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Regency Mines reveals Jebel Abyad field results

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Regency Mines (LON:RGM) hailed the results of fieldwork completed at the Jebel Abyad concession in Sudan.

The company, which has farm-in rights under an option agreement with International Mineral Resources, said the work confirmed the presence of widespread phosphogenesis, with two samples reportedly containing anomalous levels of phosphorous.

Two extensive target horizons have been identified, defining an area of interest over 300 kilometres long within the concession.

Areas of interest contain flat lying beds at or close to surface, suggesting target horizons may be suitable for open pit mining, the company said.

The phosphate anomalies have been stratigraphically linked to the phosphate formation of the Abu Tartur phosphate mine in Egypt.

Follow-up work later in the year will include near-surface definition of Oolite targets and more greenfield exploration.

Project Manager Gary Hurst said: “We are encouraged by the progress made during our trip to the Jebel Abyad concession. 

“The exploration team safely and cost effectively achieved all of the objectives set and made great advances in our understanding of the concession geology. 

“The next stage of exploration can focus on a much smaller area, enabling us to employ systematic exploration techniques such as soil sampling and radiometric grids to the AOI. 

“The phosphate grades identified during this trip and the anomalous horizons discovered may lead us to phosphorite lenses of economic potential.”

The shares rose 1.9% to 0.32p.


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Price: 0.0375 GBX

LSE:RGM
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