25th Feb 2014 16:21
LONDON (Alliance News) - Regency Mines PLC Tuesday said its 2013 field study at the Jebel Abyad concession in Sudan found the existence of widespread levels of phosphorous, identified two target horizons and defined an area of interest over 300 kilometres long within the concession.
The exploration and mineral investment company with interests in nickel and other minerals firms has farm-in rights at the Jebel Abyad site under an option agreement to obtain 51% ownership of the licence from International Mineral Resources Ltd.
The company said the areas of interest contain flat lying beds of ore at or close to the surface, suggesting target areas may be suitable for open pit mining.
Regency Mines added that further exploration work later in the year will be divided into two key components: near surface definition of targets and further greenfield exploration.
Regency Mines shares were up 2.9% to 0.324 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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