VANCOUVER, British Columbia, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Regulus Resources Inc. ("Regulus" or the "Company", REG TSX.V) is pleased to announce that it has mobilized an additional two drill rigs, for a total of four, at its AntaKori copper-gold project located in Cajamarca, Peru. The additional drill rigs will allow the Company to advance its ~25,000 m Phase 2 drill program and continue to expand the mineralization footprint at AntaKori. The current four holes in progress are AK-19-033A, 34, 35 and 36. Hole AK-19-033 was lost at 340.70 m and had to be restarted (now AK-19-033A). Hole AK-19-34, designed to test a high-magnetic geophysical target to the north, is over 1,400 m deep and is progressing well. Hole AK-19-035 has just begun and is designed to also test the high-magnetic geophysical target to the north. Hole AK-19-036 has also commenced and is designed to both infill a gap in the current resource model and extend mineralization on the eastern portion of the claim block.
Approval for permits to explore the northern portion of the AntaKori claim block is ongoing and expected to be received in Q4 of this year. Once these permits are received, the Company will have the ability to extend drilling to the north to more directly test several promising geophysical targets.
Additionally, the Company is pleased to announce it has promoted Joe Fernandez to the position of Vice President, Project Development. Mr. Fernandez has held operating and management positions at Pinto Valley, the Ray Mine, Johnson Camp, Tintaya, and San Manuel Mine over a 35-year career. Mr. Fernandez has been with Regulus since 2016 in the role of Manager, Project Development. Prior to that, he served with the Company’s senior management team in Antares as the Vice President, Project Development of the Haquira project in Peru where he was responsible for the completion of the PEA. Mr. Fernandez will be tasked with overseeing the project development and future engineering and metallurgical study-work at AntaKori.
John Black, Chief Executive Officer of Regulus, commented as follows: “We’re very excited to be increasing the number of drill rigs from two to four as we continue to implement our 25,000 m Phase 2 drill program at AntaKori. The added drill rigs will allow us to systematically test the exciting geophysical targets to the north and continue to infill drill where appropriate. Additionally, it will increase our news flow over the next five to six months as we will have more results to report. We are very happy to promote Joe to the role of Vice President, Project Development. Joe’s background in operations and project development will be very helpful as we continue to advance the AntaKori project.”
The Company also announces results of the recent drill program at the Golden Brew project located in Lander County, Nevada, USA. The Company completed 3 holes for a total of 2,280 m to test potential for a covered Carlin style system. The most encouraging result from the drill program was from drill hole GBR-19-10. Hole 10 intersected Carlin-type mineralization within decalcified thin-bedded silty limestones from 701 m to 724 m that had anomalous gold and arsenic, up to 163 ppb gold and 475 ppm arsenic. The Company has the right to earn a 50% interest in the project from Highway 50 Gold Corp. by spending US$5,000,000 on exploration expenditures by May 2022 and assuming underlying third-party lease payments and claim holding costs. The Company will review these results to determine the best path forward for the Golden Brew project. For more information on the drilling, see Table 1.
|Table 1 – Golden Brew Drill Hole Location Information|
|UTM Coordinates||Elevation||Orientation||Total Depth|
|Hole Name||E (m)||N (m)||metres||azimuth||inclination||metres|
The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather, Chief Geological Officer, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information, please contact:
Regulus Resources Inc.
John E. Black
CEO / Director
Phone: +1 303 618-7797 mobile
+1 720 514-9036 office
Vice President, Corporate Development
Phone:+1 647 923 7799
Manager, Investor Relations
About Regulus Resources Inc. and the AntaKori Project
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. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (see press release dated March 1, 2019). 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 consult our website at www.regulusresources.com.
Regulus follows systematic and rigorous sampling and analytical protocols which meet and exceed industry standards. These protocols are summarized below and are available on the Regulus website at www.regulusresources.com.
All drill holes completed at the Golden Brew project were reverse circulation holes. Drill cuttings were collected at the drill site and placed into pre-labelled bags, sealed with a plastic zip tie, and identified with a unique sample number. The bagged samples are then stored in a secure area pending shipment to a certified laboratory sample preparation facility. Samples are sent by batch to the Bureau Veritas – Inspectorate laboratory in Sparks, Nevada for assay. Certified control standards, blanks, and duplicates are inserted into the sample stream to monitor data quality. At the laboratory samples are dried, crushed, and pulverized and then analyzed using a fire assay – ICP-ES finish analysis for gold and a full four-acid digestion with ICP-ES analysis for other elements.
Forward Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the proposed exploration and development of the AntaKori project described herein, the completion of the anticipated drilling program at AntaKori, the completion of an updated NI 43-101 resource estimate for AntaKori, statements regarding the proposed plans for the exploration of the Golden Brew property, and management's assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward looking statements contained in this press release are made as of the date hereof and Regulus does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.