Mambare Nickel Laterite Project Drilling Results

RNS Number : 4921X
Regency Mines PLC
15 February 2012
 



Regency Mines PLC

 

Mambare Nickel Laterite Project Drilling Results

 

 

15 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.

 

Highlights of the assay results were good thicknesses and grades from Area 1 (Plateau) including MAM-KK-0042 which returned 16.55m from 8.0m depth at 1.39% Nickel 0.06% Cobalt, including 5.55m at 2.19% Nickel and 0.09% Cobalt from 17.30m, with a peak assay interval of 2.94% Nickel over a 1.30m interval from 21.20m. 

 

Other highlights included continued good grade and thicknesses in Area 2 and Area 3 and high cobalt values. MAM-KK-0023 showed 26.60m at 1.10% Nickel 0.09% from 5.40m. High Cobalt grades were noted in MAM-KK-0033 with 4.40m at 1.21% Nickel 0.23% Cobalt from 15.90m including 1.20m at 1.37% Nickel and 0.44% Cobalt from 15.90m.

 

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-0042

581588

2029202

8.00

24.55

16.55

1.39

0.06

  including



17.30

22.85

5.55

2.19

0.09




21.20

22.50

1.30

2.94

0.07

MAM-KK-0043

581412

9029207

5.25

23.30

18.05

1.06

0.07

  including



9.55

16.55

7.00

1.41

0.09

MAM-KK-0052

582199

9029201

11.00

17.00

6.00

1.42

0.12

MAM-KK-0053

582402

9029196

14.75

32.00

17.25

1.09

0.13

  including



30.50

32.00

1.50

2.24

0.04

MAM-KK-0054

582597

2029202

11.65

18.95

7.30

0.94

0.12

 

Mambare Area 2 - North Ridge Extension


Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0022

582920

9026963

6.20

17.60

11.40

0.91

0.11

MAM-KK-0023

582897

9026570

5.40

32.00

26.60

1.10

0.09

including



15.00

32.00

17.00

1.28

0.05

MAM-KK-0033

582116

9027375

1.80

24.00

22.20

0.88

0.09

including



15.90

20.30

4.40

1.21

0.23




15.90

17.10

1.20

1.37

0.44

MAM-KK-0034

582308

9027361

8.35

12.35

4.00

0.83

0.12

 

Mambare Area 3 - North Ridge Infill


Location

Intersection (m)

Grade

Hole ID

Easting

Northing

From

To

Interval

%Ni

%Co

MAM-KK-0025

582211

9025952

3.75

28.25

24.50

0.80

0.10

including



3.75

10.65

6.90

1.06

0.14

 

These results were derived from 247 samples from 13 drill holes, with 9 of these drill holes including assayed intervals with Nickel grades above 1%, and 10 with assayed intervals over 0.70% Nickel.  Of the 247 samples tested, 140 were above 0.7% Nickel, including 66 above 1% Nickel. The weighted average grade for all samples is 0.80% 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 Completed Holes and Test Pits

 

 http://www.rns-pdf.londonstockexchange.com/rns/4921X_-2012-2-15.pdf

 

 

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

 

http://www.rns-pdf.londonstockexchange.com/rns/4921X_1-2012-2-15.pdf

 

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

 

 http://www.rns-pdf.londonstockexchange.com/rns/4921X_2-2012-2-15.pdf

 

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

 

 http://www.rns-pdf.londonstockexchange.com/rns/4921X_3-2012-2-15.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

 

 

Appendix

 

http://www.rns-pdf.londonstockexchange.com/rns/4921X_4-2012-2-15.pdf

 

 

 

 


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