VANCOUVER, BC, Jan. 10,
2023 /CNW/ - Regency Silver Corp. ("Regency
Silver" or the "Company", (TSXV: RSMX) (OTCQB: RSMXF) is pleased to
announce that the drill has arrived on site and drilling will
recommence this week at its flagship Dios Padre Property in
Sonora, Mexico. The drill program
is being supervised at site by Regency Silver Executive Chairman,
Bruce Bragagnolo, and Director,
Michael Tucker, P. Geo.
Regency anticipates drilling a minimum 3,000 metres as an
initial follow up to the successful drilling program completed in
August, 2022. Regency's first drill program, post IPO, included
hole REG-22-01 which yielded an intercept of 4.7 g/t
gold, 0.67% copper and 23 g/t silver over 53.8
metres, and included 35.8 metres of 6.84 g/t gold,
0.88% copper and 21.82 g/t silver, starting at
420 m depth down hole along with
13.97 g/t gold, 50.25 g/t silver and 1.11 % copper
over 9.8 metres starting at 460.5m down hole. Drilling will focus on
expanding this intersection both up and down dip as well as
laterally to the east and west as the intersected mineralization is
unconstrained in all directions. The drill has in excess of a
1,000m capacity.
An Induced Polarization geophysics program to provide 3D
information to a depth of 800m is
also scheduled to begin this week.
The current drill and IP program is fully funded from the
proceeds of our recently completed private placement of 10,795,000
common shares at a price of $0.20 per
share for gross proceeds of CAD$2,159,000. The current drill program is
scheduled to last until the middle of March, 2023. Assay results
are expected to take up to four weeks from the date of
delivery of material.
Gold-Copper-Silver mineralization in REG-22-01 is largely
breccia hosted, with sulphides (pyrite, chalcopyrite) forming the
breccia matrix. The core of the mineralized zone sits within and
adjacent to a felsic intrusive body, though mineralization is
present both within the felsic unit as well as the host
andesites.
Both rock units are strongly altered to white mica and silica.
Gold and copper values correlate well with increased sulphide
abundance, and coarse visible gold (VG) was found in some of the
more gold-rich areas. The current hypothesis is that this zone
represents a down-dip extension of the Dios Padre silver mine where
we have moved further up the temperature gradient of the system
from an Ag-Pb-Zn dominant assemblage in the old mine workings, to
a Au-Cu dominant assemblage down-dip.
The current hypothesis is that this mineralization is driven by
magmatic fluids and that the mineralization intersected in
REG-22-01 represents a step closer to the magmatic source. The
current drill and IP program is designed to determine more
specifically what type of broad, mineralizing system is present at
Dios Padre.
Bruce Bragagnolo, Executive
Chairman stated: "We are excited to begin the next chapter of the
growth of Regency Silver. The current drill and IP program is
designed to verify management's model of a large, district scale
magmatic-hydrothermal gold-copper-silver system."
For further details about Regency Silver please visit the
Company's website at www.Regency-Silver.com.
Technical Information
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.
ABOUT REGENCY SILVER
CORP.
Regency Silver is a gold-copper-silver 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
gold-copper-silver project in Sonora,
Mexico.
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.
Cautionary Note Regarding Forward-Looking
Statements: This news release includes certain
forward-looking statements and forward-looking information
(together, "forward-looking statements"). All statements other than
statements of historical fact included in this release, including,
without limitation, statements regarding the optioning of the
Project by the Company. 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 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