VANCOUVER, BC, Sept. 27, 2022 /CNW/ - Regency Silver Corp. ("Regency Silver" or the "Company", (TSXV: RSMX) (OTCQB: RSMXF) is pleased to announce that it has entered into an option agreement (the "Option Agreement") to option a 100% undivided interest in the Oso Blanco Claims located in the State of Sonora, Mexico.
The Oso Blanco claims cover an area of approximately 5,650 hectares and are located contiguous to the Company's Dios Padre project.
Sampling by the previous owner returned values as high as 545 grams per tonne silver and 2.1% copper. A previous trenching program returned values as high as 3.41 grams per tonne gold and 95 grams per tonne silver in a 2 meter trench.
In order to exercise the option, Regency Silver must pay the total sum of US$500,000 over 5 years, pay back taxes and mining filings currently estimated to be US$500,000 by March 31, 2023 and issue a total of 1,000,000 common shares over 36 months. Regency Silver must also pay a US$1,000,000 bonus upon a NI 43-101 resource being published, which estimates the area of mutual interest (as that term is defined in the Option Agreement) contains a minimum of 70 million silver equivalent ounces, or 1 million gold ounces or an equivalent value in precious or base metals, in the measured or indicated categories. The shares are subject to a four month hold period and the agreement is subject to the approval of the TSX Venture Exchange.
Regency Silver is a silver and gold 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 silver project in Sonora, Mexico.
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.
For further details about the Company please visit www.Regency-Silver.com.
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.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain forward-looking statements and forward-looking information (together, "forward-looking statements"). There can be no assurance that such statements will prove to be accurate and actual results and future events may vary from those anticipated in such statements. Important risk factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that TSX Venture Exchange acceptance of the option agreement will not be obtained, regulatory changes, fundraising, and risk associated with mineral exploration, including the risk that actual results of exploration will be different from those expected by management. The forward-looking statements in this news release were developed based on the expectations of management, including that Exchange acceptance for the proposed transaction will be obtained, conditions will be satisfied, required fundraising will be completed and the other risks described above will not materialize. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
