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Mambare Nickel Laterite Project Drilling Results

28 Feb 2012 16:04

RNS Number : 3055Y
Regency Mines PLC
28 February 2012
 



Regency Mines PLC

 

Mambare Nickel Laterite Project Drilling Results

 

 

28 February 2012

 

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.

 

Continued good thicknesses and grades returned from holes located on the northernmost drill line of Area 1 (MAM-KK-0060, 0081, 0084, 0091, 0092) indicate that mineralization continues north beyond the current drilling area across the plateau, which is encouraging for future exploration.

 

Positive thicknesses and grades were noted in results from all three areas. Other highlights from the Plateau (Area 1) include 22.25m at 1.07% Nickel from 7.00m including 9.08m at 1.53% Nickel from 20.17m in MAM-KK-0096. Highlights from the North Ridge Extension (Area 2) include MAM-KK-0077A showing 31.15m at 1.12% Nickel from 10.00m depth, including 2.30m at 2.10% Nickel from 28.10m. Good results from the North Ridge Infill (Area 3) include 22.69m at 1.38% Nickel from 11.61m, including 5.05m at 2.23% from 24.55m in MAM-KK-0080.

 

The highest grades recorded in individual assays were 3.03% Nickel over a 0.20m interval from 23.36m in MAM-KK-0100, and 2.93% Nickel over a 0.80m interval from 10.60m in MAM-KK-0084, with both holes located in Area 1.

 

Key results from this batch of sample assays are summarized below:

 

Mambare Area 1 - Plateau

Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0060

582199

9029996

6.25

25.60

19.35

1.10

0.13

including

21.25

25.60

4.35

1.57

0.13

MAM-KK-0081

581776

9030000

12.25

20.00

7.75

0.79

0.19

MAM-KK-0084

581296

9030010

7.00

13.57

6.57

1.35

0.05

including

10.60

13.57

2.97

1.95

0.07

10.60

11.40

0.80

2.93

0.06

MAM-KK-0091

582416

9030005

5.60

18.30

12.70

1.07

0.13

MAM-KK-0092

582602

9030004

7.50

11.00

3.50

0.80

0.07

and

13.60

17.10

3.50

0.89

0.04

and

22.30

26.15

3.85

1.07

0.15

MAM-KK-0096

582217

9029800

7.00

29.25

22.25

1.07

0.07

including

20.17

29.25

9.08

1.53

0.06

MAM-KK-0100

582407

9029390

8.30

26.85

18.55

1.03

0.13

including

22.40

26.85

4.45

1.85

0.05

23.36

23.56

0.20

3.03

0.05

MAM-KK-0124

581600

9029000

13.60

26.00

12.40

1.00

0.28

including

20.30

26.00

5.70

1.28

0.46

 

Mambare Area 2 - North Ridge Extension

Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0073

582012

9027163

8.00

26.65

17.65

1.18

0.04

including

12.20

15.52

3.32

1.39

0.08

and

16.52

20.35

3.83

2.16

0.04

including

16.52

17.70

1.18

2.67

0.04

MAM-KK-0074

582212

9027162

5.25

12.75

7.50

0.88

0.05

and

17.75

22.55

4.80

1.41

0.20

and

24.65

27.80

3.15

1.87

0.14

MAM-KK-0074A

582312

9027162

15.20

18.10

2.90

1.04

0.07

and

24.60

26.50

1.90

0.84

0.08

and

28.55

38.00

9.45

1.01

0.12

MAM-KK-0075

581913

9027556

10.50

13.12

2.62

1.28

0.04

MAM-KK-0077

582124

9027566

2.30

13.50

11.20

1.10

0.11

including

9.00

13.50

4.50

1.49

0.16

MAM-KK-0077A

582124

9027606

10.00

41.15

31.15

1.12

0.06

including

28.10

35.00

6.90

1.74

0.05

28.10

30.40

2.30

2.10

0.07

 

Mambare Area 3 - North Ridge Infill

Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0064

582311

9025565

1.3

3.72

2.42

0.92

0.07

and

6.3

19.8

13.5

1.19

0.07

MAM-KK-0065

582207

9025569

8.05

26.90

18.85

1.01

0.06

including

14.55

18.1

3.55

1.44

0.09

MAM-KK-0066

582096

9025579

6.35

14.40

8.05

0.76

0.04

MAM-KK-0068

582505

9025164

15.00

26.00

11.00

1.13

0.09

MAM-KK-0069

582401

9025162

2.44

14.2

11.76

0.98

0.05

MAM-KK-0080

582126

9026265

11.61

34.4

22.69

1.38

0.06

including

24.55

29.60

5.05

2.23

0.04

 

These results were derived from 661 samples from 26 drill holes, with 20 of these drill holes including assayed intervals with Nickel grades above 1%, and 23 with assayed intervals over 0.70% Nickel. Of the 661 samples tested, 318 were above 0.7% Nickel, including 173 above 1% Nickel. The weighted average grade for all samples is 0.74% Nickel and 0.07% Cobalt. A table of the drilling results is given in the appendix to this announcement.

 

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.

 

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 days.

 

Figure 1 - Mambare 2011 Completed Holes and Test Pits

 

http://www.rns-pdf.londonstockexchange.com/rns/3055Y_-2012-2-28.pdf

 

  

 

Figure 2 - Area 1 (Plateau) Completed 2011 Drill Holes

 http://www.rns-pdf.londonstockexchange.com/rns/3055Y_1-2012-2-28.pdf

 

 

 

Figure 3 - Area 2 (North Ridge Extension) Completed 2011 Drill Holes

 

 http://www.rns-pdf.londonstockexchange.com/rns/3055Y_2-2012-2-28.pdf

 

 

 

Figure 4 - Area 3 (North Ridge Infill) Completed 2011 Drill Holes

 http://www.rns-pdf.londonstockexchange.com/rns/3055Y_3-2012-2-28.pdf

 

 

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.

 

 

For further information contact:

 

Andrew Bell

0207 402 4580 or

07766 474849

Regency Mines plc

Chairman

 

Sandra Spencer

0207 402 4580 or

07757 660 798 

Regency Mines plc

Public and Investor Relations

Phil Davies/David Porter

020 7444 0800

Religare Capital Markets

Nominated Adviser

Nick Emerson

01483 413500

Simple Investments Ltd

Broker

 

 

Appendixhttp://www.rns-pdf.londonstockexchange.com/rns/3055Y_4-2012-2-28.pdf

 

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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