Vancouver, BC -- Roughrider Exploration Limited (“Roughrider" or the “Company”; TSX-V: REL) is pleased to announce the results of its short surface exploration program completed in early May at the Empire Mine property (the “Property”) as well as the start of its larger surface exploration program. The Company is also very excited to announce, after waiting many months, that it has also just received approval for its MX drilling permit on the Property. Roughrider has an option to acquire a 100% interest in the Property by making staged cash and share payments and completing certain expenditure commitments (as announced September 24, 2020).
Early Season Program
Roughrider was able to complete a small sampling program on the Property in early May before the Company was forced back due to unseasonably wet and snowy conditions. In total, 97 soil samples and 39 rock samples were taken in the area of Iron Lake, see Figures 1 and 2. Sampling highlighted an area with >0.05% copper (“Cu”) and >0.05 grams per tonne (“g/t”) gold (“Au”) over 550 meters (“m”) which remains open to both the west and east. Soil sample D330033 returned 0.17% Cu and 0.82 g/t Au and soil sample D330042 returned 0.12% Cu and 0.24 g/t Au. These elevated grades coincide with a north-south magnetic high similar to what is seen over the Old Sport and Benson Lake Mines (with the exception of the entrance to the No. 1 Decline, the Benson Lake mine workings are located entirely within the Empire Mine Property).
Roughrider’s team has been mobilized to the Empire Mine Property to complete a program of soil and rock sampling, geological mapping and prospecting as well as complete a detailed Induced Polarization (“IP”) geophysical survey over areas which have seen no previous geophysical surveys. Results of these programs will guide the Company for the drilling program that is expected to take place as soon as feasible.
Adam Travis, CEO of Roughrider comments: “While we have been waiting for our larger program to be able to start on the Empire Mine Property we have continued to advance our understanding of the Empire Mine Property as well as continued to advance the other properties in our portfolio (see news release dated April 26, 2021). Our teams have been dispatched to the field to complete the sampling program that was supposed to be done in early May and we are set to start our IP survey shortly. I am also very excited to announce that after much persistence we have finally received our drill permit for the Empire Mine Property! I look forward to being able to get drilling started once we receive results from this geological and geophysical program and fine tune our drill plan.”
About Roughrider Exploration Limited
Roughrider's 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.
Samples were taken at 25 m spacing but up to 125 m spacing in areas around Iron Lake and between 50 m and 250 m spacing in the southwest area. All samples were taken along the B horizon.
Sampling completed on the project in 2021 was supervised by on–site Roughrider personnel and sub-contractors who collected and tracked samples and implemented a full QA/QC program using blanks, standards and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to MSALabs in Langley BC for analysis. MSALabs quality control system complies with global certifications for Quality ISO9001:2008. Soil samples were dried and screened to 80 mesh and then analyzed in 20g samples with multi-element ICP-MS Aqua Regia digestion (IMS-128). Rock samples were dried and crushed to 70% passing 2mm mesh and split to 250g samples which were pulverized to 85% passing 75μm. The samples were then analyzed by a 4 acid digestion multi-element ICP-MS (IMS-230). Gold assaying was completed with FAS-111, a 30–gram fusion fire assay with AAS finish.
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' NI 43-101; Standards of Disclosure for Mineral Projects.
On Behalf of the Board of Directors:
Adam Travis, Chief Executive Officer and Director
For further information, please contact:
Adam Travis, CEO
Roughrider Exploration Limited
409 Granville Street, Suite 904
Vancouver, B.C. V6C 1T2, Canada
Cautionary Notes Related to this News Release and Figures
1. Historical Information contained in this release, maps or figures regarding the Company’s Project or Adjacent Properties cannot be relied upon as the Company’s QP, as defined under NI43-101 has not prepared nor verified the historical information.
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.