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 continued positive assay results from recent drilling at the Mambare Nickel Laterite Project in Papua New Guinea.
Highlights of the assay results were good thicknesses and grades from Area 1 (Plateau) including MAM-KK-0042 which returned 16.55m from 8.0m depth at 1.39% Nickel 0.06% Cobalt, including 5.55m at 2.19% Nickel and 0.09% Cobalt from 17.30m, with a peak assay interval of 2.94% Nickel over a 1.30m interval from 21.20m.
Other highlights included continued good grade and thicknesses in Area 2 and Area 3 and high cobalt values. MAM-KK-0023 showed 26.60m at 1.10% Nickel 0.09% from 5.40m. High Cobalt grades were noted in MAM-KK-0033 with 4.40m at 1.21% Nickel 0.23% Cobalt from 15.90m including 1.20m at 1.37% Nickel and 0.44% Cobalt from 15.90m.
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 247 samples from 13 drill holes, with 9 of these drill holes including assayed intervals with Nickel grades above 1%, and 10 with assayed intervals over 0.70% Nickel. Of the 247 samples tested, 140 were above 0.7% Nickel, including 66 above 1% Nickel. The weighted average grade for all samples is 0.80% 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.
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.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.