Regulus Resources Inc. ("Regulus" or the
"Company", REG TSX.V) is pleased to announce the
results from six additional drill holes from the Phase II drill
program, the aim of which is to expand and infill resources at the
Company’s AntaKori copper-gold project in northern Peru. The
drilling campaign is underway in collaboration with Compañía Minera
Coimolache S.A. (“Coimolache”), the operator of the Tantahuatay
gold mine immediately to the south of the AntaKori project. Hole
AK-19-039 successfully extended and expanded the zone of base metal
carbonate mineralization (contains higher grade gold and silver
than the rest of the known deposit), which was previously
encountered in holes AK-19-026, AK-18-025 and AK-18-023 (see
Regulus press release dated January 30, 2019). Hole AK-19-041
demonstrates the downward continuity of previously released holes
AK-19-034 and AK-19-037, while hole AK-19-042 demonstrates the
upward continuity of previously released hole AK-19-035. Holes
AK-19-038, AK-19-040 and AK-19-043 infilled a gap in the resource
model on the eastern edge of the property and ultimately defined
the eastern limits of the skarn style mineralization, all of which
will help with our goal of defining the overall footprint of the
orebody. Results from holes AK-19-038, AK-19-039, AK-19-040,
AK-19-041, AK-19-042 and AK-19-043 are reported in Table 1.
Highlights from drill holes AK-19-038
through AK-19-043 - AntaKori Project:
- AK-19-039:
- 168.75 m of 0.38% Cu, 0.65 g/t Au and 32.69 g/t Ag
(1.15% CuEq) from 111.45 m
- Including 14.10 m of 0.95% Cu, 0.8 g/t Au and 24.92 g/t
Ag (1.75% CuEq) from 246.60 m
- 51.50 m of 0.21% Cu, 0.55 g/t Au and 5.38 g/t Ag (0.65%
CuEq) from 383.60
- Including 12.15 m of 0.38% Cu, 1.02 g/t Au and 10.37
g/t Ag (1.20% CuEq)
- Represents discovery of multiple wide zones of base
metal carbonate style epithermal mineralization with significant
precious metal content
- Provides new targets to follow up with future drilling
- AK-19-041:
- 341.00 m of 0.57% Cu, 0.28 g/t Au and 9.29 g/t Ag
(0.85% CuEq) from 202.00 m
- Including 64.15 m of 1.71% Cu, 0.79 g/t Au and 13.89
g/t Ag (2.40% CuEq) hosted within a high-sulphidation epithermal
zone overprinting skarn
- 172.13 m of 0.35% Cu, 0.14 g/t Au and 4.11 g/t Ag
(0.48% CuEq) from 575.95 m
- Including 52.00 m of 0.51% Cu, 0.22 g/t Au and 8.35 g/t
Ag (0.75% CuEq) hosted in a high-sulphidation epithermal
overprint
- 539.43 m of 0.41% Cu, 0.09 g/t Au and 2.59 g/t Ag
(0.50% CuEq) from 1040.10 m
- Intersected mineralization and grades as expected,
similar to the results previously reported for AK-19-034 (which was
drilled from the same platform)
- AK-19-042:
- 417.40 m of 0.23% Cu, 0.13 g/t Au and 3.90 g/t Ag
(0.35% CuEq) from 470.60 m
- 87.35 m of 0.21% Cu, 0.12 g/t Au and 3.12 g/t Ag (0.32%
CuEq) from 929.35 m
- Hosted predominantly in low arsenic skarn and porphyry
mineralization
- AK-19-038:
- 15.38 m of 2.14% Cu, 0.38 g/t Au and 24.96 g/t Ag
(2.63% CuEq) from 374.82 m
- AK-19-040:
- 15.30 m of 0.77% Cu, 0.18 g/t Au and 7.89 g/t Ag (0.97%
CuEq) from 370.60 m
- AK-19-043:
- 22.50 m of 0.93% Cu, 0.33 g/t Au and 11.71 g/t Ag
(1.27% CuEq) from 290.80 m
John
Black, Chief Executive Officer of Regulus, commented
as follows: “We have yet to properly test the Anta
Norte geophysical targets to the north of the property, however
continued success along the margins of those targets encourages us
that we’re on the cusp of a large system of mineralization that
could add to the already sizable resource on the AntaKori property.
The results from holes AK-19-041 and AK-19-042 continue to show
that along the edges of the Anta Norte geophysical targets we are
intersecting long runs of low arsenic, moderate grade
mineralization. Hole AK-19-041 intersected two structures that
contained high sulphidation epithermal mineralization and elevated
arsenic levels, which were expected and previously intersected in
hole AK-19-034. Hole AK-19-039 intersected long runs of base metal
carbonate style mineralization that had a higher precious metals
component than other areas of the deposit. We had intersected this
carbonate zone previously in other holes, however the zone in
AK-19-039 is significantly wider than we expected and opens a new
zone of high-grade mineralization that warrants follow up drilling.
Overall, the system at AntaKori continues to grow and we expect to
add significant mineralization to the already sizable resource
defined in early 2019. The future looks bright at AntaKori and the
next step in adding value to the project will be to properly test
the Anta Norte geophysical targets starting in late Q1 of this
year.”
Discussion of Results
Table 1 below provides more details regarding
the mineralized intercepts encountered in drill holes AK-19-038,
AK-19-039, AK-19-040, AK-19-041, AK-19-42 and AK-19-043. The
locations of the reported drill holes are indicated on Figure 1.
These holes are part of the Phase II drilling program projected to
consist of approximately 25,000 m of drilling that we anticipate
will be completed by H1 2020.
Table 1. AntaKori Holes AK-19-038,
AK-19-039, AK-19-040, AK-19-041, AK-19-042 and
AK-19-043
Drill Hole |
From(m) |
To(m) |
Interval (m) |
Cu(%) |
Au (ppm) |
Ag (ppm) |
As (ppm) |
CuEq (%) |
AK-19-038 |
|
|
|
|
|
|
|
|
Interval |
374.82 |
390.20 |
15.38 |
2.14 |
0.38 |
24.96 |
550 |
2.63 |
Interval |
454.95 |
478.20 |
23.25 |
0.09 |
0.19 |
16.07 |
155 |
0.38 |
Interval |
492.40 |
509.80 |
17.40 |
0.13 |
1.21 |
8.96 |
334 |
1.08 |
Total depth |
613.80 |
|
|
|
|
|
|
|
AK-19-039 |
|
|
|
|
|
|
|
Interval |
48.65 |
85.90 |
37.25 |
0.14 |
0.39 |
9.12 |
455 |
0.50 |
Interval |
111.45 |
280.20 |
168.75 |
0.38 |
0.65 |
32.69 |
271 |
1.15 |
including |
246.60 |
260.70 |
14.10 |
0.95 |
0.80 |
24.92 |
185 |
1.75 |
Interval |
383.60 |
435.10 |
51.50 |
0.21 |
0.55 |
5.38 |
648 |
0.65 |
including |
399.55 |
411.70 |
12.15 |
0.38 |
1.02 |
10.37 |
891 |
1.20 |
Interval |
492.00 |
524.30 |
32.30 |
0.07 |
0.37 |
7.65 |
571 |
0.40 |
Total depth |
857.10 |
|
|
|
|
|
|
|
AK-19-040 |
|
|
|
|
|
|
|
|
Interval |
70.40 |
87.40 |
17.00 |
0.30 |
0.28 |
9.56 |
437 |
0.59 |
Interval |
370.60 |
385.90 |
15.30 |
0.77 |
0.18 |
7.89 |
227 |
0.97 |
Total depth |
639.00 |
|
|
|
|
|
|
|
AK-19-041 |
|
|
|
|
|
|
|
|
Interval |
202.00 |
543.00 |
341.00 |
0.57 |
0.28 |
9.29 |
831 |
0.85 |
including |
454.65 |
518.80 |
64.15 |
1.71 |
0.79 |
13.89 |
3,451 |
2.40 |
Interval |
575.95 |
748.08 |
172.13 |
0.35 |
0.14 |
4.11 |
684 |
0.48 |
including |
577.95 |
629.95 |
52.00 |
0.51 |
0.22 |
8.35 |
1,343 |
0.75 |
Interval |
782.80 |
813.00 |
30.20 |
0.15 |
0.21 |
3.97 |
537 |
0.34 |
Interval |
904.05 |
943.90 |
39.85 |
0.23 |
0.06 |
1.71 |
344 |
0.29 |
Interval |
1,040.10 |
1,579.53 |
539.43 |
0.41 |
0.09 |
2.59 |
125 |
0.50 |
including |
1,175.14 |
1,372.43 |
197.29 |
0.52 |
0.11 |
2.59 |
119 |
0.62 |
Total depth |
1,579.53 |
|
|
|
|
|
|
|
AK-19-042 |
|
|
|
|
|
|
|
|
Interval |
291.20 |
312.00 |
20.80 |
0.25 |
0.11 |
10.15 |
243 |
0.41 |
Interval |
367.70 |
392.50 |
24.80 |
0.41 |
0.27 |
8.12 |
233 |
0.67 |
Interval |
470.60 |
888.00 |
417.40 |
0.23 |
0.13 |
3.90 |
78 |
0.35 |
Interval |
929.35 |
1,016.70 |
87.35 |
0.21 |
0.12 |
3.12 |
24 |
0.32 |
Interval |
1,026.00 |
1,055.65 |
29.65 |
0.24 |
0.10 |
0.69 |
10 |
0.32 |
Interval |
1,062.70 |
1,099.50 |
36.80 |
0.20 |
0.08 |
0.69 |
16 |
0.27 |
Total depth |
1,114.20 |
|
|
|
|
|
|
|
AK-19-043 |
|
|
|
|
|
|
|
|
Interval |
290.80 |
313.30 |
22.50 |
0.93 |
0.33 |
11.71 |
285.35 |
1.27 |
Total depth |
556.20 |
|
|
|
|
|
|
|
The grades are uncut. 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 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) |
Drill Hole AK-19-038 was
drilled with an azimuth of 118 degrees and an inclination of -79
degrees to a final depth of 613.80 m. The purpose of this drill
hole was to infill a gap in the existing resource model (March
2019) and to test for any possible eastward extension of
mineralization.
The hole encountered 2.40 m of overburden and
then passed into ash-crystal tuffs of the Calipuy Formation
exhibiting advanced argillic alteration consisting of
silica-clay-pyrite that is not mineralized and is cut by numerous,
narrow heterolithic milled-matrixed breccias. The Calipuy volcanic
rocks are in fault contact with massive Chulec Formation skarn at
43.70 m, with the narrow fault being well-mineralized with pyrite
and fine-grained enargite.
From 43.70 m to 60.40 m, the skarn exhibits
dominantly retrograde alteration with chlorite plus minor epidote
and calcite. Mineralization consist of weakly disseminated
chalcopyrite and moderate sphalerite, typical of the distal part of
skarns. From 60.40 m to 71.60 m the hole cuts a porphyritic quartz
diorite intrusive with a fine-grained crowded feldspar texture with
tabular biotites of approximately 1 mm size with rare hornblende
and sparse quartz eyes up to 0.5 mm. From 71.60 m to 92.40 m
another interval of skarn has weak copper mineralization as
chalcopyrite with slightly more sphalerite.
From 92.40 m to 373.10 m is a long interval of
the same porphyritic quartz diorite intrusive described above.
There are numerous short intervals of weakly mineralized skarn
within this interval of intrusive. The upper part of the intrusion
to about 133m depth is strongly altered to silica-clay-pyrite
(advanced argillic), while beyond this depth the alteration is
quartz-sericite-pyrite.
From 374.00 m to 405.60 m there is massive skarn
of the Chulec formation exhibiting well developed retrograde skarn
alteration with chlorite, pyrite, epidote and patchy magnetite.
From 374.82 m to 390.20 m (15.38 m), the skarn is well mineralized
with massive pyrite, magnetite and strong chalcopyrite.
From 405.60 m to 516.10 m the hole cuts
quartzite, hornfels and skarn of the Inca Formation. There are
several narrow intervals of massive magnetite – pyrite ±
chalcopyrite skarn in this interval.
From 516.10 m to 593.60 m there are quartzites
and arkoses of the Farrat Formation that contain occasional pyritic
fractures and isolated high sulphidation veinlets with pyrite and
enargite, but otherwise the rock is not well mineralized. From
593.60 m to the end of the hole at 613.80 m the quartzite is
brecciated with angular to sub-rounded clasts of Farrat Fm.
quartzites and arkoses but is not well mineralized.
Drill Hole AK-19-039 was
drilled with an azimuth of 073 degrees and an inclination of -66
degrees to a final depth of 857.10 m. The purpose of this drill
hole was to test the southeast continuity of high-grade
mineralization in drill hole AK-18-026.
The hole encountered 6.10 m of overburden and
then passed into hydrothermal cemented breccias from 6.10 m to
81.85 m and then volcanic rocks of the Calipuy Formation from 81.85
m to 117.10 m. From 48.65 m to 85.90 m (37.25 m) a zone of strong
advanced argillic alteration consisting of pervasive
silica-clay-pyrite. From 117.10 m to 146.20 m, the hole cuts
massive skarn of the Chulec Formation with strong
pyrite-chlorite-epidote retrograde alteration that has been
affected by paleo regolith weathering.
From 146.20 m to 195.60 m is an interesting
milled-matrixed breccia that appears to be late and has
incorporated fragments of well-mineralized base-metal carbonate
epithermal mineralization and also large blocks up to several
metres in size (149.00 m to 152.60 m, 184.60 m to 195.90 m, 216.50
m to 218.50 m) of an earlier heterolithic breccia that is healed by
massive chalcopyrite-pyrite and that resembles the well-mineralized
Cu-Au breccia encountered in drill hole AK-18-026. From 195.60 m to
268.50 m the hole encountered well-mineralized prograde and
retrograde skarn.
From 268.50 m to 305.80 m a late rhyolitic,
subvolcanic intrusive is cut with characteristic flow-banding and
autoclastic flow-breccias that are the root zone of a rhyolite
flow-dome complex. For most of this interval the flow-banding is
sub-parallel to the drill hole axis, indicating that the hole is
drilled down the margin of this flow-dome feeder structure. The
rock is altered to sericite-clay and is locally cut by base-metal
carbonate veinlets carrying sphalerite – galena -pyrite – gold –
chalcopyrite ± tennantite - tetrahedrite. Mineralization occurs
within skarn and the late mineralized breccia, as well as into the
marginal portion of the rhyolite flow-banded intrusion with the
headline mineralized intercept is from 111.45 m to 280.20 m (168.75
m) and consists of 0.38 % Cu, 0.65 g/t Au, 32.69 g/t Ag (1.15 %
CuEq).
From 305.80 m to 334.95 m a second, even younger
rhyolite subvolcanic intrusive with flow-banding and autoclastic
flow-breccias cuts the previously described flow-banded rhyolite.
This rhyolite is dark black in colour indicating it still has
volcanic glass preserved and is relatively fresh in comparison to
the mineralized rhyolite intrusive above (and below). This younger
rhyolite body has no mineralized veinlets and appears to cut the
grade of the earlier mineralized events. From 334.95 m to 524.30 m
the hole encountered the earlier flow-banded and autoclastic
brecciated rhyolite with an increasing number of angular xenoliths
of brown-coloured Inca Formation hornfels towards the lower
contact.
From 524.30 m to 582.45 m, the hole intercepted
quartzites and arkoses of the Inca Formation exhibiting strong
quartz-sericite-pyrite alteration. In general, the Inca is weakly
mineralized, but there are abundant pyrite veinlets with occasional
traces of tennantite and molybdenite suggesting we are peripheral
to stronger mineralization.
From 582.45 m to the end of the hole at 857.10 m
the hole is in Farrat Formation quartzites and arkoses. Veinlets of
pyrite are common, up to a few millimetres, with very occasional
tennantite and molybdenite. There are intervals of polymictic
crackle-style breccia consisting of angular to sub-angular clasts
of quartzite, fine-grained sediments, arkoses and occasional
porphyry intrusive rocks within a matrix of quartz, pyrite,
molybdenite and traces of enargite and tennantite.
Drill Hole AK-19-040 was
drilled from the same drill pad as AK-19-043 and AK-19-036 and was
drilled with an azimuth of 050 and an inclination of -80 degrees to
a final depth of 639.00 m. The purpose of the hole was to fill a
gap in the existing resource model (March 2019) and to test for any
possible southeast extension of the mineralization.
From 0.00 m to 0.85 m the hole passed through a
thin cover of overburden. From 0.85 m to 58.45 m the hole
encountered strongly altered and locally faulted volcanic and
intrusive rocks and associated breccias of the Calipuy Formation
with strong advanced argillic alteration with pyrite.
Mineralization of the volcanic package, from surface to 58.45m, is
weak and limited to minor amounts of enargite.
From 58.45 m to 82.50 m the hole cuts skarns and
marbles of the Chulec Formation that are poorly mineralized to
barren, with a mineral assemblage of calcite, pyrite and supergene
clays and only minor amounts of chalcopyrite and sphalerite from
70.40 m to 87.40 m (17.00 m).
From 85.00 m to 266.00 m there is a long
interval of quartz diorite porphyry cut by minor thin
milled-matrixed breccias. The intrusion appears to be syn- to
post-skarn based on the presence of several lenses of endo-skarn.
The upper portion of the intrusion is characterized by advanced
argillic silica – clay - pyrite alteration which transitions
downward to clay - chlorite overprinting earlier quartz - sericite
alteration. Mineralization is weak with sparse quartz – pyrite -
chalcopyrite veins.
From 266.00 m to 404.00 m the hole is once again
in Chulec Formation with mostly massive skarn with short intervals
of hornfels and marble. The alteration is dominated by retrograde
skarn, mostly chlorite-epidote with lesser magnetite and
calcite.
From 404.00m to 517.00 m the hole intersected
fine-grained hornfels, arkose and minor amounts of skarn of the
Inca Formation. Mineralization consisting of disseminated
chalcopyrite with minor sphalerite and pyrite – chalcopyrite –
(anhydrite/gypsum) veins is weak but consistent to about 500.00 m,
there after decreasing noticeable. From 517.20 m to 610.80 m, the
hole cuts Farrat quartzites and arkoses cut by veins of pyrite
every few metres with occasional late gypsum veinlets cutting them.
From 610.80 m to the end of the hole at 639.00 m is a heterolithic
breccia with rounded clasts of arkose, hornfels and quartzite in a
matrix of quartz, anhydrite and sulphides and altered to a quartz –
sericite - pyrite assemblage. It is weakly mineralized with
some chalcopyrite in the matrix and sparse veins with pyrite and
tennantite.
Drill Hole AK-19-041 was
drilled at an azimuth of 047 degrees and an inclination of -85
degrees to a final depth of 1,579.53 m. The purpose of this drill
hole was to test the continuity of mineralization below drill hole
AK-19-034 and to complete the three-hole fan of holes on section
1400NW for future resource definition.
From 0.00 m to 1.60 m the hole passed through a
thin cover of overburden. From 1.60 m to 212.00 m the hole
intercepted volcanic rocks of the Calipuy Formation exhibiting
strong advanced argillic alteration with no reportable
mineralization.
From 212.00 m to 493.90 m the hole intercepted
prograde and retrograde skarn cut by several intervals of
milled-matrixed breccias. The paleoregolith weathering of the skarn
extends to 356.76 m depth. From 493.90 m to 768.40 m the hole
encountered a strongly altered porphyry intrusive rock with a zone
of silicified intrusion breccias with abundant pyrite from 732.40m
to 768.40 m. From 768.40 m to 770.95 m occurs a narrow rhyolite
intrusion dike related to the flow-banded rhyolite encountered in
drill hole AK-19-039. From 770.95 m to 781.40 m is the silicified
intrusion breccias with abundant pyrite. From 781.40 m to 790.20 m
is another narrow rhyolite intrusion dike like above. From 790.20 m
to 823.05 m is the silicified intrusion breccias with abundant
pyrite.
From 823.05 m to 1175.40 m is a medium-grained
feldspar porphyry that is gradational from the porphyry described
above and likely the same intrusion but with slightly coarser
texture and different alteration. The porphyry in this interval is
characterized by a strong early chlorite alteration that is
overprinted by a texture-destructive phyllic alteration which is
locally overprinted by a younger, likely unrelated sericite –
chlorite - clay (SCC) style alteration. Mineralization is
associated with disseminated and fracture-controlled chalcopyrite –
pyrite related to both the early chlorite alteration and the later
SCC style alteration which also has associated chalcopyrite with
magnetite and anhydrite. From 1175.40 m to 1237.00 m there is a
zone of strongly silicified quartzites and arkoses of the Farrat
Formation that exhibit brecciated and pseudo-brecciated
(crackle-breccia) textures. From 1237.00 m to the end of the hole
at 1579.53 m continues the same porphyry intrusion exhibiting
chlorite alteration overprinted by phyllic alteration. There is a
noticeable increase in the number of quartz and anhydrite veins and
veinlets, some carrying significant molybdenite.
Drill Hole AK-19-042 was
drilled an azimuth of 050 degrees and an inclination of -55 degrees
to a final depth of 1114.20 m. The purpose of this drill hole was
to test the continuity of mineralization above drill hole AK-19-035
and to complete the second hole of a planned three-hole fan of
holes on section 1500NW for future resource definition.
From 0.00 m to 1.00 m the hole passed through a
thin cover of overburden. From 1.00 m to 297.85 m the hole
intercepted volcanic rocks of the Calipuy Formation exhibiting
strong advanced argillic alteration with no reportable
mineralization, albeit the last 6.00 m is the start of the
underlying reportable interval. From 297.85 m to 298.40 m the hole
intercepted a narrow intermediate-sulphidation, base-metal
carbonate vein structure. From 298.40 m to 367.70 m the hole
intercepted Chulec Formation skarn with some narrow porphyry dikes
and oxidation related to paleoregolith development.
From 367.70 m to 392.50 m the hole encountered
brecciated skarn healed by strong base-metal carbonate
mineralization, like that encountered in the upper portions of
drill holes AK-19-041, AK-18-034, AK-19-037 and AK-19-035. This
indicates lateral continuity of this mineralization-style and also
appears to be similar to the base-metal carbonate mineralization
encountered in drill hole AK-19-039 associated with the flow-banded
rhyolite intrusive dome complex.
From 392.50 m to 468.45 m the hole continued in
Chulec Formation skarn cut by several porphyry dikes. The skarn is
affected by paleoregolith weathering to a depth of 458.30 m. This
interval has sporadic mineralization by nothing that is reportable.
From 468.45 m to 486.17 m the hole intercepted another zone of
brecciated skarn with associated mineralization. From 468.17 m to
929.80 m the hole intercepted Chulec Formation skarn cut by
numerous larger porphyry intrusive dikes ranging in width from
10.00 m to 35.00 m.
From 929.80 m to 1,016.70 m the hole intercepted
another brecciated skarn interval with weak mineralization and
porphyry intrusive rock invading the matrix of the breccia (i.e.,
intrusion breccia). This interval from 929.35 m to 1,016.70 m
(87.35 m) encountered low-grade mineralization, however taking into
account the likely distal position from the proposed source
indicates the mineralizing system is large and affecting a large
volume of rock.
From 1,016.70 m to 1,097.16 m the hole
intersected fine-grained sedimentary rocks and minor quartzites of
the Inca Formation that exhibit exceptional strong development of
magnetite alteration. From 1,097.16 m to the end of the hole at
1,114.20 m the hole transitions into Farrat Formation quartzites
and arkoses that exhibit strong silicification and brecciated to
pseudo-brecciated (crackle-breccia) textures. These typically
unfavourable host rocks have two intervals of low-grade
mineralization and the importance of these intervals, in very
unfavourable host rocks, cannot be underestimated and again point
to the fact that the peripheral portion of the system is potent
enough to still be depositing mineralization.
Drill Hole AK-19-043 was
drilled with an azimuth of 116 degrees and an inclination of -70
degrees to a final depth of 556.20 m. The purpose of this drill
hole was to infill a gap in the existing resource model (March
2019) and to test for any possible eastward extension of the
mineralization.
From 0.00 to 69.50 m the hole encountered
strongly silica-clay-pyrite altered volcanic tuffs, breccias, and
intrusive rocks of the Calipuy Formation that are not mineralized.
The Calipuy volcanic rocks are in fault contact with the underlying
Chulec Formation at 69.50 m. From 69.50m to 195.00 m the hole
intercepted Chulec Formation marbles and minor hornfels with
interbedded horizons of skarn. The skarn layers are dominated by
retrograde alteration of pyrite – chlorite – epidote - calcite and
contain minor amounts of sphalerite, but very little copper, again
suggestive of the distal part of the skarn.
From 195.00 m to 414.65 m the hole consists of
massive skarn of the Chulec Formation, with minor beds of marble
and hornfels. The skarn intervals are poorly mineralized, however
there are narrow zones of patchy chalcopyrite ± sphalerite between
290.80 m and 313.30 m (22.50 m).
From 414.65 m to 531.40 m the hole cuts Inca
Formation skarn and hornfels. The interval is poorly mineralized
and consists mostly of retrograde pyrite - chlorite with relict
prograde garnet with occasional intervals of massive pyrite -
magnetite. From 513.00 m to 519.00 m, the rock is flooded with
gypsum and from 531.40 m to 556.20 m the hole cuts well-bedded
quartzites of the Farrat Formation, which are not mineralized apart
from very occasional pyrite veins.
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. High-sulphidation
epithermal mineralization within the Miocene volcanic sequence is
characterized by extensive zones of low to moderate-grade
disseminated and fracture-controlled mineralization that enclose
zones of higher-grade mineralization. These higher-grade
zones consist of irregular pyrite-enargite veins, veinlets, and
open space infilling that exhibit both a subvertical structural
control and a sub-horizontal permeability or manto control within
the volcanic sequence. The margins of the higher-grade,
high-sulphidation epithermal zones are generally not sharp or
planar in nature. 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 55 to 85 degrees.
Further Work
Approximately 16,368 m of drilling have been
completed to date as part of the Phase II drilling program; of
which 14,162 m were completed on Regulus claims, 2,014 m on the
Colquirrumi joint venture claims and 191 m on Coimolache claims. We
are currently preparing to commence the 2020 portion of the Phase
II drill program, albeit at a slightly reduced pace during the
annual rainy season which typically extends from December through
to the end of March to early April. All holes from the 2019 Phase
II drill program have now been publicly released and there are no
further pending drill results to be released from the 2019
program.
Question and Answer Session
Chief Executive Officer, John Black, will host a
Q&A session on January 20 at 12:00 pm EST to discuss these
results and answer other questions related to the AntaKori project.
The Q&A session will be video broadcast live on Regulus’
twitter page at https://twitter.com/IncRegulus and will be
available on replay at the same link. If you would like to submit a
question in advance please contact Laura Brangwin at
laura.brangwin@regulusresources.com.
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.
John E. Black |
CEO / Director |
Phone: |
+1 303
618-7797 mobile |
|
+1 720 514-9036 office |
Email: |
john.black@regulusresources.com |
|
|
Adam Greening |
Vice President, Corporate Development |
Phone: |
+1 647 923 7799 |
Email: |
adam.greening@regulusresources.com |
|
|
Laura Brangwin |
Manager, Investor Relations |
Phone: |
+442032390741 |
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.
Figure 1: Drill hole location
map-AntaKori Project is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/27dbf2a9-948c-4c3e-b875-375cf537d2f3
Figure 2: Section L1900WE-Hole
AK-19-039 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c98c0108-e5a4-4394-a5f2-5f51427a3fa5
Figure 3: Section L1400NW-Hole
AK-19-041 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2a03a45e-4637-48a9-9b43-97ccc8eea3fe
Figure 4: Section L1500NW-Hole
AK-19-042 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/75b826f2-ada1-4c72-91bb-d07549d20d42
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