Regency Mines PLC said it expects initial results from its drilling program at the lateritic nickel cobalt project in Oro Province at Mambare Plateau, Papua New Guinea, in the new year.
The drill programme at Mambare was concluded on November 9 2008. A total of 4,000 meters were drilled in 335 drill holes at intervals of 200 by 400 meters. The maximum depth achieved was 36.40 meters. To date 83 holes have been sampled and a further 89 holes have been logged.
The latest batch of samples sent for analysis consists of 312 samples. An initial batch of 131 samples was sent in October 2008.
Regency is a mining exploration and mineral investment company with interests in copper and nickel in Papua New Guinea, Western Australia, and Queensland.
Geologists on site are continuing the logging and sample preparation of the remaining core.
As announced on October 28 2008, the decision to terminate the drill programme at the minimum commitment is both to conserve the company's cash in a poor market environment where nickel prices have fallen steeply and liquidity factors have affected sentiment towards small exploration companies.