Reservoir Minerals Reports Encouraging Drilling Results from New Copper-Gold Prospects in the Timok Project, Serbia
June 04 2014 - 4:06PM
Marketwired Canada
(TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) Reservoir Minerals Inc.
("Reservoir" or the "Company") is pleased to provide an update on exploration
drilling for copper-gold mineralisation in the Leskovo and Jasikovo-Durlan Potok
Exploration Permits. The results of drilling in the Leskovo Exploration Permit
include drill hole FMLC 1301 with approximately 211 vertical metres (244.0
metres, from 10.0 to 254.0 metres angled at 60 degrees ) through porphyry style
copper-gold mineralisation at an average of 0.19% copper and 0.30 grams per
tonne (g/t) gold for 0.37 copper-equivalent % (CuEq%, calculated from the
formula "Copper % + 0.6 x g/t of gold"). New targets were also successfully
drilled in the Jasikovo-Durlan Potok Exploration Permit and are reported below.
These two exploration permits are included with the Brestovac-Metovnica
Exploration Permit in the Timok Project, eastern Serbia, which is a joint
venture with Freeport-McMoRan Exploration Corporation ("Freeport"). The Company
announced an initial resource estimate (65.3 million tonnes (Mt) at an average
grade of 2.6% copper and 1.5 grams per tonne (g/t) gold) for the Cukaru Peki
copper-gold deposit in the Brestovac-Metovnica Exploration Permit in News
Release, January 27, 2014.
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "The
Company believes that discovery of long intersections through porphyry-style
copper-gold mineralisation from near surface in the Leskovo Exploration Permit
is very encouraging. RTB Bor currently operate open pit mines in the Timok
Magmatic Complex at average grades similar to the 211 meters at 0.37 CuEq%
reported from Leskovo in this news release. The Company believes that the
copper-gold mineralisation identified in new prospects in the Jasikovo-Durlan
Potok Exploration Permit are also promising, and confirm the potential for
discovery of new copper-gold targets in the Timok Magmatic Complex, including
the Timok Project properties as well as in Reservoir's 100% owned Timok
properties."
Maps showing the location of the exploration permit perimeters, drill holes
reported, and the RTB Bor Group mining operations are presented on the Company
website (www.reservoirminerals.com). The best intercepts from holes drilled in
2012 - 2013 are summarised in Tables 1 and 2.
Background
The two exploration permits Leskovo and Jasikovo-Durlan Potok are located in the
northern sector of the Timok Magmatic Complex, eastern Serbia, and surround the
Coka Marin Mining Concession belonging to the state-owned RTB Bor Group. RTB Bor
reports a mining reserve for Coka Marin of 249,350 tonnes grading 19.88 % copper
and 5.44 g/t gold as B-classified reserves, and 21,436 tonnes grading 26.22%
copper and 4.2 g/t gold as C1-classified reserves
(http://rtb.rs/rtb-bor-doo/geologija-i-resursi). The high grade copper-gold
mineralisation at Coka Marin comprises massive sulphides
(pyrite-chalcopyrite-enargite) and may be high sulphidation epithermal in type.
The grade of the RTB Veliki Krivelj open pit mining operation are 0.34% copper
and 0.07 g/t gold from porphyry copper mineralisation, and the grade of the
Cerovo (including Cementacija) porphyry copper deposit is 0.32% copper and 0.1
g/t gold (Ore Deposit Database, Ministry of Mining and Energy, 2002). Both these
deposits are located in the Bor mining district (maps on the Company website
(www.reservoirminerals.com). The reserves are classified according to the
Serbian Ore Reserve Classification system, which is similar to the earlier
Russian classification, and are not compliant to National Instrument 43-101
definition standards. However, the Company considers that these reserves are
relevant to the exploration work being undertaken in the adjacent exploration
permits.
Results from the Leskovo Exploration Permit Area
The Lipuca Vlashka prospect in the southwest of the permit area is characterised
by surface geochemical anomalism and hydrothermally altered andesites and
subvolcanic intrusives that are mapped as diorite. The prospect was tested by
two drill holes, with the best results tabulated in Table 1. Both holes were
collared at the same location, FMLC 1301 angled at -60 degrees towards the
northwest and FMLC 1302 is vertical. Both holes intersected porphyry style
copper-gold mineralisation, comprising disseminated pyrite and chalcopyrite in
strongly altered diorite porphyry, from near surface. The copper grades in drill
hole FMLC 1301 from 10.0 to 254.0 metres range from 0.05 to 0.74% copper, and
gold grades vary between 0.1 and 1.90 g/t gold. The copper and gold grades in
drill hole FMLC 1302 were slightly lower and more variable.
Table 1: Significant intercepts in the Lipuca prospect, Leskovo Exploration Permit.
----------------------------------------------------------------------------
Drill hole From Interval Cu Au
ID Prospect (m) To (m) (m) (%)(i) (g/t)(ii) CuEq%(iii)
----------------------------------------------------------------------------
FMLC 1301 Lipuca 10.0 254.0 244.0 0.19 0.30 0.37
------------ -----------------------------------------------------
including 52.0 79.0 27.0 0.38 0.73 0.82
------------ -----------------------------------------------------
FMLC 1302 35.0 113.0 78.0 0.16 0.17 0.27
-----------------------------------------------------
179.0 183.0 4.0 0.16 0.12 0.24
-----------------------------------------------------
255.0 259.0 4.0 0.15 0.09 0.21
----------------------------------------------------------------------------
(i) Analysis by ICP-AES
(ii) Analysis by fire assay with AAS finish.
(iii) The copper equivalent (CuEq%) is calculated from the formula (Copper%
+ 0.6 x g/t of gold).
Results from the Jasikovo-Durlan Potok Exploration Permit Area
Drill holes FMTC 1105, FMTC 1106 and FMTC 1108 in 2011 at the Yanko prospect
intersected wide zones of skarn and vein-type copper sulphide mineralization and
associated hydrothermal alteration in a complex sequence of sedimentary rocks,
andesites and diorites. Results from these drill holes in the Yanko prospect
were announced in Company News Release March 1, 2012. The best long intercepts
from Yanko were 84.0 metres (from 188.0 to 272.0 metres) with an average 0.37%
copper and 0.17 g/t gold (0.48% CuEq) in drill hole FMTC 1105, and 32.0 metres
(from 1068 to 1100 metres) with an average 0.59% copper and 0.12 g/t gold (0.64%
CuEq) in drill hole FMTC 1108.
Drill hole FMTC 1222 tested the South Durlan prospect, which is marked by copper
and gold geochemical anomalism in soils and rocks in an area of hydrothermally
altered andesites located about 4.1 kilometres northwest of Cerovo porphyry
copper mine operated by RTB Bor. The hole intersected several zones of altered
and brecciated andesite with pyrite and chalcopyrite, and occasional galena and
sphalerite. The highest gold values (maximum 11.4 g/t over 3 metres from 212.0
to 215.0 metres) occur in strongly altered and brecciated andesite with broken
core that may reflect tectonised (faulted) intervals.
Drill hole FMTC 1342 in the Yanko prospect did not yield any significant results.
Drill hole FMJC 1401 tested the V. Leskova prospect, which is an area marked by
copper and gold geochemical anomalism in soils and rocks in an area of
hydrothermally altered andesites. The drill hole intersected moderately altered
andesite and andesite breccia with disseminations and stringers of pyrite,
occasional chalcopyrite and traces of bornite. Weak copper-gold mineralisation
occurs throughout the length of the hole, with maximum values of 0.38% copper
and 0.76 g/t gold in a 2 metres interval from 98 - 100 metres.
Table 2: Significant intercepts in the Jasikovo-Durlan Potok Exploration Permit.
----------------------------------------------------------------------------
Drill hole From Interval Cu Au
ID Prospect (m) To (m) (m) (%)(i) (g/t)(ii) CuEq%(iii)
----------------------------------------------------------------------------
FMTC 1222 South Durlan 212.0 248.1 36.1 0.12 1.52 1.03
---------------------------------------------------
500.0 508.0 8.0 0.30 0.08 0.36
---------------------------------------------------
588.0 592.0 4.0 0.34 0.08 0.39
----------------------------------------------------------------------------
FMJC 1401 V. Leskova 86.0 124.0 38.0 0.14 0.27 0.31
----------------------------------------------------------------------------
(i) Analysis by ICP-AES.
(ii) Analysis by fire assay with AAS finish, and by fire assay with
gravimetric finish for samples containing greater than 3 g/t gold (only one
sample in FMTC 1222)
(iii) The copper equivalent (CuEq%) is calculated from the formula (Copper%
+ 0.6 x g/t of gold).
The Timok Project
The Timok Project comprises the Jasikovo-Durlan Potok, Brestovac-Metovnica and
Leskovo Exploration Permits that are held by Rakita d.o.o., a Serbian company in
which Freeport and Reservoir hold 55% and 45% indirect ownership interests
respectively. The Exploration Permits cover an area of 245 square kilometres in
the highly prospective Timok Magmatic Complex, eastern Serbia, which includes
the world-class Bor-Majdanpek mining and smelting complex with reported
historical production of 6 million tonnes of copper and 300 tonnes of gold (9.65
million ounces gold) (BRGM publication BRGM/RC-51448-FR, 2002).
Table 3: Status of drill holes in Jasikovo-Durlan Potok and Leskovo Exploration
Permits on March 1, 2014(i)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Drill
Hole Exploration Azimuth Declination Depth
ID Permit ( degrees ) ( degrees ) (m) Prospect Status
----------------------------------------------------------------------------
-----------------------------------------------------------------
Completed.
Results
Jasikovo- reported
Durlan in News
Potok Release
FMTC March 1,
1105 270 -70 735.3 Yanko 2012
------- ----------------------------------------------
FMTC
1106 90 -60 594.3 Yanko
------- ----------------------------------------------
FMTC
1108 0 -90 1202.2 Yanko
------- ---------------------------------------------------------
Completed.
Results
reported
in this
FMTC South News
1222 0 -90 1073.8 Durlan Release
------- ----------------------------------------------
FMTC
1342 0 -90 1065.5 Yanko
------- ----------------------------------------------
FMJC V.
1401 030 -60 200.0 Leskova
-----------------------------------------------------------------
-----------------------------------------------------------------
FMLC
1301 Leskovo 310 -60 452.8 Lipuca
------- ----------------------------------------------
FMLC
1302 0 -90 323.5 Lipuca
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Maps showing the location of the exploration permit perimeters and drill
holes are presented on the Company website (www.reservoirminerals.com).
Rakita Agreement
Freeport previously exercised the Earn-In Option to acquire a 55% equity
interest in the Timok Project in Serbia and is now the operator of the Timok
Project. Freeport has given notice to Reservoir (Refer to the news release of
August 16, 2012) that it has elected to sole fund expenditures on or for the
benefit of the project until the completion and delivery to Reservoir of a
feasibility study, subject to its right to cease such funding at any time. The
feasibility study must be in such form as is normally required by substantial,
internationally recognized financial institutions for the purpose of deciding
whether or not to loan funds for the development of mineral deposits. If
Freeport completes the feasibility study, Freeport will indirectly own 75% and
Reservoir 25% of the Timok Project.
Quality Assurance and Control ("QAQC"):
Drill hole orientations were surveyed at approximately 50 metres intervals.
Timok Project personnel monitored the drilling, with cores delivered daily to
the Project's core storage facility close to the town of Bor, where it was
logged, cut and sampled. The samples were collected in accordance with the
Project's protocols that are compatible with accepted industry procedures and
best practice standards. Most samples through the mineralized intervals were 1
to 3 metres, and very occasionally 4 metres.
The samples were submitted to ALS Chemex facilities in Bor, Serbia, and Rosia
Montana, Romania, for sample preparation. The prepared samples were analysed for
gold by fire assay at the ALS Chemex laboratories in Rosia Montana, Romania, and
Omagh, Ireland, and by multi-element ICP at the ALS Chemex laboratory in Omagh,
Ireland. Twenty-one samples were submitted to Eurotest Control EAD Laboratory
(ISO 9001:2008 and ISO 17025 accredited) in Sofia, Bulgaria, for sample
preparation and analysis by the same procedures. In addition to the laboratory's
internal QAQC procedures, the Company conducted its own QAQC with the systematic
inclusion of certified reference materials, blank samples and field duplicate
samples. The analytical results from the Company's quality control samples have
been evaluated, and demonstrated to conform to best practice standards.
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, approved
the technical disclosure in this release and has 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.
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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