Vancouver, BC -- Roughrider Exploration Limited ("Roughrider"; TSX-V: REL) is pleased to provide a corporate update and announce that it has recently completed a second phase of surface exploration at the Empire Mine property located in the Rupert District on northern Vancouver Island.
Roughrider’s surface sampling program focused on the Southwest and Snowbird areas (see Figure 1) where our exploration team collected a total of 275 soil, 15 rock and 17 stream samples. Compilation and interpretation of the Empire Mine property’s historical geological data is ongoing, leading to the definition of numerous targets for a proposed million-dollar diamond drill program in Q1, 2021, contingent on permitting.
Adam Travis, CEO and Director of Roughrider, comments: “We are very encouraged by the work that we have completed on the Empire Mine Property since signing our definitive agreement just over two months ago. Our latest field program shows that new discoveries can still be made, particularly along the margins of the Merry Widow Pluton. While we await further permits, our planning continues for a drill program in the new year based on a full, sound geological, geochemical and geophysical compilation of the historical data that has never been undertaken before. I am also pleased that the Board has earmarked $1 million of our current treasury for an initial drill program estimated at up to 5,000 m. Drilling will initially focus on expanding the 2008 Resource calculated by Grand Portage on the edge of the Merry Widow Pit and remaining mineralized areas as noted in 1972 by Cominco south of the Benson Lake Mine. Previous intercepts are highlighted by a 2006 drillhole (MW06-17) near the Merry Widow Pit which returned 6.51 g/t gold and 1.38% copper over 50.32 m. Numerous other drill targets occur principally along the 2 km Merry Widow Trend and 6 km Old Sport Trend associated with more than 22 mineral occurrences”
Snowbird Area (~ 3 km NNW of the Merry Widow Pit) – New Discovery of Massive Magnetite in Outcrop
In the Snowbird Area, coincident airborne magnetic and electromagnetic anomalies (“EM”) are noted near the northern contact of the Merry Widow Pluton. In this area, limited surface work by previous operators included the discovery of a magnetite boulder by Noranda Inc. from Snowbird creek in 1991 that assayed 1.75 g/t Au, 3.77 g/t Ag, 53.37% Fe, and 0.24% Cu. The source of this boulder has not been found to date. Roughrider’s recent program included soil sampling (90 soils, 9 rock and 2 stream sediment samples) over a 300 m x 1000 m area upslope of this boulder and to cover the airborne geophysical anomalies. Prospecting by Roughrider in this forested and covered area has discovered discontinuous massive magnetite bands up to 30 cm hosted in limestone near the contacts with intrusive bodies that appear to have never been sampled or documented previously. We eagerly await our sample results. This work demonstrates that new discoveries can still be made within this mature camp and that other contact portions of the Merry Widow Pluton have potential to form mineralization. Investigation of the mainly unexplored ~8.0 km western contact of the Merry Widow Pluton is also clearly warranted.
Southwest Anomalies (~ 6 km SW of the Merry Widow Pit) – Multiple EM Anomalies
In the Southwest Area, a minimum of eight EM anomalies were noted in a 2007 airborne survey with apparently little follow up. Roughrider targeted five higher-priority anomalies and we completed the collection of 185 soil samples, 15 stream sediment samples and 4 rock samples across them. Initial prospecting appears to indicate that the EM anomalies are underlain by sediments with high graphitic content intruded by subvolcanic intrusions. Previous gold, copper and arsenic in silt anomalies are located generally upslope of these EM anomalies draining the western contact of the Merry Widow Pluton and require follow up.
Roughrider has engaged Tripoint Geological Services Ltd., based in Comox, B.C., to compile the extensive historical database, which includes many private reports such as a 1990 Noranda I.P survey indicating potential sulphide horizons on trend of the historical workings and a Cominco 1972 drilling and resource target area located south of their underground workings. This data compilation along with Roughrider’s field programs will help site future drill-holes.
Roughrider also wishes to remind shareholders of the upcoming Annual General Meeting (“AGM”) being held in Vancouver on December 10, 2020. Due to the increasing number of COVID-19 cases and the government’s response to social distancing and gatherings, it is highly recommended that all shareholders vote ahead of the AGM and attend via teleconference using the number provided in the Information Circular.
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
625 Howe Street, Suite 420
Vancouver, B.C. V6C 2T6, Canada
The scientific and technical information contained in this news release has been prepared, reviewed and approved by Wade Barnes, P.Geo (British Columbia), Roughrider's Geological Consultant and a Qualified Person within the context of Canadian Securities Administrators' National Instrument ("NI") 43-101; Standards of Disclosure for Mineral Projects.
About Roughrider Exploration Limited
Roughrider's current exploration focus is the Empire Mine property located on Northern Vancouver Island, B.C. and covers three past-producing open pit mines and two past-producing underground mines that produced 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.
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.