newsRegent Ventures begins drilling at Red Mountain.
Regent Ventures Ltd (TSX-V:REV)
Shares Issued 40,046,596
Last Close 6/17/2005 $0.07
Monday June 20 2005 - News Release
Mr. Rick Wilson reports
REGENT VENTURES LTD. PROVIDES AN UPDATE OF ACTIVITIES, INCLUDING THE COMMENCEMENT OF DRILLING ON RED MOUNTAIN
Regent Ventures Ltd. has begun drilling on the Red Mountain project in the Yukon. Five thousand feet feet of drilling and an airborne geophysics survey will be carried out in phase 1.
During 2004, Regent both increased its land position in the Red Mountain area of Yukon and gained a joint venture partner, to assist in expanding the exploration effort. On the basis of positive exploration results, the company increased its holdings in the Red Mountain area from 196 claims to a total of 343 claims. The area now being explored is equal to approximately 7,500 hectares (18,600 acres). This was achieved by further staking, and by establishing a joint venture partnership with Acero-Martin Exploration Inc. (formerly ASC Industries Ltd.). Acero-Martin has the option to earn 50-per-cent interests in all of Regent's claims by spending $1.5-million in stages by Nov. 30, 2006, and by issuing 350,000 one-year warrants exercisable by Regent into Acero-Martin shares at 55 cents per warrant.
The Red Mountain claims are located on the Tintina gold belt, a 2,000-kilometre mineralized structure that is estimated to contain half of all the current gold resources in the Yukon and Alaska. Notable gold mines in proximity to Regent's claims include Pogo, with 5.8 million ounces (Teck Cominco); Dublin Gulch, with 4.1 million ounces (StrataGold); Donlin Creek, with 23 million ounces (Placer Dome); Fort Knox, with 5.4 million ounces (Kinross Gold), and many others.
Some significant advances were made to the property during the last exploration season. Upgrades to the road were completed, allowing for the installation of heavy drill equipment and the establishment of a permanent base camp. A drill program was also executed, financed entirely by Acero-Martin as part of its earn-in agreement. The object was to confirm the existence of the Treadwell gold-bearing structure. Five holes were drilled for a total of 2,115 feet. To view past drill results please visit Regent Ventures' website.