(Alliance News) - Regency Mines PLC has begun exploration work at the Mambare coal-nickel project in Papua New Guinea, the company said on Wednesday.
Regency owns 50% of Mambare. It also has a 50% holding in the Dempster vanadium project in Yukon, Canada, as well as 8.9% in UK-listed Curzon Energy PLC.
The company said 230 kilometres of line cutting has now been completed at Mambare, with a ground penetrating radar exploration programme now started covering 200 kilometres.
An environmental permit application has been submitted, Regency continued, and the process to renew the exploration lease has begun. Similarly, the mining lease application is being finalised.
Chief Executive Scott Kaintz said: "I am delighted to report the first substantial exploration activities at our Mambare nickel-cobalt project since 2012. The works underway currently focus on exploring the primary target of the plateau and on allowing the project to transition from short-term exploration licences towards a longer-term mining lease.
"We believe a future direct shipping ore operation at Mambare will perfectly position us to benefit from the strongly growing demand for battery metals."
Regency shares were 7.1% higher on Wednesday morning in London at 3.08 pence per share.
By George Collard; georgecollard@alliancenews.com
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