Mantau Copper Gold Project, Chile

The Mantau project is located 70km northeast of Antofagasta city and 40km east of the port of Mejillones, in northern Chile. It is favourably located with excellent year-round access and low elevation. The 45 sq.km project is owned 100% by Rugby and was acquired through the acquisition of Proximo Resources in 2021.

Mantau is situated in the Coastal Belt of Northern Chile which hosts several large copper deposits genetically and spatially related to the Atacama Fault System. This metallogenic belt includes manto-type Cu-Ag, porphyry copper and iron oxide copper gold (IOCG) orebodies. Mantos Blancos and Antucoya (Figure 1) are the largest mines with annual production of some 70,000t of copper. Marimaca Copper Corp has also outlined a significant copper oxide resource nearby. More recent drilling has shown extended high grade copper mineralization in the underlying sulfide zone (Figure 1).

Figure1. Location showing major copper mines and deposits.

No environmental or community issues are known to exist within this historical mining area. There is no record of recent previous systematic exploration within the project area although there has been previous small-scale mining of oxide copper mineralization. Most of the project is covered by regolith with only limited outcrops (Figure 2).

Early work by Rugby geologists has identified mineralized hydrothermal breccias, widespread alteration and area of veining (Figure 2). Sampling of old workings returned values up to 16.7% Cu and 5.91 g/t Au. Geologists also noted extensive specularite alteration of the host rock which is typical of IOCG deposits in the region.

Hydrothermally veined ore from old mine dump assayed 5.6% copper, 2.94g/t gold

Paul Joyce, COO and a “qualified person” within the definition of that term in NI 43-101, has supervised the preparation of the technical information contained in this presentation. Some of the information presented is historical in nature and the Company will be required to do further assessment of this data. Certain information contained herein can be considered forward looking. Read the Cautionary Statement.