Regal Resources increases Kalongwe Resource by 75 per cent

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THE DRILL SERGEANT: Regal Resources (ASX: RER) has released an upgrade to the Mineral Resource estimate, for the Kalongwe deposit, in the Democratic Republic of Congo.

The new Measured, Indicated and Inferred Mineral Resource totals:

11.17 million tonnes at 2.7 per cent copper (0.5% Cu cut off), including 29.700 tonnes copper; and

2.29 million tonnes cobalt at 0.57 per cent cobalt (using 0.2% Co cut off).

The new numbers represent almost a 75 per cent conversion of the deposit’s previous Inferred resource in to Measured & Indicated categories.

 

Kalongwe copper-cobalt project – Mineral Resource estimate (February 2015). Source: Company announcement

Regal explained the upgraded Mineral Resource estimate incorporates all drilling results from a Phase II infill program, which targeted the upper part of the deposit in the areas the company considered to be amenable to open pit mining.

The company said that not only does the new Mineral Resource estimate represent an increase in both the quality and quantity of the Kalongwe Mineral Resource compared to the previous estimate announced in July 2014, it also reinforces the coherence and strong continuity of high-grade oxide copper mineralisation in the near surface portion of the deposit.

Regal said it expects this to deliver copper grades above the average resource grade early in the mine life.

“The updated Mineral Resource estimate for the Kalongwe Mining Joint Venture project is confirmation of the robustness of the Kalongwe project and a major step forward in realising the ambitious objective of developing a mining operation for the Kalongwe JV partners,” Regal Resources managing director David Young said in the company’s announcement to the Australian Securities Exchange.

“The quality of the resource estimate is of special significance as it has confirmed and underpinned by some way the initial estimate of the resource potential inferred by the exploration team.

“With the completion of updated resource estimate the JV is now in a position to complete the scoping level work to examine various production scenarios including staged development aimed at minimizing upfront capital expenditure.”

Website: www.regalresources.com.au