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Regency Mines updates schedule for drill programme at Botue-Mambare nickel-cobalt project

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Regency Mines (LON:RGM) today updated investors on the schedule for the upcoming drill programme at the Botue-Mambare nickel-cobalt project in Papua New Guinea, operated by its joint venture (JV) with Direct Nickel (DNi).

The project management staff are currently preparing for the start of drilling, which is expected closer to the end of the month, some four weeks behind the original schedule, which is also when the new ground-penetrating radar (GPR) survey is expected to start. This has to do with the delays in the procuring of visas for the drillers and with the delays dealing with the customs clearance necessary for the drill company’s shipping container to be moved to the project area.

The container has already arrived at Port Moresby and is currently waiting to receive the clearance.

Other operations currently underway on the site include the completion of the line survey, test pitting, camp construction and hiring of local workers.

Regency simultaneously announced that it has hired Geotech Airborne Pty to carry out a 1,054 line km helicopter-borne versatile time-domain electromagnetic (VTEM) survey over five areas at Regency's Bundarra copper-gold prospect in Queensland. This programme will take place after 15 August and will take a week.

The company also told investors that the JV’s local operating company Canopus No 83 Ltd will change its name to Oro Nickel.

Adviser to Regency Mines’ associate Red Rock Resources (LON:RRR) Richard Evans has recently taken up a wider role of group chief scientific adviser as will now advise all companies in the Regency Mines group.

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Price: 2.85 GBX

LSE:RGM
Market: LSE
Market Cap: £2.55 m
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