Regulus Resources Inc. ("Regulus" or the
"Company", REG TSX.V, OTCQX: RGLSF) is pleased to
announce the results from the first two drill holes (AK-20-044 and
AK-20-045) from the Anta Norte area of the AntaKori copper-gold
project in northern Peru. The aim of the drill program at Anta
Norte is to test various geophysical and geological targets and
expand the existing footprint of mineralization of the AntaKori
deposit. The first two holes in Anta Norte were completed 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. To date, including the two
holes reported in this release, 3,669.7 m have been completed on
this ground. Both holes were cut short of their intended depth (see
November 23, 2020 press release).
Hole AK-20-044 successfully extended the
mineralized footprint of the AntaKori system well beyond the
current limits of the 2019 resource model and conceptual pit (see
Figures 1 and 2). In addition, mineralization and favourable
alteration appear to be increasing with depth, with the hole ending
in 50.8 m of well mineralized material. Hole AK-20-045 is less well
mineralized, however the intensity of mineralization and alteration
is also clearly increasing towards the bottom of the hole. Both
holes ended in the favourable lithological host rocks for
skarn-style alteration and mineralization before being stopped,
indicating potential for more mineralization at depth. The results
of these holes (in particular AK-20-044) combined with previous
results of holes AK-19-034, AK-19-037 and AK-19-041 (see Figure 2),
and some additional support-drilling, should warrant extending and
deepening the conceptual resource pit, which would add significant
resources to the overall AntaKori system. In addition,
mineralogical, geochemical and alteration information from both
holes suggest that they were drilled along the western flank of the
potential source of the hydrothermal mineralizing fluids. This is
also consistent with the ground magnetic data and geological
modeling that have been done to-date. This provides additional
evidence supporting the hypothesis that the centre of the system
lies east-southeast of these holes, wholly within 100% owned
Regulus claims.
Highlights From Drill Holes AK-20-044 and
AK-20-045 – Anta Norte Area of the AntaKori Project:
- AK-20-044:
- 10.60 m of 0.28% Cu, 0.20
g/t Au and 8.36 g/t Ag (0.50% CuEq) from 281.90 m
- 59.05 m of 0.47% Cu, 0.38
g/t Au and 30.77 g/t Ag (1.02% CuEq) from 304.25 m
- 141.60 m of 0.22% Cu, 0.22
g/t Au and 5.71 g/t Ag (0.43% CuEq) from 477.00 m
- Including 10.20 m of 0.15% Cu,
1.08 g/t Au and 15.77 g/t Ag (1.07% CuEq) from 479.00
m
- Including 14.70 m of 0.35% Cu,
0.61 g/t Au and 20.61 g/t Ag (0.98% CuEq) from 562.90
m
- 50.80 m of 0.32% Cu, 0.28
g/t Au and 1.71 g/t Ag (0.54% CuEq) from 762.60 m
- Including 10.80 m of 0.48% Cu,
0.44 g/t Au and 2.51 g/t Ag (0.81% CuEq) from 779.70
m
- Alteration and mineralization
were increasing towards the bottom of the hole
- Hole was stopped before it
reached the end of the favourable geological sequence for
skarn-style mineralization
- AK-20-045:
- 15.90 m of 0.31% Cu, 0.76
g/t Au and 2.24 g/t Ag (0.87% CuEq) from 640.75 m
- 17.25 m of 0.33% Cu, 0.36 g/t
Au and 2.44 g/t Ag (0.61% CuEq) from 821.65 m
- Alteration and
mineralization were increasing towards the bottom of the
hole
- Hole was stopped before it
reached the end of the favourable geological sequence for
skarn-style mineralization
Dr. Kevin B. Heather, Chief Geological
Officer of Regulus commented as follows: “The Anta Norte
target area is approximately 1.2 km by 1.6 km in size and will
require several holes to truly test the full extent of the various
anomalies. The results of these holes, in a greenfield area, are
very encouraging from a geological and resource perspective. They
extend the mineralized footprint well beyond the current
constraints of our 2019 resource model, and with additional
support-drilling, should justify expanding the conceptual resource
pit well beyond its current limits. Expanding the resource pit is
especially important, as it not only adds new resources from recent
drilling, but also because it should capture existing unclassified
resource blocks that are already modeled but that currently fall
outside of the conceptual pit and are thus not included. In
addition, the results from these two holes and previously reported
holes, are vectoring us towards the centre of the system being
located on our 100% owned claims, east-southeast of holes 44 and
45, where we believe there may be a porphyry centre with more
skarn-style mineralization and ultimately the mineralizing source
for the region.”
John Black, Chief Executive Officer of
Regulus, commented as follows: “We are encouraged by
the results of the first two holes in this greenfield area of the
AntaKori project. The results from these holes significantly expand
the known extent of the AntaKori system and provide us with better
information for future drill targets. Given both holes ended in
mineralization, which seemed to be intensifying with depth, we may
decide to revisit these holes and see if they can be extended at
some point. In addition, drilling these holes brings us one step
closer to fulfilling our drilling obligation to earn up to a 70%
interest in the Colquirrumi claims and further consolidation of the
region. Drilling at the Anta Norte portion of the AntaKori project
is currently temporarily suspended while we address concerns about
potential impacts from drilling. Discussions are progressing well
and we anticipate that we will reinitiate drilling soon. It is our
intention, upon recommencing drilling, to move onto our 100% owned
ground to test the most promising targets.”
Discussion of Results
Table 1 below provides more details regarding the
mineralized intercepts encountered in drill holes AK-20-044 and
AK-20-045. The locations of the reported drill holes are indicated
on Figure 1.
Table 1. AntaKori Holes AK-20-044 and
AK-20-045
Drill Hole |
From(m) |
To(m) |
Interval(m) |
Cu(%) |
Au(ppm) |
Ag(ppm) |
As(ppm) |
Zn(%) |
CuEq(%) |
AK-20-044 |
|
|
|
|
|
|
|
|
|
Interval (1) |
281.90 |
292.50 |
10.60 |
0.28 |
0.20 |
8.36 |
387 |
0.61 |
0.50 |
Interval |
304.25 |
363.30 |
59.05 |
0.47 |
0.38 |
30.77 |
582 |
0.36 |
1.02 |
Interval |
477.00 |
618.60 |
141.60 |
0.22 |
0.22 |
5.71 |
239 |
0.26 |
0.43 |
including (2) |
479.00 |
489.20 |
10.20 |
0.15 |
1.08 |
15.77 |
522 |
0.56 |
1.07 |
including |
562.90 |
577.60 |
14.70 |
0.35 |
0.61 |
20.61 |
1178 |
1.18 |
0.98 |
Interval |
762.60 |
813.40 |
50.80 |
0.32 |
0.28 |
1.71 |
181 |
0.00 |
0.54 |
including |
779.70 |
790.50 |
10.80 |
0.48 |
0.44 |
2.51 |
211 |
0.00 |
0.81 |
Total depth |
813.40 |
|
|
|
|
|
|
|
|
AK-19-045 |
|
|
|
|
|
|
|
|
|
Interval |
640.75 |
656.65 |
15.90 |
0.31 |
0.76 |
2.24 |
561 |
0.01 |
0.87 |
Interval |
821.65 |
838.90 |
17.25 |
0.33 |
0.36 |
2.44 |
70 |
0.02 |
0.61 |
Total depth |
841.40 |
|
|
|
|
|
|
|
|
The grades are uncut. CuEq and AuEq 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 above 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).Notes:(1) Interval calculated
using a 0.2% CuEq cut-off(2) Including interval
calculated using a 0.5% CuEq cut-off |
Drill Hole AK-20-044 – Geology
Descriptions
Hole AK-20-044 was drilled with an azimuth of
027 degrees and an inclination of -70 degrees. The first 5 m of the
hole passed through transported overburden material before getting
into bedrock consisting of ~95 m of dominantly Miocene-aged tuffs
of the Calipuy Formation, with some intervals of late breccia
cutting the tuffs. The massive crystal tuffs have a uniform texture
and locally resemble intrusive rocks; however, the presence of
broken crystals and sparse but consistent lithic clasts shows them
to be fragmental rocks. They are pervasively altered to a
quartz-sericite-pyrite-clay assemblage. Mineralization is weak
within the volcanic package of rocks, with sparse enargite-pyrite
veins mostly associated with the late breccia bodies.
From ~97 to 733 m, the hole encountered a thick
sequence of metamorphosed and variably skarn-altered, calcareous
sedimentary rocks cut by intervals of breccia and diorite intrusive
rocks. These intrusive rocks account for roughly 37% of the
interval and are weakly mineralized and are altered to a
quartz-sericite-pyrite assemblage, with patchy chlorite and epidote
alteration. These intrusions belong to an early group of intrusive
rocks thought to be approximately contemporaneous with the skarn
forming event. All these sedimentary rocks occur within either the
outer thermal halo of an intrusive event (the marble front) or
within the metasomatic alteration halo (the skarn front). The upper
portion of the sedimentary interval, to about 280 m depth, contains
alternating marble, hornfels and skarn intervals which indicate
that this zone is in the vicinity of the skarn front.
Below 280 m, the Chulec Formation is dominated
by massive skarn and contains important intervals of brecciated
skarn, notably between 317 and 359 m. These breccias are associated
with elevated copper-gold grades in the neighbouring skarns, which
suggests that they formed early and served as pathways of enhanced
permeability during the retrograde skarn alteration and
mineralization. Reported intervals 281.90 to 292.50 m and 304.25 to
363.30 m are this style of mineralization, but also have slightly
elevated zinc (Zn) values suggesting we are towards the outer
portion of the skarn system.
The lower part of the Chulec interval, from 495
m onwards, is moderately to well-mineralized and contains several
massive sulphide intervals at 544 to 545 m and from 563 to 571 m.
There are several diorite intrusions, like those described above,
at 584 to 593 m, 617 to 644 m, 685 to 712 m, and 713 to 717 m.
Another massive sulphide interval occurs from 716 to 722 m and then
at 733 m the contact with fine-grained sedimentary rocks of the
underlying Inca Formation was encountered. The report interval from
477.00 to 618.60 m is characterized by a mix of prograde and
retrograde skarn assemblages, numerous diorite intrusive dykes,
locally developed breccias and numerous massive sulphide
replacement bodies.
The hole continues in hornfels, marble and skarn
of the Inca Formation until the hole terminates at 813.4 m. The
rocks exhibit a moderate retrograde skarn alteration dominated by
chlorite and magnetite, with lesser epidote, pyrite, and
chalcopyrite. Intervals of massive sulphides are present at 774 to
778 m, 783 to 791 m and 803 to 806 m. The reported interval 762.60
to 813.40 m consists of moderate skarn-style copper-gold
mineralization, which clearly continues to intensify towards the
bottom of the hole.
Drill Hole AK-20-045 – Geology
Descriptions
Hole AK-20-045 is drilled at an azimuth of 030
degrees and an inclination of -70 degrees. It passes through 4 m of
overburden, possibly slumped material, and then remains in Calipuy
Formation volcanic crystal tuffs to 73 m depth.
From 73 to 259 m, the hole cuts a series of
alternating marble and hornfels layers with minor skarn
development. Apart from a metre of skarn with a clot of massive
sulphide at 239 m, the interval has no copper mineralization,
however late-stage carbonate base metal veinlets with sphalerite
and some galena are common.
From 259 to 563 m, the hole cuts through Chulec
Formation, consisting mostly of marble with a few skarn beds. The
skarn in this interval is not well mineralized, however the
carbonate base metal veinlets with minor zinc and lead continue to
390 m.
From 563 to 760 m, the hole cuts a long interval
of quartz-hornblende-biotite diorite with a pervasive
quartz-sericite alteration and patchy skarn-related
epidote-chlorite alteration. The diorite is barren apart from
isolated enargite-pyrite veining in the reported interval from
640.75 to 656.65 m. There is extensive quartz-pyrite veining with
very occasional chalcopyrite, typical of the outer, peripheral
pyrite halo to a porphyry copper-gold centre.
From 760 to 840 m the hole cuts through massive
Chulec Formation skarn, generally with pervasive retrograde
chlorite-epidote-calcite-magnetite alteration and weak to moderate
disseminated chalcopyrite mineralization. The skarn interval is cut
by a polymictic breccia from 807 to 812 m, with clasts of diorite,
skarn, and quartzite. Below 820 m, the mineralization intensifies
with intervals of massive sulphides and a milled skarn breccia in
the final reported interval from 821.65 to 838.90 m. The last metre
of the hole is once again porphyritic diorite, and the hole
terminates at 841.4 m.
Geological Interpretation and
Discussion
Drill holes AK-20-044 and AK-20-045 are the
first two drill holes collared exclusively on Colquirrumi agreement
ground and had four objectives; (1) provide additional
drill-meterage towards the required 7,500 m in order to trigger the
70% earn-in on the Colquirrumi claims, (2) provide a fence-line of
holes to define the extent of the skarn mineralizing system to the
north of that defined by the 2019 drilling into this area (see
Figures 1 and 2), (3) test whether the San Miguel diorite intrusion
is a linear, stock-shaped body as depicted on most historical maps
and sections, or whether it is a more flat-lying sill-shaped body
as postulated by Regulus and suggested by the geomorphology of the
area, and (4) test the western edge of the very large,
circular-shaped magnetic anomaly that defines the Anta Norte target
area.
Hole AK-20-044 intersected multiple, reportable
intervals of skarn-style replacement copper-gold mineralization
spatially associated with milled-matrix breccias, diorite intrusive
dykes and favourable prograde and retrograde skarn alteration. Hole
AK-20-045 intersected hornfelsed sedimentary rocks and marbles with
lesser metasomatic skarn alteration, although the intensity of
skarn alteration and associated copper-gold mineralization is
clearly increasing towards the bottom of the hole. The hornfelsed
sedimentary rocks and marbles are the product of contact thermal
metamorphism related to intrusive activity, whereas the metasomatic
skarn alteration and mineralization indicates that those same
intrusions, or slightly younger intrusions, were carrying copper-
and gold-bearing hydrothermal fluids that are responsible for the
mineralization currently being explored for at Anta Norte. The
combination of the above-mentioned geological features and the fact
that many of the reported intervals have slightly elevated zinc
(Zn) values, all suggest we are on a more distal portion of the
skarn system. When viewed in conjunction with where the holes were
located relative to the western edge of the exceptionally large,
circular-shaped magnetic anomaly that defines the Anta Norte target
area, the centre of the system appears to be towards the
east-southeast of holes AK-20-044 and AK-20-045, coincident with
the centre of the large magnetic feature, which is located on
Regulus’ 100% owned claims. Hole AK-20-044 clearly is a significant
step out from the mineralization encountered in hole AK-19-037 and
a major step out from the 2019 resource pit (see Figure 2).
True Widths
The true widths of the mineralized intervals
reported in Table 1 are difficult to ascertain and additional
drilling and geologic modelling will be required to better
constrain the geometry of the mineralized zones. Skarn-style
mineralization in the Cretaceous sedimentary sequence is mainly
controlled by the sub-horizontal stratigraphy and reported
mineralized intercepts are probably close to true thicknesses, as
the drill holes are steeply inclined at minus 70 degrees.
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.
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 and drilling is continuing to confirm and increase the
size of the resource.
For further information on Regulus Resources
Inc., please consult our website at www.regulusresources.com.
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 Regulus core
logging facility in Cajamarca, 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 the ALS
laboratory 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.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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.
Infographics accompanying this announcement are
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/7a47c555-f7af-487e-9b4a-959a432df68fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/dec97cfe-bbea-407b-9545-eea7674acfab
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