LONDON (Alliance News) - Regency Mines PLC Tuesday said eight high priority targets, as well as multiple secondary targets, have been identified as it published the preliminary results of a phosphate-oriented advanced spaceborne thermal emission and reflection radiometer (ASTER) targeting study across the Jebel Abyad concession in Sudan, a project where Regency has farm-in rights under an option agreement with International Mineral Resources Ltd.
In a statement, the natural resources exploration and investment company, which has interests in oil in the UK, and nickel and other minerals in Australia, Papua New Guinea and Sudan, said a petrological study of a sample collected during 2013 field trip identified phosphorous assemblages commonly found in phosphate deposits.
In addition, Regency said plans for the next field programme to Jebel Abyad are currently under review.
"In November 2013, Regency carried out a brief ASTER study across the Jebel Abyad concession, which proved valuable in directing the field team to phosphate bearing rocks during their field visit. Building on this earlier work the Sudan team has now completed a more detailed study to refine the areas for follow up ground investigation," Chairman Andrew Bell said in a statement.
"This technique is a cost effective approach, using appropriate advanced technologies and our own proprietary work, identifying areas of interest within our 26,000 square kilometre concession area, progressing the Sudan project towards drill targets and leading we hope to a mineral resource estimate. We will be following up the ASTER effort with additional ground investigations."
Regency Mines shares were Tuesday quoted up 0.6% at 0.287 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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