Vancouver, B.C., May 07, 2024 (GLOBE NEWSWIRE) — Rugby Resources Ltd., (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to announce the receipt of environmental approval for drilling on the El Zanjon Project (“Zanjon”) south of the Cerro Vanguardia gold-silver mine (AngloGold Ashanti). Drilling water supplies have also been approved. A pre-drilling campaign of ground magnetics and geochemistry can now proceed ahead of a planned 28-hole drilling program.
#### Geological Significance of Zanjon
Zanjon is situated in the Chon Aike Formation of the Deseado Massif, a region of Jurassic age volcanics rocks that host a number of world-class epithermal gold-silver systems. The Chon Aike epithermal vein systems are characterized by complex fault systems, some of which are highly mineralized. The prospective volcanics at Zanjon, covered by flat-lying sediments, are estimated to have a thickness of 30-40 meters.
#### Magnetics Mapping for Target Identification
Magnetics have proven highly effective in mapping Deseado Massif fault systems, revealing a network of NW and EW structures at Zanjon. Combined with ionic leach geochemistry, these structures provide significant gold-silver targets.
#### Insights into Potential Discovery at Zanjon
Zanjon has been identified as a prime target based on being analogous to the Cerro Vanguardia mine. The regional NW fault set at Zanjon creates favorable structural conditions for gold-silver deposition, similar to Cerro Vanguardia. Rugby validated this structural model through ground magnetic surveying.
#### Plans for Drilling Program
A 4,750m drilling program at Zanjon will focus on areas AOI2 and AOI3, with 28 holes planned to test 15 targets. The program includes diamond drilling and tricone precollar to reach the Jurassic paleosurface.
#### The Venidero Gold-Silver Project
Rugby’s Venidero project covers an area in the western part of the Deseado Massif, approximately 60 kilometers south of Newmont’s Cerro Negro gold mine. Recent mapping has highlighted the potential of Venidero, with the discovery of low-temperature silica vein material associated with interpreted structures on magnetic lows.
#### Qualified Person and About Rugby
Paul Joyce, Rugby’s Chief Operating Officer and Director, is a Qualified Person who has verified the scientific and technical information in this release. Rugby is actively exploring targets in Argentina, Australia, Chile, Colombia, and the Philippines, focusing on high-grade discoveries near existing mines in Argentina while seeking partnerships for its Colombian projects.
#### Conclusion
Rugby Resources Ltd. is advancing its exploration projects in promising mineral regions, leveraging extensive experience in the management team. By combining geological insights with modern exploration techniques, the Company aims to make significant mineral discoveries in its target regions.
