Regulus Stories All Remaining Holes From 2022 Drill Marketing campaign and Broadcasts Completion of Colquirrumi Claims Earn-In

Intersects 323.25 m of 0.49% Cu, 0.11 g/t Au and 6.30 g/t Ag, together with 109.65 m of 0.71% Cu, 0.15 g/t Au and 4.08 g/t Ag

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VANCOUVER, British Columbia, Feb. 01, 2023 (GLOBE NEWSWIRE) — Regulus Sources Inc. (“Regulus” or the “Firm”, TSX-V: REG, OTCQX: RGLSF) is happy to report the remaining drilling outcomes from its part two drilling program on the AntaKori copper-gold mission in Peru. Reported herein are the ultimate seven drill holes from the 2022 drill program, AK-22-053 by AK-22-059. Holes AK-22-053 and AK-22-055 have been designed to check parts of the Colquirrumi claims (at present owned by Buenaventura) the place Regulus can earn as much as a 70% curiosity within the claims by finishing 7,500 m of drilling. With this drilling, the brink has been met and Regulus has notified Buenaventura. Buenaventura now has a one-time proper till February 22, 2023, to both give Regulus a 70% curiosity within the claims or give Regulus a 30% curiosity within the claims and a money fee of US$9 million. If Regulus receives a 30% curiosity, it nonetheless retains open-pit layback rights on the Colquirrumi claims. Holes AK-22-054, AK-22-057 and AK-22-059 have been designed to develop the mineralized footprint of the AntaKori deposit to the north and east of present drilling. Holes AK-22-056 and AK-22-058 have been designed to fill in a niche within the present useful resource.

Highlights

Holes AK-22-053 and AK-22-055

• These holes have been designed to check the Colquirrumi claims to the east of at present outlined mineralization and to finish meterage in the direction of the earn-in settlement

• Regulus has now accomplished all the mandatory drilling on the Colquirrumi claims to set off the earn-in. Buenaventura has till February 22, 2023 to determine as as to whether they are going to give Regulus a 70% curiosity within the claims or claw-back by giving Regulus a 30% curiosity within the claims and paying US$9 M.

• Mineralization was comparatively weak in each holes

Gap AK-22-054

• 128.15 m of 0.08% Cu, 0.30 g/t Au and three.87 g/t Ag from 383.15 m depth

• 87.68 m of 0.34% Cu, 0.41 g/t Au and eight.62 g/t Ag from 541.10 m depth

• 80.49 m of 0.22% Cu, 0.18 g/t Au and a couple of.98 g/t Ag from 663.74 m depth

• 68.00 m of 0.20% Cu, 0.08 g/t Au and 1.32 g/t Ag from 827.00 m depth

• Gap 54 prolonged the mineralized footprint considerably to the north of current sources and opened an space for future drilling

Gap AK-22-056

• 403.55 m of 0.25% Cu, 0.18 g/t Au and seven.38 g/t Ag from 118.75 m depth

• 323.25 m of 0.49% Cu, 0.11 g/t Au and 6.30 g/t Ag from 811.75 m depth

• The outlet resulted in mineralization

• Gap 56 returned a number of lengthy runs of mineralization just like beforehand accomplished holes to the east and west

Gap AK-22-057

• 87.50 m of 0.11% Cu, 0.23 g/t Au and three.26 g/t Ag from 180.30 m depth

• 65.20 m of 0.19% Cu, 0.10 g/t Au and three.86 g/t Ag from 308.70 m depth

• Gap 57 encountered spotty mineralization indicating the mineralized footprint is weakening to the northeast of the mission

Gap AK-22-058

• 240.55 m of 0.38% Cu, 0.26 g/t Au and seven.05 g/t Ag from 388.95 m depth

• Gap 58 mineralization as anticipated with related grades to drilling accomplished to the east and west

Gap AK-22-059

• 26.50 m of 0.18% Cu, 0.66 g/t Au and eight.34 g/t Ag from 317.70 m depth

• Much like Gap 57, Gap 59 encountered spotty mineralization indicating the mineralized footprint is weakening to the northeast of the mission

John Black, Chief Govt Officer of Regulus, commented as follows:

“We’ve now accomplished our part two drill program on the AntaKori mission. The holes reported in the present day reveal that the mineralized footprint expands effectively past the present useful resource estimate at AntaKori and that mineralization stays open in a number of instructions. With the part two drill program full, we’ll transition to a useful resource estimate replace that we anticipate to be accomplished in H2-2023. So far, the Firm has targeted on growing the dimensions of the mineral useful resource at AntaKori with important success. As a part of our not too long ago introduced strategic funding from Nuton (a division of Rio Tinto), we’ll start to judge the potential of their sulphide leaching know-how on mineralization at AntaKori in addition to shift in the direction of specializing in early feasibility work to outline the very best choices for improvement of the mission. We’ve stopped drilling at AntaKori in the course of the wet season which generally ends by April. Through the downtime, we’ll consider the very best pathway ahead to additional improve or develop sources and start actions to greatest place the AntaKori mission for improvement.”

Dr. Kevin B. Heather, Chief Geological Officer of Regulus, commented as follows:

“Whereas the most recent drilling outcomes point out that mineralization stays open to the north and northwest, it now seems that the “porphyry-centre” that we had theorized was situated to the north of present sources is most certainly situated deeper beneath the present useful resource space, past the bounds of the shallow trying geophysics. That being mentioned, we intersected skarn and intermediate sulphidation mineralization effectively past the present limits of the recognized sources which might current alternatives for future drilling. Nonetheless, it is very important notice that the present useful resource in-hand at AntaKori, when mixed with the neighbouring reported Tantahuatay sulphide useful resource of Compania Minera Coimolache, already locations the “TantaKori” consolidated useful resource amongst one of many largest undeveloped copper tasks with general high-grade, very low strip ratio, all inside a brownfield improvement situation.”

Desk 1 beneath offers extra particulars on the mineralized intercepts encountered in holes AK-22-053 by AK-22-059. The situation of the reported drill holes is indicated in Determine 1. Figures 2 by 7 show cross sections of the varied holes reported herein.

Dialogue of Outcomes

Gap AK-22-053

Drill gap AK-22-053 was drilled to the NE at an azimuth of 33 levels and an inclination of -85 levels and was collared in Colquirrumi mineral concessions roughly 540 m southeast of AK-22-052.

From 2.2 m to 172.45 m the outlet intercepted the coarse-grained porphyry rocks of the San Miguel Diorite earlier than transitioning to calcareous rocks of the Chulec formation. From 172.45 m to 648.62 m the Chulec Formation consists of large and banded marble with traces of prograde skarn alteration and mineralization. From 648.62 m to 727.40 m (finish of gap) the outlet passes by a mixture of hornfels and semi large skarn intervals within the fine-grained sedimentary rocks of the Inca formation. Mineralization is comparatively weak all through the outlet.

Gap AK-22-054

Drill gap AK-22-054 was drilled to the NE at an azimuth of 38 levels and an inclination of -70 levels and was collared in Regulus mineral concessions in the identical drill pad as AK-22-052.

From 3.0 m to 537.65 m, the outlet intersected calcareous rocks of the Chulec formation. From 3.0 m to 99.85 m the Chulec Formation shows a mixture of large marble beds with weak prograde skarn alteration and mineralization. From 99.85 m to 221.50 m the outlet intersected a mixture of well-developed prograde skarn intervals and large marble horizons. From 221.50 m to 353.10 m the outlet continues with a mixture of each prograde and retrograde skarn alteration and mineralization, each getting stronger with depth. From 353.10 m to 427.78 m the outlet intersected a mixture of prograde/retrograde skarn mineralization and alteration and milled-matrix skarn breccias. From 427.78 m to 537.65 m the outlet continues by large prograde/retrograde skarn alteration and mineralization with some hornfels horizons, each kinds of mineralization getting stronger with depth. At 537.65 m the outlet transitions to the fine-grained sedimentary rocks of the Inca Formation, which continues till 613.65 m. The Inca Formation shows weak to sturdy retrograde skarn alteration and mineralization intermixed with horizons of large hornfels. From 613.65 m to 941.10 m (finish of gap) the outlet intersected quartzites of the Farrat Formation. The Farrat Formation is regionally intersected by porphyry dykes and shows crackled breccias related to intense pyrite veining.

Gap AK-22-055

Drill gap AK-22-055 was drilled to the SW at an azimuth of 213 levels and an inclination of -77 levels and was collared in Colquirrumi mineral concessions in the identical pad as AK-22-053.

From 4.05 m to 87.20 m the outlet intercepted the coarse-grained porphyry rocks of the San Miguel Diorite earlier than transitioning to calcareous rocks of the Chulec formation. The outlet stays within the Chulec formation till 405.70 m depth. From 87.20 m to 267.40 m the outlet intersects a mixture of large marble and prograde skarn alteration and mineralization. From 267.40 m to 485.20 m the outlet intersected a mixture of hornfels and large retrograde skarn alteration and mineralization. From 485.20 m to 825.00 m (finish of gap), the outlet intercepted quartzites of the Farrat Formation. Mineralization is comparatively weak all through the outlet.

Gap AK-22-056

Drill gap AK-22-048 was drilled to the SE at an azimuth of 215 levels and an inclination of -70 levels and was collared on the identical drill gap pad as AK-21-046, AK-22-048 and AK-22-049.

From 10.53 m to 34.60 m the outlet intersects a subvolcanic intrusion earlier than transitioning to calcareous rocks of the Chulec Formation. The outlet stays in Chulec Formation till 408.27 m depth. From 34.60 m to 121.10 m the outlet intersected a mixture of hornfels and large prograde/retrograde skarn alteration and mineralization. From 121.10 m to 408.27 m the outlet passes by an interval of well-developed prograde/retrograde skarn mineralization, regionally displaying semi-massive sulphide mineralization. From 408.27 m to 531.80 m the outlet intersected a porphyry intrusion that crosscut skarn mineralization. Regionally the porphyry is overprinted by quartz veining related to elevated gold and silver content material. From 531.80 m to 811.75 m the outlet intersected quartzites of the Farrat Formation. The Farrat, regionally show silicified/crackle breccia textures related to molybdenite mineralization. From 811.75 m to 1,135.00 m (finish of gap) the outlet intersected a porphyry intrusion which shows sturdy alteration, veining and mineralization.

Gap AK-22-057

Drill gap AK-22-057 was drilled to the SW at an azimuth of 218 levels and an inclination of -80 levels and was collared roughly 205 m southeast of AK-22-054.

From 7.20 m to 335.60 m the outlet intersects calcareous rocks of the Chulec Formation. From 7.20 m to 109.00 m the outlet intersected large marble horizons displaying traces of prograde skarn alteration and mineralization. From 109.00 m to 335.60 m the outlet intersected effectively developed prograde skarn alteration and mineralization. At 335.60 m the outlet transitions to the fine-grained sedimentary rocks of the Inca formation which continues till 430.05 m. The Inca Formation is a mixture of hornfels and weak retrograde skarn alteration and mineralization. From 430.05 m to 788.60 m (finish of gap) the outlet intersects quartzites of the Farrat Formation Silicified and crackled breccias are noticed within the final 100 m of the outlet.

Gap AK-22-058

Drill gap AK-22-058 was drilled to the SE at an azimuth of 224 levels and an inclination of -70 levels and was collared on the identical drill gap pad as AK-20-044, AK-22-047 and AK-22-050.

From 0.55 m to 191.30 m the outlet intersected a subvolcanic intrusion, displaying reasonable to sturdy quartz veining. From 191.30 m to 240.60 m the outlet intersects prograde/retrograde skarn mineralization within the calcareous rocks of the Chulec Formation. Regionally this interval is overprinted by intermediate sulphidation veining related to larger gold and silver content material. From 240.60 m to 294.85 m the outlet intersected a porphyry dyke, the dyke general is weakly mineralized. The outlet re-enters the Chulec Formation at 294.85 m which continues till 481.60 m. This interval of Chulec shows effectively developed prograde/retrograde skarn alteration and mineralization which is regionally enhanced by intermediate sulphidation mineralization. From 481.60 m to 631.40 m intersected breccias and porphyry dykes intruding the fine-grained sedimentary rocks of the Inca formation. This interval can be overprinted by intermediate sulphidation veining which regionally enhances mineralization. From 595.15 m to 631.40 m (finish of gap) the outlet intersects quartzites of the Farrat Formation, which regionally has been intruded by porphyry dykes related to elevated molybdenite mineralization.

Gap AK-22-059

Drill gap AK-22-059 was drilled to the SW at an azimuth of 195 levels and an inclination of -70 levels and was collared roughly 116 m northwest of AK-22-057.

From 5.40 m to 449.30 m the outlet intersects calcareous rocks of the Chulec Formation. From 5.40 m to 130.05 m the outlet intersects large marble regionally overprinted by prograde skarn alteration and mineralization. From 130.05 m to 348.60 m the outlet intersects effectively developed prograde skarn alteration and mineralization regionally overprinted by intermediate sulphidation mineralization. From 348.60 m to 449.30 m the outlet intersected fine-grained sedimentary rocks of the Inca Formation displaying weak prograde skarn alteration and mineralization. From 449.30 m to 500.04 m (finish of gap) the outlet intersected quartzites of the Farrat Formation.

Upcoming Webinar

For extra context, please be a part of CEO John Black and Chief Geological Officer Dr. Kevin B. Heather in a dwell occasion on February 2, 2023 at 11 am EST / 8 am PST. Q&A will comply with the presentation. Click on right here to register: https://my.6ix.com/NOWg4Zff.

Certified Particular person

The scientific and technical knowledge contained on this information launch pertaining to the AntaKori mission has been reviewed and accepted by Dr. Kevin B. Heather, Chief Geological Officer, FAusIMM, who serves because the certified individual (QP) beneath the definition of Nationwide Instrument 43-101.

ON BEHALF OF THE REGULUS BOARD
(signed) “John Black”
John Black
CEO and Director
Tel: +1 (604) 685-6800
Electronic mail: [email protected]

For additional info, please contact:

Regulus Sources Inc.
Ben Cherrington
Tel: +1 347 394 2728 or +44 7538 244 208
Electronic mail: [email protected]

About Regulus Sources Inc. and the AntaKori Challenge

Regulus is a global mineral exploration firm run by an skilled technical and administration workforce. The principal mission held by Regulus is the AntaKori copper-gold-silver mission in northern Peru. The AntaKori mission at present hosts a useful resource with indicated mineral sources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and seven.5 g/t Ag and inferred mineral sources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and seven.8 g/t Ag (unbiased technical report ready by AMEC Foster Wheeler (Peru) S.A., a Wooden firm, titled AntaKori Challenge, Cajamarca Province, Peru, NI 43-101 Technical Report, dated February 22, 2019 – see information launch dated March 1, 2019). Mineralization stays open in most instructions.

For additional info on Regulus Sources Inc., please seek the advice of our web site at www.regulusresources.com.

Ahead Trying Data

Sure statements concerning Regulus, together with administration’s evaluation of future plans and operations, might represent forward-looking statements beneath relevant securities legal guidelines and essentially contain recognized and unknown dangers and uncertainties, most of that are past Regulus’ management. Usually, however not all the time, forward-looking statements or info could be recognized by way of phrases resembling “plans”, “expects” or “doesn’t anticipate”, “is anticipated”, “finances”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “doesn’t anticipate” or “believes” or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “might”, “might”, “would”, “may” or “will” be taken, happen or be achieved.

Particularly, and with out limitation, all statements included on this press launch that tackle actions, occasions or developments that Regulus expects or anticipates will or might happen sooner or later, together with the proposed exploration and improvement of the AntaKori mission described herein, the completion of the anticipated drilling program, the completion of an up to date NI 43-101 useful resource estimate and administration’s evaluation of future plans and operations and statements with respect to the completion of the anticipated exploration and improvement applications, might represent forward-looking statements beneath relevant securities legal guidelines and essentially contain recognized and unknown dangers and uncertainties, most of that are past Regulus’ management. These dangers might trigger precise monetary and working outcomes, efficiency, ranges of exercise and achievements to vary materially from these expressed in, or implied by, such forward-looking statements. Though Regulus believes that the expectations represented in such forward-looking statements are cheap, there could be no assurance that such expectations will show to be right. The forward-looking statements contained on this press launch are made as of the date hereof and Regulus doesn’t undertake any obligation to publicly replace or revise any forward-looking statements or info, whether or not because of new info, future occasions or in any other case, except so required by relevant securities regulation.

Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

Determine 1 – Plan Map displaying the situation of drill gap collars and traces

Determine 2 – Cross Part displaying holes AK-22-053 and AK-22-055

Determine 3 – Cross Part displaying Gap AK-22-054

Determine 4 – Cross Part displaying Gap AK-22-056

Determine 5 – Cross Part displaying Gap AK-22-057

Determine 6 – Cross Part displaying Gap AK-22-058

Determine 7 – Cross Part displaying Gap AK-22-059

Pictures accompanying this announcement can be found at

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