Regulus Discovers New Gold-Rich, High-Grade Copper-Gold Zone at Rio Grande
December 14 2011 - 3:11PM
Marketwired Canada
Regulus Resources Inc. ("Regulus" or the "Company") (TSX VENTURE:REG) is very
pleased to announce results from five additional drill holes from the current
15,000 m drilling program at the Company's 50%-owned Rio Grande copper-
gold-silver project in Salta Province, Argentina. These include results from
drill hole RGR-11-86 which has discovered a new gold-rich, high-grade
copper-gold zone. The Rio Grande project is a 50/50 joint venture between
Regulus and Pachamama Resources Inc. ("Pachamama") with Regulus acting as the
operator.
NEW GOLD-RICH, HIGH-GRADE CU-AU DISCOVERY IN SOUTHWEST ZONE
Drilling in the underexplored Southwest Zone has discovered a new zone of
gold-rich, high- grade copper-gold mineralization located in the southwest
corner of the Rio Grande ring structure. The new mineralized zone is not
included in the recently announced NI 43-101 resource estimate (see Regulus news
release of December 6, 2011). Drill hole RGR-11-86 intersected three main
mineralized intervals, including the best intercept encountered to-date at Rio
Grande.
1) An upper, gold-dominant oxide zone of 49.60 metres with 0.26% Cu, 1.34 g/t
Au, and 3.10 g/t Ag starting at a depth of 64 m.
2) A zone of gold-rich, high-grade copper-gold-silver sulphide mineralization
starting at a depth of 293 metres with an interval of:
-- 257.2 metres grading 0.53% Cu, 1.20 g/t Au, 1.59 g/t Ag (1.19% Cu Eq or
2.39 g/t Au Eq ) including
-- 54.5 metres with 1.34% Cu, 4.52 g/t Au, and 2.68 g/t Ag (3.79% Cu Eq or
7.58 g/t Au Eq).
3) A lower copper-gold-silver-molybdenum sulphide zone with 120 metres
containing 0.33% Cu, 0.34 g/t Au, 5.95 g/t Ag, and 0.011% Mo (0.61% Cu Eq)
starting at a depth of 598 metres.
Wayne Hewgill, President and CEO of Regulus commented as follows:
"The discovery of a significant new zone of high-grade copper and gold
mineralization in the underexplored Southwest Zone confirms our belief that the
Rio Grande project remains relatively untested at depth with good potential to
outline significant zones of higher grade mineralization. This new zone displays
higher gold to copper ratios than mineralization previously defined at Rio
Grande and it appears that we may be vectoring towards the center of the
mineralized system. This is the breakthrough that we have been looking for at
Rio Grande and we are currently busy planning for an aggressive exploration
program in the upcoming year."
RIO GRANDE DRILL HOLE MAP
To view the map associated with this press release, please visit the following link:
http://media3.marketwire.com/docs/riogrande.jpg
2011 DRILL PROGRAM UPDATE
Approximately 95 % of the planned 15,000 metre 2011 diamond drilling program has
now been completed (15 holes totalling 14,300 metres). Assays are pending for an
additional six holes not reported herein and will be released in batches of
holes as results are received.
Given the success of the 2011 drilling at Rio Grande to-date, including the
discovery of the new gold-rich Southwest Zone and new zones at depth in the #7
Zone, we are continuing to test various deeper targets including the relatively
untested Southwest Zone. In addition, we are continuing to infill areas along
the known ring structure which were identified in the resource block model as
having insufficient drilling to be included in the recently released mineral
resource.
We expect to have the next batch of additional hole available for release
towards the middle of January 2012.
Table 1: Rio Grande Drill Results
From To Metres Cu
----------------------------------------------------------------------------
RGR-11-86 SW Zone 64.40 114.00 49.60 0.26%
----------------------------------------------------------------------------
293.00 550.20 257.20 0.53%
----------------------------------------------------------------------------
TD 999.80 including
----------------------------------------------------------------------------
367.00 421.50 54.50 1.34%
----------------------------------------------------------------------------
598.20 718.20 120.00 0.33%
----------------------------------------------------------------------------
780.20 872.20 92.00 0.21%
----------------------------------------------------------------------------
900.20 916.20 16.00 0.23%
----------------------------------------------------------------------------
RGR-11-85 Central From To Metres Cu
----------------------------------------------------------------------------
256.20 310.50 54.30 0.11%
----------------------------------------------------------------------------
TD 1173.25 338.50 352.50 14.00 0.37%
----------------------------------------------------------------------------
640.50 656.50 16.00 0.41%
----------------------------------------------------------------------------
RGR-11-84 North From To Metres Cu
----------------------------------------------------------------------------
191.00 239.00 48.00 0.30%
----------------------------------------------------------------------------
TD 989.8 377.00 590.00 213.00 0.21%
----------------------------------------------------------------------------
628.00 658.70 30.70 0.21%
----------------------------------------------------------------------------
734.00 748.00 14.00 0.09%
----------------------------------------------------------------------------
RGR-11-83 Sofia From To Metres Cu
----------------------------------------------------------------------------
TD 664.70 494.90 530.40 35.50 0.38%
----------------------------------------------------------------------------
RGR-11-82 # 7 From To Metres Cu
----------------------------------------------------------------------------
643.50 655.00 11.50 0.22%
----------------------------------------------------------------------------
TD - 1211.00 717.00 732.00 15.00 0.27%
----------------------------------------------------------------------------
785.90 961.35 175.45 0.30%
----------------------------------------------------------------------------
including
----------------------------------------------------------------------------
785.90 881.00 95.10 0.39%
----------------------------------------------------------------------------
Au g/t Ag g/t Cu Eq Mineral Zone
----------------------------------------------------------------------------
RGR-11-86 SW Zone 1.34 3.10 1.01% Oxide
----------------------------------------------------------------------------
1.20 1.59 1.19% Sulphide
----------------------------------------------------------------------------
TD 999.80
----------------------------------------------------------------------------
4.52 2.68 3.79% Sulphide
----------------------------------------------------------------------------
0.34 5.95 0.61% Sulphide
----------------------------------------------------------------------------
0.20 0.84 0.33% Sulphide
----------------------------------------------------------------------------
0.21 12.49 0.48% Sulphide
----------------------------------------------------------------------------
RGR-11-85 Central Au g/t Ag g/t Cu Eq Mineral Zone
----------------------------------------------------------------------------
0.34 0.39 0.29% Oxide
----------------------------------------------------------------------------
TD 1173.25 0.06 1.28 0.40% Oxide
----------------------------------------------------------------------------
0.46 6.36 0.73% Sulphide
----------------------------------------------------------------------------
RGR-11-84 North Au g/t Ag g/t Cu Eq Mineral Zone
----------------------------------------------------------------------------
0.29 5.14 0.52% Oxide
----------------------------------------------------------------------------
TD 989.8 0.26 3.39 0.39% Transitional
----------------------------------------------------------------------------
0.39 3.60 0.46% Sulphide
----------------------------------------------------------------------------
0.26 12.24 0.37% Sulphide
----------------------------------------------------------------------------
RGR-11-83 Sofia Au g/t Ag g/t Cu Eq Mineral Zone
----------------------------------------------------------------------------
TD 664.70 0.33 6.18 0.61% Sulphide
----------------------------------------------------------------------------
RGR-11-82 # 7 Au g/t Ag g/t Cu Eq Mineral Zone
----------------------------------------------------------------------------
0.23 2.07 0.38% Sulphide
----------------------------------------------------------------------------
TD - 1211.00 0.44 4.39 0.55% Sulphide
----------------------------------------------------------------------------
0.21 4.89 0.47% Sulphide
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.17 3.89 0.53% Sulphide
----------------------------------------------------------------------------
(i)Copper equivalent calculation uses $1,100/Oz Au, $3.00/lb Cu and $20.00/Oz Ag
and is not adjusted for metallurgical recoveries as these remain uncertain. The
formula to calculate Cu equivalent is Cu Eq = (Cu x 1) + (Au x 0.5437) + (Ag x
0.0097).
Intercepts are reported as down hole intercept lengths and may not necessarily
represent true widths.
DRILLING RESULTS
RGR-11-86 - Southwest Zone
The first significant test of the Southwest Zone returned three significant
intercepts including:
- A gold rich oxide zone of 49.60 metres grading 0.26% Cu, 1.34 g/t Au, and
3.10 g/t Ag starting at a depth of 64.40 metres.
- A gold-rich sulphide zone with 257.2 metres grading 0.52% Cu, 1.20 g/t Au,
1.59 g/t Ag (1.19% Cu Eq or 2.39 g/t Au Eq ), the highest-grade interval
encountered to-date on the project:
-- including a very high grade zone with 54.50 metres returning 1.34% Cu,
4.52 g/t Au, and 2.68 g/t Ag, (3.79% Cu Eq or 7.58 g/t Au Eq).
- A new style of mineralization at depth with molybdenite bearing
copper-gold-silver mineralization associated with purple anhydrite and
quartz-sulphide veins and stringers within the intrusive rocks.
-- 120 metre interval (starting at 598 metres depth) grading 0.33% Cu, 0.34
g/t Au, 5.95 g/t Ag and 0.011% Mo.
While the intervening intervals between these reported intervals are below our
internal cut-off value of 0.2% Cu or 0.2 g/t Au, it is important to note that
the hole is mineralized from the top of the high grade zone at 293 metres to the
bottom of the hole at 999 metres depth and includes a sub-interval of 425 metres
grading 0.43% Cu, 0.83 g/t Au and 2.83 g/t Ag (0.93% Cu Eq). A two metre zone of
disseminated chalcopyrite mineralization at a depth of 986 metres (with similar
geological characteristics to those seen in the high grade zone mentioned above)
returned 1.25% Cu, 1.46 g/t Au and 3.2 g/t Ag (2.06% Cu Eq).
RGR-11-82 - # 7 Zone
Drill hole RGR-11-82 extended the Cu-Au-Ag mineralized zone discovered at depth
in RGR-11- 80 120 metres to the north. While RGR-11-82 intersected a similar
style of mineralization as seen in RGR-11-80, the mineralized interval appears
to have been diluted by a number of small post mineral dykes.
Interestingly, the hematite alteration of earlier disseminated magnetite seen in
RGR-11-82 is very similar to the mineralized interval in RGR-11-80 where
elevated copper grades are also spatially related to the hematitization of
disseminated magnetite, a feature common in many IOCG type copper deposits.
Highlights from the zone include:
- 175.45 metres grading 0.30% Cu, 0.21 g/t Au, 4.89 g/t Ag (0.47% Cu Eq) including
-- 95.10 metres grading 0.39% Cu, 0.17 g/t Au, and 3.90 g/t Ag (0.53% Cu
Eq) starting at 785.90 metres depth.
RGR-11-83 - Sofia North Zone
Drilling a 45 degree azimuth hole into the northeast "corner" of the Rio Grande
ring structure intersected intense calc-silicate alteration (diopside) but only
returned a single reportable interval of 35 metres
- 35.50 metres grading 0.38% Cu, 0.33 g/t Au, and 6.18 g/t Ag (0.61% Cu Eq)
starting at a depth of 494.90 metres depth.
RGR-11-84 - North Zone
Drill Hole RGR-11-84 tested the extension of the western edge of the North Zone
to depth. Drilling intersected a number of narrow intervals and one long, but
lower grade interval.
- 48.00 metres grading 0.30% Cu, 0.29 g/t Au and 5.14 g/t Ag (0.52% Cu Eq)
starting at a depth of 191.00 metres.
- 213.00 metres grading 0.21% Cu, 0.26 g/t Au, 3.39 g/t Ag (0.39% Cu Eq)
starting at a depth of 377.00 metres.
RGR-11-85 - Central Area
Drill hole RGR-11-85 was the first deep drill hole of the current campaign to
target the central portion within the Rio Grande ring structure. Although
intensely altered and locally, weakly mineralized, the hole encountered several
narrow zones of mineralization the best of which was 54.30 metres grading 0.11%
Cu, 0.34 g/t Au and 0.39 g/t Ag starting at 256.2 metres depth.
Summary of Recently released NI43-101 Compliant Resource Estimate
The following table summarizes the recently released initial NI 43-101 compliant
resource estimate for the Rio Grande project. This initial resource estimate
included all drilling and pertinent trenching completed at Rio Grande though
2008. No exploration activity was undertaken at the project from 2009-10. The
drill hole results reported from the currently active 2011 drilling campaign,
including high grade mineralization reported in RGR-11-86, were not utilized to
calculate the initial resource estimate. For further information on the NI
43-101 compliant resource estimate, as well as the results of the recent
metallurgical studies, please refer to www.regulusresources.com.
Highlights of the NI 43-101 Resource are as follows:
Cut-off Cu Grade Au Grade Ag Grade
Resource Class (% Cu Eq)(i) Tonnes (%) (g/t) (g/t)
----------------------------------------------------------------------------
Indicated 0.4 55,257,862 0.342 0.359 4.38
----------------------------------------------------------------------------
Inferred 0.4 101,088,174 0.303 0.308 4.45
----------------------------------------------------------------------------
Resource Class lbs Cu Oz Au Oz Ag Cu Eq Grade (%)
----------------------------------------------------------------------------
Indicated 416,123 637,025 7,787,342 0.576
----------------------------------------------------------------------------
Inferred 674,215 1,002,458 14,449,042 0.511
----------------------------------------------------------------------------
(i)Copper equivalent calculation uses $1,100/Oz Au, $3.00/lb Cu and $20.00/Oz Ag
and is not adjusted for metallurgical recoveries as these remain uncertain. The
formula to calculate Cu equivalent is Cu Eq = (Cu x 1) + (Au x 0.5437) + (Ag x
0.0097).
About Regulus Resources Inc.
Regulus Resources Inc. (TSX VENTURE:REG) is a mineral exploration company formed
in December 2010 in connection with the sale of Antares Minerals Inc. to First
Quantum Minerals Ltd. Regulus is currently exploring the Rio Grande Cu-Au-Ag
porphyry project in Salta Province of NW Argentina on a 50/50 joint-venture
basis with Pachamama Resources Ltd.
Current Share Capital
Shares Outstanding 36,782,234 Common Shares
Shares Fully Diluted 39,366,234 Common Shares
Regulus' security, chain of custody and quality control is described on their
website and can be reviewed at:
http://regulusresources.com/BestPractices/SamplingMethodologies.aspx
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.
Specifically, and without limitation, all statements included in this press
release that address activities, events or developments that either Regulus
expects or anticipates will or may occur in the future, including management's
assessment of future plans and operations and statements with respect to the
completion of the anticipated drilling program and the completion of a NI 43-101
compliant resource estimate, 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. Such risks and
uncertainties include, but are not limited to: the impact of general economic
conditions in Canada and Argentina, industry conditions including changes in
laws and regulations including adoption of new environmental laws and
regulations, and changes in how they are interpreted and enforced, in Canada and
Argentina, fluctuations in commodity prices and ability to complete operations
due to factors beyond Regulus' control.
Although the forward-looking statements contained in this Press Release are
based upon assumptions which management believes to be reasonable, Regulus
cannot assure shareholders that actual results will be consistent with these
forward-looking statements. With respect to forward-looking statements contained
in this press release, Regulus have made assumptions regarding: current
commodity prices and royalty regimes; timing of receipt of regulatory approvals;
availability of skilled labour; timing and amount of capital expenditures;
future exchange rates; the impact of increasing competition; conditions in
general economic and financial markets; effects of regulation by governmental
agencies; royalty rates; future operating costs; and other matters.
Accordingly, Regulus does not give any assurance nor make any representations or
warranty that the expectations conveyed by the forward-looking statements will
prove to be correct and actual results may differ materially from those
anticipated in the forward-looking statements. Regulus does not undertake any
obligation to publicly update or revise any forward-looking statements other
than required by applicable securities law.
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