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Regulus Resources and Highway 50 Gold Corp. Announce Drill Program Commences at Golden Brew Project
VANCOUVER, British Columbia, Aug. 16, 2017 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (“Regulus”) (TSX.V:REG) and Highway 50 Gold Corp. (“Highway 50”) (TSX.V:HW
About this update from Regulus Resources Inc
[{"type":"text","content":"VANCOUVER, British Columbia, Aug. 16, 2017 (GLOBE NEWSWIRE) -- Regulus Resources Inc. (“Regulus”) (TSX.V:REG) and Highway 50 Gold Corp. (“Highway 50”) (TSX.V:HWY) (together the “companies”) announce that Regulus has commenced a reverse circulation drill program on their jointly operated Golden Brew property located 20 miles south of Austin, Nevada. The program will entail 4-6 holes comprising 10,000 feet (3,000 m). Drilling will target Carlin-type gold-arsenic-antimony mineralization under pediment cover outboard of a large zone of gold-bearing jasperoid which extends 2500’ eastward, into the Toiyabe Mountain Range. Previously conducted geophysics include gravity, magnetic and CSAMT surveys that have defined what appears to be a structurally complicated area with attendant magnetic destruction. Gravity lows within a gravity high of buried carbonates may be indicative of decalcification which is a major alteration type related to gold deposition in Carlin gold systems. Several gravity lows occur within the area of interest. Previous drilling intersected a 150’ thick zone of arsenic-antimony-gold mineralization in lower-plate carbonates 1.2 miles southwest of the exposed jasperoid in drill hole GBT-11-3. This intercept is evidence of the existence of a sizable footprint of Carlin-type mineralization on the property. Additionally, the area being explored is between the base of the Toiyabe Mountains and an uplifted block (horst) located ~1 mile to the west. The presence of horst blocks commonly indicates a structural architecture that is conducive to the formation of large Carlin-type gold deposits. Regulus has an option to earn a 50% interest in the Golden Brew property from Highway 50 by spending US$5,000,000 on exploration expenditures on the project over 5 years, and assuming the underlying third party lease payments and claim holding costs. The first US$500,000 of exploration expenditures is a firm commitment. Upon earn-in the parties will form a joint venture on a 50/50 basis. The scientific and technical disclosure in this news release has been approved by Gordon P. Leask, P.Eng., President and CEO of Highway 50 and a director of Regulus, and a Qualified Person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects). About Regulus Resou...