Regulus Extends High-Grade Copper-Gold Mineralization-Southwest Zone-Rio Grande Project-Salta, Argentina
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/20/12 -- Regulus Resources Inc. (TSX VENTURE: REG) -
Highlights:
230.5 metres with 0.49% Cu and 0.82 g/t Au (1.01% Cu Eq or 1.73 g/t Au Eq)
including
145 metres with 0.67% Cu and 1.11 g/t Au (1.36% Cu Eq or 2.33 g/t Au Eq)
FLANKING HIGH-GRADE MOLYBDENUM ZONE DISCOVERED ALONG THE SOUTHWEST ZONE
MARGIN
220.75 metres with 0.205% Mo including
37.5 metres with 0.507% Mo and 26.00 metres with 0 .503% Mo
Regulus Resources Inc. ("Regulus" or the "Company") is pleased to announce results for an additional three Southwest Zone drill holes from the current drilling program at the Rio Grande copper-gold-molybdenum project in Salta Province, Argentina. Drill holes RGR-12-102 and RGR-12-106 are 50 metre step out holes west of the high-grade copper-gold mineralization previously reported in holes RGR-11-086 (257.2 m with 0.53% Cu and 1.20 g/t Au) and RGR-12-099 (223.6 m with .48% Cu and 0.85 g/t Au). RGR-12-105 was drilled 50 m to the south of RGR-11-086, parallel and beneath the latter hole, to test for the downward extension of the high grade intercepts.
The key results from these three holes are summarized below and in Table 1.
-- RGR-12-106 intersected: 230.5 m with 0.49% Cu and 0.82 g/t Au (1.01% Cu
Eq)
-- including 145.0 m with 0.67% Cu and 1.11 g/t Au (1.36% Cu Eq)
-- including 62.0 m with 1.11% Cu and 1.14 g/t Au (1.84% Cu Eq)
-- The intercept in RGR-12-106 extends the high-grade copper-gold
mineralization 50 m to the west, remaining open for extension in all
directions.
-- RGR-12-102 and RGR-12-105 were both drilled angled to the north in what
now appears to be the immediate footwall of the northwest striking,
steeply northeast dipping high-grade Cu-Au zone. Both holes encountered
significant secondarily enriched copper mineralization, including 69 m
of 1.07% Cu in RGR-12-105.
-- RGR-12-105 intersected a new zone of high-grade molybdenum
mineralization with 220.75 m containing 0.205% Mo (including 37.5 m with
0.503% Mo and 26 m with 0.507% Mo). The molybdenum mineralization
appears to flank the high-grade copper-gold zone and likely dips steeply
to the north, sub-parallel to the drill hole.
John Black, President and CEO of Regulus commented as follows: "We are quite encouraged with the results reported from these holes for three distinct reasons. First and foremost, we have extended the high-grade copper-gold Southwest zone by 50 metres to the west, which was the principal objective of these holes. Mineralization remains open for extension in both directions along strike, and to depth, and we will continue to delineate this zone with additional drilling. Secondly, although RGR-12-102 and RGR-12-105 were both drilled in what now appears to be the footwall of the high-grade copper-gold zone, these holes each intersected zones of secondarily enriched copper mineralization, including 69 metres of 1.07% Cu in RGR-12-105. This is the first time we have seen significant zones of chalcocite enrichment at Rio Grande and further investigation is clearly warranted to determine the extent of this style of mineralization. Thirdly, the grade of the molybdenum mineralization encountered in RGR-12-105 is unusually high, with several individual samples exceeding 1.0% Mo. The true width of this zone is likely to be substantially less than the drill intercept length. Given that we now know the orientation of the high-grade copper-gold core of the Southwest Zone, future drilling should define true widths of both the copper-gold and the molybdenum zones and their spatial orientation to each other."
Rio Grande Copper-Gold-Molybdenum Project Summary
The Rio Grande Project is located approximately 55 km southwest of the Taca Taca porphyry copper deposit of Lumina Copper and 11 km west of the Lindero gold deposit of Mansfield Minerals in Salta Province, northwestern Argentina. A NI 43-101 compliant resource estimate was released for the project late last year (please refer to news release of December 6th, 2011).
The resource estimate, utilizing a 0.40% copper equivalent cut off grade, is summarized below:
Indicated Resource: 55,257,862 tonnes with 0.342% Cu, 0.359 g/t Au, 4.38 g/t
Ag
Inferred Resource: 101,088,174 tonnes with 0.303% Cu, 0.308 g/t Au, 4.45 g/t
Ag
Indicated Resource: 637,025 oz Au, 7,787,342 oz Ag, 416,240,000 lbs Cu
Inferred Resource: 1,002,458 oz Au, 14,449,042 oz Ag, 674,405,000 lbs Cu
Approximately 53% of the published resource is oxide mineralization, 35% is transitional oxide-sulphide mineralization and 12% is sulphide mineralization.
The current resource estimate utilized all drilling at Rio Grande prior to 2010. The Southwest Zone was discovered in late 2011 and is not included in the current resource estimate. Further drilling in 2012 has now revealed that several mineralization styles are present in the Southwest Zone and these will be referred to as the Southwest copper-gold sulphide, Southwest supergene copper, Southwest molybdenum, and Southwest oxide gold zones.
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Au Ag Mineral
RGR-12-102 From To Metres Cu % g/t g/t Mo % Cu Eq Zone
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TD =
1051.50 m 36.00 109.00 73.00 0.32% 0.59 5.90 0.001% 0.73% Supergene
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including
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38.85 76.00 37.15 0.42% 0.80 9.38 0.001% 0.99% Supergene
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152.75 216.00 63.25 0.40% 0.22 2.44 0.010% 0.59% Supergene
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including
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174.00 196.00 22.00 0.88% 0.22 2.16 0.007% 1.06% Supergene
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242.00 267.00 25.00 0.45% 0.11 0.94 0.003% 0.54% Supergene
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347.00 366.00 19.00 0.23% 0.25 1.02 0.009% 0.42% Primary
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Mineral
RGR-12-105 From To Metres Cu Au Ag Mo Cu Eq Zone
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TD =
1185.50 m 12.50 103.85 91.35 0.33% 0.27 2.75 0.004% 0.53% Supergene
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including
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12.50 54.00 41.50 0.39% 0.40 4.47 0.004% 0.69% Supergene
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103.85 256.00 152.15 0.68% 0.07 1.67 0.010% 0.78% Supergene
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including
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187.00 256.00 69.00 1.07% 0.09 1.12 0.013% 1.19% Supergene
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256.00 476.75 220.75 0.17% 0.11 0.97 0.205% 1.06% Primary
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including
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256.00 293.50 37.50 0.13% 0.07 0.83 0.507% 2.21% Primary
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and
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417.00 443.00 26.00 0.21% 0.16 0.68 0.503% 2.32% Primary
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476.75 1092.00 615.25 0.20% 0.17 2.02 0.007% 0.35% Primary
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including
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584.00 618.00 34.00 0.34% 0.35 1.48 0.010% 0.60% Primary
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and
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763.00 793.00 30.00 0.33% 0.28 1.75 0.011% 0.56% Primary
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and
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877.00 934.00 57.00 0.30% 0.21 1.16 0.008% 0.47% Primary
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Mineral
RGR-12-106 From To Metres Cu Au Ag Mo Cu Eq Zone
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TD = 779.45 m 50.00 119.80 69.80 0.02% 0.38 0.43 0.004% NA Supergene
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including
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53.00 89.00 36.00 0.02% 0.51 0.54 0.003% NA Supergene
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212.65 443.00 230.35 0.49% 0.82 1.38 0.006% 1.01% Mixed
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including
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215.00 360.00 145.00 0.67% 1.11 1.90 0.006% 1.36% Mixed
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including
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298.00 360.00 62.00 1.11% 1.14 2.36 0.010% 1.84% Mixed
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578.00 596.00 18.00 0.11% 0.08 1.13 0.289% 1.33% Primary
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Table 1: Rio Grande Drill Results
(i)Copper equivalent calculation uses US$2.50/lb Cu, US$1,000/Oz Au,
US$18.00/Oz Ag and US$10.00/lb Mo and is not adjusted for metallurgical
recoveries as these remain uncertain. The formula to calculate Cu equivalent
is Cu Eq. = (Cu x 1) + (Au x 0.5833) + (Ag x 0.0105) + (Mo x 4). Intercepts
are reported as down-hole intercept lengths and may not necessarily
represent true widths.
To view Figure 1: Rio Grande Drill Hole Location Map, please visit the following link: http://media3.marketwire.com/docs/reg920i.pdf.
Results of 2012 Drilling To Date
Twenty-two drill holes (20,911 m) have been completed to date in the ongoing 2012 Rio Grande drilling program with additional drilling in progress. The drilling has concentrated in the immediate vicinity of the significant intercepts previously reported from drill holes RGR-11-86 and RGR-11-88 in the Southwest zone of the Rio Grande system (see Regulus news releases of December 14, 2011 and February 8, 2012). Assay results for 17 drill holes are pending.
The locations of drill holes presented in this release are indicated on Figure 1 and the drill holes are also displayed on drill sections 613,400E and 613,350E which can be located on the Regulus Resources website (www.regulusresources.com) or by utilizing the web links below.
Drill section 613,350E: www.regulusresources.com/Portals/0/pdfs/Section_613350E_holes_102_106.pdf
Drill section 613,400E: www.regulusresources.com/Portals/0/pdfs/Section_613400E_hole_105_final.pdf
RGR-12-102, located approximately 250 m south of RGR-12-106 and drilled towards the north, appears to be mostly in the immediate footwall of the high-grade copper-gold zone encountered in RGR-12-106. A 73 m intercept near the top of the hole contains 0.32% Cu and 0.59 g/t Au and may represent the partially leached, up-dip extension of the high-grade zone encountered in RGR-12-106. Two additional zones of copper dominant mineralization (63.25 m with 0.40% Cu and 0.22 g/t Au, 25.0 m with 0.45% Cu and 0.11 g/t Au) were encountered in RGR-12-102 near the lower limit of oxidation. These zones are partially oxidized with relicts of chalcocite-covellite, indicative of supergene copper enrichment.
RGR-12-105, collared 50 m to the south of RGR-11-086 to test for the downward extension of the previously identified high grade copper-gold mineralization. Although this hole did not encounter the high-grade copper-gold zone seen in RGR-11-086, it did encounter several zones of significant mineralization and is variably mineralized throughout much of its length. The hole appears to be located in immediate foot wall halo of the high-grade copper-gold zone encountered in RGR-11-086.
-- From 12.50-103.85 m the hole encountered lower grade oxide copper-gold
mineralization (91.35 m with 0.33% Cu and 0.27 g/t Au) which may
represent the fringe of the upward extension of the high-grade copper-
gold mineralization seen in RGR-11-086 (please refer to section
613,400E).
-- From 103.85-256.00 m a zone of moderately well developed secondary
copper mineralization was encountered (152.15 m with 0.68% Cu and 0.07
g/t Au including 69.00 m with 1.07% Cu and 0.09 g/t Au). This zone
consists of secondary chalcocite that has been partially oxidized.
Similar mineralization was encountered 50 m to the west in RGR-12-102
and this is likely a sub-horizontal blanket of secondary copper
mineralization along the base of the oxidation zone. This is the first
time a well developed occurrence of this style of mineralization has
been encountered at the Rio Grande project.
-- Immediately beneath the zone of secondary copper, RGR-12-105 intersected
a zone of high-grade molybdenum mineralization with 220.75 m containing
0.205% Mo (including 37.5 m with 0.503% Mo and 26 m with 0.507% Mo). The
mineralization consists of molydenite on fractures and as fine
disseminations and is associated with lower grades of copper (0.1-0.2%)
and gold (0.1-0.2 g/t). Many of the fractures are at low angles to the
core axis. The molybdenum mineralization appears to flank the high-grade
copper-gold zone and likely dips steeply to the north, sub-parallel to
the drill hole. A similar zone of mineralization was encountered 50 m to
the west in the deeper portion of RGR-12-106 (18.00 m with 0.289 Mo) and
also 350 m to the northwest in RGR-12-098 (16 m with 0.403% Mo).
-- The final 615 m of RGR-12-105 contains wide spread copper-gold
mineralization averaging 0.20% Cu and .17 g/t Au but with local zones of
slightly higher grade.
RGR-12-106 is summarized on the initial page of this release.
About Regulus Resources Inc.
Regulus Resources Inc. (TSX VENTURE: REG) is a mineral exploration company formed in December, 2010 in connection with the sale of Antares Minerals Inc. to First Quantum Minerals Ltd. Regulus has been exploring the Rio Grande Cu-Au-Ag porphyry project in Salta Province of NW Argentina as a 50/50 joint venture partner with Pachamama Resources and the two companies recently merged under the name of Regulus Resources to consolidate a 100% interest in the project and pursue an aggressive exploration program (see Regulus press releases of May 11 and May 16, 2012).
All of Regulus' exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or under the direct supervision of, Wayne Hewgill, P.Geo, and Regulus' COO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
The Rio Grande samples were analysed with the following methods: Au - 30 g FA with AA Finish, Cu - four acid digestion for trace Cu and four acid digestion and AAS for ore grade Cu, 35 element Aqua Regia ICP-AES.
Regulus' security, chain of custody and quality control is described on their website and can be reviewed at: http://www.regulusresources.com/BestPractices/SamplingMethodologies.aspx
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.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments that either Regulus expects or anticipates will or may occur in the future, 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. 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. Such risks and uncertainties include, but are not limited to: the impact of general economic conditions in Canada and Argentina, industry conditions including changes in laws and regulations, fluctuations in commodity prices and ability to complete operations due to factors beyond Regulus' control.
Accordingly, Regulus does not give any assurance nor make any representations or warranty that the expectations conveyed by the forward-looking statements will prove to be correct and actual results may differ materially from those anticipated in the forward-looking statements. Regulus does not undertake any obligation to publicly update or revise any forward-looking statements other than required by applicable securities law.
Neither 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.
Contacts:
Regulus Resources Inc.
John Black
President and CEO
+1 720 514-9036 or Mobile: +1-303 618-7797
Regulus Resources Inc.
Wayne Hewgill, P.Geo, COO
+1 778 438-2481 or Mobile +1 604 961-0033
www.regulusresources.com