VANCOUVER, British Columbia, March 01, 2019 (GLOBE NEWSWIRE) -- Regulus Resources Inc. ("Regulus"
or the "Company", REG TSX.V) is pleased to report an updated mineral resource estimate for its AntaKori
copper-gold project in northern Peru. This is the first mineral resource estimate prepared for Regulus at the project and
supercedes a previous estimate prepared for Southern Legacy Minerals Inc. (SLM), (see press release by SLM dated July 3, 2012).
Regulus engaged Wood (formerly AMEC Foster Wheeler) to independently estimate the mineral resources at AntaKori. The estimate
relies on new data from drilling completed by Regulus through November 2018 and drilling data provided through a collaborative
agreement established in 2017 with the adjoining property holder (see press release by Regulus dated Jan 24, 2017).
Highlights from the updated resource estimate – AntaKori copper-gold project
- Additional drilling data has allowed significant conversion of Inferred Mineral Resources to the Indicated Mineral Resource
category as well as the definition of additional Inferred Mineral Resources
- Reasonable long term metal prices used compared to the historical resource
- Updated cost, NSR, and arsenic penalties considered
- A collaborative exploration agreement with the operator of the immediately adjoining Tantahuatay Mine, allows for modeling of
a large open pit with layback onto adjoining property to more completely capture mineral resources
- All mineral resources reported are on Regulus concessions with no reporting of mineralization from adjoining concessions
- The amount of drilling data available has more than doubled from that available for the previous resource estimate with
Regulus completing more than 20,000m of drilling in its initial 2017-18 drilling campaign
- This is an interim resource estimate to provide an update on progress at the project - the resource remains open to the north
with potential for significant expansion with additional drilling
- A summary of the Mineral Resource estimate is presented in Table 1 below:
Table 1. Summary of AntaKori Mineral Resource Estimate at a 0.3% CuEq
Cut-off |
Resource |
Million |
Cu Grade |
Au Grade |
Ag Grade |
CuEq Grade |
AuEq Grade |
Cu |
Au |
Ag |
CuEq |
AuEq |
Category |
Tonnes |
(%) |
(g/t) |
(g/t) |
(%) |
(g/t) |
B lbs |
M oz |
M oz |
B lbs |
M oz |
Indicated |
250 |
0.48 |
0.29 |
7.5 |
0.74 |
1.09 |
2.6 |
2.3 |
61 |
4.1 |
8.8 |
Inferred |
267 |
0.41 |
0.26 |
7.8 |
0.66 |
0.96 |
2.4 |
2.2 |
67 |
3.9 |
8.2 |
Please note that the CuEq and AuEq grades and metal contents in this table are mutually exclusive and are
not additive. See Table 3 for additional notes.
John Black, Chief Executive Officer of Regulus, commented as follows: “We are
very pleased to provide an updated interim resource estimate for the AntaKori project that shows a substantial increase in size
from the previous report. This new estimate not only takes into account approximately 20,000 m of drilling completed by Regulus in
2017-2018, but also uses assumptions and methodologies that we believe are better supported for the project in order to generate a
higher level of confidence in the reported estimate. While this report is a significant milestone for the project, it is important
to understand that it only represents a marker along the path and not the final destination. We expect that there will be several
more increases to the size of the mineral resource at the AntaKori project as we continue to define the full extent of the
mineralized system. We look forward to an exciting year of drilling activity in 2019 as we plan to complete 20-25,000m of
drilling.”
Dr. Kevin B. Heather, Chief Geological Officer of Regulus, commented
as follows: “This interim resource estimate is a substantial increase in both tonnage and contained metals
over the historical estimate for the project, however, we have yet to find the limits of the mineralization and additional drilling
is clearly warranted to extend the known mineralization. It is remarkable to note that hole AK-18-026, (see press release by
Regulus on Jan 30, 2019) which intersected 473.2 metres with 1.16% Cu, 0.21 g/t Au and 8.4 g/t Ag (1.39% CuEq), falls outside the
new mineral resource estimate due to lack of supporting drill holes in that area. This provides tangible evidence of the potential
to grow the currently reported resource.”
Mineralization at the AntaKori copper-gold project
The AntaKori system hosts two principal styles of copper-gold-silver sulphide mineralization: 1) mineralized
skarn and breccias (Cu-Au-Ag) within Cretaceous calcareous sedimentary rocks, likely associated with as-yet undiscovered porphyry
mineralization; and 2) younger, epithermal high-sulphidation (HS) mineralization (Cu-Au-Ag-As) in overlying Miocene volcanic rocks
and breccias that host the adjacent Tantahuatay heap-leach gold mine to the south. The younger high-sulphidation
mineralization is characterized by pyrite-enargite and locally overprints the earlier skarn mineralization
(pyrite-chalcopyrite-magnetite), particularly along the southern part of the AntaKori system. Drill holes at AntaKori
typically encounter the overlying Miocene volcanic rocks and high-sulphidation style mineralization prior to entering the
Cretaceous sedimentary sequence and skarn at depth. As the drilling progresses to the north, the volcanic rocks terminate, and
drill holes will commence directly in the skarn/porphyry environment within the Cretaceous sedimentary sequence.
Regulus mineral concessions and agreements with adjoining property holders
The Regulus AntaKori project consists of 20 mineral concessions totalling 289 ha in area that are located
immediately to the north of the Tantahuatay gold-silver mine in northern Peru. The concessions are adjoining to and
interfingered with mining and exploration concessions held by Compañía Minera Coimolache S.A. (“Coimolache” or “CMC”), the owner
and operator of the Tantahuatay Mine, and mineralization extends across property boundaries. Regulus has entered into a
collaborative exploration agreement with Coimolache that allows for mutual access, mutual rights of expansion and collaborative
exploration with a principal objective of determining the size and nature of copper-gold sulphide mineralization on both parties’
concessions and with a secondary objective of allowing the expansion of Coimolache’s Tantahuatay oxide gold-silver mine by way of
lay-back onto Regulus’ mining concessions (see press release by Regulus dated Jan 24, 2017).
The collaborative agreement allows Coimolache and Regulus to model a conceptual pit shell that lays back onto
the AOI to provide for more complete capture of resources on Regulus concessions. Regulus may only report information and
mineral resources from Regulus concessions.
The AntaKori property also adjoins and interfingers with mineral exploration concessions to the north that
belong to Compañía Minera Colquirrumi S.A. (“Colquirrumi”), a wholly owned subsidiary of Buenaventura. Regulus has an
agreement with Colquirrumi that allows Regulus an option to earn up to a 70% interest in a large area (2,571 hectares) of
Colquirrumi mining concessions located immediately to the north and east of Regulus’ mining concession by completing 7,500m of
drilling. The Colquirrumi agreement provides for similar mutual access and mutual rights of expansion terms as the Coimolache
agreement and thereby allows the development of a conceptual pit design to extend onto this ground to allow for more complete
definition of resources on Regulus concessions. No mineral resources have been defined on the Colquirrumi ground in this
report.
Mineral Resource Estimate
This Antakori Mineral Resource estimate has an effective date of February 22, 2019 and was prepared by Mr.
Douglas Reid, Principal Geological Engineer, Wood. The Mineral Resource estimate is prepared and reported in accordance with the
2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mr. Reid is the Qualified Person for the Mineral Resource
estimate. A technical report will be filed on SEDAR at www.sedar.com and on the Regulus website at www.regulusresources.com within 45 days of the issuance of this news release.
The following tables show the Mineral Resource estimate with sensitivity to varying CuEq grade cut-offs.
Table 2 – AntaKori Indicated Mineral Resources |
AntaKori Inferred Mineral Resource |
Contained Metals |
CuEq |
|
|
|
|
|
|
|
|
|
|
|
|
Cut-off |
Tonnes |
CuEq |
AuEq |
Cu |
Au |
Ag |
As |
CuEq |
AuEq |
Cu |
Au |
Ag |
(%) |
(millions) |
(%) |
(g/t) |
(%) |
(g/t) |
(g/t) |
(ppm) |
(B lbs) |
(M oz) |
(B lbs) |
(M oz) |
(M oz) |
0.2 |
296 |
0.66 |
0.98 |
0.42 |
0.26 |
6.9 |
793 |
4.3 |
9.3 |
2.7 |
2.5 |
66 |
0.3 |
250 |
0.74 |
1.09 |
0.48 |
0.29 |
7.5 |
857 |
4.1 |
8.8 |
2.6 |
2.3 |
61 |
0.4 |
201 |
0.84 |
1.23 |
0.54 |
0.32 |
8.3 |
969 |
3.7 |
7.9 |
2.4 |
2.1 |
54 |
0.5 |
152 |
0.96 |
1.41 |
0.63 |
0.37 |
9.2 |
1137 |
3.2 |
6.9 |
2.1 |
1.8 |
45 |
0.6 |
118 |
1.08 |
1.59 |
0.71 |
0.42 |
10.1 |
1304 |
2.8 |
6.0 |
1.9 |
1.6 |
38 |
0.7 |
93 |
1.20 |
1.76 |
0.79 |
0.46 |
10.9 |
1480 |
2.5 |
5.3 |
1.6 |
1.4 |
33 |
0.8 |
73 |
1.32 |
1.94 |
0.87 |
0.51 |
11.7 |
1669 |
2.1 |
4.6 |
1.4 |
1.2 |
28 |
0.9 |
57 |
1.45 |
2.13 |
0.96 |
0.56 |
12.5 |
1874 |
1.8 |
3.9 |
1.2 |
1.0 |
23 |
1 |
45 |
1.59 |
2.33 |
1.05 |
0.62 |
13.2 |
2086 |
1.6 |
3.4 |
1.0 |
0.9 |
19 |
See Table 3 for notes
Table 3 – AntaKori Inferred Mineral Resources |
AntaKori Inferred Mineral Resource |
Contained Metals |
CuEq |
|
|
|
|
|
|
|
|
|
|
|
|
Cut-off |
Tonnes |
CuEq |
AuEq |
Cu |
Au |
Ag |
As |
CuEq |
AuEq |
Cu |
Au |
Ag |
(%) |
(millions) |
(%) |
(g/t) |
(%) |
(g/t) |
(g/t) |
(ppm) |
(B lbs) |
(M oz) |
(B lbs) |
(M oz) |
(M oz) |
0.2 |
320 |
0.59 |
0.86 |
0.36 |
0.24 |
7.2 |
484 |
4.2 |
8.9 |
2.6 |
2.5 |
74 |
0.3 |
267 |
0.66 |
0.96 |
0.41 |
0.26 |
7.8 |
518 |
3.9 |
8.2 |
2.4 |
2.2 |
67 |
0.4 |
199 |
0.76 |
1.12 |
0.48 |
0.30 |
8.7 |
597 |
3.3 |
7.2 |
2.1 |
1.9 |
56 |
0.5 |
146 |
0.87 |
1.28 |
0.56 |
0.34 |
9.6 |
702 |
2.8 |
6.0 |
1.8 |
1.6 |
45 |
0.6 |
112 |
0.98 |
1.43 |
0.63 |
0.38 |
10.3 |
808 |
2.4 |
5.1 |
1.6 |
1.4 |
37 |
0.7 |
89 |
1.06 |
1.56 |
0.69 |
0.41 |
10.8 |
910 |
2.1 |
4.4 |
1.3 |
1.2 |
31 |
0.8 |
69 |
1.15 |
1.69 |
0.75 |
0.45 |
11.4 |
1005 |
1.8 |
3.8 |
1.1 |
1.0 |
25 |
0.9 |
53 |
1.24 |
1.82 |
0.80 |
0.48 |
12.0 |
1096 |
1.5 |
3.1 |
0.9 |
0.8 |
21 |
1 |
40 |
1.34 |
1.96 |
0.87 |
0.53 |
12.5 |
1169 |
1.2 |
2.5 |
0.8 |
0.7 |
16 |
Notes to accompany Indicated and Inferred Mineral Resource tables (Tables 1-3) assuming open pit mining
methods for AntaKori Project:
- Mineral Resources have an effective date of 22 February 2019; Douglas Reid, P. Eng., a Wood employee, is the Qualified
Person responsible for the Mineral Resource estimate.
- Inputs to costs for cut-off grade assumes a conventional truck and shovel open pit mine handling and feeding a 60,000 t/d
concentrator and producing a copper-gold concentrate with arsenic for sale to specialists in concentrate trading, third-party
smelters and refineries.
- Mineral Resources are reported based on a CuEq cut-off of 0.30% constrained within a pit shell.
- Mineral Resources are only reported within Regulus concessions.
- CuEq and AuEq grades and metal contents in this table are mutually exclusive and are not additive.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Copper price used is US$6,614/t (US$3.00/lb), gold price is US$1,400/oz, silver price is US$18.00/oz.
- Assumed metallurgical recoveries: copper 85%, gold 55%, silver 50%.
- Assumed pit slope of 45 degrees.
- Assumed open pit mining cost of US$1.85/t plus lift charge to average US$2.00/t, processing cost of US$7.18/t, G&A
cost US$1.00/t.
- Copper equivalent formula: CuEq = Cu + 0.6805561*Au + 0.008750*Ag (no use of Pb, Zn or Mo and no metallurgical recovery
was applied to the copper equivalent formula.
- Gold equivalent formula: AuEq = Au + 1.469387*Cu + 0.012857*Ag (no use of Pb, Zn or Mo and no metallurgical recovery was
applied to the gold equivalent formula).
- Mineral Resources are reported on a 100% basis.
- Tonnages are reported as metric tonnes rounded to million tonnes; copper, gold grades and equivalent grades are rounded
to two decimal places, silver is rounded to one decimal place.
- Rounding as required by reporting guidelines may result in apparent summation differences.
Based on the economic criteria listed in Table 4, a reasonable cut-off grade was determined to be 0.30% CuEq
according to similar projects in the industry of copper arsenical concentrate. This cut-off grade was based on a range of As
concentrate grades and associated penalties. At the metal prices used the cut-off was determined to be 0.25% CuEq for low As
concentrates and 0.32% CuEq for high As concentrates and with the prospect of blending the 0.3% CuEq cut-off grade was considered
reasonable.
The close-out date for the AntaKori database is December 18, 2018 and all drilling up to Regulus drill hole
AK-18-027 was included in the database.
Mineral Resource Estimation Methods
Leapfrog was used to construct a model of lithological domains which were used to constrain resource estimation.
Five metre composites were created within each domain. Separate variograms for copper, gold and silver were constructed for
the main lithological domains supported by sufficient number of composites to produce a robust variogram. Metal grades were
capped using outlier restriction prior to estimation.
Ordinary kriging (OK) and Inverse Distance Squared (ID) were selected to estimate the copper, gold and silver
grades within the block model. OK estimation was used in the major domains and ID was used to estimate in the minor
domains. Multiple pass estimation strategies were used. Generally, a minimum of 5 and maximum of 20 samples were
allowed for estimation purposes.
Model validation checks included a global bias check where the OK estimate was compared to the nearest-neighbour
(NN) grades at a zero cutoff, local bias checks using swath plots, change of support checks using Herco plots, and visual data
inspection.
Based on internal confidence limit guidelines, Wood conducted a drill hole spacing study. This study
determined the drill hole spacing required for classification of Measured and Indicated Mineral Resources. Currently there
are no Measured Resources within the AntaKori project. Resource blocks with sufficient drill spacing to allow Indicated
classification were downgraded to the Inferred category if the supporting legacy drill holes lacked sufficient QA-QC
documentation. The final limits for the Indicated and Inferred classifications were smoothed to remove isolated blocks of one
classification in areas where most of the blocks were classified to another category.
Conceptual Pit Shell
To demonstrate reasonable prospects for eventual economic extraction (RPEEE), Wood constructed a conceptual pit
shell for the AntaKori project using the Whittle® software and based on Indicated and Inferred mineralized material. The
mineralization considered in the conceptual pit shell was limited to sulphide material, the minor amount of oxide material was
treated as waste for this exercise.
Parameters for the conceptual pit shell assumed the deposit would be developed as a long-life operation
consisting of a conventional truck and shovel open pit mine feeding a 60,000 t/d concentrator, producing a copper-gold concentrate
containing arsenic on-site for sale to third-party refineries. Processing costs assumed a sulphide concentrate would be produced
using flotation methods to recover copper, gold, and silver. Parameters are listed in Table 4.
Table 4: Parameters for Reasonable Prospects for
Eventual Economic Extraction |
Parameter |
Value |
Units |
Copper Price |
6,614 |
US$/t |
Gold Price |
1,400 |
US$/oz |
Silver Price |
18.00 |
US$/oz |
Treatment Charge Cu (average) See footnote |
300 |
$/DMT Conc |
Copper Refining Charge (US$0.25/lb) |
148.81 |
$/DMT Conc |
Gold Refining Charge (US$5/oz) |
1.52 |
$/DMT Conc |
Silver Refining Charge (US$0.3/oz) |
2.43 |
$/DMT Conc |
|
|
|
Freight and shipping |
120 |
$/DMT Conc |
Copper Recovery (RecCu) |
85 |
% |
Gold Recovery (RecAu) |
55 |
% |
Silver Recovery (RecAg) |
50 |
% |
Arsenic Recovery (RecAs) |
80 |
% |
Overall Pit Slope |
45 |
° |
Mining Cost |
1.85 |
US$/t Material Moved |
Processing Cost |
7.18 |
US$/t Material Treated |
G&A Cost |
1.00 |
US$/t Material Treated |
Note: For treatment charges depending on the arsenic content the following rule was used: US$ 500/DMT, if As
conc >5%; US$ 300/DMT, if As conc >3%; US$ 250/DMT, if As conc >0.5% and As conc <=3%; US$ 100/DMT, if As conc
<0.5%. and additionally, an Arsenic penalty was applied based on: if As conc<0.5% and As conc>0.3%, 5 US$/dmt
each 0.1%
- Metal prices net selling cost including concentrate refining.
- Bench-marked mining, processing and general and administrative (G&A) costs based on estimates and current costs for
similar sized and similar types of operations in the region.
- Metallurgical recoveries are based on testing benchmarks. To date, only preliminary metallurgical studies have been
completed at AntaKori.
- A 5% NSR was applied to mineralized material from the CMC AOI as per the Coimolache agreement.
The pit shell was determined by evaluation of a Net Smelter Return (NSR) with NSR block cut-off grade (BCOG) =
10.03 $/t. The NSR of each block has been calculated using the following formula:
NSR= 45.07* Cu + 24.10 * Au + 0.30 * Ag
The conceptual pit shell was restricted to Cu‐Au‐Ag mineralization that occurs on AntaKori permits, the CMC AOI
and the CMC permits outside and south of the AOI as shown in Figure 1. CMC Data was not accessible for the CMC concessions outside
the AOI so this area was assumed to be waste material. Based upon precedent agreements and a demonstrated working relation between
Regulus and CMC, an assumption is made that Regulus will be able to reach a mutually beneficial agreement with respect to CMC
concessions to the south of the AOI similar to the existing agreement. It is anticipated that a new agreement would provide for the
removal of CMC owned material under the same terms of the current collaborative agreement. The impact of not reaching such an
agreement would be to reduce the stated Regulus owned resources by approximately 10% in tonnage with the grade remaining
essentially the same. Additional risks to the mineral resource estimate include assumptions regarding geological continuity being
different from what has been interpreted, unrecognized bias in the assay results from legacy drilling where there was limited
documentation of the QA-QC procedures, metallurgical recoveries being different from what was assumed, inability to achieve smelter
agreements for the concentrate at reasonable rates, and changes to the forecast economic parameters used in the estimates.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/0259c450-ddbd-46d4-9ef4-95a782799381
The conceptual resource constraining pit shell reaches a depth of approximately 600m at the deepest point. The
ratio of waste to total in-pit resource (Regulus and CMC) at a cut-off of 0.3% CuEQ is approximately 0.85. Although the conceptual
pit shell captures much of the material classified with an Inferred or Indicated level of confidence, there is significant
mineralized material that falls outside of the conceptual pit shell and additional drilling will likely convert more mineralization
to resource status in the future.
Data verification and QAQC
Collar surveys, downhole surveys, assays, and lithology data for Regulus holes drilled in 2017 to 2018 were
validated in the database by comparison of the database values to original documents. No discrepancies were discovered.
For holes drilled prior to 2017, no original data were available or collar or downhole surveys. Collars for 47 holes (67% of
historical collars) were re-surveyed by a contractor and compared to the database. A small number of minor discrepancies were
corrected. Assay data for historical drilling were compared to original documents and no significant discrepancies were
identified. Most of the available core was relogged by Regulus in 2017 and 2018 so there is no need to verify against
original records. Density data from 2007-2008 and 2017-2018 were compared to original documents and a very small number of
discrepancies in the 2007-2008 data were identified and corrected.
Documentation of the QA-QC data for the 1997-1998 drilling program was not available. Documentation of the
QA-QC data for 2007-2008 program was not available, but the QC data (duplicate samples, standard reference materials, and blank
samples) from the laboratory were available and evaluated. QA-QC for 2017-2018 consisted of insertion of standard reference
materials, duplicate samples, blank samples, and submission of check assays to an umpire laboratory. Those data were
continuously evaluated during the drilling program and possible problems identified and evaluated. Insertion rates were
consistent with industry best practices. As a result of these evaluations, Wood considers the data to be reliable as
follows:
- 1997-1998 data are not supported by documented QA-QC and are thus able to support only Inferred Mineral Resources;
- 2007-2008 data are supported by documented QA-QC data from the laboratory only. We consider these data adequate to
support Indicated Mineral Resources and preliminary mine planning;
- 2017-2018 data are thoroughly supported by documented QA-QC data and are adequate to support Measured Mineral Resources and
mine planning.
CMC data provided to Regulus were audited before they were used. Approximately 6% of the collar data were
audited. Downhole survey reports for 35% of the 2016-2018 drill program were audited. Data from prior drill programs
were not available. Assay certificates for 1% of the historical (pre-2016) data were available and 75% of the 2016-2018
data. Density data (178 determinations) were compared to original documents. No discrepancies were identified in any of
the audited data. Regulus did not receive any raw QA-QC data. Wood reviewed QC reports for May, June, and July 2018
which indicate that the 2018 drill program was supported by adequate QC. Without any documented QC data, any block that
relies on these drill holes for more than 50% of the data used to estimate a block was limited to Inferred Mineral
Resources.
This report relies on information provided by CMC, not to be publicly disclosed, that has been reviewed by Wood
and found to be valid and appropriate for use in the support of the resource estimate.
Next Steps - Metallurgical Investigations
Regulus will undertake a geometallurgical modelling program at AntaKori commencing in 2019. The objective will
be to integrate the geological understanding of the deposit with metallurgical characterization of the various mineralization
styles. This will involve, among other activities, bench scale flotation testing, ore microscopy, and comminution tests. Regulus
has taken a significant step in understanding the whole rock mineralogy with the implementation of hyperspectral scanning of all
drill core from the project. It is expected that the eventual level of understanding of the minerals and their behavior in
processing will be among the most complete of any project in the world today.
These investigations will also include a very high degree of focus on the deleterious elements found in the
AntaKori project resource, most notably, arsenic. Characterization of the occurrence of Arsenic from geological observations and
laboratory studies will help in the development of future metallurgical test work programs developed jointly with Wood and
others.
Generally, copper ores around the world are showing increased levels of arsenic as cleaner ores are depleted.
There is a considerable amount of research effort taking place funded by many of the producers in the industry. Regulus strives to
stay informed on the potential treatment pathways forward and the associated capital and operating costs.
Next Steps - Continued Drilling Program
Regulus will continue resource definition drilling at the AntaKori project with plans for 20,000 to 25,000m to
be completed in 2019. This second phase drilling campaign will focus on determining the full extent of the mineralized system on
Regulus concessions and concessions where Regulus can earn-in to an interest such as the Colquirrumi ground to the north. The
AntaKori copper-gold sulphide system remains open in several directions, most notably to the north. To date, drilling permits have
only allowed drilling to the south, closer to the Tantahuatay Mine. Regulus anticipates that additional drill permits will be
approved about mid-2019 that will allow drilling to progress farther to the north.
Sampling and Analytical Procedures
Regulus follows systematic and rigorous sampling and analytical protocols which meet and exceed industry
standards. These protocols are summarized below and are available on the Regulus website at www.regulusresources.com.
All drill holes are diamond core holes with PQ, HQ or NQ core diameters. Drill core is collected at the
drill site where recovery and RQD (Rock Quality Designation) measurements are taken before the core is transported by truck to the
Regulus core logging facility in Cajamarca, where it is photographed and geologically logged. The core is then cut in half
with a diamond saw blade with half the sample retained in the core box for future reference and the other half placed into a
pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique sample number. The core is typically
sampled over a 1 to 2 metre sample interval unless the geologist determines the presence of an important geological contact. The
bagged samples are then stored in a secure area pending shipment to a certified laboratory sample preparation facility. Samples are
sent by batch to the ALS laboratory in Lima for assay. Regulus independently inserts certified control standards, coarse
field blanks, and duplicates into the sample stream to monitor data quality. These standards are inserted “blindly” to the
laboratory in the sample sequence prior to departure from the Regulus core storage facilities. At the laboratory samples are
dried, crushed, and pulverized and then analyzed using a fire assay – AA finish analysis for gold and a full multi-acid digestion
with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for gold are re-analyzed by
fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise ore-grade ICP analytical
techniques.
For Further Information, please contact:
Regulus Resources Inc.
John E. Black, CEO / Director
Phone: +1 303 618-7797 mobile
+1 720 514-9036 office
Email: john.black@regulusresources.com
About Regulus Resources Inc. and the AntaKori Project
Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and management team, with a
portfolio of precious and base metal exploration properties located in North and South America. The principal project held by
Regulus is the AntaKori copper-gold-silver project in northern Peru. Mineralization remains open in most directions and drilling is
currently underway to confirm and increase the size of the resource.
For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.
Qualified Persons
The scientific and technical data contained in this news release pertaining to the AntaKori project has been
reviewed and approved by Dr. Kevin B. Heather, B.Sc. (Hons), M.Sc, Ph.D, FAusIMM, Chief Geological Officer of Regulus Resources
Inc. who serves as the qualified person (QP) for the AntaKori Project under the definitions of National Instrument 43-101.
Mr. Douglas Reid. P. Eng., and Dr. Ted Eggleston Ph.D., P. Geo, RM SME of Wood (formerly Amec Foster Wheeler)
are Independent Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (43-101)
and are independent consultants to Regulus. Mr. Reid prepared the Mineral Resource estimate and has reviewed and considers it
to fairly and accurately summarize the technical information contained in this news release. Dr. Eggleston has reviewed the
press release and considers it to fairly and accurately summarize the geological other technical data for the AntaKori project that
forms the basis for the Mineral Resource estimate.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may
constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information
can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases
or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be
achieved.
Specifically, and without limitation, all statements included in this press release that address activities,
events or developments that Regulus expects or anticipates will or may occur in the future, including the proposed
exploration and development of the AntaKori project described herein, the completion of the anticipated drilling program, the
completion of an updated NI 43-101 resource estimate and management's assessment of future plans and operations and
statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking
statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are
beyond Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and
achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus
believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such
expectations will prove to be correct. The forward looking statements contained in this press release are made as of the
date hereof and Regulus does not undertake any obligation to publicly update or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise, unless so required by applicable securities
law.
Figure 1:
Plan View of Conceptual Pit (blue dashed outline)