Golden Brew Option Terminated
VANCOUVER, Oct. 31, 2019 - Highway 50 Gold Corp. (TSX.V – HWY) and Regulus Resources Inc. (TSX.V – REG)
Highway 50 Gold Corp. (“Highway 50”) and Regulus Resources Inc. (“Regulus”) (together the “companies”) announce that Regulus has terminated its option agreement on the Golden Brew property and returned the project to Highway 50.
Golden Brew is located at the intersection of the southern flank of the Eastgate volcanic trough and the Western Nevada rift in north-central Nevada. Gold mineralization at Golden Brew is hosted within jasperoid and silicified breccias over a strike length of 2,500 feet and widths up to 200 feet. The jasperoid is developed in thin-bedded limestones and limey siltstones and is anomalous in Carlin-type pathfinder elements of arsenic, antimony and mercury with gold values ranging from 0.1 grams/tonne to 4 grams/tonne
In August 2019, Regulus announced results of its drill program at Golden Brew. Regulus completed 3 holes for a total of 2,280 m to test potential for a covered Carlin style system. The most encouraging result from the drill program was from drill hole GBR-19-10. Hole 10 intersected Carlin-type mineralization within decalcified thin-bedded silty limestones from 701 m to 724 m that had anomalous gold and arsenic, up to 163 ppb gold and 475 ppm arsenic.
Highway 50 management believes a viable target remains to be tested on the property. This target is on Bureau of Land Management tenure and can be evaluated with a minimum number of holes.
For additional information please contact:
Highway 50 Gold Corp.
Gordon P. Leask, P.Eng. or John M. Leask, P.Eng.
Tel: 604-681-4462
Email: gord@highway50gold.com or jml@highway50gold.com
For additional information please contact:
Regulus Resources Inc.
John E. Black
CEO / Director
Phone: +1 303 618-7797 mobile
+1 720 514-9036 office
Email: john.black@regulusresources.com
Adam Greening
Vice President, Corporate Development
Phone:+1 647 923 7799
Email: adam.greening@regulusresources.com
Laura Brangwin
Manager, Investor Relations
Phone: +447517313833
Email: laura.brangwin@regulusresources.com
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. The Company is executing an exploration plan refined over 25 years of experience in Nevada and the Aldridge Formation of southeastern B.C. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada’s crustal architecture and new geological understanding on the Monroe property in B.C.
About Regulus Resources Inc.
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 currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources 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 dated March 1, 2019). Mineralization remains open in most directions and drilling is currently underway to confirm and increase the size of the resource.
For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note This news release contains certain forward-looking statements, including statements regarding the companies’ proposed plans for the exploration of the Golden Brew property; and the business and anticipated financial performance of the companies. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the companies may not obtain satisfactory results from its drilling program and exploration activities, changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly, the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The companies not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.