New Copper-Molybdenum Porphyry Discovered at Rugby Resources Ltd. Western Columbia, The Canadian Business Journal

VANCOUVER, British Columbia, October 31, 2022 (GLOBE NEWSWIRE) — Board of Directors of Rugby Resources Ltd. (“Rugby” or “our company”) (TSX-V: RUG) We are pleased to announce that the first tests of the Cobrasco porphyry in western Colombia have found high-grade copper mineralization at significant intervals. Cobrasco has never been tested before by Rugby or any other operator.

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• CDH001 completed and intersected with a total depth of 1,036 meters (“m”) 82m at 1.00% CuEq¹ in a wide interval from 184m to 808m at 0.46% CuEq¹
• Potassium alteration within quartz diorite porphyry, predominantly dominated by bromelinite (68% copper), with minor amounts of chalcopyrite (33% copper), and very minor amounts of molybdenite and pyrite.
• CDH002 now 781m

Rugby Chairman Yale Simpson said: “Rugby is thrilled to announce the discovery of copper porphyry only in the first test of the Cobrasco mineral system. A second test, CDH002, is in progress.

“Rugby’s goal is to discover and assess the metals needed globally as countries move towards a more sustainable future. We operate to the highest environmental standards I have seen in the exploration industry. Rugby places equal emphasis on managing social/environmental programs and technical programs.

Figure 1 – Copper soil geochemical map showing the location of CDH001 and CDH002

CDH001 oriented southwest with a shallow dip (mean -42 degrees) across the northern part of the large surface footprint of the Cobrasco porphyry. Mineralized porphyry has been shown to promote potassium alteration within quartz diorite porphyry, generally with enhanced copper grades. An overprint of retrograde sericite alteration is seen. It is expected that even higher copper grades may be present at depths below the sericite overprint zone. Deeper tests are planned to assess this possibility. Assay results are summarized in Table 1.

CDH002 is dipped at -70 degrees to test the mineralized zone of the ~300m to 400m deep system that intersects CDH001. Current water depth is 781m, target water depth is 1,200m. Initial analysis results are expected in early December.

Table 1: Assay Results & Mineralized Sections

Hall ID	from	To	interval	copper	mo	CuEq¹
	(Moon)	(Moon)	(Moon)	(%)	(ppm)	(%)
CDH001	184	992	808	0.42	79	0.46
include	768	906	138	0.77	164	0.85
include	774	856	82	0.90	199	1.00
Note to Table 1: At this time, the true width of the mineralized zone is unknown.

Figure 2 – Copper mineralization is primarily bornite (68% copper) as a dissemination and chalcopyrite (33% copper) in the rim.Exceptionally low pyrite content.

Technical information, quality control and quality assurance

Rugby’s sampling technology and data management follows industry standards. Sample assay results are independently monitored through a Quality Control/Quality Assurance (“QA/QC”) program. The program includes insertion of blind certified reference materials (standards), blanks, and duplicate samples. Harvesting and sampling were performed at a secure company facility in Quibdo, Colombia. The drill core was cut in half on site and the sample was safely transported to the ALS Minerals (ALS) facility in Medellín, Colombia, where all sample preparation was completed. Sample pulp was transferred to ALS’ regional hub in Lima, Peru, where all analytical work was performed. All samples were analyzed on a 30 gram gold loading with AAS finishing (Method Au-AA23) and ICP-AES/ICP-MS finishing (Method ME-MS61). Elements above limits or ore grade were analyzed by 4-acid digestion using ICP-AES finishing (Method OG62).

ALS is independent of Rugby and is ISO 9001 and 17025 certified by IQNet and the Standards Council of Canada respectively. We are not aware of any drilling, sampling, recovery or other factors that may materially affect the accuracy or reliability of the data reported.

1 Copper Equivalent (“CuEq”) grades were calculated using the following formula: CuEq % = Copper (%) + (Molybdenum (%) x 5). Calculations assume 100% metallurgical recovery and represent total on-site metal values ​​assuming metal prices of $3.50/lb Cu and $20.00/lb Mo.

qualified person

Paul Joyce, Rugby Chief Operating Officer and Director, National Instrument 43-101, “Qualified Person” (“QP”) within the definition of terms in the Disclosure Standard for Minerals Projects, stated the basis for this news release. Paul Joyce is a Fellow of the Australian Institute of Geoscientists (Member # 1908).

About rugby

Rugby Resources Ltd. is an exploration company conducting ‘discovery stage’ exploration on a portfolio of copper, gold and silver targets in Colombia, Argentina and Chile. The Cobrasco project in Colombia is located in the western mountainous region, home to large molybdenum copper mines in Chile, Peru and Panama (and a recent significant project discovery in Ecuador). This belt has not undergone modern exploration in Colombia. Rugby is pushing the Cobrasco project forward to demonstrate the economic viability of a discovery of significance to Colombia. The discovery of critical copper resources is essential for the world to transition from fossil fuels to advanced ‘green’ electrification.

We benefit from the experience of our directors and management who have been directly responsible for, or have been part of, management teams responsible for world-class mineral discoveries. Previous companies under their control included Exeter Resource Corporation and Extorre Gold Mines Limited, which had significant projects in South America. These companies were acquired by Goldcorp (Newmont) and Yamana respectively.

For more information, please visit the Rugby Resources Ltd. website at: www.rugbyresourcesltd.com.

Rob Gray, Vice President of Corporate Communications Phone: 604.688.4941 Fax: 604.688.9532 Toll Free: 1.855.688.4941

Suite 810, 789 West Pender Street Vancouver, BC Canada V6C 1H2 [email protected]

Notes

Certain statements and information contained herein are “forward-looking information” within the meaning of the securities laws of British Columbia, Alberta and Ontario. This includes the Company’s proposed exploration plans for the Cobrasco Project in Colombia, the El Zanjon Project in Argentina and the Salvadora Project in Chile; progress in obtaining approval for exploration concession applications in Colombia; Includes statements about expected timing. , the budgetary costs of conducting an exploration program, including drilling, the potential for high-grade and mineral discoveries in that project, and the known and unknown risks, uncertainties and actual results, performance or outcomes; mineralization style or occurrence, including any other factors that may cause our operating results or industry results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information; thing. The Company holds certain projects, including Salvadora, under option agreements that require annual cash payments, expenditures and/or drilling requirements to maintain profitability. If we fail to meet our obligations or renegotiate the agreement, we will lose our rights under the option agreement. Forward-looking information may cause actual events or outcomes to differ from those reflected in the forward-looking information, including, but not limited to, the impact on prices of major mineral commodities such as copper and gold. Subject to various possible risks and uncertainties. Due to factors beyond our control. Events that cannot be predicted with precision, such as political and economic instability, terrorism, environmental factors, changes in government regulations and taxes. Lack of personnel with the necessary knowledge and skills to design and execute exploration programs. Difficulties in contracting for drilling and other exploration services. our reliance on equity market funding to fund our exploration programs and maintain our mineral exploration properties in good standing; Governments may violate mineral tenure rights, environmental regulations, taxes or minerals in ways that could adversely affect the company’s assets or financial condition and impair its ability to advance or further finance mineral exploration projects. funds for exploring the political risks of changing, interpreting, or enforcing royalties; the risks associated with ownership of resource properties due to the difficulty of judging the validity of certain claims, and the Philippines, Argentina, and Chile; , Colombia, and the ambiguity that characterizes many resource characteristics, the currency risks associated with foreign operations, the timing of obtaining permits to conduct exploration activities, the ability to enter into agreements with local communities, and other risks. and uncertainty. Risks associated with the current military conflict between Russia and Ukraine. Ongoing Impact of the COVID-19 Pandemic. Including those set forth in each of our management’s discussions and analyzes and included in our financial statements filed with the Canadian Securities Administrators for the year ended February 28, 2022. www.sedar.comIn addition, forward-looking information is based on various assumptions, including but not limited to assumptions related to exploration results and costs, and the availability of materials and skilled labor. If one or more of these risks and uncertainties materializes, or if the underlying assumptions prove incorrect, actual results may differ materially from those set forth in the forward-looking statements. There is a possibility. Readers are therefore advised not to place undue reliance on forward-looking information. Except as required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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