 ppm Mo right above the paused depth of 300.6 metres we are continuing to demonstrate the full scope of the Cobrasco discovery. The three drill holes are all well mineralized, yet they are testing only a portion of the system (as indicated by the copper soil geochemistry). The ultimate depth and lateral extent still need to be defined but clearly the scope of the system is impressive with the size potential of a world class porphyry.

“At this stage Cobrasco simply needs drill holes to define the high grade “sweet spots” and to establish grade contours for the system. Drilling on CDH003 will be continued to its planned depth of 1,300 meters when a strategic partner is in place.”

The first three drill holes clearly show the development of a strong, well preserved and potentially economic-grade porphyry system that tops out approximately 100 metres below surface. Some of the highest-grade mineralization occurs at depths over 700 metres. Deep drilling is planned to test below the current levels.

Rugby includes the molybdenum content of samples in its reporting, as it is generally readily recovered in a sulfide concentrate as a by-product. The market value of molybdenum varies as does copper. That said, at the time of this news release, the molybdenum price is some 10 times that of copper. Therefore, Rugby considers it useful to quote that content with the provision that the Company has yet to undertake metallurgical testing to determine the recoverability of the metal.

Cobrasco mineralization is bornite dominant with lesser chalcopyrite and molybdenite. Penalty elements (particularly arsenic) are low. Based on this mineralogy the mineralisation would be expected to be amenable to the production of a high-grade copper concentrate using traditional mineral processing. Preliminary metallurgical testing to assess and document the metallurgy is planned.

Rugby’s field exploration program has resumed and will take precedence over drilling in Q1. Additional geological mapping, rock and soil sampling and general prospecting activities are essential. This program will very likely define additional porphyry targets.

Rugby places a high priority on quality environmental practices to ensure minimal impact from its activities. It has an ongoing site monitoring and rehabilitation program including an active nursery program to safeguard the integrity of the ecosystem.

In January 2023, the company commenced the design of a socio-environmental program to promote and protect the ecosystems of the area. The program will be conducted with students and teachers of the community and coordinated with local and national environmental agencies.

Rugby also has a prior consultation agreement (CP) with the local community which provides for access to the project area and various programs to benefit the community. The company is actively engaged with the community on programs to be funded in the coming months.