Alberta-listed Golden Regent Resources (ASE) has taken over Golden Regent Minerals, a U.S.-based resource company.
The new company now becomes a wholly owned subsidiary of Golden Regent Resources and will be its operating arm for U.S. exploration. Under the deal, 600,000 Golden Regent Resources shares were traded for all the outstanding shares of the U.S. company.
Golden Regent acquires assets of $125,000, a working interest in 28,000 acres of petroleum leases in Nevada, a small amount of oil production in Kansas, and several Nevada mining properties.
On one of the properties, near Mina, Nev., exploration has outlined a 1,400-ft.-long mineralized zone which has returned trench samples of up to 0.07 oz. gold per ton.
In other news, work is under way on two of its five gold permits in Slovakia. At the Uderina property, a 1,300-ft.-long adit is being driven. To date, the adit has encountered altered and silicified rock, samples from which are being assayed.
On the Cinobana permit, three deep holes are being drilled. The holes are testing a zone in which shallow drilling encountered values of up to 0.2 oz. gold, along with 6% antimony and variable amounts of silver. The company is also negotiating with the Slovakian government for several additional permits.
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