Rugby Resources (TSXV:RUG) initiated drilling at the Cobrasco discovery in Colombia in August 2022, starting with the third drill hole CDH0003 of 300.6 metres, planned to be drilled to 1,300m when drilling resumes. Rugby Resources is the first company to drill test the Cobrasco porphyry system. 

Currently, drilling is paused due to elevated costs related to helicopter-supported activity and difficult global capital markets. In search of a financing option that will be minimally dilutive, Rugby Resources is pursuing a strategic investor and anticipates that drilling might resume in late Q1 2023. 

Ruby expects assays from drillholes CDH002 and CDH 003 in early to mid January 2023. Drillhole CDH002 was target due to surface geochemistry and the positive results received from CDH001 (the first drillhole), which reported 82m at 1.00% CuEq¹ within a broader interval of 808m of 0.46% CuEq¹. CDH002 was located 400m south of CDH001 and intersected a wide interval of copper-molybdenum mineralized diorite porphyry before it terminated at 946.1m within a wide fault zone.

From there, the third drillhole, CDH003, was collared from the same drill platform. Rugby drilled in a northerly direction, testing the upper mineralized part of CDH001 to a greater depth this time. The company encountered disseminated and veined copper-molybdenum mineralization from near surface above the target depth, and the intensity of the mineralization increased to the current depth of 300.6m. 

The mineralization intersected to-date at Cobrasco is bornite dominant with lesser chalcopyrite and molybdenite, while penalty elements remain low. The company expects the mineralization to be amenable to the production of a high-grade copper concentrate based on this mineralogy. The preliminary metallurgical testwork for documenting the metallurgy is planned when operations resume. The company plans to continue the geological mapping and geochemical surveys with the goal of identifying the porphyry centres in the Cobrasco intrusive complex at the deposit.

Rugby’s Cobrasco Project Manager, Francisco Montes, commented in a press release: “CDH002 intersected disseminated copper-molybdenum mineralisation as soon as it entered fresh rock below the drill collar. Metal veining was increasing in the lower sections of the hole. CDH003 shows strong mineralisation from approximately the same level as CDH002. I am confident that such mineralisation will be shown to continue down to the primary target zone when drilling resumes in 2023. 

“Mineralisation has now been intersected in a triangular area through drill holes CDH001, CDH002 and CDH003. Strong surface geochemistry indicates a much broader lateral extent to mineralisation than the area tested by the three holes. I have recommended that we make drill testing such extensions a priority in 2023.

“For the next few months in Q1 2023, Rugby’s field exploration program will take precedence with additional geological mapping, rock and soil sampling and general prospecting activities.  I am confident this program will define additional porphyry targets.’’

Table 1 – Collar Location