LONDON (Alliance News) - Regency Mines PLC Monday said its 18.2% owned Ram Resources Ltd has acquired options over five new tenements, creating the Fraser Range North Project.
The mining exploration and mineral investment company, with interests in Australia, Papua New Guinea and Sudan, said that Ram has now secured the option to acquire five tenements totalling 163 square kilometres in the Fraser Range nickel-copper belt.
Regency said that the tenements lie roughly 150 kilometres north of Ram's existing Fraser Range Project.
The company said that soil anomalies at the site from historic drilling have shown 282 parts per million of nickel, 928 parts per million arsenic, 87 parts per million cobalt, 75 parts per million copper, 238 parts per billion lead and 53 parts per billion platinum.
Regency said that during the two-year term, Ram will undertake an exploration programme to assess the potential of the Fraser Range North Project, which will be undertaken in parallel with Ram's existing activities at its Fraser Range project.
Regency Mines shares closed up 6.1% at 0.35 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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