Regency's main interest in Australia consists of three tenements with an area of 271 sq km in the Fraser Range area. These tenements are concentrated along the margin between the Yilgarn craton, which covers most of the southern part of Western Australia, and the Albany-Fraser metamorphic terrane lying to the south and southeast of it.
This geological boundary has been the focus of the Company’s recent attention and is increasingly a hub of exploration activities by international and Australian mining and exploration companies. To the north-east lies the Tropicana gold discovery held by AngloGold Ashanti ltd, and adjacent to Regency’s Fraser Range tenements lies the nickel-copper discovery by Sirius Resources NL. These discoveries have opened up the entire area for new exploration models and the performance of some of the participants has attracted significant media attention.
Regency sold its interests in its Fraser Range project to Ram Resources ltd (“Ram”), a company listed on the Australian Stock Exchange (ASX:RMR). As a result of this transaction, Ram has been able to raise A$1.5 million and intends to carry out exploration and drilling in 2014. Regency is left with a 3.9% interest in Ram, the right to appoint directors, a royalty interest, and a 13.5% carried interest in the project and performance shares in Ram.
Ram has carried out geophysical and geochemical work and identified a number of targets for both gold and base metals. Any Ram success in the Fraser Range area would be a powerful stimulant for Regency’s own performance.
Regency’s early identification of the potential of the Yilgarn/Albany-Fraser boundary is an example of the Company’s emphasis on opportunistic development and value-enhancing acquisitions.
Further to the southwest we have interests in other tenements that are prospective for graphite and other minerals, including tenements adjacent to the Halbert high-grade graphite mine. Other tenements held in Australia include a historic gold-copper prospect in Queensland and a prospective base metals area adjacent to a significant recent discovery in Western Australia.
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