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Regis Resources Ltd

Regis Resources moves towards maiden gold resource for Garden Well

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Regis Resources (ASX: RRL) has recently completed drilling of a further 68 Aircore holes and 22 RC holes at the Garden Well gold prospect and in the area to the north of Garden Well, moving it one step closer to a maiden resource.

A total of 208 Aircore holes (GDAC001 to 208) have now been drilled at the Garden Well Prospect and to the north and south of Garden Well.

The most recent Aircore drilling at Garden Well has focused on testing the western limits of shallow oxide gold mineralisation on a 40 metre by 40 metre grid.

The Garden Well prospect is located 35 kilometres south of the Moolart Well processing plant in Western Australia, which is under construction and due for first gold production in the September 2010 quarter.

Mark Clark, managing director, said the early results confirm that "the gold mineralisation continues in the fresh rock zone below the oxides."

"The infill testing of previous Aircore intersections in the shallow oxide zone also appear to be confirming the previously reported oxide mineralisation. With a confirmed strike length of 880 metres, these results continue to enhance the value of the Garden Well discovery."

"We will continue to expedite the drilling required to define the full extent of the discovery in order to allow calculation of a maiden resource for the Garden Well prospect,” he added.

A programme of RC drilling to test gold mineralised structures in fresh rock beneath the oxidised zone is in progress. This drilling is nominally on 80 metre spaced eastwest traverses.

A total of 22 RC drill holes (GDRC001 to 022) for 4,064 metres have been completed to date with results returned for the first eleven (11) holes. Through logistical necessity the RC drilling has progressed from the northern and southern extremities of the mineralised zone.

Regis expects drilling of the central area of the mineralized corridor to be completed over the next 4 to 6 weeks.

Early RC results indicate the gold mineralised structure continues to dip moderately steeply east below the oxidised profile. Gold grades range from 1.0 to 2.5g/t in sheared, mixed ultramafic and fine sedimentary rocks near an eastern sediment contact.

Previous Aircore drilling had defined an 880 metre northsouth strike length of economic gold mineralisation from 6912320mN to 6913200mN.

The company said the previous drilling had been wide spaced and limited to depths averaging around 80 metres at the top of fresh rock boundary. Current programmes underway are designed to commence the infill testing of existing Aircore intersections in the shallow oxide zone and to test the fresh rock zones below the oxides.

The results for Aircore holes GDAC140 to 144, 175 to 177, and 196 to 208 are pending. Results for RC holes GDRC012 to 022 are also pending.

Quick facts: Regis Resources Ltd

Price: $5.06

Market: ASX
Market Cap: $2.57 billion
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