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Mambare Nickel Laterite Project Drilling Results

8 Feb 2012 11:58

RNS Number : 0294X
Regency Mines PLC
08 February 2012
 



Regency Mines PLC

 

Mambare Nickel Laterite Project Drilling Results

 

 

8 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 further positive assay results from recent drilling at the Mambare Nickel Laterite Project in Papua New Guinea.

 

Highlights of the assay results include hole MAM-KK-0026 with an intersection of 35.60m at 0.99% Nickel 0.09% Cobalt from 1.30m depth. This is the first hole with results returned from Area 3 (North Ridge Infill Drilling), and confirms the thick nature of laterite mineralization within this zone identified during 2008 drilling.

 

Results from the Plateau (Area 1) and North Ridge Extension (Area 2) continue to confirm good grade and mineralization thickness, including 20.40m at 0.87% Nickel 0.17% Cobalt from 6.60m depth (MAM-KK-0055, Area 1) and 23.35m at 1.10% Nickel 0.04% Cobalt from 4.05m depth (MAM-KK-0040, Area 2).

 

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-0046

581306

9029607

11.40

13.40

2.00

1.09

0.04

MAM-KK-0047A

581402

9029605

8.80

24.75

15.95

0.95

0.05

including

16.85

19.10

2.25

1.76

0.04

MAM-KK-0055

582500

9029591

6.60

27.00

20.40

0.87

0.17

including

18.00

26.00

8.00

1.07

0.24

MAM-KK-0056

582398

9029596

12.00

27.30

15.30

0.92

0.06

 

Mambare Area 2 - North Ridge Extension

Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0037

582918

9027369

8.20

12.10

3.90

0.97

0.09

and

14.90

20.35

5.45

0.95

0.06

and

25.8

27.8

2.00

1.02

0.02

and

30.55

32.30

1.75

0.88

0.01

MAM-KK-0039

582117

9027745

21.90

23.70

1.80

1.41

0.06

MAM-KK-0040

581918

9027763

4.05

27.40

23.35

1.10

0.04

including

17.00

18.00

1.00

2.32

0.05

MAM-KK-0071

581808

9027162

10.60

15.10

4.50

0.95

0.04

 

   

 

Mambare Area 3 - North Ridge Infill

Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0026

582313

9025973

1.30

36.90

35.60

0.99

0.09

including

21.00

25.80

4.80

1.27

0.10

 

 

These results were derived from 270 samples from 12 drill holes. Of these 12 drill holes, 9 included assayed intervals with Nickel grades above 1%. Of the 270 samples tested, 130 were above 0.7% Nickel, including 59 above 1% Nickel. The weighted average grade for all samples is 0.74% Nickel.

 

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. A table of the drilling results is given in the appendix to this announcement.

 

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 weeks.

 

Figure 1 Mambare 2011 Drill Program

 

 http://www.rns-pdf.londonstockexchange.com/rns/0294X_-2012-2-8.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 Competent 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

 

 

 

Appendix

 

http://www.rns-pdf.londonstockexchange.com/rns/0294X_1-2012-2-8.pdf

 

 

 

 

 

 

 

 

 

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