Regency Mines shares up on more positive Mambare results
Shares in Regency Mines (LON:RGM) were lifted this afternoon after it revealed further positive results from recent drilling at the Mambare nickel laterite project in Papua New Guinea.
Highlights of the work included one hole, which hit 35.6 metres at 0.99 per cent nickel and 0.09 per cent cobalt from 1.30 metres in depth.
This was the first result to come from Area 3 - infill drilling in the North Ridge part of the project - and confirmed the thick laterite mineralisation, which was identified in this zone during 2008, the firm said.
On Friday, Regency revealed results from the Plateau zone of the project, which confirmed the " significant grade and tonnage potential" of that zone.
The company told investors the zone may have the potential to host one of the world's largest nickel laterites.
One of the holes there returned the highest nickel grades encountered to date at the project, with 3.28 per cent nickel and 0.12 per cent cobalt being encountered in a 1 metre interval.
Today's results were derived from 270 samples from 12 holes. Of these 12 holes, nine included assayed intervals with nickel grades above 1 per cent.
And of the 270 samples tested, 130 were above 0.7 per cent nickel, including 59 above 1 per cent nickel. The weighted average grade for all samples is 0.74 per cent nickel, said Regency.
Mambare is being explored through a 50:50 joint venture, with Sydney based firm Direct Nickel Pty Ltd.
As at 12.55pm, shares in the firm were up 4.35 per cent, changing hands at 2.40 pence.
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