Regency Silver Corp (TSXV: RSMX) (OTCQB: RSMXF) discovered intersections of wide zones of high-grade gold and copper mineralization on its Dios Padre Property in Sonora state of Mexico.
On Monday, the company announced the drill results from its follow-up drill program discovered gold and copper mineralization including 35.8 metres of 6.84 g/t gold, 0.88 per cent copper and 21.82 g/t silver. The ongoing follow-up drilling program began on Jan. 15th, and seven holes have been completed so far, totalling 4,250.85 meters of drilling.
Additionally, hole REG-23-14 intersected 35.9 meters of 5.51 g/t Au, including 29.4 meters of 6.32 g/t Au, around 25 meters down-dip from REG-22-01. REG-23-15, located around 65 meters down-dip from REG-23-14 and 90 meters down-dip from REG-22-01, intersected 128.35 meters of 0.84 g/t Au, including 57.95 meters of 1.49 g/t Au and 32.5 meters of 2.23 g/t Au.
Six of the seven holes intersected the target pyrite-specularite-chalcopyrite supported breccia zone that hosts Au-Cu mineralization. The eighth hole of the program, REG-23-20, is currently drilling and targeting around 50 meters down-dip from REG-23-19.
The drilling is being funded by the proceeds of the recently completed $2.5 million private placement and the exercise of broker warrants, and drilling is expected to continue at Dios Padre for the foreseeable future. Regency Silver arranged the private placement for up to five million common shares at a price of 40 cents per share with the intended proceeds being $2 million, which was then upsized in late March to $2.5 million.
(1/2) Regency Silver just announced a major gold-copper-silver discovery at the Dios Padre project🏅
🎥 Watch our latest Investor Update video to learn more pic.twitter.com/LOBWAGjqoU
— Regency Silver Corp (@regencysilverco) October 13, 2022
Read more: Vizsla Copper aeromagnetic surveys detect high-grade copper and gold at Woodjam Project
Gold and copper mineralization occurs in multiple overprinting events
Notable observations from Regency Silver’s latest drilling results include that gold and copper mineralization appears to occur in multiple, mutually overprinting events, which is common in many porphyry-related systems.
“The program at Dios Padre is shaping up in line with our elevated expectations. Intersecting extensions of the same zone in six of seven holes so far is allowing us to refine our model,” said Regency Silver’s lead geologist Michael Tucker.
“The system is clearly multi-stage with localized zones of high-grade gold-copper mineralization. With more data and the integration of the geophysics. we will be able to refine our targeting and vector in on the highest-grade portions of what is shaping up to be an extensive breccia system.”
Mineralization still appears to be dipping to the north, but there also appears to be a dip to the east, as holes to the west intersect the breccia shallower than holes to the east. Specularite-alunite appears to be the most distal alteration associated with the mineralizing system, and gold mineralization appears to be more intimately associated with pyrite abundance than specularite abundance.
Plan map showing the location and drill traces of all holes completed to date. Image via Regency Silver Corp.
Regency also conducted a 3D Induced Polarity survey from January to March 2023, which successfully connected the chargeable zones in and around the drill areas all the way up dip to the old mine workings, outlining an approximately 900 meter wide by 1000 meter long zone of strongly chargeable rock.
The best drilling results seem to occur in the deepest portion of the chargeability high, providing an additional vector for drill targeting.
Induced polarity is a geophysical method used to detect and measure the electrical chargeability of subsurface rocks and minerals. The method involves sending an electrical current into the ground through two electrodes, and then measuring the voltage response in the surrounding rock using two other electrodes.
Drill core samples were submitted to ALS Global’s analytical facility in Hermosillo, Mexico, for preparation and analysis. Sample preparation included drying and weighing the samples, crushing the entire sample, and pulverizing 250 grams.
Analysis for gold was by method Au-AA23, with a lower limit of 0.005 ppm and an upper limit of 10 ppm. Analysis for silver and base metals was by method ME-ICP61m. Quality control samples were inserted at regular intervals within the sample stream to monitor laboratory performance.
Regency Silver shares dropped 36.7 per cent on Monday to trade at $0.38 on the TSX Venture Exchange.
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