Business
Update re Lake Johnstone and
Update re Lake Johnstone and.
About this update from Corcel Plc
[{"type":"text","content":"\n RNS Number : 8086D Regency Mines PLC 09 December 2009 \n \nREGENCY MINES PLC\n(\"Regency\", \"Regency Mines\" or the \"Company\")\n\nLake Johnstone and JV Update\n\n\nDated: 9 December 2009\nLake Johnstone Exploration Programme\n\nRegency Mines plc (\"the Company\") the mining exploration and mineral investment company with interests in copper and nickel in Papua New Guinea, Western Australia, and Queensland, has begun detailed planning of an exploration programme in the Lake Johnstone greenstone belt in Western Australia, where it holds substantial acreage.\n\nThe programme is based on the interpreted results of a SkyTEM aeromagnetic survey carried out over the Tay-Munginlup area in 2008 (Figure 1) and will test two targets in Area 4. Nickel sulphide and gold targets were here identified in an area where the Lake Johnstone belt is cross-cut by the Jerdacuttup fault, a north-east trending corridor separating Yilgarn block Archaean terrane from reworked equivalent rocks of the Munginlup Gneiss. The Tropicana gold project of AngloGold Ashanti, with a 5.01m oz gold resource, lies 600 km to the north-east within the Albany-Frazer mobile zone, in a similar geological and structural setting.\n\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/8086D_-2009-12-8.pdf\n\nThe programme will test nickel targets along the magnetic anomaly, and gold/base metal targets in the conductive shear zone along the continental margin. It will begin in January with a ground EM (electromagnetic) geophysical survey to further define the target zone and minimise drill metres, and MMI (mobile metal ion) geochemistry over magnetic and conductive targets. The intention is that this will be followed in February by a 4,000m RAB (rotary air blast) stage 1 drill programme. In March a 2,000m stage 2 Aircore infill drill programme will begin, and depending on results a 2,000m follow-up stage 3 RC (reverse circulation) drill programme with downhole EM geophysics will begin in April to test deeper targets.\n\nShould the whole programme be carried out, the expected cost is about $500,000.\n\nThe area of the Southern Yilgarn hosts many substantial nickel and gold deposits (Figure 2) but much of the exploration h...