Regulus Provides Update on the AntaKori Project
30 March 2021 - 12:00AM
Regulus Resources Inc. ("Regulus" or the
"Company", TSX-V: REG, OTCQX: RGLSF) would like to
provide an update on exploration activities at the AntaKori copper
gold project. Following the temporary suspension of drilling on the
Anta Norte target area of the project, the Company has been
executing a work program to advance the AntaKori project that
includes metallurgical test work, incorporation of new drilling
into updated geologic and resource models, and field programs to
complete geological mapping and sampling. The Company is also
working with the neighbouring Tantahuatay Mine to plan the
re-initiation of drilling on the principal portion of the AntaKori
project, utilizing the mine’s drill permits where the Company has
access due to collaborative agreements in place (See May 18, 2016
press release). Peru is currently experiencing a strong second
surge in COVID-19 cases and the commencement of this drilling will
be dependent on improvement of this situation so that work can be
completed within safety protocols and with minimal risk to all
parties concerned.
The drill program on the Anta Norte targets to
the north of the principal portion of the AntaKori project (where
the Company utilizes its own drill permits, rather than those of
the neighbouring mine) was suspended in late 2020 due to some
concerns from local communities regarding discoloration and
potential contamination of the Aguas Coloradas Reservoir (Coloured
Waters Reservoir). Regulus can confidently state that the drilling
at Anta Norte has not affected the Aguas Coloradas Reservoir, as
this body of water is located well to the east of where the
drilling was occurring and is at a higher elevation and in a
completely different drainage basin. A water sampling program
completed by the Government Agencies responsible for water
management in Peru (ANA – Autoridad Nacional de Agua and ALA –
Administracion Local de Agua – Cajamarca), with local community
participation, have determined that any turbidity or discoloration
in the Aguas Coloradas Reservoir was not related to mining
activity. As requested by the local community of Tranque de Pujupe,
an independent consulting firm specializing in water and
environmental matters has reviewed the occurrence of discoloration
of the waters in the Aguas Coloradas Reservoir and reported that
the water quality meets standards for agricultural use (the purpose
for the reservoir), that temporary discoloration and turbidity of
the water is likely due to iron-oxide rich soils and natural rock
outcrops along the margins of the reservoir, and that it is not
possible that the drilling activity on the Anta Norte targets is
affecting the water of the reservoir for the same reasons
previously stated by the Company. The results of these
investigations have been and will continue to be widely
communicated to local and regional stakeholders.
The Company re-emphasizes that it recognizes the
importance of good environmental stewardship and ready access to
clean water for local communities. The Company is committed to
improve access to clean water for local communities and has
completed several water-related projects within the region close to
the AntaKori project, with additional projects underway and planned
for the near future. As part of this commitment the Company has
also completed remediation of historical mine sites (unrelated to
activity of the Company) and continues to employ local community
members to monitor these sites. The Company believes the best
pathway for sustainable access to clean water in the region is via
economic growth through responsible exploration and mining. The
capacity of the Company to continue to fund and execute these
projects is much greater when it can complete concurrent
exploration activities.
The Company believes that it has support from
the majority of local residents who are eager for drilling to
resume at AntaKori, in particular on the Anta Norte targets,
however, the area where the Anta Norte targets are situated has
been targeted by some anti-mining political activists who are using
the project as a staging ground to convey their anti-mining agenda
during the current election period in Peru. To ensure the safety of
all people involved, the Company has decided to maintain the
drilling suspension until further notice. The Company will issue an
update after it has had a chance to re-assess the situation
following the first round of Peruvian Presidential and
Congressional elections on April 11th.
ON BEHALF OF THE REGULUS
BOARD
(signed) “John Black” John BlackCEO and
Director
For further information, please
contact:
Regulus Resources Inc. Laura
BrangwinInvestor Relations ManagerPhone: +1 646 583-1404 Email:
laura.brangwin@regulusresources.com
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. 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.
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 (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.
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