Regulus Resources’ Copper Gold Deposit in Southern Peru
Regulus Resources is a company that started as a spin-out with Antares Minerals. The same team that we have today had the good fortune to discover and drill out the AntaKori deposit. It is in southern Peru, which we sold the first quantum for about 650 million dollars in 2010.
We were fortunate to identify a very exciting copper-gold deposit. The deposit is 295 million tons at 0.48 percent copper, 0.36 grams per tonne gold. And we’ll be drilling with many rigs as we try to define the outer limits.
Regulus Resources Inc. was formed in December 2010. It’s in connection with the sale of Antares Minerals Inc. to First Quantum Minerals Ltd. The Antares team is responsible for the discovery of the Haquira porphyry copper deposit. It leads to the sale of Antares, is seeking to build on that experience and make another major discovery.
Regulus was initially established to continue exploration at the 100% held Rio Grande Au-Cu-Mo porphyry project in northern Argentina. The Company put the Rio Grande project on “hold” in 2013 and began pursuing opportunities for new mineral projects with good potential for significant discoveries. In September 2014, the Company completed a merger with Southern Legacy Minerals Inc. (“Southern Legacy”). The primary objective of the merger was to acquire the AntaKori Cu-Au-Ag project in northern Peru, which is now the flagship project for Regulus. The AntaKori project is located near several large-scale gold and copper deposits and has an initial NI 43-101 resource of almost 300 million tonnes with attractive grades of copper and gold. Management is confident that further work will expand the current deposit to a size that will be of interest to major mining companies.
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