Regulus Resources Inc. (TSXV: REG) released on Thursday results of two additional drill holes from phase 2 drilling at its flagship AntaKori copper-gold-silver project in Peru.
One drill hole returned 610.20 m with 0.84% Cu, 1.02 g/t Au and 10.28 g/t Ag (1.66 % CuEq) from 3.7 m depth, which the company says is the longest intercept to date of over 1.5% CuEq mineralization.
Shares of Regulus Resources jumped by more than 12% on the news. The company’s market capitalization sits at approximately C$141.9 million.
“While this hole was an infill hole, the high-grade material intersected should upgrade our resource estimate at the end of our phase 2 program,” CEO John Black added.
The phase 2 program, running from October 2018 through the end of this year, is aimed at increasing the size of the 2019 AntaKori interim resource estimate. Drilling will continue with two rigs, expanding to four within the next month.
Located 4,000 metres above sea level in the Yanacocha-Hualgayoc mining district of northern Peru, the AntaKori project comprises a 212-hectare concession, with an additional 49 hectares pending to be added to the company’s portfolio.