Vancouver, B.C., April 10, 2024 (GLOBE NEWSWIRE) — Rugby Resources Ltd., (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to report that work has commenced at the Mantau iron oxide-copper-gold (“IOCG”) project in the Metallogenic – Coastal Belt near Antofagasta, northern Chile. This prolific “Mineral Belt” has a long history of mining and hosts sizable copper deposits linked both genetically and spatially to the Atacama Fault System. Manto-type copper-silver, porphyry copper and IOCG deposits are present in the district with Mantos Blancos and Antucoya being the closest large-scale active mines (Figure 1).
Rugby’s local Chilean geologist recently conducted a site visit to facilitate planning for a drone magnetic survey. A detailed rock sampling program will follow the drone survey to assess existing copper and gold targets identified by earlier reconnaissance programs. Systematic geochemical soil sampling is planned while access routes to existing high-priority drilling targets will be finalized.
Insight: Potential Copper Discovery
The Mantau project’s location demonstrates features indicative of an IOCG geological environment, raising the potential for a significant copper discovery. The proximity to the “Marimaca Copper Discovery” suggests promising prospects for Rugby.
Geological Characteristics and Access
The Mantau project covers 4,500 hectares and is located in a topography dominated by Triassic tuffs overprinted by the Atacama Fault System. The presence of specular hematite and albite signifies a potential IOCG system. Access to Mantau is facilitated by undulating to moderately steep terrain, along with the availability of good-quality roads enabling year-round exploration.
Artisanal Mining and Sampling
Old artisanal mine workings at Mantau have yielded samples assaying up to 16.7% copper and 5.91 g/t gold. These historic findings provide crucial insights into the mineralization potential of the area and serve as valuable exploration targets for Rugby’s current project.
Planned Work and Quality Assurance
Rugby is in the process of coordinating detailed drone magnetic-radiometric surveying for the targeted areas. Following this initial phase, geologic mapping, geochemical sampling, and rock sampling will provide crucial data to assess the drill-testing potential in 2025. All sampling and assay procedures adhere to stringent quality control measures.
Qualified Personnel and Exploration Focus
Paul Joyce, Rugby’s Chief Operating Officer, serves as the Qualified Person overseeing the technical aspects of the Mantau Project. The company’s extensive exploration portfolio across several countries highlights its commitment to copper-focused discovery programs, with an emphasis on leveraging geological expertise to unveil high-potential resources.
Company Background and Experience
Rugby’s strategic exploration efforts span multiple regions, each with distinct geological characteristics and mineralization opportunities. The company’s leadership team boasts a track record of contributing to significant mineral discoveries, ensuring a wealth of experience in navigating exploration challenges and maximizing discovery potential.
For additional information, please visit the Rugby Resources Ltd. website at: www.rugbyresourcesltd.com
