Regulus Resources Recommences Drilling at AntaKori Project
October 15 2020 - 6:00AM
Regulus Resources Inc. ("Regulus" or the
"Company", TSX-V: REG, OTCQX:
RGLSF) is pleased to announce that
drilling has commenced at the AntaKori copper-gold project located
in Cajamarca, Peru. Drilling will focus on the promising Anta Norte
geophysical targets to the north of the property (see Figure 1).
The program has started with one drill rig, with a second drill rig
to commence in the next few days.
Phase II
Program
The current drill campaign is part of the 25,000
m Phase II program, of which 16,368 m were completed prior to the
shutdown in March 2020 due to Covid-19. All holes in the Phase II
program to date were completed prior to the Company receiving its
new Anta Norte drill permits (see November 26, 2019 press release),
which now allow the Company to move to the northern portion of the
property and properly test the various Anta Norte geophysical
targets. Previous drilling along the edges of these targets
returned long runs of significant mineralization in several holes
(see January 16, 2020, November 19, 2019, and September 5, 2019
press releases).
Initial Drill Holes
The initial drill holes will be focused on the
Colquirrumi claims where the Company has the right to earn up to a
70% interest from Compañía Minera Colquirrumi S.A. (see May 18,
2016 press release) by drilling 7,500 m, of which 2,014 m have been
completed to date. The reason to start on this ground is to test
high priority geophysical targets (see Figure 1) while at the same
time fulfilling obligations to earn into an ownership position in
the Colquirrumi claims. It is anticipated that five to seven holes
will be completed in this area, to fulfil the 7,500 m obligation,
before the Company transitions drilling to the 100% owned Regulus
claims in the Anta Norte area.
John Black, Chief Executive Officer of
Regulus, commented as follows: “We are very excited
to get back to drilling at AntaKori and, with our recent
announcement of a strategic partnership with Osisko Gold Royalties,
we are now fully funded to complete the 25,000 m Phase II program
at AntaKori. Our first drill holes will test magnetic targets on
the Colquirrumi claims where we hope to encounter
economic grades of copper and gold in skarn style
mineralization. The Anta Norte geophysical targets represent a very
large target area, and while this provides a significant
opportunity to add additional mineralization to the already
sizeable resource at AntaKori, this is a frontier area, so it will
likely take numerous holes to fully test and evaluate the area to
determine the extent and geometry of the system.”
Qualified Person
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, FAusIMM, who serves as the qualified person (QP) under the
definition of National Instrument 43-101.
For
further
information, please contact:
Regulus Resources Inc. Laura
BrangwinInvestor Relations ManagerPhone: +1 646 583-1404 Email:
laura.brangwin@regulusresources.com
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. 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.
For further information on Regulus Resources
Inc., please consult our website at www.regulusresources.com.
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, the completion of
an updated NI 43-101 resource estimate 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.
Figure 1: Anta Norte Geophysical Targets in Plan
Map, Highlighting Geophysical Targets on Colquirrumi Claims is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/82e40d5b-fd5d-4693-8701-7b5c459ece20
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