Vancouver, BC -- Roughrider Exploration Limited (“Roughrider" or the “Company”; TSX-V: REL) is pleased to announce it has completed an airborne geophysical survey at its 100% owned Red Chris Properties adjacent to Newcrest Mining Limited’s (“Newcrest”) and Imperial Metals Corporation’s (“Imperial Metals”) Red Chris Mine and GT Gold Corp.’s Tatogga Property. Roughrider is encouraged by the results which highlight the discovery of numerous large magnetic anomalies in an area previously untested. Roughrider is also pleased to announce it has signed a Communications and Engagement Agreement with the Tahltan First Nations and is looking forward to continuing to build on its meaningful and mutually beneficial relationship with the Tahltan Nation.
Red Chris Area Properties
Roughrider engaged Peter E. Walcott & Associates to complete a total of 966-line kilometers (“km”) of airborne magnetics (see Figure 1) over its Gin and Eldorado Properties, on either end of the Red Chris Mine1.
The airborne geophysical magnetic survey flown over Roughrider’s Eldorado Property to the east of the Red Chris Mine shows a 250 meter (“m”) x 2,000 m long east-west trending magnetic high that coincides with previously known mineralization including drillhole EL13-004 returning 91.6m of 0.12% copper and 0.28 gram per tonne (“g/t”) gold from top of bedrock (52.4m depth) to 144m depth2. More importantly, this survey discovered two new large magnetic anomalies (see Figure 2) that may represent intrusive bodies in area located under gravel cover which has seen no previous exploration as it was originally thought to be underlain by sediments and south of the prospective area. The first anomaly is located approximately 750 m south of the previous drill area and trends east-west with dimensions of 1,000 m x 2,000 m and is located along the same geological trend and inferred fault system as the Red Chris open pit mine. The second anomaly is approximately 1,500 m in diameter and is located approximately 1.5 km east of the area previously drilled.
The airborne geophysical survey over Roughrider’s Gin Property, at the western side of the Red Chris Mine, shows several magnetic anomalies that may indicate other intrusive bodies exist under the covered plateau and slopes, which are not shown on regional geological maps.
Adam Travis, CEO of Roughrider comments: “The Red Chris area has certainly been very active recently and I would like to take this opportunity to congratulate both GT Gold on its $456 million (“M”) takeover offer from Newmont and Questex for its recently announced $11 M financing led by Newmont and Skeena Resources. Roughrider, with its very strategic landholdings on either side of Red Chris is now the only company not directly or indirectly held by either Newmont or Newcrest. Imperial Metals and Newcrest have also been very active at the Red Chris Mine and have made significant new discoveries south of their pit and have extended exploration roads 5 km to the east out towards the boundary with our Eldorado Property. In light of the new discoveries at Red Chris and recognition that the South Boundary Fault may in fact be a conduit for mineralization rather than a termination of mineralization, we elected to fly a first ever detailed airborne magnetic survey over our properties. This work has discovered two very significant magnetic anomalies that are 5 times larger than the magnetic anomaly where previous operators had focused and discovered highly anomalous copper and gold values in soils, rocks and drillcore. These new anomalies are located less than 10 km away from the Red Chris Mine pit and are new high-priority targets that require ground truthing and surface geophysical surveys followed by drilling.”
Empire Project, Northern Vancouver Island
Due to an unseasonably cool and snowy spring on northern Vancouver Island the Company has delayed proposed surface geophysical and geochemical surveys until early May. As we await drill permits, ongoing compilation of historical data continues to refine proposed drillhole locations. The company is actively engaging with the Quatsino First Nation about its proposed programs to build a mutually beneficial relationship.
Roughrider announces the resignation of Scott Gibson from the Board of Directors. Mr. Gibson is leaving to focus on his commitments to his private companies but will continue to be a large supportive shareholder of the Company. Roughrider wishes him all the best in his future endeavors.
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.
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
- This news release and related maps contain information about adjacent properties on which Roughrider has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Companies properties.
- Oliver, J. (2020). NI 43-101 TECHNICAL REPORT ON THE ELDORADO PROPERTY
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.