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.
These recent results continue to support the good grade, thickness and continuity of mineralization encountered in Areas 1 and 3 - the Plateau and the North Ridge Infill.
Highlights of these results from the Plateau (Area 1) include good nickel and cobalt grades encountered in MAM-KK-0121A - 15.40m at 1.20% Nickel 0.09% Cobalt from 8.45m, including 3.70m at 1.78% Nickel, 0.17% Cobalt from 15.00m.
Key results from the North Ridge Infill (Area 3) include 32.90m at 1.00% Nickel 0.06% Cobalt from 2.95m, including 12.67m at 1.40% Nickel, 0.09% Cobalt in MAM-KK-0114.
Mambare Area 1 - Plateau
Mambare Area 3 - North Ridge Infill
These results were derived from 253 samples from 8 drill holes. 7 of these drill holes included assayed intervals with Nickel grades above 1%, and all 8 contained assayed intervals over 0.70% Nickel. Of the 253 samples tested, 105 were above 0.7% Nickel, including 56 above 1% Nickel. The weighted average grade for all samples is 0.65% Nickel and 0.04% Cobalt.
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. The final release of assay results is expected within the next week, with resource calculation commencing after this.
Figure 1 - Mambare 2011 Completed Holes and Test Pits
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 Qualified 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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