Regulus Extends Mineralization 500m to the Northwest at the AntaKori Copper-Gold Project, Peru

First major step-out to north encounters extensive mineralization peripheral to prominent geophysical target with 68.10 metres with 0.26% Cu, 0.36 g/t Au and 10.9 g/t Ag (0.61% CuEq)
and
307.60 metres with 0.25% Cu, 0.17 g/t Au and 2.7 g/t Ag (0.39% CuEq)

Other holes continue to intersect skarn mineralization in main system
274.00 metres with 0.42% Cu, 0.39 g/t Au and 11.52 g/t Ag (0.80% CuEq)
including
35.87 metres with 1.00% Cu, 0.38 g/t Au and 20.36 g/t Ag (1.46% CuEq)

VANCOUVER, April 02, 2019 - Regulus Resources Inc. ("Regulus" or the "Company", REG TSX.V) is pleased to announce the results from three additional drill holes at the Company’s AntaKori copper-gold-silver project in northern Peru. The drilling campaign is underway in collaboration with Compañía Minera Coimolache S.A. (“Coimolache” or “CMC”), the operator of the Tantahuatay gold mine immediately to the south of the AntaKori project. Holes reported in this news release are AK-18-028 through AK-18-030 (see Figure 1). Results are only reported herein for the portions of the drill holes that occur within Regulus concessions. All of the holes encountered significant mineralization with the most notable results from hole AK-18-030 which is the first hole to step-out significantly to the northwest of the area of the current resource and encountered an extensive zone of low arsenic copper-gold mineralization in porphyritic intrusive rocks and skarn.

Highlights from drill holes AK-18-028 through AK-18-030 – AntaKori Project:

• AK-18-028:
  -- 274.00 m with 0.42% Cu, 0.39 g/t Au and 11.52 g/t Ag (0.80% CuEq) from 226.60 m depth
  including
  -- 18.65 m with 0.44% Cu, 3.47 g/t Au and 42.70 g/t Ag (3.30% CuEq) from 226.60 m depth
  and
  -- 25.49 m with 0.71% Cu, 0.24 g/t Au and 31.91 g/t Ag (1.17% CuEq) from 274.00 m depth
  and
  -- 35.87 m with 1.00% Cu, 0.38 g/t Au and 20.36 g/t Ag (1.46% CuEq) from 312.90 m depth
  and
  -- 67.03 m with 0.28% Cu, 0.13 g/t Au and 3.80 g/t Ag (0.41% CuEq) from 568.47 m depth
  and
  -- 94.37 m with 0.37% Cu, 0.08 g/t Au and 1.91 g/t Ag (0.44% CuEq) from 794.50 m depth
  -- Mineralization is predominantly skarn with increasing breccia at depth
  

• AK-18-029:
  -- 398.45 m with 0.26% Cu, 0.13 g/t Au and 3.66 g/t Ag (0.39% CuEq) from 217.00 m depth
  including
  -- 63.25 m with 0.47% Cu, 0.21 g/t Au and 4.19 g/t Ag (0.66% CuEq) from 527.60 m depth
  and
  -- 202.05 m with 0.41% Cu, 0.13 g/t Au and 3.43 g/t Ag (0.53% CuEq) from 643.20 m depth
  including
  -- 35.15 m with 0.77% Cu, 0.22 g/t Au and 11.85 g/t Ag (1.04% CuEq) from 670.15 m depth
  -- Mineralization in this hole occurs both as high sulphidation epithermal mineralization in the Miocene volcanic sequence to a depth of approximately 343 m and skarn style mineralization in the underlying Cretaceous calcareous sedimentary sequence with increasing breccia at depth.
  

• AK-18-030:
  -- 68.10 m with 0.26% Cu, 0.36 g/t Au and 10.87 g/t Ag (0.61% CuEq) from 225.70 m depth
  and
  -- 307.60 m with 0.25% Cu, 0.17 g/t Au and 2.67 g/t Ag (0.39% CuEq) from 566.00 m depth
  -- This hole is located approximately 500 m to the northwest of any previous drilling reported by Regulus. The hole was altered and mineralized over the entire length. Although grades are not high, the mineralization is persistent throughout the hole and with notably low arsenic contents in the porphyritic intrusive and skarn mineralization in the lower portion of the drill hole (see table 2 below).

John Black, Chief Executive Officer of Regulus, commented as follows: “We are excited to report results for the first major step-out hole to the northwest of the known area of mineralization we have been drilling out at AntaKori. Drill hole AK-18-030 is located approximately 500 m to the northwest of our existing drill pattern in an area where we have geophysical data that suggests the potential presence of additional skarn and/or porphyry style mineralization. The hole encountered extensive alteration and low to moderate grade copper-gold mineralization in both the high sulphidation volcanic hosted environment at the top of the hole and also in extensive porphyritic intrusive rocks and minor skarn in the lower portion of the hole. One of the most encouraging aspects of this mineralization is the low arsenic content with the lengthy intercept reported in intrusive rocks containing an average of only about 50ppm arsenic. The location and orientation of the hole was determined by the presence of an existing permitted pad and was not ideally located to test the most favorable geophysical targets, which makes the results even more interesting as they may represent the peripheral expression of the principal targets. Permitting is underway to allow us to complete additional drilling to the north commencing in Q3-2019.”

Dr. Kevin B. Heather, Chief Geological Officer of Regulus, commented as follows: “Although we have become accustomed to longer and higher-grade intercepts during our Phase 1 drilling, the significance of the hole AK-18-030 results should not be underestimated in terms of both the step out distance of about 500m from previously known mineralization, but also in terms of the amount of mineralized and altered porphyry intrusive and skarn rocks encountered. The rock types, alteration and mineralization encountered all bode well for continued exploration to the north and the testing of the previously identified magnetic high (potential magnetite-bearing skarns) and low (potential porphyry intrusive centers) targets.”

The AntaKori system hosts two principal styles of copper-gold-silver sulphide mineralization: 1) mineralized skarn and breccias (Cu-Au-Ag) within Cretaceous calcareous sedimentary rocks, likely associated with as-yet undiscovered porphyry mineralization; and 2) younger, epithermal high-sulphidation (HS) mineralization (Cu-Au-Ag-As) in overlying Miocene volcanic rocks and breccias that host the adjacent Tantahuatay heap-leach gold mine to the south. The younger high-sulphidation mineralization is characterized by pyrite-enargite and locally overprints the earlier skarn mineralization (pyrite-chalcopyrite-magnetite), particularly along the southern part of the AntaKori system. Drill holes at AntaKori typically encounter the overlying Miocene volcanic rocks and high-sulphidation style mineralization prior to entering the Cretaceous sedimentary sequence and skarn at depth. As the drilling progresses to the north, the volcanic rocks terminate, and drill holes will commence directly in the skarn/porphyry environment within the Cretaceous sedimentary sequence (see Figures 2-4).

AK-18-028 and AK-18-029 were collared to test Regulus mineral concessions, within the footprint of the newly reported AntaKori NI 43-101 Indicated and Inferred Mineral Resources (see news release of March 1, 2019), to confirm and extend the known, but only partially delineated resource. AK-18-030 is located more than 500 m to the northwest of any drilling to date and encountered extensive mineralization both as high sulphidation epithermal mineralization in Miocene volcanic rocks at the top of the hole and also as lower grade but extensive copper-gold mineralization in underlying intrusive rocks and skarn.

Discussion of results

Table 1 below provides details regarding the mineralized intercepts encountered in drill holes AK-18-028 to AK-18-030. The locations of the reported drill holes are indicated on Figure 1. The design of the current drilling program is for holes spaced on approximately 150 m centres along drill sections oriented at 045 degrees (SW-NE).

Drill Holes AK-18-028 and AK-18-029 were both located within the area of previous Regulus drilling that forms the basis for the recently reported Mineral Resource Estimate (see news release of March 1, 2019). These holes were completed at the end of 2018, after the cut-off deadline for inclusion in the Phase 1 drilling program used for the resource estimate. They are located to fill gaps in the drilling with potential to add to or improve confidence in the resource estimate. These holes will be included in the Phase 2 drilling program projected to consist of approximately 25,000 m of drilling to be completed in 2019.

AK-18-028 was drilled on section line 650NW at an azimuth of 225 degrees and a plunge of -85 degrees. The hole cut the altered and mineralized Miocene volcanic sequence to a depth of approximately 228 m and then intersected well developed skarn to a depth of approximately 460 m when extensive breccia units were encountered to the end of the drill hole at 975 m.

AK-18-029 was drilled on section line 900NW at an azimuth of 045 degrees and a plunge of -70 degrees. The hole cut the typical sequence of Miocene volcanic rocks to a depth of approximately 350 m and mineralized skarn in Cretaceous carbonate rocks to a depth of approximately 680 m. The final part of the hole cut extensive breccia that is variably mineralized and ended at 1,112m.

Drill hole AK-18-030 was drilled from a pre-existing platform allowed under existing permits. The site is over 500 m to the northwest of the previous drilling on Regulus mineral concessions. The hole was drilled at 045 degrees to the northeast at a plunge of -70 degrees. Geophysical data indicates the potential existence of several intrusive centers (magnetic lows) with annular magnetic highs representing potential zones of skarn development in this area to the north and northwest of the main area drilled by Regulus. Hole AK-18-030 is not ideally located to test the principal targets; it essentially tests the boundary between targets. The hole intersected altered and mineralized Miocene volcanic and intrusive rocks to a depth of 411 m prior to entering into the older basement rocks which were predicted to be Cretaceous sedimentary rocks and favorable hosts for skarn formation. However, the hole encountered extensive porphyritic intrusive rock with blocks and remnants of the Cretaceous sedimentary rocks altered to skarn. The porphyritic intrusive rock is pervasively affected by phyllic alteration and hosts low to moderate grade copper-gold mineralization associated with veinlets of pyrite-chalcopyrite-magnetite. The higher ratio of pyrite/chalcopyrite and phyllic alteration suggest a peripheral porphyry environment. Endoskarn is also developed within the porphyritic intrusive, indicating interaction with the calcareous wall rocks. Mineralization in the intrusive is notably lower in arsenic than the high sulphidation epithermal mineralization in the overlying Miocene volcanic sequence with an average of approximately 50ppm arsenic and significant intervals with arsenic levels averaging 25ppm (see Table 2).

Figures 2 to 4 show representative geologic cross sections of for holes AK-18-028 through AK-18-030. A complete set of sections for all holes reported to date can be found on the Regulus website: www.regulusresources.com.

The true widths of the mineralized intervals reported in Tables 1 and 2 are difficult to ascertain and additional drilling and geologic modelling will be required to better constrain the geometry of the mineralized zones. High-sulphidation epithermal mineralization within the Miocene volcanic sequence is characterized by extensive zones of low to moderate-grade disseminated and fracture-controlled mineralization that enclose zones of higher grade mineralization. These higher grade zones consist of irregular pyrite-enargite veins, veinlets, and open space infilling that exhibit both a subvertical structural control and a sub-horizontal permeability or manto control within the volcanic sequence. The margins of the higher grade high-sulphidation epithermal zones are generally not sharp or planar in nature. Skarn style mineralization in the Cretaceous sedimentary sequence is mainly controlled by the sub-horizontal stratigraphy and reported mineralized intercepts are probably close to true thicknesses as the drill holes are steeply inclined at 60-90 degrees. In addition to high-sulphidation epithermal and skarn styles of mineralization, the project also exhibits zones of irregular veins and veinlets of chalcopyrite-pyrite-anhydrite-quartz that are thought to be more typical of porphyry copper style mineralization and likely occurring as broad zones of stockwork veining rather than distinct veins. This latter style of mineralization typically overprints skarn mineralization and increases the overall grade. Mineralization at the AntaKori deposit also occurs within breccias as both mineralized fragments (post-mineral breccias) or as infilling of voids within the breccia (pre-mineral breccias). Mineralization within breccias tends to be irregular but the majority of the breccias bodies are subvertical and planar in nature.

2019 Drilling Program

The three holes reported in this release were completed in late 2018 after the cut-off date for inclusion in the mineral resource estimate presented in March 2019 (see news release of March 1, 2019). They are part of the Phase 2 drilling program to be completed in 2019 and followed by the preparation of an updated mineral resource estimate in early 2020. The Phase 2 drilling program is anticipated to consist of approximately 25,000 metres of additional drilling and has recently recommenced with one rig currently drilling and a second rig ready to start drilling soon (see figure 1 for locations). When the rainy season stops in May the rig count will be incrementally increased to 4 to 5 drill rigs to allow the completion of the planned drilling by the end of 2019. The Phase 2 drill program will initially focus on immediate extensions to the current resource including drill holes in the vicinity of recently reported AK-18-26 and will include drilling to offset the mineralization reported in AK-18-030 in this release. Approval of an additional drilling permit is anticipated by Q3 2019 that will allow drilling further to the north and northwest to test geophysical targets that may represent additional skarn and/or porphyry style mineralization.

Appointment of Dr. Stephen Windle

The Company is pleased to announce the appointment of Dr. Stephen Windle to the position of Technical Manager AntaKori Project. Dr. Windle is an Economic Geologist with 25+ years of field experience ranging from exploration in a variety of terranes and climates to mine geology and geometallurgy. Dr. Windle received his PhD. from University of Southampton, UK in 1994, an MSc. from University of Otago, New Zealand in 1989, and BA in Natural Sciences from University of Cambridge in 1982.

Dr. Windle was Geology Manager at the Antamina Mine, the giant Cu-Zn skarn in Peru, from 2012 to 2016 and most recently was Geology Manager for the Zafranal copper – gold project at Feasibility Study stage owned by Teck and Mitsubishi. Before that Dr. Windle held positions as District Geologist, Xstrata Frieda River Ltd.; Project Geologist, Frieda River, Papua New Guinea; Director, SDP Pty Ltd.; Technical Director, Exploration Research Unit, University of Queensland; and Consultant Geologist, Etheridge Henley Williams (Subsequently SRK).

Dr. Windle has extensive knowledge of project management, personnel management and risk-based safety management systems. Dr. Windle’s technical expertise includes exploration management, exploration geochemistry, remote sensing interpretation, interpretation and compilation of complex datasets and target generation. Additionally, Dr. Windle is experienced in geometallurgy, in-pit drilling and data management, design of drill programs for optimum resource conversion, process automation, optimization of workflows of geological data, QAQC programs, database management and downstream data delivery, resource modelling, and extensive knowledge of intrusion-related copper-gold systems that include porphyry, skarn, epithermal deposits systems.

The Company also announces that Dr. Stewart Redwood has stepped down from his role as Chief Geologist Antakori Project for family reasons but will remain with the project team as Senior Consulting Geologist Antakori Project. Having the extensive and varied experiences of both Dr. Windle and Dr. Redwood on the Antakori team, both experts on large porphyry-skarn-epithermal systems, will greatly enhance the company’s technical and exploration abilities during next stages of the project’s development.

Sampling and Analytical Procedures

Regulus follows systematic and rigorous sampling and analytical protocols which meet and exceed industry standards. These protocols are summarized below and are available on the Regulus website at www.regulusresources.com.

All drill holes are diamond core holes with PQ, HQ or NQ core diameters. Drill core is collected at the drill site where recovery and RQD (Rock Quality Designation) measurements are taken before the core is transported by Company truck to the Regulus core logging facility in Cajamarca, where it is photographed and geologically logged. The core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip-tie, and identified with a unique sample number. The core is typically sampled over a 1 to 2 metre sample interval unless the geologist determines the presence of an important geological contact. The bagged samples are stored in a secure area pending shipment to a certified laboratory sample preparation facility. Samples are sent by batch to the ALS laboratory in Lima for sample preparation and assay. Regulus inserts certified control standards, coarse field blanks, and duplicates into the sample stream to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample sequence prior to departure from the Regulus core storage facilities. At the laboratory the samples are dried, crushed, and pulverized and then analyzed using a fire assay – AA finish for gold and a full multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for gold are re-analyzed by fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise ore-grade ICP analytical techniques.

About Regulus Resources Inc. and the AntaKori Project

Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties located in North and South America. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern Peru. The AntaKori project hosts an Indicated Mineral Resource of 250 million tonnes with a grade of 0.48% Cu, 0.29 g/t Au and 7.5 g/t Ag, and an Inferred Mineral Resource of 267 million tonnes with a grade of 0.41% Cu, 0.26 g/t Au and 7.8 g/t Ag (see press release of March 1, 2019). Mineralization remains open in most directions and a Phase 2 drilling program is currently underway to increase the size of the resource.

For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.

Qualified Person

The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Stewart D. Redwood, BSc (Hons), PhD, FIMMM, FGS, Senior Consulting Geologist - AntaKori Project, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the proposed exploration and development of the AntaKori project described herein, the completion of the anticipated drilling program, the completion of an updated NI 43-101 resource estimate and management's assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward looking statements contained in this press release are made as of the date hereof and Regulus does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.

Photos accompanying this announcement are available at:

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