Regency Mines says PNG nickel project delayed by government uncertainty
Proactiveinvestors reports Regency Mines announced on Wednesday that its drilling work is continuing on the Mambare nickel joint venture in Papua New Guinea, but that visa delays may impact the planned work programme.
The company said that the delays, caused in part by political uncertainty surrounding the appointment of a new government, could restrict the scale of the drilling programme. Papua New Guinea last week swore in a new PM and cabinet sweeping aside the old guard ahead of general elections next year.
Proactiveinvestors (UK) reports Regency is awaiting full results from a ground penetrating radar programme and drill results are also pending.
Mambare is being explored through a 50-50 joint venture with Direct Nickel Ltd. Regency also told investors that it will ‘in due course’ gain a further interest in the project.
Apart from the Mambare lateritic nickel/cobalt deposit in Papua New Guinea, Regency Mines also has interests in:
- The central and southern parts of the sulphide nickel/gold prospective Lake Johnston greenstone belt in Western Australia.
- Licenses at Kambalda, Western Australia of significant gold/nickel potential.
- The entire Bundarra mining camp in Queensland, a substantial granodiorite pluton with a history of gold and copper production.
- Approximately 20.96% of AIM-listed Red Rock Resources plc, a gold exploration and production company with strategic stakes in steel feeds and in uranium/rare earths.