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Mambare Nickel Laterite Project Drilling Results

3 Feb 2012 14:53

RNS Number : 7944W
Regency Mines PLC
03 February 2012
 



Regency Mines PLC

 

Mambare Nickel Laterite Project Drilling Results

 

 

Dated: 3 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 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-0051 which has recorded the highest nickel grades to date at the project at 3.28% Nickel, 0.12% Cobalt from a 1m interval from 15.95m.

 

These results confirm the significant grade and tonnage potential of the Plateau (Area 1) zone at Mambare. The Plateau area, never previously drill tested, is an extensive area around 5km by 16km, which is the major target for future exploration, with potential to host one of the world's largest nickel laterites. Assays from the first two holes drilled on the plateau, MAM-KK-0051 and MAM-KK-0041 have both returned positive results.

 

Continued positive results from the North Ridge Extension (Area 2) zone, north of the 2008 drilling on the lower southern slopes of the plateau, confirms the continuous nature of mineralization along the ridgeline, including zones of up to 22.87m at 1.42% Nickel and 0.06% Cobalt from 7.73m depth identified in hole MAM-KK-0018.

 

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-0051

582010

9029210

10.00

29.40

19.40

1.7

0.06

including

13.35

19.15

5.80

2.79

0.12

15.95

16.95

1.00

3.28

0.12

 MAM-KK-0041

581795

9029205

22.30

25.55

3.25

1.45

0.11

 

Mambare Area 2 - North Ridge Extension

Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0018

582213

9026960

7.73

30.60

22.87

1.40

0.06

including

16.02

25.35

9.33

2.04

0.05

MAM-KK-0019

582310

9026962

6.10

28.00

21.90

1.14

0.10

including

15.00

20.05

5.05

1.98

0.08

MAM-KK-0021

582718

9026963

4.15

18.00

13.85

0.78

0.09

MAM-KK-0031

581812

9027375

18.95

23.00

4.05

1.33

0.06

and

26.00

30.55

4.55

0.98

0.03

MAM-KK-0032

582011

9027360

10.00

23.90

13.90

0.86

0.05

including

16.45

19.60

3.15

1.17

0.09

 

These results were derived from 228 samples from 8 drill holes. All 8 drill holes included assayed intervals with Nickel grades above 1%. Of the 228 samples tested, 110 were above 0.7% Nickel, including 63 above 1% 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.

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

 

http://www.rns-pdf.londonstockexchange.com/rns/7944W_-2012-2-3.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

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

 

http://www.rns-pdf.londonstockexchange.com/rns/7944W_1-2012-2-3.pdf

 

 

 

 

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