Mambare: Warden's Hearing

RNS Number : 8759S

Regency Mines PLC

14 July 2020

 

Regency Mines PLC

("Regency" or the "Company")

Mambare : Warden's Hearing

14 July 2020

Regency Mines Plc (LON: RGM), the natural resource exploration and development company with interests in battery metals and flexible grid solutions, is pleased to announce that its joint venture partner attended the Warden's Hearing for the Company's Mambare nickel-cobalt asset in Papua New Guinea and has reported a positive outcome .  

The Warden's Hearing is an important milestone in the process of applying for a mining license to conduct a direct shipping ore operation over a portion of the Mambare nickel-cobalt project in Papua New Guinea, and is considered a broad analogue to local community planning approval in the UK.  Currently, the Mambare joint venture partners are progressing renewal of the existing exploration licences in parallel to advancing the mining license application, which is intended to take the project to a fundamentally new level of development. 

Official confirmation of the Warden Hearing outcome is expected in due course.

Notes to Editors on the Mambare Project:

o  Mambare project sits on exploration licence EL1390 in Papua New Guinea

o  JORC compliant Resource totalling 162.5 million tonnes of 0.94% nickel and 0.09% cobalt (1.53 million tonnes of in-situ Nickel and 146,000 tonnes in-situ Cobalt) stated gross.

o  Current JORC compliant Resource is in respect of slope areas and a small part (3%) of the mineralised plateau

The Mambare project site is located near the village of Botue, approximately 90km north east of Port Moresby.  The area is linked to Popondetta and Oro Bay by gravel and sealed roads. 

The Mambare Plateau is an elevated 20 by 7-kilometre paleo-plateau in the Ajule-Kajale Range, developed on ultramafics. These ultramafics are overlain by gabbroic rocks and submarine basaltic volcanics. 

Whilst the project has a long history of exploration digging, it remains largely unexplored with exploration activities to date covering only 3% of the plateau.  Pre 1960s exploration consisted of test pitting and hand augering with at least one bulldozer trench being dug. Between 1960 and 1971, 240 auger holes were drilled, and 56 pits and one costean dug.  Between 2008 and 2011 exploration campaigns included 7,291m of drilling from 455 holes and 5 test pits, including GPR surveys.  The programmes conducted between 2008-12 covered only 3% of the Mambare Plateau, the primary long-term exploration target. 

For further information, please contact:

Scott Kaintz 020 7747 9960  Director Regency Mines Plc

Roland Cornish/ Rosalind Hill Abrahams 020 7628 3396  NOMAD Beaumont Cornish Limited

Jason Robertson 020 7374 2212    Broker First Equity Limited

This announcement contains inside information under Article 7 of Regulation (EU) 596/2014 .

 

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