Vancouver, B.C., March 07, 2022 (GLOBE NEWSWIRE) -- Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) is pleased to report the completion of a follow-up soil sampling program and three-dimensional ground magnetic modeling at El Zanjon in Argentina. The soil assays are awaited but the 3-D magnetic modelling is complete.

The 3-D modelling shows a series of deep-seated east-west faults interpreted to be potential hydrothermally altered pathways for mineralizing fluids. Figure 1 (left) presents a previously identified 10 km diameter magnetic anomaly with the location of a N-S cross section shown. Figure 1 (right) shows the cross-section position again but presents the data as a Magnetization Vector Inversion plan. This presentation shows the E-W faults that break up the stratigraphy into a series of blocks.

Figure 1: El Zanjon RTP Ground Magnetics and Magnetization Vector Inversion Level Plan at -50m elevation over the circular magnetic high. Cross section for line ‘A’ - ‘AA’ is presented in Figure 2.

Presenting the data as a magnetic cross section (Figure 2) enables an interpretation of the dip of the faults. When the soils data is received and compiled, drill targeting will be possible.

Southern Rock Geophysics was contracted to prepare the 3D magnetization model from which a suite of horizontal plans and north-south oriented vertical sections were plotted. The plans and sections distinguished the deep structures which have greater potential for tapping into magmatic gold-silver rich fluids.

Figure 2: Vertical magnetization vector inversion across the Zanjon circular magnetic high. Viewed looking toward the west (F=interpreted fault, H=magnetic high, L=magnetic low). See Figure 1 for location.

Glen van Kerkvoort, Rugby's Chief Technical Officer, stated "Many of these deep-seated structures extend over many kilometres and were not evident in the original contoured magnetics. In my experience, analogous deep-seated east-west (EW) structures at both Cerro Moro and Cerro Negro host very high-grade gold silver mineralisation. Rugby’s earlier low-level geochemistry indicated gold anomalies where EW structures intersected northwest structures. We will now conduct a final follow-up geochemical survey to further define new targets."

Glen van Kerkvoort added, “The methodology we are employing is to sequentially layer geophysical and geochemical datasets to vector in on specific drill targets. Had there been outcrop at El Zanjon we would have been drilling some time ago as geology would have been a primary tool. In this case geology is the unknown factor except for the fact that we know we are in the right suite of rocks based on regional parameters.”

A fourth follow-up soil sampling program was completed to test new structures defined by extensions to magnetic surveying completed in late 2021. A total of 223 samples were dispatched for low level ionic leach assaying bringing the combined number of soil samples to 1,099 (Figure 3). Sampling methodology is described below*. An additional fifth soil sampling program, to cover several deep-seated interpreted fault structures identified by the 3D magnetization vector inversion modeling, will be conducted prior to onset of the southern winter.

On receipt of all data, drill targets will be prioritized. Drilling is planned to commence late 2022 year during the southern hemisphere summer.

Figure 3 Soil sample location map on RTP magnetic level plan.

Paul Joyce, Rugby’s Chief Operating Officer, and a “qualified person” (“QP”) within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has verified the technical information that forms the basis for this news release.

The soils were sampled following ALS laboratories sampling instructions.

All site locations were recorded as WGS84, UTM Easting and Northing coordinates Zone 19 using a hand-held Garmin eTrex® 20.

Samples were collected from 10 cm to 20 cm below the surface.

A 120 gram sample was collected and placed in a Ziplock plastic bag with the sample number permanently marked on the bag.

The bag was folded over to remove most of the air and sealed, then placed in another plastic bag again removing as much air prior to sealing.

Jewelry was removed and only plastic and wooden implements were used.

All samples were placed in plastic boxes and dispatched to ALS (Vancouver) for Ionic Leach analysis by ME-MS23™ method.

Laboratory duplicate samples were included in the analysis

The geochemical data were imported into the project’s database for geostatistical analysis, determination of correlation and geochemical mapping.

The dataset was filtered by soil type and grouped in Sand and Gravel (SG) or Tertiary (TR) to analyse them independently.

Geostatistics were calculated using Discover software for the sub-dataset Ag, As, Au, Cd, Cu, Fe, Hg, Mo, Pb and Sr.

The percentiles were then used to prepare accurate geochemical thematic maps with the objective of distinguishing anomalies.

About Rugby Rugby is an exploration company conducting “discovery stage” exploration on targets in Colombia, Chile, Argentina, the Philippines and Australia. The Company’s focus is the potential discovery of a high-grade copper molybdenum porphyry system at Cobrasco in Colombia. A possible discovery of high-grade silver-copper-gold at the Salvadora Project in Central Chile’s El Indio Gold Belt ranks second. Rugby also controls a large portfolio of gold projects and/or applications in Colombia which are moving through the process for title grant. We intend to move to expedite this process where possible.

Rugby benefits from the experience of its directors and management, a team that has either been directly responsible for world-class mineral discoveries or have been part of the management teams responsible for such discoveries. Prior companies under their management included Exeter Resource Corporation and Extorre Gold Mines Limited, which held significant projects in South America. These companies were taken over by Goldcorp (Newmont) and Yamana respectively.

For additional information you are invited to visit the Rugby Mining Limited website at www.rugbymining.com.

Rob Grey, VP, Corporate Communications Tel: 604.688.4941 Fax: 604.688.9532 Suite 810, 789 West Pender St. Toll-free: 1.855.688.4941 Vancouver, BC Canada V6C 1H2 info@rugbymining.com

Certain of the statements made and information contained herein is “forward-looking information” within the meaning of the British Columbia, Alberta and Ontario Securities Acts. This includes statements concerning the Company’s proposed exploration plans for the Salvadora project in Chile, progress on obtaining approval for its exploration concession applications in Colombia, the expected timing of drilling and/or geophysics programs, budgeted costs to conduct exploration programs including drilling, high grade potential and potential for mineral discoveries at its projects and the style or occurrence of the mineralization which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company holds certain of its projects, including Salvadora, under option agreements, which require annual cash payments, expenditure and/ or drilling requirements in order to maintain its interest. Should the Company not be able to meet its obligations or renegotiate the agreements it will lose its rights under the option agreement. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the effect on prices of major mineral commodities such as copper and gold by factors beyond the control of the Company; events which cannot be accurately predicted such as political and economic instability, terrorism, environmental factors and changes in government regulations and taxes; the shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration services; the Company’s dependency on equity market financings to fund its exploration programs and maintain its mineral exploration properties in good standing; political risk that a government will change, interpret or enforce mineral tenure, environmental regulations, taxes or mineral royalties in a manner that could have an adverse effect on the Company’s assets or financial condition and impair its ability to advance its mineral exploration projects or raise further funds for exploration; risks associated with title to resource properties due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the interpretation of laws regarding ownership or exploration of mineral properties in the Philippines, Argentina, Chile and Colombia and in the sometimes ambiguous conveyancing characteristic of many resource properties, currency risks associated with foreign operations, the timing of obtaining permits to conduct exploration activities, the ability to conclude agreements with local communities and other risks and uncertainties, the ongoing effects of the COVID 19 pandemic and including those described in each of the Company’s management discussion and analysis and those contained in its financial statements for the year ended February 28, 2021 filed with the Canadian Securities Administrators and available at www.sedar.com. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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

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