Regulus Provides Update on Exploration Activities and Community Initiatives

VANCOUVER, BC / ACCESSWIRE / August 29, 2023 / Regulus Resources Inc. ("Regulus" or the "Company", (TSX-V:REG)(OTCQX:RGLSF) is pleased to provide an update on its exploration activities and ongoing community initiatives at the AntaKori copper-gold project in Cajamarca, Peru. With a substantial resource already defined, the Company is reviewing various pathways to unlock value at the AntaKori deposit. Management currently believes the best pathway forward is to integrate the AntaKori deposit with the neighbouring Tantahuatay Mine and sulphide project. As the Company actively pursues these opportunities, work continues on several fronts to set the stage for development of the project in the most efficient and profitable manner for the benefit of all stakeholders.

Exploration and Development Activities

The collaborative program with Nuton LLC, a Rio Tinto venture ("Nuton"), to evaluate primary copper sulphide and sulfosalt leaching is progressing well. The Nuton^TM technologies have the potential to process arsenic-bearing copper sulphides and sulfosalts with less impact on the environment and water resources than traditional concentrator processing (see news release dated December 22, 2022). The Company, working in collaboration with Nuton, has identified that the best pathway to provide near-term samples for Phase 2 column test work is to utilize the existing core the Company has stored in its warehouse. This means the Company can deliver samples to Nuton in the near-term instead of waiting for drilling to be completed. The Company plans to ship core samples to Nuton in Q3-2023 with complete Phase 2 column test results expected in approximately one year. This will result in significant cost savings for the Company as it means there is no requirement in the near-term to complete new drill holes specifically for metallurgical testing.

The Company has been working with the nearby community of Tingo over recent months to gain social license to begin exploration activities on the claims where Regulus can earn up to a 60% interest from Gold Fields Ltd. (the "GF Claims") (see news release dated February 16, 2021). As a result of dialogue with the community, the Company has gained access to the GF Claims, certain 100% owned Regulus claims, and claims owned by the Regulus/Buenaventura joint venture where Regulus has a 70% interest (see Figure 1) to complete geological mapping, geochemical sampling, and a ground magnetics geophysical survey (See Figure 2). A total of 190 surface geochemical samples have been collected and sent to the laboratory for full geochemical analysis. The ground magnetics geophysical survey has been completed and negotiations are underway to extend the area of surface access agreements to allow for the completion of an IP/Resistivity survey. This area is located immediately to the east of the Tantahuatay Mine and has several historical, small-scale underground and open-pit operations that mined high-grade copper-gold mineralization between the 1940s and 1970s. Limited exploration has been completed in this region since that time due to restricted access. The Company views investment in this area as strategic for several reasons: (1) it begins the investment requirements towards earning an interest in the GF Claims, (2) it strengthens the Company's relationship with the community of Tingo and (3) the area is prospective from an exploration perspective, given the historical mining activity. The Company anticipates this first stage of exploration activities in this area will define future drill targets, although more surface work may be required. The permitting process has been initiated to allow for drilling as warranted by Q2-2024.