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Regulus Resources Acquires 70% Interest in Colquirrumi Claims
VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (“Regulus” or the “Company”, TSX-V: REG, OTCQX: RGLSF) is pleased to annou
About this update from Regulus Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (“Regulus” or the “Company”, TSX-V: REG, OTCQX: RGLSF) is pleased to announce that it has acquired a 70% interest in the Colquirrumi claims. The Colquirrumi claims will be held by a joint-venture with 70% belonging to Regulus and 30% belonging to Compañía Minera Colquirrumi S.A., a wholly owned subsidiary of Buenaventura (“Buenaventura”). Regulus will be the operator of the joint venture. See Figure 1 for a map displaying the Colquirrumi claims. The Colquirrumi claims represent approximately 2,571 hectares of mineral rights in a prolific mining district, adjacent to and interfingered with Regulus’ AntaKori property. Regulus had the right to earn up to a 70% interest in the claims by completing 7,500 m of drilling. Buenaventura retained a one-time claw-back whereby it could retain a 70% interest in the claims by paying Regulus US$9,000,000 and granting Regulus a 30% interest. Buenaventura did not elect to trigger its claw-back right. Less than 5% of the Colquirrumi claims have been properly explored, however several encouraging mineralized areas were discovered in Regulus’ drill program. Selected highlights of the mineralization encountered can be found below: Hole AK-22-051 171.95 m of 0.34% Cu, 0.39 g/t Au, 5.58 g/t Ag and 1.41% Zn from 337.35 m depth 138.30 m of 0.23% Cu, 0.45 g/t Au and 4.27 g/t Ag from 588.90 m depth Hole AK-22-050 247.10 m of 0.34% Cu, 0.25 g/t Au and 9.58 g/t Ag from 283.20 m depth 49.45 m of 0.58% Cu, 0.31 g/t Au and 19.72 g/t Ag from 418.90 m depth Hole AK-21-047 286.80 m of 0.29% Cu, 0.21 g/t Au and 7.70 g/t Ag from 383.80 m depth John Black, Chief Executive Officer of Regulus, commented as follows: “We are very happy to have acquired a 70% interest in the Colquirrumi claims, as they have demonstrated that they host significant mineralization that is open for expansion. Additionally, this ground has substantial strategic value as any large mining operation would likely need to incorporate the Colquirrumi claims both to expand resources and for the layback of an open pit. By becoming operator of these claims, Regulus has substantially increased its land position in a prolific mining district. We look forward to working with Buenaventura as a joint venture partner on this ground.” Qualified Pe...