Regulus drills 0.49% copper over 323.25 metres at AntaKori, Peru

Regulus Resources Inc. [REG-TSXV; RGLSF-OTCQX] reported the remaining drilling results from its phase 2 drilling program at the AntaKori copper-gold project in Peru.

Reported are the final seven drill holes from the 2022 drill program, AK-22-053 through AK-22-059. Holes AK-22-053 and AK-22-055 were designed to test portions of the Colquirrumi claims (currently owned by Buenaventura) where Regulus can earn up to a 70% interest in the claims by completing 7,500 metres of drilling.

With this drilling, the threshold has been met and Regulus has notified Buenaventura. Buenaventura now has a one-time right until Feb. 22, 2023, to either give Regulus a 70% interest in the claims or give Regulus a 30% interest in the claims and a cash payment of US$9-million. If Regulus receives a 30% interest, it still retains open-pit layback rights on the Colquirrumi claims.

Holes AK-22-054, AK-22-057 and AK-22-059 were designed to expand the mineralized footprint of the AntaKori deposit to the north and east of current drilling. Holes AK-22-056 and AK-22-058 were designed to fill in a gap in the current resource.

Highlights: Holes AK-22-053 and AK-22-055; these holes were designed to test the Colquirrumi claims to the east of currently defined mineralization and to complete meterage toward the earn-in agreement.

Mineralization was relatively weak in both holes.

Hole AK-22-054 returned 128.15 metres of 0.08% copper, 0.30 g/t gold and 3.87 g/t silver from 383.15 metres depth; 87.68 metres of 0.34% copper, 0.41 g/t gold and 8.62 g/t silver from 541.10 metres depth; 80.49 metres of 0.22% copper, 0.18 g/t gold and 2.98 g/t silver from 663.74 metres depth; 68 metres of 0.20% copper, 0.08 g/t gold and 1.32 g/t silver from 827 metres depth. Hole 54 extended the mineralized footprint significantly to the north of existing resources and opened an area for future drilling.

Hole AK-22-056 returned 403.55 metres of 0.25% copper, 0.18 g/t gold and 7.38 g/t silver from 118.75 metres depth; 323.25 metres of 0.49% copper, 0.11 g/t gold and 6.30 g/t silver from 811.75 metres depth, including 109.65 metres of 0.71% copper, 0.15 g/t gold and 4.08 g/t silver from 935 metres depth. The hole ended in mineralization.

Hole 56 returned multiple long runs of mineralization similar to previously completed holes to the east and west.

Hole AK-22-057 returned 87.50 metres of 0.11% copper, 0.23 g/t gold and 3.26 g/t silver from 180.30 metres depth; 65.20 metres of 0.19% copper, 0.10 g/t gold and 3.86 g/t silver from 308.70 metres depth.

Hole 57 encountered spotty mineralization indicating the mineralized footprint is weakening to the northeast of the project.

Hole AK-22-058 returned 240.55 metres of 0.38% copper, 0.26 g/t gold and 7.05 g/t silver from 388.95 metres depth, including 185.05 metres of 0.44% copper, 0.26 g/t gold and 6.97 g/t silver from 444.45 metres depth. Hole 58 interested mineralization as expected with similar grades to drilling completed to the east and west.

Hole AK-22-059 returned 26.50 metres of 0.18% copper, 0.66 g/t gold and 8.34 g/t silver from 317.70 metres depth. Similar to Hole 57, Hole 59 encountered spotty mineralization indicating the mineralized footprint is weakening to the northeast of the project.

John Black, CEO, commented: “We have now completed our phase two drill program at the AntaKori project. The holes reported today demonstrate that the mineralized footprint expands well beyond the current resource estimate at AntaKori and that mineralization remains open in several directions. With the phase two drill program complete, we will transition to a resource estimate update that we expect to be completed in H2-2023. To date, the company has focused on increasing the size of the mineral resource at AntaKori with significant success. As part of our recently announced strategic investment from Nuton (a division of Rio Tinto), we will begin to evaluate the potential of their sulphide leaching technology on mineralization at AntaKori as well as shift towards focusing on early feasibility work to define the best options for development of the project. We have stopped drilling at AntaKori during the rainy season which typically ends by April. During the downtime, we will evaluate the best pathway forward to further enhance or expand resources and commence activities to best position the AntaKori project for development.”

Dr. Kevin B. Heather, Chief Geological Officer, said: “While the latest drilling results indicate that mineralization remains open to the north and northwest, it now appears that the ‘porphyry-centre’ that we had theorized was located to the north of current resources is most likely located deeper below the current resource area, beyond the limits of the shallow looking geophysics. That being said, we intersected skarn and intermediate sulphidation mineralization well beyond the current limits of the known resources which could present opportunities for future drilling. However, it is important to note that the current resource in-hand at AntaKori, when combined with the neighbouring reported Tantahuatay sulphide resource of Compania Minera Coimolache, already places the ‘TantaKori’ consolidated resource amongst one of the largest undeveloped copper projects with overall high-grade, very low strip ratio, all within a brownfield development scenario.”