VANCOUVER, British Columbia, April 03, 2019 (GLOBE NEWSWIRE) -- Highway 50 Gold Corp. (TSX.V – HWY) and Regulus Resources Inc. (TSX.V – REG)
Highway 50 Gold Corp. (“Highway 50”) and Regulus Resources Inc. (“Regulus”) (together the “Companies”) announce that RC drilling has commenced on the Golden Brew project located in Lander County, Nevada. The anticipated drilling program is 3,000 metres in four holes. Golden Brew comprises 153 unpatented claims covering a large Carlin-style gold system. Gold mineralization at Golden Brew consists of a zone of gold bearing jasperoid measuring 800 metres by 70 metres hosted in thin platey Cambrian-age carbonates. Previous drilling has extended the Carlin system at least 2 kilometres to the southwest under alluvium where highly anomalous arsenic and antimony have been intersected in drill holes. Gravity surveys and drilling have established that the area being explored is an uplifted horst block which is covered by shallow alluvium.
Regulus can earn a 50% interest in the project from Highway 50 by spending US$5,000,000 on exploration expenditures by May 2021 and assuming the underlying third-party lease payments and claim holding costs. Regulus has fulfilled the first commitment of US$500,000 of exploration expenditures. Upon earn-in, the parties will form a joint venture on a 50/50 basis.
For additional information please contact:
Regulus Resources Inc.
John E. Black, CEO / Director
Phone: +1 303 618-7797 mobile
+1 720 514-9036 office
The scientific and technical disclosure in this news release has been approved by Gordon P. Leask, P. Eng., President and CEO of Highway 50 Gold Corp. and a Qualified Person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. Highway 50 is executing an exploration plan refined over 25 years of experience in Nevada and the Aldridge Formation of southeastern B.C. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada’s crustal architecture and new geological understanding on the Monroe property in BC.
About Regulus Resources Inc.
Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties located in North and South America. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern Peru. Mineralization remains open in most directions and drilling is currently underway to confirm and increase the size of the resource. For further information on Regulus Resources Inc., please visit www.regulusresources.com.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than statements of historical facts, that address future exploration drilling, exploration activities, anticipated metal production, internal rate of return, estimated ore grades, commencement of production estimates and projected exploration and capital expenditures (including costs and other estimates upon which such projections are based) and events or developments that the Companies expect, are forward looking statements. Although the Companies believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.