Reservoir Minerals Inc.: Underground Sampling Confirms High-Grade Silver-Lead Mineralization at the Plandiste Prospect, Parlo...
May 13 2014 - 3:30PM
Marketwired Canada
Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) ("RMC"
or the "Company") is pleased to report results of recent exploration at the
Parlozi silver-lead-zinc Project in central Serbia with partner Midlands
Minerals Corporation ("Midlands") (TSX VENTURE:MEX). Results of channel sampling
across a mineralised structure in the rehabilitated Plandiste underground adit
yielded a weighted average of 20.79% lead, 670.6 g/t silver and 0.44 g/t gold
over a true thickness of 6.0 meters.
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "Reservoir
Minerals is pleased that the recent results confirm the continuity at relatively
shallow depths of high-grade silver-lead mineralisation in the Plandiste
prospect. The Company is encouraged that the Plandiste prospect is shaping up to
be as prospective as the nearby Parlozi prospect where earlier validation
drilling identified high-grades of lead-zinc-silver-gold mineralisation."
Plandiste Adit Sampling
The Plandiste adit provided underground access for exploration and mining of
silver-lead-zinc veins and replacement mineralisation, probably during the first
half of the 20th century. Surface evidence of historical exploitation consists
of numerous pits and shallow shafts over an area of approximately 1000 x 750
meters. The rehabilitation of the Plandiste adit (elevation +195 meters) allowed
Company geologists to map and sample mineralised structures. The objective of
the sampling was to test for the presence of zinc-lead-silver mineralisation at
depths of up to 90 meters beneath the old workings, and extensions from
previously mined stopes.
Company geologists mapped the mineralisation in the adit and supervised the
collection of continuous chip-channel samples, random chip samples, and selected
grab samples from the mineralised structures. The mineralisation in the adit
consists of partially oxidised galena and pyrite on fault zones and as
structurally controlled replacements in the calcareous host rocks (marls,
calc-arenites, conglomerates). A map showing the location of all samples (total
39) is provided on the Company website (www.reservoirminerals.com), and
significant results are provided in Table 1.
Table 1: Significant results from samples collected in the Plandiste adit.
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Sample True
Sample Length Thickness Pb Ag Au
Sample No Type(i) (m) (m) % g/t g/t
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PA 105436 Selected 13.15 548.0 0.46
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PA 105442 Channel 0.5 0.5 27.03 568.0 0.33
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PA 105451 Selected 6.61 70.6 0.24
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PA 80794 Channel 1.0 0.8 17.10 502.0 0.10
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PA 80795 Random 9.61 55.9 0.37
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PA 80797 Channel 1.5 1.2 3.99 21.1 0.20
----------------------------------------------------------------------------
PA 80798 Channel 3.0 2.4 22.91 1355.0 0.25
----------------------------------------------------------------------------
PA 80799 Channel 3.0 2.4 27.08 311.0 0.75
----------------------------------------------------------------------------
PA 81125 Selected 27.97 1215.0 0.08
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PA 81126 Selected 10.30 173.0 0.06
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PA 81127 Random 3.84 119.0 0.24
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PA 81128 Random 4.28 146.0 0.16
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(i) Channel samples collected as representative chips along a predefined
line
Random chip samples collected as random chips within a predefined
surface area of outcropping rock, and are not fully representative of
the average grade
Selected grab samples collected from mineralised rock, and are not
representative of average grade
Samples PA 80797, 80798 and 80799 were collected continuously across a 7.5
meters wide (apparent thickness) structure, and yield a weighted average of
20.79% lead, 670.6 g/t silver and 0.44 g/t gold over a true thickness of 6.0
meters.
The values for zinc and copper are not included in Table 1 since they are not
considered to be material. The maximum value for zinc recorded in all the
samples was 0.40%, and the maximum value for copper was 0.12%.
Parlozi Project
The 91 square kilometer Parlozi exploration permit covers multiple occurrences
of historic zinc-lead-silver mining in the Kosmaj-Babe area of the Sumadija
mining district in central Serbia. Midlands has a definitive option agreement
("Parlozi Option Agreement" with Reservoir to earn up to a 75% interest in the
Parlozi project (Company News Release April 7th, 2014).
The Parlozi Option Agreement provides that Midlands can earn an initial 51%
interest in the Project by spending CDN$4.5 million on exploration over four
years. A minimum spend of CDN$500,000 before September 30, 2014, including
reimbursement of exploration expenditures on the project by Reservoir since June
6th, 2013 and 1,500 meters of drilling, are firm commitments. Thereafter,
Midlands can earn an additional 14% interest over two years by obtaining a
mining exploitation permit from the Serbian Government and a further 10% (for a
total of 75%) by completing a bankable feasibility study within two years of
obtaining a mining exploitation permit. Midlands have reimbursed Reservoir CDN$
103,757 for previous exploration expenditures.
The Plandiste prospect is located approximately 1.4 kilometers west of the
Parlozi prospect, where the Company drilled a validation drill hole of 600
meters depth (drill hole PA-1). Maps and further information on the Project are
provided on the Company website (www.reservoirminerals.com).
Sample Analysis and Quality Control:
Sample preparation was undertaken by ALS Chemex at Bor, Serbia, gold was
analysed by fire assay with AAS finish at the ALS Chemex ISO 17025 accredited
laboratory in Rosia Montana, Romania, and by ICP-MS at the ALS Chemex ISO 17025
accredited laboratory in Loughrea, Ireland. Samples containing greater than 100
g/t silver, and 1% lead were reanalysed by ICP-AES, and samples containing
greater than 20% lead were reanalysed by volumetric titration with EDTA (this
method is specifically for high grade lead in ores and concentrates) at the ALS
Chemex ISO 17025 accredited laboratory in Vancouver, Canada.
The Company follows industry standard quality assurance and quality control
procedures for sampling. The QA/QC program includes the insertion of blanks,
duplicates and certified standards into the sample stream.
Qualified Person:
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person
under National Instrument 43-101 Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators and a consultant to the Company, has
approved the technical disclosure in this release and verified the data
disclosed.
About the Company:
Reservoir Minerals Inc. is an international mineral exploration and development
company run by an experienced technical and management team, with a portfolio of
precious and base metal exploration properties in Europe and Africa. The Company
operates an exploration partnership business model to leverage its expertise
through to discovery.
For further information on Reservoir Minerals Inc., please consult our website
www.reservoirminerals.com.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization
of Canada accepts responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Reservoir Minerals Inc.
Chris MacIntyre
VP Corporate Development
+1.416.703.0010
chris@reservoirminerals.com
www.reservoirminerals.com
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