BASE METALS

Regulus rises as drilling resumes at AntaKori

Shares in Regulus Resources rose almost 18% yesterday as the company announced improved community relations and resumed drilling at its AntaKori project in Peru.

Staff reporter
 Drilling has resumed at Regulus Resources’ AntaKori project in Peru

Drilling has resumed at Regulus Resources’ AntaKori project in Peru

Regulus had suspended drilling at the copper-gold project in late 2020 after concerns were raised about discolouration and potential contamination of the Aguas Coloradas Reservoir.

The company stated in March this was not due to its drilling, following testing by government agencies and an independent consulting firm.

It said efforts to communicate the results with local and regional stakeholders had encountered "numerous delays" due to COVID-19 and Peru's federal elections.

However CEO John Black said yesterday the company had since made significant progress and had received strong support from local stakeholders.

Regulus planned to launch additional projects to improve access to clean drinking water and agricultural production but said this was linked to its ability to continue exploring AntaKori.

"We are confident that advancing AntaKori in a socially and environmentally sustainable manner will be mutually beneficial to all stakeholders," Black said.

Regulus had restarted drilling at the Anta Norte target and planned to add a second rig in January, to follow-up on a 2019 hole which returned 473.2m at 1.39% copper-equivalent.

AntaKori has an indicated 4.1 billion pound Cu-eq resource and an inferred 3.9Blb Cu-eq, using a 0.3% cut-off.

 

Regulus expanded its holdings around AntaKori in February, signing an option with Gold Fields to earn a 60% interest by spending US$3.5 million over three years.

The company had C$11 million in cash at June 30.

Regulus shares closed up 17.8% to $1.06, a midpoint in its one-year range, capitalising it at $108 million (US$85 million).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.