Regency Silver Corp. (TSX-V:RSMX, OTCQB:RSMXF) told investors that a drill has arrived on site and drilling will recommence this week at its flagship Dios Padre Property in Sonora, Mexico.
The company said it anticipates drilling a minimum of 3,000 metres as an initial follow-up to the successful drilling program completed in August 2022, the first since the company’s initial public offering (IPO).
"We are excited to begin the next chapter of the growth of Regency Silver,” said executive chairman Bruce Bragagnolo, who will supervise the drill program together with Regency Silver director, Michael Tucker.
“The current drill and IP (induced polarization) program is designed to verify management's model of a large, district-scale magmatic-hydrothermal gold-copper-silver system," he added.
READ: Regency Silver shares surge as it makes new gold-copper-silver discovery at flagship Dios Padre project
August’s drill program included hole REG-22-01, which yielded an intercept of 4.7 grams per ton (g/t) gold, 0.67% copper and 23 g/t silver over 53.8 metres (m), and included 35.8m of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver, starting at 420m depth downhole along with 13.97 g/t gold, 50.25 g/t silver and 1.11 % copper over 9.8m starting at 460.5m downhole.
The company noted that gold-copper-silver mineralization in REG-22-01 is largely breccia hosted, with sulphides (pyrite, chalcopyrite) forming the breccia matrix. The core of the mineralized zone sits within and adjacent to a felsic intrusive body, though mineralization is present both within the felsic unit as well as the host andesites.
This latest drilling will focus on expanding this intersection both up and down dip as well as laterally to the east and west as the intersected mineralization is unconstrained in all directions, Regency said. The drill has more than a 1,000-metre capacity.
An IP geophysics program to provide 3D information to a depth of 800m is also scheduled to begin this week, the company added.
Regency said the current drill and IP program is fully funded from the proceeds of its recently completed private placement of 10,795,000 common shares for C$0.20 per share, which raised gross proceeds of C$2,159,000. The current drill program is scheduled to last until the middle of March, with assay results expected to take up to four weeks from the date of delivery of material, it added.
Regency Silver is focused on the Americas. The company is led by a team of experienced professionals with expertise in both exploration and production. The flagship asset is the Dios Padre silver project in Sonora, Mexico.
Contact the author at stephen.gunnion@proactiveinvestors.com