Regulus Provides Update on Exploration Activities
November 23 2020 - 7:45AM
Regulus Resources Inc.
(“
Regulus” or the “
Company”)
(
TSX-V: REG, OTCQX: RGLSF) wishes
to provide an update on the exploration program on the Anta Norte
portion of the AntaKori project. The Company has recently been
advised by individuals from a nearby community in the vicinity of
the AntaKori project that they are concerned about potential
environmental impacts from the recently commenced drilling on the
Anta Norte portion of the project. Given the current political
uncertainty in Peru and the upcoming elections, this matter has
drawn attention from political interests from farther away from the
project and increased the number of parties involved. In light of
the challenges presented to communicate with larger groups under
COVID-19 pandemic protocols, the Company has decided to suspend
drilling activity at the Anta Norte portion of the AntaKori project
to focus on communication with all interested parties in a safe and
constructive manner. The suspension of drilling activity at the
Anta Norte target does not affect other ongoing evaluation activity
on the greater AntaKori project and the Company will be working
with all involved parties to be able to reinitiate drilling and to
continue to provide support and benefits to the communities in the
vicinity of the project.
The principal issue that has been brought to the
Company’s attention is that waters in the nearby Aguas Coloradas
Reservoir (Coloured Waters Reservoir) have become turbid and
changed color and there are allegations that drilling activity at
Anta Norte may have contributed to this. Regulus can confidently
state that the drilling at Anta Norte has had no effect on the
Aguas Coloradas Reservoir, as this body of water is located well to
the east of where the drilling is occurring and is at a higher
elevation and in a completely different drainage basin. The Company
has offered to help fund a study and to work with the local
community of Tranca de Pujupe to evaluate the potential source of
the discolouration.
Drilling of the Anta Norte target commenced in
mid-October with the first two holes nearing anticipated completion
depths prior to suspension of drilling. Hole AK-20-044 stopped at
813.40 m depth and hole AK-20-45 stopped at 841.40 m depth (see
Figure 1 for location). Both holes have cut an extensive sequence
of prospective carbonate host rock stratigraphy cut by porphyry
dikes and breccias with increasing intensity of skarn development
and sulphide mineralization at depth. When drilling was stopped,
both holes were in mineralized material. These holes confirm the
hypothesis that favourable alteration and mineralization extend
significantly to the north of both the reported AntaKori resource
and the previously released drill holes in this area. Final assays
for these two holes are expected to be received in approximately
three weeks and will be press released after the Company has
completed its customary QA/QC analysis of the lab results.
ON BEHALF OF THE REGULUS BOARD
(signed) “John Black” John BlackCEO and Director
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.
Neither the TSXV nor its Regulation Services
Provider (as that term is defined in policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
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, the impact of the COVID-19
pandemic on the Canadian and worldwide economy, the Company’s
workforce, world wide demand for commodities and the Company’s
business generally 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.
An infographic accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ff7e7c44-28c0-433c-9176-ae83d5d16650
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