Regulus receives Anta Norte drill platform permit

Sarama right in the middle of big exploration, corporate build-up

sarama resources

The company's geological hypothesis is that it will encounter more mineralisation to the north of AntaKori in the area now permitted for drilling where there are various geophysical anomalies which it believes may represent mineralization related to a porphyry centre (the magnetic low) surrounded by an annular ring of magnetite-bearing skarns (the magnetic highs).

Regulus has so far been drilling along the southern edges of these targets pending receiving the permit to install drill pads in Anta Norte. If one or more of the geophysical anomalies prove to be mineralised it would represent a material change for the scale and scope of the project.

Sarama right in the middle of big exploration, corporate build-up

sarama resources

Having received the environmental pass, the company can now apply for the Authorization to Initiate Exploration Activities (AIEA) permit required to begin drilling. Receiving the AIEA is an administrative procedure and should take no more than 45 days, once submitted. Regulus believes it will mobilise to Anta Norte towards the end of the first quarter 2020.

"Receiving the DIA is a significant milestone for Regulus. The geophysical anomalies to the north represent considerable upside for the AntaKori project and to date we haven't been able to test them directly due to lack of access," said CEO John Black.

"However, with the DIA now in hand we can mobilise a drill programme in 2020 to drill what we believe to be the future of the AntaKori project."

Recently released drilling results along the margin provided evidence to show that moving to the north will encounter low-arsenic skarn and porphyry hosted mineralisation.

Shares in Regulus Resources are trading at C$1.14, valuing the company at $104 million.