Vancouver, BC -- Roughrider Exploration Limited (“Roughrider"; TSX-V: REL) is pleased to announce results of surface exploration and an Induced Polarization (“IP”) ground geophysical program completed this summer at the Empire Mine property (the “Property”) located on northern Vancouver Island. Roughrider has an option to acquire a 100% interest in the Property by making staged cash and share payments and completing certain exploration expenditure commitments (as announced September 24, 2020).
Adam Travis, CEO of Roughrider commented: “In late July, while we had crews on the Property preparing for the IP program we continued prospecting areas that have seen little to no historical exploration outside of the past producing Merry Widow, Kingfisher and Benson Lake Mines. This work led to three new skarn discoveries. These new discoveries show the potential for other new discoveries to be made. While we could easily have rushed to drill (and just twinned some of the historical drillholes such as 2006 drillhole MW06-17 which returned 6.51 grams per tonne (“g/t”) gold and 1.41% copper over 50.32 metres (“m”) without properly understanding the ore-mineralizing system, our systematic and thorough compilation of over 100 years of historical data and methodical surface exploration is now paying off. The discovery of new gold, copper and zinc showings along with new strong and significant IP anomalies as much as 2 kilometres (“km”) away from previous workings indicates that the Empire Mine area is part a much larger mineralized system than previously known.”
Prospecting Sampling Program
Rock and soil sampling was focused over the Battle Mountain, Iron Lake and North Notch areas (see Figure 1). In total, 29 rock samples and 63 soil samples were collected. Rock sample highlights are included in the following table.
Table 1: Empire Mine Property Rock Sample Highlights
This modest prospecting program discovered three new areas of mineralization attesting to the under explored nature of the project which historically appears to have only focused on the immediate vicinity of the old pits. At Battle Mountain, significant massive sphalerite (13.3% Zn), magnetite and copper (0.89% Cu) was noted in boulders within a steep sided creek drainage. Another new discovery of copper mineralization (West Marten) was made up hill and west of the pits and showings further attesting to the limited copper exploration that was conducted around the magnetite iron ore pits. At North Notch, a 5 m deep shaft was re-discovered after almost 50 years of not being reported which returned 6.5 g/t Au and 0.3% Cu and appears to have never been drill tested. A brand-new discovery was made at the AT Showing with massive chalcopyrite knots up to 30 centimeters in width occurring along dyke margins appearing to trend up the hill towards the Summit showing 500 m away. At Iron Lake, infill soil sampling and prospecting discovered massive magnetite sub crop and float along a logging road returning up to 0.80% Cu.
Induced Polarization Program
In early August, Peter E. Walcott and Associates completed a 3.75-line km IP geophysical survey along strike to the north of the Merry Widow pit and one test line on possible strike to the south of the Benson Lake Mine. In the Merry Widow Pit area, the IP work has shown that the mineralized skarn zones are associated with a moderate (18-24 mv/v) chargeability anomaly that extends for at least 400 m in strike length of which less than half of that strike length has seen significant drilling. The Whiskey Jack showing a further 200 m north may also link up with this trend with infill IP lines. Further to the west, a brand new > 200 m diameter strong chargeability anomaly was located in covered areas near the edge of the Merry Widow Pluton and may indicate potential for the discovery of new zones either within or adjacent to the pluton. See Figures 1 and 2 for location of new IP anomalies.
At the Benson Lake Mine, an initial test IP line has discovered a strong (> 25 mv/v) chargeability anomaly > 200 m away from any known underground workings. This anomaly was unknown previously and may represent potential for the discovery of new semi-massive magnetite, chalcopyrite and gold bearing massive sulphides that were mined historically (1968-1972) at Benson Lake in zones up to 30 m thick averaging 1.5 g/t Au and 1.5% Cu. Additional IP surveys in this area are being planned and will be conducted as soon as the geophysical team is able to complete.
Quality Assurance/Quality Control (“QA/QC”) Procedures
Soil samples were taken at 25 m spacing but up to 150 m spacing in areas around Iron Lake and between 20 m and 225 m spacing in the southwest area. All samples were taken from the B horizon soil profile.
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 MSA Labs in Langley BC for analysis. MSA Labs’ 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 with greater than 10 g/t Au assays completed with FAS-415, a 30-gram fusion fire assay with gravimetric finish. Silver assays greater than 100 g/t were completed with ICF-6Ag, 4 acid, ICP-AES ore grade analysis. Copper assays greater than 10,000ppm were completed with ICF-6Cu, 4acid, ICP-AES ore grade analysis. Zinc assays greater than 10,000ppm were completed with ICF-6Zn, 4 acid, ICP-AES ore grade analysis.
Qualified Person (“QP”)
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 within the context of Canadian Securities Administrators' National Instrument 43-101; Standards of Disclosure for Mineral Projects.
About Roughrider Exploration Limited
Roughrider's exploration focus is the optioned 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, Knob Hill NW Property located on northern Vancouver Island as well as its 100% Sterling, Sandy and Home Brew properties which are located in central B.C. Roughrider management also continuously reviews strategic precious metals opportunities in western North America.
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
- Historical Information contained in this release, maps or figures regarding the Roughrider’s Project or Adjacent Properties cannot be relied upon as the Roughrider’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.