Proactiveinvestors United Kingdom Regency Mines articles

Regency Mines reports maiden JORC resource for Mambare nickel project

Wed, 25 Apr 2012 07:47:00 +0100

The company said Mambare in Papua New Guinea has the potential to be one the world’s largest single nickel laterite deposits. "This resource estimate of 95 million tonnes is three times the size of our initial target for this campaign," according to project manager Ian Warden.

Regency Mines encounters unexpected sulphides at Munglinup North’s Phase 1 air core drilling program

Wed, 23 Jun 2010 14:17:00 +0100

Regency Mines (LON:RGM) has released further details from Phase 1 of its reconnaissance air core drilling program on the Munglinup North Project in Western Australia. The air core drilling found traces of base and precious metals, and significantly it encountered an unexpected sulphide mineralisation (average grade of 10.06%) which may indicate potential for base and precious metal zones at depth.

The company completed the drilling of 2,401m over 51 holes in March, to test two anomalous target zones, T1 & T3. Air core drilling is used in areas of extensive cover, where it has the benefit of allowing geochemical exploration from near-surface down to bedrock, for indications of mineralisation at deeper levels.

Phase 1 air core drilling, was designed to conduct enough air core drilling to ascertain the underlying geology and reason for geophysical anomalies; as well as testing for covered greenstone occurrences that could indicate associated mineralisation.

The company said that plans for the Phase 2 drilling programme are underway. The second phase will include infill drilling to outline the structurally controlled sulphide zones, and deeper reverse circulation drilling to explore the source of the near surface base metal mineralisation.

At T1 (Target 1), Regency’s team tested an electromagnetic conductor at the interpreted boundary of the Archaean Yilgarn craton and the Proterozoic Albany Fraser Metamorphic Zone. The company noted that assay results showed traces of base and precious metals down to basement, however not at economic levels.

The southernmost drill line on T1 encountered the significant sulphide levels in all holes. The company emphasised that the sulphide intersections were not expected and they are potentially significant.

“The importance of the sulphide discovery at T1 is that the significant sulphide levels encountered may be an indicator of further sulphides along the south-western extension of the conductor, with potential for base and precious metal zones at depth,”, Regency stated.

The company revealed that the westernmost hole, of the southern line, MNAC2007, intersected 24 metres of sulphide at an average grade of 10.6%, with a maximum grade of 18% sulphide and ending in a sulphide mineralisation grade of 8.87%. For the same drill hole, Regency reported high levels of titanium, with an average grade of up to 2.24% Ti, and the mineralization in MNAC2007 is open in all directions.

The other intersects of interest include Ti, Pb, Cu, Zn, Co, Ag and traces of PGEs.

Regency acknowledged that the shallow depths tested by air core lie within the weathered zone where mineralization is potentially depleted and further drilling along strike and at depth will be carried out to test this hypothesis. Additionally, the company noted that ‘thin section analysis’ of the rock chips, collected from the drilling at T1, is also being undertaken to identify the sulphide source of this weathered material.

At the other target, the T3 magnetic anomaly, weathered ultra-mafics were encountered with anomalous Ni and PGE's from 2 holes. According to Regency, the result substantiates the hypothesis that the greenstone belt extends further south than previously thought. However, the levels of mineralization were insufficient to justify deeper drilling at T3, instead further and deeper drilling will be carried out at other targets along the belt, at a later stage.

Regency Mines turns profit after nickel prices recover and associate Red Rock boosts income

Wed, 31 Mar 2010 09:32:00 +0100

For the six-months ended 31 December 2009, Regency Mines (AIM: RGM) reported a pretax profit of £388,164 compared to a £1.4m loss in the comparative period in 2008, and said it is loolking ahead with confidence.

The company owns almost 30% of Red Rock Resources (AIM: RRR), and this investment contributed £634,001 to Regency in the half-year period. The strong financial performance was also buoyed by a surplus on the revaluation of available for-sale financial assets and exploration properties.

The year-on-year rise in the value of exploration properties was boosted by a write-back of provisionally written-off exploration expenditure.

Regency said that last year nickel prices were hitting their lows and pessimism about the world economy was at an extreme, consequently it seemed appropriate to assume no value in exploration carried out. However following the recovery in nickel prices and in stainless steel demand, at the time of audit, the company believed no provision was deemed necessary.

The assessment of Regency’s Mambare project in Papua New Guinea is continuing, and the company said that it is working closely with its partners at Direct Nickel Pty on structuring the project’s next steps. ‘We await the imminent release of new geophysical data by the Papua New Guinea government, following which we will embark on the next stage of exploration’, Regency said.

Elsewhere, an initial drill programme has begun at the Western Australian tenements, in the Lake Johnstone greenstone belt, and the first phase of 2,600m drilling has been completed. Regency said that the programme targets potential gold and nickel mineralisation, and initial encouraging indications are that the geological boundary has been found, and the right type of rocks are present.

Also the company has acquired more promising tenements in Western Australia and it is reviewing the extensive portfolio, with a view to optimising the potential value through joint-ventures, disposals or exploration.

Regency said it continuously reviews opportunities, but as it believes in the long term investment fundamentals for nickel are now improving, it expects to retain a focus on the company’s core commodity.

For the remainder of the financial year, Regency said that it looks to the remaining months with considerable confidence and it believes that the prospects for Red Rock are exceptional. Furthermore, it expects to have developments of its own to announce, Regency stated.

Regency Mines commitment to Oro

Wed, 08 Oct 2008 10:10:00 +0100

Nickel prices have retreated considerably over the last year; however, even if we assume a savage decline of 80%, on Andrew Bell’s estimate, we are still talking about a potentially large project.

Regency Mines has its finger in many pies

Thu, 31 May 2007 00:00:00 +0100

At today?s price of 4.38p the implied market capitalization is £7.45m. This is more than twice its value six weeks ago; the share price has been driven by a recent announcement about Red Rock?s JV with Jupiter Mines and by a visit of the chief geologist to London who demonstrated to a few institutions that the Regency story ?has legs?.