13th May 2015 16:43
LONDON (Alliance News) - Regency Mines PLC, a natural resources exploration and investment company, is expecting "interesting results" as it looks for phosphate deposits in Sudan, according to a statement on Wednesday.
The company said it has mobilised a geological team to the Jebel Abyad (Phos 7) Block in Sudan. Regency has farm-in rights under an option agreement with International Mineral Resources (Agrominerals Sudan) Ltd at the project.
The team, which is to be led by Regency geologists, is tasked with spending two weeks on the the site, where they are to carry out exploratioon work. The main goals of the programme are to "generate new phosphate anomalies and ground truth existing anomalies in order to advance the project towards drill testing".
"Since our last visit to Jebel Abyad, Regency has gained valuable and encouraging insights into both the geology and the prospectivity of the Block through a comprehensive analysis of ASTER satellite imagery. The ASTER targeting supported our ground observations and the upcoming programme will now further define our targets using cost effective methods such as alluvial channel sampling. We have taken a systematic approach at target generation in order to comb the vast area for significant phosphate deposits cost effectively. We anticipate interesting results," Gary Hurst, project manager, said in a statement.
Regency shares closed down 12% at 0.0660 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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