Regency Mines plc ("Regency"), the mining exploration and mineral investment company with interests in nickel and other minerals in Western Australia, Queensland, Papua New Guinea and Pakistan is pleased to announce further positive assay results from recent drilling at the Mambare Nickel Laterite Project in Papua New Guinea.
Highlights of the assay results include hole MAM-KK-0026 with an intersection of 35.60m at 0.99% Nickel 0.09% Cobalt from 1.30m depth. This is the first hole with results returned from Area 3 (North Ridge Infill Drilling), and confirms the thick nature of laterite mineralization within this zone identified during 2008 drilling.
Results from the Plateau (Area 1) and North Ridge Extension (Area 2) continue to confirm good grade and mineralization thickness, including 20.40m at 0.87% Nickel 0.17% Cobalt from 6.60m depth (MAM-KK-0055, Area 1) and 23.35m at 1.10% Nickel 0.04% Cobalt from 4.05m depth (MAM-KK-0040, Area 2).
Key results from this batch of sample assays are summarized below:
Mambare Area 1 - Plateau
Mambare Area 2 - North Ridge Extension
Mambare Area 3 - North Ridge Infill
These results were derived from 270 samples from 12 drill holes. Of these 12 drill holes, 9 included assayed intervals with Nickel grades above 1%. Of the 270 samples tested, 130 were above 0.7% Nickel, including 59 above 1% Nickel. The weighted average grade for all samples is 0.74% Nickel.
Sample testing was conducted by Intertek Jakarta, based on 1m samples of NQ core. Assay results are presented on a dry basis. Average grades are calculated by weighted average. A table of the drilling results is given in the appendix to this announcement.
Exploration at the Mambare Nickel Laterite Project is being undertaken by the 50:50 Joint Venture with Sydney based Direct Nickel Pty Ltd. All drilling in the current campaign was completed in December 2011, and further assay results are expected in the coming weeks.
The information in this announcement that relates to Exploration Results is based on information reviewed and audited by Mr. Ian Warden who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Warden is employed by Direct Nickel Pty Ltd and acts as the Project Manager for the Mambare Joint Venture. He has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves", and as a Qualified Person within the meaning of AIM's Note for Mining and Oil & Gas Companies of June 2009. Mr. Warden has consented to the inclusion of the information in the form and context in which it appears.
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