(Sharecast News) - Battery metals-focussed natural resource exploration and development company Regency Mines updated the market on its flagship Mambare nickel-cobalt project on Wednesday, following recent successful partner engagements.
The AIM-traded firm said those engagements included a meeting in Sydney earlier in the month with Battery Metals - its partner on the Oro Nickel Joint Venture - around the funding and future operations of the venture.
Regency Mines described the Mambare project as a large nickel-cobalt deposit, with a "substantial" JORC-compliant inferred and indicated mineral resource.
It said 230 kilometres of line cutting had been completed, and a ground-penetrating radar exploration programme was now underway, targeting 200 kilometres of surveys.
The board confirmed an environmental permit application had been submitted, adding that the exploration lease renewal process was underway, and mining lease application material was being finalised.
With regards to its meeting in Sydney, Regency Mines said the joint venture partners were "aligned" on the forward programme.
"I am delighted to report the first substantial exploration activities at our Mambare nickel-cobalt project since 2012," said chief executive officer Scott Kaintz.
"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."
At 1528 GMT, shares in Regency Mines were down 2.26% at 2.81p.
26 Aug 2014 10:58