Regulus Resources Inc. (TSX-V:REG) is pleased to announce the results from four additional drill holes at the Company’s AntaKori copper-gold-silver project in northern Peru. The drilling campaign is underway in collaboration with Compañía Minera Coimolache S.A the operator of the Tantahuatay gold mine immediately to the south of the AntaKori project (please refer to Regulus news releases of January 24,, 2017 and April 5, 2017). Holes reported in this news release are AK-18-010, AK-18-011, AK-18-012 and AK-18-013 (see Figure 1). Results are only reported herein for the portions of the drill holes that occur within Regulus concessions.
The AntaKori system hosts two principal styles of copper-gold-silver sulphide mineralization: 1) skarn and breccias within Cretaceous calcareous sedimentary rocks, likely associated with as-yet undiscovered porphyry mineralization; and 2) younger, epithermal high-sulphidation mineralization in overlying Miocene volcanic rocks and breccias that host the adjacent Tantahuatay heap-leach gold mine to the south. The younger high-sulphidation mineralization is characterized by pyrite-enargite and locally overprints the earlier skarn mineralization (pyrite-chalcopyrite-magnetite), particularly along the southern part of the AntaKori system. The current phase one drill program commenced on the southernmost margin of the Regulus concessions and is now moving to the north onto Regulus mineral concessions (see Figure 1). The initial holes have encountered the overlying Miocene volcanic rocks and high-sulphidation style mineralization prior to entering into the Cretaceous sedimentary sequence and skarn at depth. As the drilling progresses to the north, the volcanic rocks terminate, and drill holes will commence directly in the skarn/porphyry environment within the Cretaceous sedimentary sequence (see Figures 2-5).
AK-18-010 through AK-18-013 were collared in Regulus mineral concessions within the footprint of the currently reported AntaKori NI 43-101 inferred mineral resource of 294.8 million tonnes with 0.48% Cu, 0.36 g/t Au and 10.2 g/t Ag (see Southern Legacy news release of July 3, 2012; Wilson, 2012) to confirm and extend the known but only partially delineated resource.
Highlights from drill holes AK-010 through AK-013 – AntaKori Project:
327.35 m with 0.91% Cu, 0.44 g/t Au and 9.84 g/t Ag (1.31% CuEQ) from 293 m depth
65.22 m with 1.86 % Cu, 1.03 g/t Au and 21.95 g/t Ag (2.80% CuEQ) from 310 m depth
– High-sulphidation style mineralization in Miocene volcanic sequence
140.41 m with 1.03% Cu, 0.41 g/t Au and 8.22 g/t Ag (1.39% CuEQ) from 480 m depth
– Skarn with strong phyllic overprint and low As contents
222.10 m with 0.41% Cu, 0.22 g/t Au and 7.55 g/t Ag (0.64% CuEQ) from 24 m depth
– High-sulphidation style mineralization in Miocene volcanic sequence
537.40 m with 0.49% Cu, 0.23 g/t Au and 6.31 g/t Ag (0.71% CuEQ) from 126.50 m depth
185.00 m with 0.76% Cu, 0.26 g/t Au and 6.85 g/t Ag from 126.50 m depth (1.00% CuEQ)
– High-sulphidation style mineralization in Miocene volcanic sequence
352.40 m with 0.35% Cu, 0.21 g/t Au and 6.03 g/t Ag from 311.50 m depth (0.56% CuEQ)
– Skarn and breccia style mineralization with lower As contents
John Black, Chief Executive Officer of Regulus, commented as follows: “Drilling at the AntaKori copper-gold-silver project is now progressing well and we are very encouraged with the results. Drill hole AK-18-010 is a good example of the type of holes that we were hoping to encounter in this program with lengthy intercepts of higher grade copper-gold-silver mineralization in both the overlying high sulphidation zone as well as in the underlying skarn environment. When we can report intercepts of more than 100 m of 1+% Cu with significant gold and silver and low arsenic contents, we know we are well on our way to uncovering a new well-mineralized skarn/porphyry deposit under the high-sulphidation epithermal zone which is also returning long intercepts of high-grade mineralization. The drill program remains on schedule to allow us to deliver an updated interim resource estimate by the end of this year and we look forward to reporting additional drill results soon.”
Discussion of results and update on drilling program
Table 1 below provides more details regarding the mineralized intercepts encountered in drill holes AK-18-010 to AK-18-013. The locations of the reported drill holes are indicated on Figure 1. The design of the current drilling program is for holes spaced on approximately 150 m centres along drill sections oriented at 045 degrees (SW-NE). Three of the holes, AK-18-010, 011, and 013, are drilled to the NE at an azimuth of 045 degrees and an inclination of -70 degrees. All three of these holes cut the full sequence of Miocene volcanic rocks (with high sulphidation pyrtite-enargite epithermal mineralization), underlying Cretaceous calcareous sedimentary rocks (converted to skarn assemblages) and basal quartzite (see Figures 2-5). The very bottom of each hole crosses into CMC concessions and the holes terminate at 735-750 m depth. Drill holes AK-18-010 and AK-18-013 encountered the underlying Cretaceous sedimentary rocks at the anticipated depth with well developed skarn present. Mineralization is very well developed in the lower portion of AK-18-010 where an additional event of phyllic alteration and associated veinlets of pyrite-chalcopyrite are superimposed on the skarn assemblage. This later event is potentially related to porphyry style mineralization and results in notably higher grades of copper-gold-silver mineralization with low arsenic contents (see Table 2 below). Drill hole AK-18-011 encountered a late breccia body at the anticipated depth of the contact with underlying Cretaceous sedimentary rocks, resulting in only a minor of amount of the sedimentary rocks deep in the hole. The breccia body is late and not well mineralized resulting in only scattered intercepts of reportable mineralization in this hole. A similar situation occurs in nearby drill hole AK-17-005.
The fourth hole, AK-18-012, was drilled to the SW at an azimuth of 225 degrees and an inclination of -50 degrees and was collared from the same pad as previously reported drill hole AK-18-009 (see Figure 4 – L650NW Section). This hole was drilled back to the SW to test the Miocene volcanic sequence along the southern margin of the Regulus concession adjacent to the Tantahuatay Mine. The drill hole was completed at a relatively shallow angle of -50 degrees and remained entirely in Miocene volcanic rocks and breccias until crossing into CMC concessions at a depth of 460 m. Mineralized intervals are characterized by high sulphidation epithermal pyrite-enargite assemblages with elevated arsenic contents (see Table 2). Active mining on the north wall of the Tantahuatay pit will require that several holes along the southern portion of the Regulus concessions will need to be drilled back to the southwest to maintain drill pads at a safe distance from the pit limit. Several additional holes are being drilled from the same pad as holes AK-18-009 and AK-18-012 to produce a well controlled fence of holes along this section. Please refer to Figure 4 to see the locations of drill holes AK-18-014 (completed and to be reported soon) and AK-18-017 (just completed at 996.51 m depth).
Figure 1 shows the location of the drill holes reported in this release and the section lines represented in Figures 2-5 as well as holes recently completed and in progress. Drill holes AK-18-014, 015 and 016 have been completed and will be reported soon. Drill holes AK-18-018 and AK-18-019 have just been terminated, holes AK-18-018 and 020 are in progress, and AK-18-21 will commence in next day or two. Approximately 13,500 m of drilling has been completed within Regulus concessions in the current drilling program. Drilling is continuing with 3 rigs operating with plans in progress to add an additional rig soon.
|Table 1. AK-17-010 Through AK-18-013 Results|
|Drill Hole ID||From
|619.96||750.00||Not within Regulus Concessions – not reportable by Regulus|
|586.20||735.71||Not within Regulus Concessions – not reportable by Regulus|
|460.28||500.25||Not within Regulus Concessions – not reportable by Regulus|
|687.09||738.81||Not within Regulus Concessions – not reportable by Regulus|
Cu Eq and Au Eq values were calculated using copper, gold, and silver. Metal prices utilized for the calculations are Cu – US$2.25/lb, Au – US$1,100/oz, and Ag – US$14/oz. All intervals presented consist of sulphide mineralization. No adjustments were made for recovery as the project is an early stage exploration project and metallurgical data to allow for estimation of recoveries is not yet available. The formulas utilized to calculate equivalent values are Cu Eq (%) = Cu% + (Au g/t * 0.7130) + (Ag g/t * 0.0091) and Au Eq (g/t) = Au g/t + (Cu% * 1.4026) + (Ag g/t * 0.0127).
|Table 2. AK-17-010 Through AK-18-013 Results Presented by Lithology/Alteration Style|
|Drill Hole ID||From
|Miocene Volcanic (HS)||225.00||241.55||16.55||0.50||0.19||4.30||0.00||1,881|
|Miocene Volcanic (HS)||264.60||277.10||12.50||0.30||0.12||4.10||0.00||1,065|
|Miocene Volcanic (HS)||292.61||421.26||128.65||1.04||0.60||13.04||0.01||3,792|
|Miocene Volcanic (HS)||309.68||374.90||65.22||1.86||1.03||21.95||0.01||6,846|
|Miocene Volcanic (HS)||345.55||369.00||23.45||4.02||2.24||33.88||0.01||14,672|
|Miocene Volcanic (HS)||22.90||78.10||55.20||0.31||0.15||1.54||0.01||993|
|Miocene Volcanic (HS)||59.95||78.10||18.15||0.48||0.21||2.11||0.01||1,506|
|Miocene Volcanic (HS)||339.56||387.66||48.10||0.43||0.12||6.09||0.02||1,480|
|Miocene Volcanic (HS)||346.40||372.30||25.90||0.64||0.17||9.04||0.02||2,179|
|Miocene Volcanic (HS)||434.00||464.31||30.31||0.24||0.20||5.49||0.09||384|
|Miocene Volcanic (HS)||486.21||522.80||36.59||0.22||0.14||5.04||0.04||596|
|Miocene Volcanic (HS)||23.70||245.80||222.10||0.41||0.22||7.55||0.04||1,233|
|Miocene Volcanic (HS)||143.95||161.00||17.05||0.57||0.46||7.40||0.04||1,983|
|Miocene Volcanic (HS)||176.00||196.15||20.15||2.10||0.47||19.33||0.08||7,626|
|Miocene Volcanic (HS)||356.55||432.00||75.45||0.14||0.36||9.88||0.30||477|
|Miocene Volcanic (HS)||373.40||405.00||31.60||0.12||0.60||12.92||0.35||594|
|Miocene Volcanic (HS)||63.00||80.15||17.15||1.02||0.26||7.90||0.00||3,394|
|Miocene Volcanic (HS)||126.50||311.50||185.00||0.76||0.26||6.85||0.09||2,147|
|Miocene Volcanic (HS)||142.20||179.20||37.00||1.52||0.36||8.24||0.00||5,178|
|Miocene Volcanic (HS)||203.45||249.15||45.70||0.84||0.23||7.03||0.00||2,720|
|Miocene Volcanic (HS)||260.30||275.25||14.95||0.88||0.48||6.85||0.01||2,200|
|Miocene Volcanic (HS)||287.00||311.50||24.50||0.77||0.40||14.89||0.59||209|
HS = high-sulphidation epithermal style mineralisation. This table reports the mineralized intervals based upon lithology and demonstrates the notable difference in arsenic content between high-sulphidation mineralization in the Miocene volcanic sequence (typically 1000-5000 ppm As) and the lower concentrations found in the zones of skarn mineralization (typically 100-400 ppm As). As drilling progresses to the north over the next few months, it is anticipated that the skarn will be less affected by the late high-sulphidation overprint and As contents will decrease.
The true widths of the mineralized intervals reported in Tables 1 and 2 are difficult to ascertain and additional drilling will be required to constrain the geometry of the mineralized zones.
Drill holes AK-18-010 and AK-18-013 both encountered significant high-sulphidation epithermal mineralization in the overlying Miocene volcanic sequence and well-developed Cu-Au-Ag skarn mineralization in the underlying Cretaceous calcareous sedimentary rocks (see Tables 1 and 2 and Figures 2 and 5). The skarn sequence is mostly characterized by retrograde skarn assemblages and is cut by numerous breccias and feldspar porphyry dikes. Sulphide mineralization within the Miocene volcanic rocks is predominantly pyrite-enargite whereas mineralization within the skarn sequence is pyrite-chalcopyrite with pyrite notably more abundant than chalcopyrite.
Figures 2, 3, 4 and 5 show representative geologic cross sections of for holes AK-18-010, AK-18-011, AK-18-012 and AK-08-013. Additional sections for the other holes reported here and from previously reported holes can be found on the Regulus website: www.regulusresources.com
Drill holes AK-18-014 through AK-18-016 (Figure 1) have been completed and results will be released shortly. Drill holes AK-18-017 and 019 have just been terminated, holes AK-18-018 and 020 are in progress, and hole AK-18-021 will commence in the next day or two. The 18,000+ m phase one drill program will systematically drill out and extend the previous resource at AntaKori on approximately 150 m centers with a few more closely spaced holes to help determine the geometry of geologic units and the spatial variation of mineralization. The objective of the phase one drill program is to confirm and extend the previously reported mineralization with an updated resource estimate to be completed by the end of this year.
The Company also announces that previously announced incentive stock options to purchase up to 50,000 common shares have been set at at a price of $2.00 per share for a period of five years under the terms and conditions of the Company’s Stock Option Plan, subject to regulatory approval (see Regulus news release dated April 17, 2018).
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 an inferred mineral resource of 294.8 million tonnes with a grade of 0.48% Cu, 0.36 g/t Au and 10.2 g/t Ag based upon 17,950 m of drilling by previous operators (see Southern Legacy Minerals press release of July 3rd, 2012 – Southern Legacy Minerals and the Company entered into a business arrangement in 2014 and kept the name Regulus Resources Inc.). Mineralization remains open in most directions and drilling is currently underway to confirm and increase the size of the resource.
The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Stewart D. Redwood, BSc (Hons), PhD, FIMMM, FGS, Consulting Geologist – AntaKori Project, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Sampling and Analytical Procedures
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 are diamond core holes with PQ, HQ or NQ core diameters. Drill core is collected at the drill site where recovery and RQD (Rock Quality Designation) measurements are taken before the core is transported by truck to the core logging facility at either the Tantahuatay Mine (CMC) or in Cajamarca (Regulus), where it is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically sampled over a 1 to 2 metre sample interval unless the geologist determines the presence of an important geological contact. 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 either the ALS or the SGS laboratories in Lima for assay. Regulus independently inserts certified control standards, coarse field blanks, and duplicates into the sample stream to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample sequence prior to departure from the Regulus core storage facilities. At the laboratory samples are dried, crushed, and pulverized and then analyzed using a fire assay – AA finish analysis for gold and a full multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for gold are re-analyzed by fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise ore-grade ICP analytical techniques.
photos accompanying this announcement are available at
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