Canadian explorer Rugby Mining (TSX:RUG) is to acquire up to 60% interest in the Comita porphyry copper gold project in Colombia. The company is entering into an agreement with Rio Tinto, which currently owns the project.
The project is located 100 km south west of Medellin in the Choco Region of Colombia. The Comita Project covers an area of 45 square kilometres and is located within undulating terrain with elevation of up to 900 meters.
The Choco region is an established mining / exploration district in Colombia and already plays host to a number of significant gold mines and copper gold porphyry discoveries. These include the Medoro Resource Marmato deposit and the Frontino Gold Mine.
Paul Joyce, the President and CEO of Rugby Mining said that Comita was an exciting opportunity for Rugby as they brought their focus to the discovery of large gold rich copper porphyry systems. The region was known to host major gold projects and yet much of the area is unexplored.
Paul Joyce was optimistic that given the geological characteristics of the project, Comita represents a very significant discovery opportunity for the Company.