Regis Resources (ASX:RRL) - Managing Director, Jim Beyer
Managing Director, Jim Beyer
Source: Kalgoorlie Miner
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Regis Resources (RRL) has purchased a set of mineral tenements in Western Australia’s goldfields region
  • The company paid $10 million in shares to Stone Resources in exchange for the properties, the highlight of which is the Ben Hur tenement
  • Ben Hur’s mineral resource outlines 290,000 ounces of gold at 1.6 grams per tonne gold from 5.8 million tonnes of ore
  • Regis has flagged an immediate start to an infill drilling program once the acquisition goes through as the company looks to increase the grade and total of that mineral resource
  • Regis Resources shares are grey today, trading for $5.45 per share

Regis Resources (RRL) has purchased a set of mineral tenements in Western Australia’s goldfields region.

Through the acquisition, the company acquired a host of resource tenements from Stone Resources for $10 million in shares. The most notable of these properties is the Ben Hur tenement — its current mineral resource details 290,000 ounces of gold at 1.6 grams per tonne gold from 5.8 million tonnes of ore.

Significantly, Ben Hur was a key part of Stone Resource’s North Brightstar project in Laverton, situated in Western Australia’s goldfields region.

It will now be added to Regis’ regional Dukestone Greenstone Belt exploration program. The company says exploration work is set to commence as soon as the acquisition goes through.

That campaign will involve infill drilling and exploration work from Stone’s previous drill program, while Regis seeks to boost the grade of the aforementioned mineral resource.

In fact, Ben Hur has not been significantly explored since 2012, when 191 reverse circulation (RC) holes were sunk on the property for 21 kilometres.

Regis Resources Managing Director Jim Beyer said the acquisition of the resource and tenement package was “significant” for the company.

“The deal will enable Regis to potentially add the Ben Hur deposit to the Duketon Operation production portfolio,” Jim detailed.

“At the same time, the exploration tenure acquired with the Ben Hur deposit has the potential for additional ounces to be discovered and added to our already substantial resource and reserve holdings,” he continued.

“We are very excited by the potential for exploration success and I look forward to keeping investors informed as we move forward on these tenements,” Jim commented.

Regis Resources shares are grey today, trading for $5.45 per share at 10:35 am AEST.

RRL by the numbers
More From The Market Herald

" Appen (ASX:APX) positioned to weather pandemic, reaffirms guidance

Data annotation and artificial intelligence company Appen (ASX:APX) has today reaffirmed its guidance for the 2020…

" Appen (ASX:APX) beats earnings guidance, outperforms a weak market

Data annotation and artificial intelligence specialist Appen (APX) has soared today after beating its earnings guidance…
Appen (ASX:APX) - CEO, Mark Brayan

" Appen’s (ASX:APX) shares rise on business restructure

Machine intelligence company Appen (ASX:APX) has made some changes to the structure of its business.
The Market Herald Video

" Appen (ASX:APX) receives $1.17b takeover bid from Canadian tech giant

Appen (ASX:APX) has received an unsolicited $1.17 billion takeover bid from Canadian telco giant Telus International.