2023-03-24 13:21:10
VANCOUVER, BC, March 24, 2023 /CNW/ – Regency Silver Corp. (“Regency Silver” or the “Company”) (TSXV: RSMX) (OTCQB: RSMXF) is pleased to announce that it has arranged, subject to regulatory approval, a non-brokered private placement of up to 5 Million common shares at a price of CAD$0.40 per share for gross proceeds of CAD$2.0 Million. Closing of the private placement is anticipated to take place on or before Wednesday, March 29, 2023.
There will be finders fees payable in cash or securities, as permitted by the policies of the Exchange equal to 6% of the proceeds raised by the finder.
All common shares issued under the private placement will be subject to a four month hold period, in accordance with applicable Canadian securities laws.
The proceeds will be used for ongoing drilling on the flagship Dios Padre property of Regency Silver and for general working capital. The 2023 ongoing drill program is progressing well with 6 core drill holes completed since the middle of January. Regency is currently drilling the seventh hole.
The ongoing drill program is designed to follow up on discovery Hole REG 22-01 drilled in 2022. REG 22-01 yielded 35.8 metres of 6.84 g/t gold, 0.88% copper and 21.82 g/t silver.
The follow up drill program began on January 15th 2023. The visual results of the first three holes totaling 1,974m of drilling were reported in our February 23, 2023 news release.
Holes 4, 5 and 6 of the drill program are designed to find continuity of the breccia 50m to the west of Hole REG 22-01.
Highlights of the program as reported in our February 23 news release include:
- REG-23-14 intersects 32m of pyrite-specularite-chalcopyrite supported breccia from ~454-486m within a broader zone of disseminated and vein hosted mineralization ~25m down dip from REG-22-01.
- REG-23-15 intersects 120m of specularite-pyrite-chalcopyrite supported breccia from ~400-520m (Figure 3a,b,c,d and e) within a broader zone of disseminated and vein hosted mineralization ~85m down-dip from REG-22-01 and ~62m down-dip from REG-23-14.
Assay results for the first 3 holes are expected by mid April.
The data collection portion of the Induced Polarization (IP) program on the Dios Padre property has been completed. The results of the IP program are also expected before mid April.
For further details about Regency Silver please visit the Company’s website at www.Regency-Silver.com.
Technical Information
The technical information contained in this news release has been reviewed by Company director Michael Tucker, P.Geo, who is recognized as a Qualified Person under the guidelines of National Instrument 43-101. Mr. Tucker is a director of the Company and for that reason is not considered independent. Mr. Tucker has read and approved the technical contents of this news release.
ABOUT REGENCY SILVER CORP.
Regency Silver is a gold-copper-silver exploration company focused on the Americas. Regency Silver is led by a team of experienced professionals with expertise in both exploration and production. Regency Silver’s flagship project is the Dios Padre gold-copper-silver project in Sonora, Mexico.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
