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Regis Resources Declares Initial Mineral Resource Estimate at Western Australia Gold Prospect; Shares Gain 3%

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Regis Resources (ASX:RRL) declared an initial open-pit mineral resource estimate of 7 million tonnes at 1.1 grams per tonne grade of gold for 270,000 gold ounces for the Beamish South prospect at its Duketon gold project in Western Australia, according to a Friday filing with the Australian bourse.

The company said drilling at Duketon's Garden Well mine confirmed "strong mineralization" both within and up to 500 meters down plunge from the existing resource.

Drilling at the company's McPhillamys gold project in New South Wales confirmed gold mineralization extending to a minimum depth of 180 meters from the surface, while Tropicana project drilling in Western Australia also returned "highly encouraging results," per the filing.

"We see meaningful potential to grow our resource base and continue to extend mine life across the business," Regis CEO Jim Beyer said in the company's mid-year exploration update.

Share of Regis Resources gained 3% in recent Friday trade.

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