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REG - Regulus Resources Inc News Story

C$0.98 -0.1  -4.9%

Last Trade - 09/04/21

Sector
Basic Materials
Size
Small Cap
Market Cap £58.1m
Enterprise Value £48.9m
Revenue £n/a
Position in Universe 860th / 2707

Regulus Provides Update on Exploration Activities

Mon 23rd November, 2020 1:45pm
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VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Regulus
Resources Inc. (“Regulus” or the “Company”) (TSX-V: REG, OTCQX: RGLSF)
wishes to provide an update on the exploration program on the Anta Norte
portion of the AntaKori project. The Company has recently been advised by
individuals from a nearby community in the vicinity of the AntaKori project
that they are concerned about potential environmental impacts from the
recently commenced drilling on the Anta Norte portion of the project. Given
the current political uncertainty in Peru and the upcoming elections, this
matter has drawn attention from political interests from farther away from the
project and increased the number of parties involved. In light of the
challenges presented to communicate with larger groups under COVID-19 pandemic
protocols, the Company has decided to suspend drilling activity at the Anta
Norte portion of the AntaKori project to focus on communication with all
interested parties in a safe and constructive manner. The suspension of
drilling activity at the Anta Norte target does not affect other ongoing
evaluation activity on the greater AntaKori project and the Company will be
working with all involved parties to be able to reinitiate drilling and to
continue to provide support and benefits to the communities in the vicinity of
the project.

The principal issue that has been brought to the Company’s attention is that
waters in the nearby Aguas Coloradas Reservoir (Coloured Waters Reservoir)
have become turbid and changed color and there are allegations that drilling
activity at Anta Norte may have contributed to this. Regulus can confidently
state that the drilling at Anta Norte has had no effect on the Aguas Coloradas
Reservoir, as this body of water is located well to the east of where the
drilling is occurring and is at a higher elevation and in a completely
different drainage basin. The Company has offered to help fund a study and to
work with the local community of Tranca de Pujupe to evaluate the potential
source of the discolouration.

Drilling of the Anta Norte target commenced in mid-October with the first two
holes nearing anticipated completion depths prior to suspension of drilling.
Hole AK-20-044 stopped at 813.40 m depth and hole AK-20-45 stopped at 841.40 m
depth (see Figure 1 for location). Both holes have cut an extensive sequence
of prospective carbonate host rock stratigraphy cut by porphyry dikes and
breccias with increasing intensity of skarn development and sulphide
mineralization at depth. When drilling was stopped, both holes were in
mineralized material. These holes confirm the hypothesis that favourable
alteration and mineralization extend significantly to the north of both the
reported AntaKori resource and the previously released drill holes in this
area. Final assays for these two holes are expected to be received in
approximately three weeks and will be press released after the Company has
completed its customary QA/QC analysis of the lab results.

ON BEHALF OF THE REGULUS BOARD 
(signed) “John Black” 
John Black
CEO and Director

For further information, please contact:

Regulus Resources Inc.

Laura Brangwin
Investor Relations Manager
Phone: +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 TSXV nor its Regulation Services Provider (as that term is defined
in policies of the TSXV) accepts responsibility for the adequacy or accuracy
of this release.

Caution Regarding Forward-Looking Statements

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, the impact of the COVID-19 pandemic on the
Canadian and worldwide economy, the Company’s workforce, world wide demand
for commodities and the Company’s business generally 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.

An infographic accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ff7e7c44-28c0-433c-9176-ae83d5d16650

(https://www.globenewswire.com/NewsRoom/AttachmentNg/b7a8a501-46b4-4b6f-b292-63c88ea5167e)
Figure 1 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/ff7e7c44-28c0-433c-9176-ae83d5d16650/en)
Anta Norte – Location Map


GlobeNewswire, Inc. 2020
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