Roughrider Expands Empire Mine Property and Reports New Sampling Results
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).
News Release January 25, 2021_Figure 1: Empire Mine Property 2020 Area of Exploration, Cu
Results (CNW Group/Roughrider Exploration Limited)
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
1
.
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.
2
.
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).
3
.
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
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For further information:
Adam Travis, Roughrider Exploration Limited, 625 Howe Street, Suite
420, Vancouver, B.C. V6C 2T6, Canada, P: 250-878-7554, E: [email protected]
CO: Roughrider Exploration Limited
CNW 09:42e 25-JAN-21