Regulus Provides Update on the AntaKori Project
December 06 2021 - 6:00AM
Regulus Resources Inc. (“Regulus” or the
“Company”, TSX-V: REG, OTCQX: RGLSF) would like to
provide an update on activities at the AntaKori project. The
Company has restarted drilling activity at the Anta Norte target
area of the project, with one drill rig currently on site and plans
for a second rig to be added in January 2022. The objective of the
initial hole is to test for extensions and additional information
on the geometry of the high-grade breccia-style mineralization
discovered in hole AK-18-26, which returned 473.20 m of 1.39% CuEq
hosted in a breccia unit that is open in multiple directions (see
news release dated January 30, 2019).
The Company placed field activity at the Anta
Norte target area of the project on temporary suspension when local
community members raised concerns about water discoloration at the
Aguas Coloradas water reservoir. Government water authorities, ANA
(Autoridad Nacional de Agua) and ALA (Administracion Local de Agua
– Cajamarca), have determined any turbidity or discoloration at
Aguas Coloradas was not related to mining activity and was likely
due to natural causes (see news release dated March 29, 2021). The
Company has since been communicating these results to local
stakeholders and strengthening regional dialogue channels, a
process which encountered numerous delays due to COVID-19 and the
federal elections in Peru.
The Company has recently made significant
advancements in its community and stakeholder engagement, which
include:
- The Company has
led workshops with local stakeholders and government entities to
explain the project, the Company’s commitment to best practices,
its drilling procedures and remediation initiatives. The Company
continues to organize regular workshops and has opened an
information centre for local stakeholders to visit for further
contact.
- The area
covering and surrounding the current extent of Regulus’ drill
permits is privately held land and in the past six months, local
landowners have independently founded the Association of Sinchao
Valley Landowners (Asociación de Propietarios El Sinchao, the
“Association”) to best represent the interests of
the area. The Association has voiced strong support for exploration
activities to resume at AntaKori.
- In addition to
the existing community work projects that the Company has been
carrying out with communities in the vicinity of the project, we
will be launching additional projects in the region to improve
access to clean drinking water and agricultural production, in
particular the dairy industry, which is an important sector in the
region. The capacity of the Company to execute these work programs
is tied to its ability to continue exploration activities on the
AntaKori project.
- The Company has
and will continue to support local communities to manage the
ongoing COVID-19 pandemic, with the provision of PPE and other
supplies.
- The
initiation of our exploration activities and the continuation of
our community work projects will result in the employment of local
community members, local service contractors and local vendors,
including hiring local drill rig providers and local drillers.
Reinitiating our programs will support the regeneration of economic
activity in the region following the COVID-19 pandemic.
The Company has notified local and national
authorities of its intention to re-initiate drilling activities on
the AntaKori project and has received support to commence social
projects as well as drilling activities.
John Black, CEO of Regulus, commented as
follows: “We have spent the last year strengthening our
communications with local stakeholders and communities to ensure
that we can advance both social and technical aspects of our work
in a sustainable manner. Our community engagement activities were
slowed initially by the COVID-19 pandemic and then by the federal
elections, however we have since made significant progress and
received strong support from local stakeholders. We will continue
our ongoing dialogue with local communities and authorities to
ensure work activities at AntaKori are transparent and understood.
We believe collaboration between the agricultural and mining
sectors can help create sustainable economic prosperity in the
region, which is more important now than ever given the hardships
caused by the COVID-19 pandemic. We are committed to supporting
communities with social projects and employment opportunities,
however our capacity to do so is directly linked with our ability
to work on the project. We are confident that advancing AntaKori in
a socially and environmentally sustainable manner will be mutually
beneficial to all stakeholders.”
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 (independent
technical report prepared by AMEC Foster Wheeler (Peru) S.A. dated
February 22, 2019, see news 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.
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