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 Resources Inc.
Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties located in North and South America. The principal project held by Regulus is the AntaKori copper-gold-silver project in N. Peru. The AntaKori project currently hosts an inferred resource of 294.8 million tonnes with a grade of 0.48% Cu, 0.36 g/t Au and 10.2 g/t Ag based upon 17,950 m of drilling by previous operators (see Southern Legacy Minerals press release of July 3, 2012 – Southern Legacy Minerals and the Company entered into a business arrangement in 2014 and kept the name Regulus Resources Inc.) Mineralization remains open in most directions and drilling is currently underway to confirm and increase the size of the resource.
About Highway 50 Gold Corp.
Highway 50 Gold Corp. is a mineral exploration stage company led by a team of experienced explorers and deal-makers. The Company is executing an exploration plan refined over 25 years of experience in Nevada and the Aldridge Formation of southeastern B.C. The exploration focus on its projects are a result of what management believes to be breakthroughs in the understanding of north-central Nevada’s crustal architecture and new geological understanding on the Monroe property in B.C.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note This news release contains certain forward-looking statements, including statements regarding the companies’ proposed plans for the exploration of the Golden Brew property; and the business and anticipated financial performance of the companies. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the companies may not obtain satisfactory results from its drilling program and exploration activities, changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly, the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The companies do not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
CONTACT: For additional information please contact: Regulus Resources Inc. John E. Black, CEO / Director Phone: +1 303 618-7797 mobile +1 720 514-9036 office Email: [email protected] Highway 50 Gold Corp. Gordon P. Leask, P.Eng. or John M. Leask, P.Eng. Tel: 604-681-4462 Email: [email protected] or [email protected]