Vancouver-based Rubgy Resources Ltd. (TSX-V: RUG) has discovered new zones of copper mineralization surrounding its mining project in Colombia through reconnaissance field exploration.
The company announced the discoveries on Monday and says that auger sampling has extended the copper-molybdenum anomaly to the north and that it has found significant mineralization to the south as well.
The Cobrasco Project is currently undergoing field work, including geological mapping and soil and rock chip sampling. Independent environmental experts are conducting soil and vegetation categorization work to identify areas suitable for future drill sites with limited forest cover and suitable access.
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Rugby is currently investigating ways that it can finance its ongoing drill program at the project and aims to enhance its knowledge of the Cobrasco porphyry system while it looks for new revenue streams. A total of 600 soil samples were collected during the company’s recent campaign.
“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,” said Francisco Montes, Rugby’s Project Manager at the Cobrasco project.
Copper mineralization found 2 km southeast of the Cobrasco drilling area. Photo via Rugby Resources
Molybdenum is often recovered as a byproduct of copper mining and some of the world’s largest copper mining operations produce significant amounts of it. The metallic element can help improve the strength of steel and other metals and improves their resistance to corrosion as well.
“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 mineralization,” said Montes.
The Cobrasco project is located in northwest Colombia in the Western Cordillera region.
Other copper miners operating in Colombia include Cordoba Minerals Corp. (TSX-V: CDB) (OTCQB: CDBMF), Max Resource Corp. (TSX-V: MAX) and Libero Copper & Gold Corporation (TSX-V: LBC) (OTCQB: LBCMF) (DE: 29H).
Rugby’s shares dropped by 9.09 per cent on Monday to $0.05 on the TSX Venture Exchange.
rowan@mugglehead.com
