Roughrider Expands Empire Mine Property and Reports New Sampling Results
TSX.V: REL
VANCOUVER, BC, Jan. 25, 2021 /CNW/ - Roughrider Exploration Limited ("Roughrider" or the "Company") (TSXV: REL) is pleased to announce the results from its surface exploration program that was conducted in November 2020 at the Empire Mine Property (the "Property") located on northern Vancouver Island. Following the extensive historical data review the Company has undertaken, an additional claim was staked contiguous to the Property in an area where historical assay results showed statistically anomalous copper ("Cu") values (> 100 ppm Cu) over a 500 meters ("m") strike length at the favourable contact between limestone and volcanic rocks (see Figure 1).
During the November 2020 field program, a total of 275 soil, 17 moss mat stream samples and 16 rock samples were collected (see News Release dated December 8, 2020). Exploration focused on the Snowline and Southwest Areas where Roughrider noted a favourable geological setting identified by its compilation work. Soil and stream samples from the Snowline area have returned anomalous levels of copper (> 100 ppm Cu) and gold ("Au") stream sediment samples to 229 ppb Au from the area of our new discovery of Cu-Au-magnetite skarn style mineralization. In the Southwest Area, soils and stream samples have returned values up to 712 ppb Au. Additional assay results from rock samples taken have not yet been received.
Adam Travis, Roughrider CEO and Director comments: "We completed a modest surface exploration program over the Snowline and Southwest Areas last November and continued our compilation of the more than 100 years of historical data. Soil and stream sediment samples are returning anomalous copper and gold from the area of our new skarn discoveries at Snowline and we are getting good gold values in soils and stream sediment samples from the Southwest area. We will be expanding those grids and prospecting efforts in the coming months. These results confirm our hypothesis that the entire contact area of the Merry Widow Pluton, including its underexplored 8 km western side, has potential to host more distal precious metal vein mineralization and more proximal copper, gold, and magnetite skarn targets especially within limey sediments. Although we will be focusing our efforts along the 8 km eastern contact that is host to 3 past producing open pit mines, 2 past producing underground mines and more than 22 mineral occurrences, these other new zones along the western contact are indicating that we have substantial district scale potential. I am also excited by the continuing progress of our compilation work and plan to report on that shortly."
Compilation of Historical Data
As announced in our December 8, 2020 news release, Roughrider is completing an extensive compilation of historical data concerning the Property. So far, in total, the Company has compiled a total of 486 rock, 386 silt and 2,285 soil samples from the Property along with a total of 17,498 m of drilling in 214 drill holes. Previous geophysical surveys include a 36.9-kilometer ("km") IP survey, 3,277-line km airborne magnetic and electromagnetic surveys and 40.7 km of ground magnetic surveys.
Good progress has been made on our historical data review and the Company expects to report on this work in the coming weeks. Initial highlights include:
- The identification of a 1 km potential strike length extension along the Merry Widow trend that may allow for the expansion of the historical measured and indicated Grande Portage 2008 Resource of 960,000 tonnes at 2.03 g/t gold, 5.64 g/t silver, 0.34% copper, 0.013% cobalt and 16.1% iron using a 0.50 g/t gold cut-off completed November 30, 2008 by Gary Giroux 1,2 that occurs within only 100 m of that trend.
- Cominco's 1972 Benson Lake remaining resources when the mine was shutdown indicating resource areas as much as 300 m south of the existing mine workings noting a total of 454,500 tonnes at 0.59 g/t Au and 1.3 % Cu 1,3 (Although these resources do not meet current NI 43-101 standards the Company believes that the historic numbers are an important indication of the exploration potential along the Old Sport Horizon and are useful for helping guide future exploration targets).
- Areas to the south of Merry Widow that are showing potential to extend the main trends a further 1 km.
- Areas to the south of the Benson Lake Mine that are showing potential to extend the main trend a further 4 km's.
About Roughrider Exploration Limited
Roughrider's current exploration focus is the Empire Mine Property, located on Northern Vancouver Island, B.C., which covers three historical open pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Roughrider's other properties include its 100% owned Eldorado, Gin and Bonanza properties located in the Golden Triangle of northern B.C. which are adjacent to the Red Chris Mine as well as its 100% Sterling property which is located in central B.C. Roughrider management also continuously reviews strategic precious metals opportunities in western North America.
Qualified Persons
The scientific and technical information contained in this news release has been prepared, reviewed and approved by Wade Barnes, P.Geo. (British Columbia) of Tripoint Geological Services, Roughrider's Geological Consultant and a Qualified Person ("QP") within the context of Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis, Chief Executive Officer and Director
Cautionary Notes Related to this News Release and Figures
- Historical information, maps or figures contained in this release regarding the Roughrider's Empire Mine Property or adjacent properties cannot be relied upon as the Company's QP, as defined under NI-43-101 has not prepared nor verified the historical information.
- NI 43-101 Technical Report: Giroux, G.H., & Raven, W. (November 30, 2008). Technical Report on the Copper Gold Resources for the Merry Widow Property. Filed on SEDAR January 22, 2009. The 2008 Grand Portage resource estimate was completed by Gary H. Giroux, P.Eng, MASc, of Giroux Consulting Ltd. in Vancouver, B.C. The estimate was based on a 3D geological model integrating 4,448 metres of diamond drilling of 43 drill holes, 2,290 assays, with 104 down-hole surveys collected between June and December 2006. The resource was reported utilizing gold cut-off grades ranging from 0.10 g/t to 3.00 g/t gold, as more particularly set out in the report. A complete copy of the report is available on Grand Portage's public filings on SEDAR (www.sedar.com). A gold cut-off grade of 0.50 g/t gold was selected as representing one possible mining scenario. For the purposes of the calculations, lognormal cumulative frequency plots were used to assess grade distribution to see if capping of high values was required and if so at what levels. For all elements, capping levels were established based on the individual grade distributions as follows: Gold -- a total of 18 gold assays were capped at 32.0 g/t gold, Silver --a total of 9 silver assays were capped at 165 g/t silver, Copper -- a total of 7 assays were capped at 11.7% copper, Cobalt -- a total of 5 assays were capped at 0.48% cobalt, Iron -- all iron assays were capped at 50% iron (the analytical detection limit).
- Province of British Columbia Property File, Statement of Material Facts: VSE 22/09/75, Quatsino Copper-Gold Mines Limited
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Roughrider, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Roughrider believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.
SOURCE Roughrider Exploration Limited
Adam Travis, Roughrider Exploration Limited, 625 Howe Street, Suite 420, Vancouver, B.C. V6C 2T6, Canada, P: 250-878-7554, E: [email protected]
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