Regulus Intercepts 98.15m of 0.63% CuEq and 287.80 of 0.46% CuEq at the AntaKori Copper-Gold Project
NEWS RELEASE
Regulus Intercepts 98.15m of 0.63% CuEq and 287.80 of 0.46% CuEq
at the AntaKori Copper-Gold Project
September 14, 2022 (Vancouver, BC) - Regulus Resources Inc. ("Regulus" or the "Company", TSX-V:
REG, OTCQX: RGLSF) is pleased to report results from drill hole AK-22-052 from the AntaKori copper-gold
project in Peru. The goal of this drill hole was to test the continuity of skarn mineralization to the north and search
for additional information on breccia and porphyry intercepts at depth in nearby holes. Hole AK-22-052 was
drilled to 1,385.80 m before crossing the property boundary and the hole was stopped shortly thereafter. Hole AK-
22-052 intersected several intervals of skarn mineralization that expand the mineralized footprint and intersected
attractive mineralization in crackle-brecciated quartzites and porphyry dykes at depth.
Highlights
• 98.15 m of 0.63% CuEq in skarn/base-metal carbonate mineralization from 212.55 m depth
o Including 11.60 m of 1.86% CuEq from 291.80 m depth
• 131.75 m of 0.36% CuEq hosted in a rhyolite intrusion overprinted by base-metal carbonate mineralization
from 650.75 m depth
• 178.85 of 0.38% CuEq from 815.85 m depth
• 287.80 m of 0.46% CuEq in porphyry dykes/crackle-brecciated quartzites/quartzites from 1,098 m depth
o The porphyry dykes appear to be passive host rocks and are not the source of mineralization, but rather
are overprinted by mineralization from a different source
o Including 32.15 m of 0.77% CuEq hosted in porphyry intrusive rocks from 1,102.5 m depth
o And 16.70 m of 0.70% CuEq in quartz-healed breccias from 1,229.4 m depth
o And 41.80 m of 0.56% CuEq in quartz-healed breccias and porphyry dykes from 1,297 m depth
• The last 156.40 m of the hole runs 105 ppm Mo, suggesting we have may have entered the outer molybdenite
(“moly”) shell of a porphyry center
John Black, Chief Executive Officer of Regulus, commented as follows:
“When we completed our resource update in 2019, the strip ratio was already attractively low at 0.85/1. The
drilling completed recently to the north of the main resource to date, including Hole 52, is providing us valuable
data that should allow us to grow the in-pit resource and convert areas treated as waste in 2019 to resources
upon a new resource update. This should reduce the strip ratio even further. Hole 52 intersected several intervals
of skarn mineralization that continue to demonstrate the skarn system is open to the north. Like nearby holes,
recently completed Hole 52 intersected strongly fractured (“crackled”), silicified, quartz-healed and brecciated
quartzites at depth that are locally well mineralized (>1% CuEq), despite quartzites typically being poor host
rocks for mineralization. We also intersected numerous porphyry dykes of varying widths, which exhibit strong
veining associated with chalcopyrite ± bornite mineralization, which is encouraging. Hole 52 provides more
evidence there is a mineralizing source somewhere nearby. It could be below us, or laterally in any direction.
More drilling will be required to search for the source.”
Dr. Kevin B. Heather, Chief Geological Officer of Regulus, commented as follows:
“Geologically speaking, Hole 52 is very complex and exhibits multiple, overprinting styles of mineralization, as
is common in most large ore deposits. The upper portion of the hole consists of marble with incipient skarn
development that progresses downhole into prograde skarn with locally developed massive magnetite-sulphide
replacement bodies. This sequence is cross -cut by multiple, likely sub -vertical, gold-zinc±copper±lead
intermediate-sulphidation (base-metal carbonate) veins and fault structures. Locally, these vein/fault structures
can run multiple grams per tonne of gold across one-to-three-metre widths and can coalesce into much wider
zones of ten’s of metres. The lower portion of the hole encountered very interesting silicified and quartz-healed
breccias developed within the Farrat Formation quartzites that are cut by numerous feldspar porphyry dykes, all
of which exhibit more classic porphyry style mineralization consisting of quartz-chalcopyrite-pyrite-
molybdenite±bornite-anhydrite.”
Table 1 below provides more details on the mineralized intercepts encountered in AK-22-052. The location of the
reported drill hole as well as active and completed holes are indicated in Figure 1. Figure 2 displays a cross section
of AK-22-052. Figure 3 displays a closeup of the CuEq and Mo results found in the bottom portion of the hole.
Table 1 – AntaKori Drill Hole Results
From
(m)
To
(m)
Interval
(m)
Cu
(%)
Au
(ppm)
Ag
(ppm)
As
(ppm)
CuEq
(%)
AK-22-052
Interval 70.10 92.45 22.35 0.08 0.50 7.47 1,381 0.51
Interval 116.90 136.60 19.70 0.24 0.24 10.83 329 0.51
Interval 212.55 310.70 98.15 0.29 0.37 8.17 852 0.63
incl 291.80 303.40 11.60 0.70 1.19 33.41 5,181 1.86
Interval 332.30 344.50 12.20 0.39 0.12 7.70 169 0.55
Interval 650.75 782.50 131.75 0.17 0.21 4.42 538 0.36
incl 651.55 662.80 11.25 0.50 0.26 15.21 1,983 0.83
Interval 815.85 994.70 178.85 0.27 0.10 4.75 110 0.38
incl 815.85 866.05 50.20 0.45 0.18 6.99 355 0.64
Interval 1,010.75 1,038.85 28.10 0.13 0.07 2.77 119 0.21
Interval 1,098.00 1,385.80 287.80 0.39 0.06 3.18 756 0.46
incl 1,102.35 1,134.50 32.15 0.64 0.09 8.08 2,013 0.77
and 1,229.40 1,246.10 16.70 0.63 0.05 4.52 299 0.70
and 1,297.00 1,338.80 41.80 0.51 0.03 2.57 155 0.56
and 1,356.75 1,367.92 11.17 0.57 0.05 2.69 261 0.64
and 1,374.80 1,385.80 11.00 0.61 0.05 2.54 34 0.67
The grades are uncut. Cu Eq and Au Eq values were calculated using copper, gold and silver. Metal prices utilized for
the calculations are Cu – US$2.25/lb, Au – US$1,100/oz, and Ag – US$14/oz. All intervals presented above consist of
sulphide mineralization. No adjustments were made for recovery as the project is an early-stage exploration project and
metallurgical data to allow for estimation of recoveries is not yet available. The formulas utilized to calculate equivalent
values are Cu Eq (%) = Cu% + (Au g/t * 0.7130) + (Ag g/t * 0.0091).
Discussion of Results
Drill hole AK-22-052 was drilled at an azimuth of 220 degrees and an inclination of -82 degrees.
Drill hole AK-22-052 starts with 1.20 m of overburden material prior to entering calcareous sedimentary rocks of
Chulec Formation. From 1.20 m to 85.00 m, the hole encountered Chulec Formation massive and banded marble
intervals with weak prograde garnet-vesuvianite skarn alteration and minor retrograde chlorite-pyrite-magnetite-
chalcopyrite veins overprint. This skarn sequence is clearly overprinted by gold -zinc-silver ±lead ±copper
intermediate-sulphidation (base-metal carbonate) veins and fault structure s that are likely sub-vertical in
geometry. These veins can run multiple grams per tonne gold and multiple percent zinc over one to three metres
width and locally can coalesce into zones measuring several ten’s of metres in width. The mineralogy of this
mineralization is dominated by sphalerite-galena-pyrite and likely other sulphosalt minerals.
From 85.00 m to 210.00 m, the hole intersected well-developed skarn intervals of Chulec Formation intercalated
with semi-massive pyrite-magnetite-chalcopyrite skarn horizons. Skarn alteration in this zone is dominated mostly
by prograde skarn alteration assemblages with garnet-vesuvianite, but some intervals are overprinted by massive
retrograde epidote-chlorite skarn. Mineralization in this interval consists of traces of pyrite-chalcopyrite occurring
as disseminations and veins associated with retrograde skarn alteration.
From 210.00 m to 338.05 m, the hole intercepted well-developed skarn intervals of Chulec Formation intercalated
with semi-massive pyrite-magnetite-chalcopyrite skarn horizons. In this interval, retrograde epidote-chlorite skarn
alteration is the dominant assemblage and becomes stronger at depth. Skarn mineralization in this interval is
locally overprinted by 1-2 m width structures with chalcopy rite-sphalerite-galena base-metal carbonate
mineralization that post-date the skarn alteration but increase the overall grade in those areas.
The contact with Inca Formation is found at 338.05 m and consists of intercalations of hornfels and retrograde
chlorite-rich skarn horizons. Mineralization in this interval is generally weak and occurs as disseminations, veins,
and massive magnetite-pyrite-chalcopyrite horizons with a notable increase of magnetite content compared to the
overlying Chulec Formation skarn intervals.
From 415.40 m to 653.40 m, the hole encountered Farrat Formation quartzites and arkoses that are strongly
fractured with quartz-pyrite veins and locally brecciated with the open spaces in the veins and breccias healed
with drusy quartz and pyrite. This zone is cut by pyrite and molybdenite veins, as well as sporadic sphalerite-
galena-pyrite-chalcopyrite base-metal carbonate veins. The last 50 m of the reported interval displays well-
developed crackle-breccia textures and stronger pyrite mineralization within the quartzite host rock.
From 653.40 m to 782.50 m, the drill hole passes through a rhyolite intrusion with well developed flow-banding
and auto-brecciation textures that are sub-parallel to the drill hole axis, indicating it is likely a sub-vertical
intrusive body. The intrusion is affected by illite-kaolinite, quartz-sericite-pyrite alteration, with some chloritic
alteration relics with complex overprinting textures. Mineralization in this interval has a gold-silver-zinc ±copper
base-metal carbonate signature consisting of pyrite-chalcopyrite-tennantite-sphalerite-galena disseminations and
veins.
A 50-metre interval of Farrat Formation quartzites is found at 782.50 m, prior to entering a major interval of
feldspar-hornblende-biotite porphyry intrusion from 821.73 m to 1,297.00 m. This porphyry intrusion is affected
by chloritic alteration overprinted by strong sericite-quartz-pyrite alteration which is associated with moderate to
locally strong mineralization consisting of chalcopyrite-bornite-tennantite and galena-sphalerite occurring as
disseminations and veins. This intrusion has local zones of abundant wall rock xenoliths, especially in the lower
parts of the reported interval. These wall rock xenoliths include crackled quartzites and one 17-metre, clast-
supported breccia interval, with high-grade pyrite-chalcopyrite-bornite-tennantite-enargite mineralization.
From 1,297.00 m to the end of the reported interval at 1,385.80 m, the drill hole intercepted an intercalation of
strongly silicified, heterolithic, chaotic breccias developed within the Farrat Formation quartzites and arkoses that
are cut by several feldspar-hornblende-biotite porphyry dykes that are affected by strong sericite-quartz-pyrite
alteration and silicification. Mineralization in this interval is more classical porphyry style mineralization
consisting of quartz-chalcopyrite-bornite-enargite-tennantite-anhydrite occurring as disseminations and veins.
The last 156.40 m of this interval contains numerous quartz-molybdenite veins and averages 105 ppm Mo, which
suggests we may have entered the outer molybdenite (“moly”) shell of a porphyry center.
Project Update
Hole AK-22-053 is complete and ended at 727.4 m with assays pending. This hole was completed on Colquirrumi
ground where Regulus is earning up to a 70% interest. The goal of this hole was to add meterage towards the
7,500 m necessary to trigger the earn -in on Colquirrumi claims, and test for the eastern extension of
mineralization. Hole AK-22-054 is in progress and testing the northern extension of mineralization on the
property. At the time of this release, AK-22-054 was at approximately 900 m depth and AK-22-055 was just
getting underway and is adding meterage towards the Colquirrumi earn-in, as well as testing for the extension of
mineralization.
Upcoming Webinar
For more context, please join CEO John Black and Chief Geological Office Dr. Kevin B. Heather in a live event
on Monday September 26th at 2 pm EST / 11 am PST. Q&A will follow the presentation. Click here to register:
https://6ix.com/event/regulus-presents-corporate-update/.
Qualified Person
The scientific and technical data contained in this news release pertaining to the AntaKori project has been
reviewed and approved by Dr. Kevin B. Heather, Chief Geological Officer, FAusIMM, who serves as the qualified
person (QP) under the definition of National Instrument 43-101.
ON BEHALF OF REGULUS RESOURCES INC.
(signed) “John Black”
John Black
CEO and Director
For further information, please visit our website at regulusresoures.com or contact:
Ben Cherrington
Manager, Investor Relations
Phone: +1 347 394-2728 or +44 7538 244 208
Email: [email protected]
About Regulus Resources Inc. and the AntaKori Project
Regulus Resources Inc. is an international mineral exploration company run by an experienced technical and
management team. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern
Peru. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with
a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade
of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (independent technical report prepared by AMEC Foster Wheeler (Peru)
S.A. dated February 22, 2019, see news release dated March 1, 2019) . Mineralization remains open in most
directions.
Sampling and Analytical Procedures
Regulus follows systematic and rigorous sampling and analytical protocols which meet and exceed industry
standards. These protocols are summarized below and are available on the Regulus website at
www.regulusresources.com.
All drill holes are diamond core holes with PQ, HQ or NQ core diameters. Drill core is collected at the drill site
where recovery and RQD (Rock Quality Designation) measurements are taken before the core is transported by
truck to the Regulus core logging facility in Cajamarca, where it is photographed and geologically logged. The
core is then cut in half with a diamond saw blade with half the sample retained in the core box for future reference
and the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie, and identified with a unique
sample number. The core is typically sampled over a 1 to 2 metre sample interval unless the geologist determines
the presence of an important geological contact. The bagged samples are then stored in a secure area pending
shipment to a certified laboratory sample preparation facility. Samples are sent by batch to the ALS laboratory in
Lima for assay. Regulus independently inserts certified control standards, coarse field blanks, and duplicates into
the sample stream to monitor data quality. These standards are inserted “blindly” to the laboratory in the sample
sequence prior to departure from the Regulus core storage facilities. At the laboratory samples are dried, crushed,
and pulverized and then analyzed using a fire assay-AA finish analysis for gold and a full multi-acid digestion
with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for gold
are re-analyzed by fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise
ore-grade ICP analytical techniques.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements regarding Regulus, including management's assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and
uncertainties, most of which are beyond Regulus' control. Often, but not always, forward-looking statements or information
can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases
or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Specifically, and without limitation, all statements included in this press release that address activities, events or developments
that Regulus expects or anticipates will or may occur in the future, including the proposed exploration and development of
the AntaKori project described herein, the completion of the anticipated drilling program, the completion of an updated NI
43-101 resource estimate and management's assessment of future plans and operations and statements with respect to the
completion of the anticipated exploration and development programs, may constitute forward -looking statements under
applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond
Regulus' control. These risks may cause actual financial and operating results, performance, levels of activity and
achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus
believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that
such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the
date hereof and Regulus does not undertake any obligation to publicly update or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise, unless so required by applicable securities
law.
Figure 1 – Plan Map showing the location of drill hole collars and traces
Figure 2 – Cross Section displaying Hole AK-22-052
Figure 3 – Close up of CuEq and Mo results in bottom portion of AK-22-052. CuEq% (left), Lithology
(center), Mo_ppm (right)