Rugby Mining Ltd.said April 8 that it has acquired PelicanResources Ltd.'s residual royalty interest in the Mabuhay gold-copper project in the Philippinesfor A$10,000.
The company signed agreements in October 2010 with Pelican andAll-Acacia Resources Inc.,whereby it was granted a right and option to earn an 80% stake in the property.Pelican will now have no remaining interest in the project.
Rugby said it is waiting for exploration permits to be granted.
"Once exploration permits are granted, we plan to targetthe epithermal areas where Pelican previously encountered significant drilling results,"Rugby President and CEO Paul Joyce said in the statement.
Rugby said it will have to conduct further assessment of previousdrilling by Pelican, which amounted to 18 holes.
The company also said it has filed a temporary suspension applicationfor its Cobrascoand Comita copper-gold-molybdenum projects in Colombia to preserve the time periodallocated for exploration, while it awaits the final permit required for drillingat Cobrasco.
Rugby also said it will not proceed with an option for the gold-silver projectin Nevada. The company inked a deal to acquirethe property in August 2015.