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REG - Regulus Resources Inc News Story

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Sector
Basic Materials
Size
Micro Cap
Market Cap £48.3m
Enterprise Value £39.1m
Revenue £n/a
Position in Universe 937th / 2713

Regulus Resources Recommences Drilling at AntaKori Project

Thu 15th October, 2020 12:00pm
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VANCOUVER, British Columbia, Oct. 15, 2020 (GLOBE NEWSWIRE) -- Regulus
Resources Inc. ("Regulus" or the "Company", TSX-V: REG, OTCQX: RGLSF) is
pleased to announce that drilling has commenced at the AntaKori copper-gold
project located in Cajamarca, Peru. Drilling will focus on the promising Anta
Norte geophysical targets to the north of the property (see Figure 1). The
program has started with one drill rig, with a second drill rig to commence in
the next few days.

Phase II Program

The current drill campaign is part of the 25,000 m Phase II program, of which
16,368 m were completed prior to the shutdown in March 2020 due to Covid-19.
All holes in the Phase II program to date were completed prior to the Company
receiving its new Anta Norte drill permits (see November 26, 2019 press
release), which now allow the Company to move to the northern portion of the
property and properly test the various Anta Norte geophysical targets.
Previous drilling along the edges of these targets returned long runs of
significant mineralization in several holes (see January 16, 2020, November
19, 2019, and September 5, 2019 press releases).

Initial Drill Holes

The initial drill holes will be focused on the Colquirrumi claims where the
Company has the right to earn up to a 70% interest from Compañía Minera
Colquirrumi S.A. (see May 18, 2016 press release) by drilling 7,500 m, of
which 2,014 m have been completed to date. The reason to start on this ground
is to test high priority geophysical targets (see Figure 1) while at the same
time fulfilling obligations to earn into an ownership position in the
Colquirrumi claims. It is anticipated that five to seven holes will be
completed in this area, to fulfil the 7,500 m obligation, before the Company
transitions drilling to the 100% owned Regulus claims in the Anta Norte area.

John Black, Chief Executive Officer of Regulus, commented as follows: “We
are very excited to get back to drilling at AntaKori and, with our recent
announcement of a strategic partnership with Osisko Gold Royalties, we are now
fully funded to complete the 25,000 m Phase II program at AntaKori. Our first
drill holes will test magnetic targets on the Colquirrumi claims where we hope
to encounter economic grades of copper and gold in skarn style
mineralization. The Anta Norte geophysical targets represent a very large
target area, and while this provides a significant opportunity to add
additional mineralization to the already sizeable resource at AntaKori, this
is a frontier area, so it will likely take numerous holes to fully test and
evaluate the area to determine the extent and geometry of the system.”

Qualified Person

The scientific and technical data contained in this news release pertaining to
the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather,
Chief Geological Officer, FAusIMM, who serves as the qualified person (QP)
under the definition of National Instrument 43-101.

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.

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.

Figure 1: Anta Norte Geophysical Targets in Plan Map, Highlighting Geophysical
Targets on Colquirrumi Claims is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/82e40d5b-fd5d-4693-8701-7b5c459ece20

(https://www.globenewswire.com/NewsRoom/AttachmentNg/b7a8a501-46b4-4b6f-b292-63c88ea5167e)
Figure 1 
(https://www.globenewswire.com/NewsRoom/AttachmentNg/82e40d5b-fd5d-4693-8701-7b5c459ece20/en)
Anta Norte Geophysical Targets in Plan Map, Highlighting Geophysical Targets
on Colquirrumi Claims


GlobeNewswire, Inc. 2020
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