Mambare Nickel Laterite Project Drilling Results

RNS Number : 2112X

Regency Mines PLC

10 February 2012

 



Regency Mines PLC

Mambare Nickel Laterite Project Drilling Results

10 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 continued thick intersections from Area 3 (North Ridge Infill) from holes MAM-KK-0027, MAM-KK-0028 and MAM-KK-0029, which sit along the same drill line as hole MAM-KK-0026 (35.60m at 0.99% Nickel, detailed in previous announcement). This is encouraging as it shows that mineralization in this area is not only thick, but also apparently continuous. High-grade intersections within this zone include 8.90m at 1.28% Nickel from 17.50m depth at MAM-KK-0029.

Continued good assay grades were also received from the Plateau (Area 1) and North Ridge Extension (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-0049	581800	9029604	15.00	22.72	7.72	1.20	0.06
MAM-KK-0050	581598	9029606	10.00	13.50	3.50	1.00	0.04
MAM-KK-0057	582208	9029606	20.50	28.70	8.20	1.07	0.11
including			23.25	28.7	5.45	1.24	0.09
MAM-KK-0058A	582002	9029599	13.80	26.00	12.20	1.04	0.07
including			22.50	25.50	3.00	1.30	0.06

Mambare Area 2 - North Ridge Extension
	Location		Intersection (m)			Grade
Hole ID	Easting	Northing	From	To	Interval	%Ni	%Co
MAM-KK-0072	581714	9027162	5.75	22.00	16.25	0.99	0.09
and			25.85	31.46	5.61	1.30	0.03
including			25.85	28.40	2.55	1.99	0.03

Mambare Area 3 - North Ridge Infill
	Location		Intersection (m)			Grade
Hole ID	Easting	Northing	From	To	Interval	%Ni	%Co
MAM-KK-0027	582415	9025958	10.25	38.50	28.25	0.98	0.10
including			32.95	38.50	5.55	1.26	0.07
MAM-KK-0028	582517	9025963	7.54	32.7	25.16	0.93	0.11
MAM-KK-0029	582621	9025965	8.00	26.40	18.40	1.03	0.07
including			17.5	26.4	8.90	1.28	0.05
MAM-KK-0061	582607	9025565	4.00	26.90	22.90	1.05	0.12
MAM-KK-0063	582408	9025557	3.40	7.35	3.95	0.99	0.17
and			16.3	18.35	2.05	1.42	0.03

These results were derived from 242 samples from 12 drill holes, with 10 of these drill holes including assayed intervals with Nickel grades above 1%, and 11 with assayed intervals over 0.70% Nickel.  Of the 242 samples tested, 140 were above 0.7% Nickel, including 77 above 1% Nickel. The weighted average grade for all samples is 0.79% 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/2112X_-2012-2-10.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/2112X_1-2012-2-10.pdf 

 

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