15th Oct 2014 09:24
LONDON (Alliance News) - Regency Mines PLC Wednesday announced the mobilisation of a field programme to the Red Sea concession in Sudan, a project where the natural resources exploration company has farm-in rights under an option agreement with International Mineral Resources (Agrominerals Sudan) Ltd.
In a statement, Regency Mines, which has interests in oil in the UK and US, as well as nickel and other minerals in Australia, Papua New Guinea and Sudan, said a team led by its geologists has been mobilised to Sudan to spend two weeks on-site carrying out exploration work on the Red Sea potash prospect. The primary goal of the programme is to generate potassium anomalies for future drill testing.
The team plans to achieve its goal by developing a better understanding of the three-dimensional geometry of the Dungunab Formation.
According to Regency Mines, potassium-rich salts within the Dungunab Formation are indicated in historic oil well records and cross-sections.
Work will include geological mapping, sampling, handheld XRF analysis, ground radiometrics, auger drilling, pitting and trenching. All samples considered prospective for potash will undergo laboratory analysis.
The team will be based from 4-wheel drive mobilised field camps for the duration of the trip and will be working with geologists from the Sudanese Ministry of Minerals.
"Since our last visit to the Red Sea, Regency has gained valuable insights into both the geology and the prospectivity of the concession through the acquisition of historic well log data, reports and ASTER satellite imagery. The programme now underway will build on that knowledge in an essential next step to progress the project towards drill targeting of what we hope will be economically significant potash deposits. The location of the project, only kilometres from the Red Sea coast and near a major port, positions it well to supply key agromineral markets in India and China," Chairman Andrew Bell said in a statement.
Regency Mines shares were Wednesday quoted down 5.2% at 0.308 pence.
By Samuel Agini; [email protected]; @samuelagini
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