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VANCOUVER, British Columbia, Aug. 24, 2022 (GLOBE NEWSWIRE) — The Board of Directors of Rugby Mining Limited (“Rugby” or the “Company”) (TSXV:RUG) is pleased to announce that further to its news release dated August 18, 2022, the Company has received acceptance from the TSX Venture Exchange (the “TSX-V“) to change its name (the “Name Change“) to Rugby Resources Ltd. The TSX Venture Exchange will publish a bulletin announcing the effective date of the Name Change and it is anticipated that the Company’s common shares (the “Shares“) will begin trading under the new name on or about Monday, August 29th, 2022.
Rugby’s Chairman, Yale Simpson, stated “Rugby is focused on the discovery and delineation of copper, gold and silver deposits. The definition of those resources is accomplished through permitting, environmental assessments, surface surveys and where warranted, drilling. Our exploration team has managed these processes previously for the Cerro Moro Project in Argentina and the Caspiche Project in Chile. Our skill set is specific to exploration and excludes taking discoveries to the mining stage. Therefore the name change to Rugby Resources Ltd. is more relevant to our objectives. The stock trading symbol remains unchanged.”
The Shares will continue to trade under the “RUG” ticker symbol on the TSX-V. The CUSIP number assigned to the Shares following the Name Change will be 78132X104 (ISIN: CA78132X1042). No action is required to be taken by shareholders with respect to the Name Change. Outstanding share certificates and warrant certificates are not affected by the Name Change and do not need to be exchanged.
El Zanjon Gold Silver Project, Argentina – upcoming exploration activities
Assay results for 1,344 ionic leach soil samples collected to date show significant gold anomalies with elevated pathfinder values of silver, arsenic, molybdenum and mercury (Figure 1). These anomalies are coincident with structural lineaments. The broad distribution of the anomalies and their close association with structures suggests the El Zanjon project has captured a potential mineral field, the size of which is comparable to Cerro Moro and Cerro Vanguardia. The sample density will now be closed down to 160 meter (“m”) spacings after which we will further close in the ground magnetics.
Figure 1 El Zanjon DEM interpretation showing soil sample gold values
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Follow up ground magnetic surveying sampling is scheduled for Q4 2022, following the southern hemisphere winter. The program is to include 160 line kilometers of survey on a 160 m infill grid spacing over new areas of elevated geochemistry. The objective is to better define east- west structures splaying off the regional northwesterly structures (Figure 2).
Figure 2: Planned Ground Magnetic program at 160 m spacing
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The data package will facilitate designing a focused drilling…
Full story available on Benzinga.com
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