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Regency Mines ending 2013 strongly


Completion of a field programme to the Jebel Abyad concession in Sudan has confirmed the exploration model, Regency Mines (LON:RGM) said.

The exploration model tested whether the sedimentary rocks of the Jebel Abyad area, assumed to be Upper Cretaceous to Eocene in age, represent an embayment along the southern shore of the Tethyan Ocean, a prolific trend known to host world class phosphate deposits.

Though results of samples analysis from the laboratory are still awaited, the Regency technical team is optimistic about its geological observations of the concession. Subject to further interpretation, Regency geologists have identified key geological formations of interest within the concession area.

Project manager Gary Hurst said: "Despite difficulties including a breakdown of our XRF analyser in the field we adapted our programme to concentrate on the eastern side of the Jebel Abyad feature, and accomplished most of the work planned. The outlook remains encouraging."

Jebel Abyad is a project where Regency has farm-in rights under an option agreement with International Mineral Resources.

Meanwhile, on the other side of the world, Regency's 19.9% owned associate company Ram Resources, which holds tenements in the Fraser Range area of Western Australia, near Sirius Resources' key Nova copper-nickel discovery, has announced the identification of 17 Versatile Time-domain Electromagnetic (VTEM) anomalies.

A 1,363 line kilometre VTEM survey conducted across Ram's tenements, 20 kilometres to the west of Nova, has identified 17 anomalies including five high-priority conductors and two magnetic anomalies.

Elsewhere in Western Australia, Direct Nickel Limited (DNi), in which Regency has a 7.5% stake, is close to completing the process validation report on the nickel laterite treatment process at its Perth test plant. The report should be completed later this month.

DNi is Regency’s joint venture partner at the Mambare nickel-cobalt laterite project in Papua New Guinea, which has a licence for the DNi process.

Completion of the report on the pilot programme will enable DNi to move ahead with its partnership with PT Antam towards feasibility and construction of the first commercial plant running the DNi process.

"This December, we look to see significant progress made in Sudan, Australia, and DNi. 2013 has not been an easy year but we are ending it strongly," said Regency's chairman, Andrew Bell.

Quick facts: Regency Mines PLC

Price: 0.9 GBX

Market: LSE
Market Cap: £1.71 m

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