Regency Silver Corp. completes summer 2022 drill program at Dios Padre Property, Mexico
VANCOUVER, BC, Sept. 9, 2022 /CNW/ - Regency Silver Corp. ("Regency Silver" or the "Company") (TSXV: RSMX) (OTCQB: RSMXF) is pleased to announce the completion of its 2,000 metre, summer 2022, drill program at its flagship Dios Padre Property in Sonora, Mexico.
The drill program was supervised at site by Regency Silver Executive Chairman, Bruce Bragagnolo, and Director, Michael Tucker, P. Geo.
The 2,000 metre drill program was designed to test a large IP anomaly only 550 metres to the north of the existing Dios Padre historical workings to determine whether it represents a significant continuation of the mineralization at Dios Padre. The program was also designed to test for extensions to the existing Dios Padre mineral resource. The Dios Padre property has initial inferred resource of 9.5 million ounces of silver equivalent at a grade of 236 g/t. (1.25 million tonnes at 236 g/t AgEq). See below for details.
Final assay results are expected in early October. The Company will release the results shortly thereafter.
Bruce Bragagnolo, Executive Chairman stated: "We are excited to begin the next chapter of the growth of Regency Silver. We are hopeful that this drill program will assist in unlocking the potential of Dios Padre."
Regency Silver is a silver and gold exploration company focused on the Americas. Regency Silver is led by a team of experienced professionals with expertise in both exploration and production. Regency Silver's flagship project is the Dios Padre silver project in Sonora, Mexico.
The Dios Padre Property is the subject of a November 24, 2020, National Instrument 43-101 Technical Report entitled "Geological Report and Resource Estimate, Dios Padre property, Municipality of Yecora, Sonora State, Mexico". The Technical Report estimates an initial inferred resource of 9.5 million ounces of silver equivalent at a grade of 236 g/t. (1.25 million tonnes at 236 g/t AgEq). The report was prepared by Robert A. Lunceford, Gordon Gibson and Jesse D. Wellman, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and Form 43-101F1.
Previous drilling at Dios Padre has returned intercepts of up to 1.9 meters of 3220 g/t silver within a broader interval of 32.5 meters of 408 g/t silver, 5.2 meters of 1145 g/t silver, 12.4 meters of 558 g/t silver and 28.8 meters of 467.8 g/t silver. The initial inferred resource described above is from the area in and around the old mine workings only and, during the recent drill program, Regency tested a proximal, large IP anomaly to determine whether it represents a significant continuation of the mineralization at Dios Padre.
The technical information contained in this news release has been reviewed by Company director Michael Tucker, P.Geo, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101. Mr. Tucker is a director of the Company and for that reason is not considered independent. Mr. Tucker has read and approved the technical contents of this news release.
For further details about the Company, please visit www.Regency-Silver.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The scientific and technical information in this news release was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). The terms "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" used herein are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the "CIM Definition Standards"), which definitions have been adopted by NI 43-101. Accordingly, information contained herein providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.
You are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, "inferred mineral resources" are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.
Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the "SEC Modernization Rules"), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources". Information regarding mineral resources contained or referenced herein may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be "substantially similar" to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.
This news release includes certain forward-looking statements and forward-looking information (together, "forward-looking statements"). There can be no assurance that such statements will prove to be accurate and actual results and future events may vary from those anticipated in such statements. Important risk factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that TSX Venture Exchange acceptance of the option agreement will not be obtained, regulatory changes, fundraising, and risk associated with mineral exploration, including the risk that actual results of exploration will be different from those expected by management. The forward-looking statements in this news release were developed based on the expectations of management, including that Exchange acceptance for the proposed transaction will be obtained, conditions will be satisfied, required fundraising will be completed and the other risks described above will not materialize. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
SOURCE Regency Silver Corp
Regency Silver Corp., Bruce Bragagnolo, Executive Chairman, (604) 417-9517, Email: [email protected]; Gijsbert Groenewegen, Chief Executive Officer, Phone: 1-646-247-1000, Email: [email protected]
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