Three Additional Zones Identified At The Salvadora Project

VANCOUVER - Rugby Mining Limited reported that exploration on the Salvadora silver-copper project in Chile has identified three additional zones of gold, silver and copper mineralization similar to that on the Silverado prospect. Exploration, including reconnaissance mapping and sampling of areas to the west and east of the main mineralized trend has continued utilizing three exploration teams. The work has identified vein and disseminated gold, silver and copper mineralization in new areas identified as Silica Cap, Alteration Area 3, and Alta Hediondita. Applications have been made for two additional properties to the west of the Cumbres area to cover an area of recently discovered stockwork veins and silicification. A further 297 rock chip samples have been collected and assayed. Sampling methodology and the statistical details of selected metals. Mapping has identified +500 meters of vertical potential with outcrop rock chip samples returning significant assays from elevations extending from 4,379m (e.g., Sample 15947: 7.1 g/t gold, 121 g/t silver, and 3.9% copper) down to 3,831m elevation (e.g., Sample 16036: 0.18 g/t gold, 630 g/t silver, 3.8% copper, and 6.5 % lead). A combined Induced Polarization / Resistivity and Magneto-Telluric Survey was completed with lines run over the Silverado, T-09 target and Cumbres prospects. The survey defined several zones of strong chargeability potentially corresponding to sulfide mineralization such as is observed in the Silverado Induced Polarization Vertical Profile. This has several compelling high IP-Phase zones that may indicate potential sulfide mineralization at depth.

The Ministry of Environment and Sustainable Development’s recently approved “Resolution No. 110 of 2022”, and its stated effects, has been temporarily suspended pending a Bogota Superior Tribunal review of certain contested legal aspects. The Company’s Colombian advisors and legal counsel are currently investigating the situation and based on current assessments, reinstatement of Resolution 110 is expected.

The Company will soon initiate a detailed environmental assessment, including geophysics and soil sampling at Cobrasco. This assessment program will be conducted under an agreement with the local community and includes providing work for its members.