Vancouver, British Columbia--(Newsfile Corp. - April 2, 2019) - Revelo Resources Corp. (TSXV: RVL) ("Revelo" or the "Company") reports that Hochschild Mining PLC's Chilean subsidiary ("Hochschild") has terminated the Option Agreement to earn a 100% interest in Revelo's gold-silver project at Loro, located in northern Chile.
The Option Agreement allowed Hochschild to earn a 100% interest in the Loro Project over a maximum of five years in exchange for a series of cash payments, in-ground investments and a royalty on future production. Hochschild will pay a break fee to Revelo of US$50,000 together with the annual Chilean mineral property maintenance payments at Loro for 2019.
Tim Beale commented; "Whilst we are disappointed to see Hochschild exit this exploration program, Revelo remains encouraged by the results to date, and we have already been approached by other companies interested in the project. We are hopeful to see exploration activities continue in the near future."
Loro is located along the highly productive Paleocene (or Central) Mineral Belt in northern Chile that contains several important gold, silver and copper mines and projects. The project is located along trend and just 25 km due south of the Yamana Gold owned and operated, multi-million-ounce gold-silver district of El Peñon. The project also lies just a few kilometers east of Revelo's important Las Pampas project, also prospective for low-sulphidation, epithermal precious metals veins. The 4,800-hectare Loro project area is located at relatively low altitudes (1,800m to 2,000m), has subdued topography, and is easily accessed, being located within a short driving distance from the Pan-American Highway along a dirt road, some two hours' drive from Antofagasta and 2.5 hours from Taltal.
Recent work completed included geological mapping, surface geochemistry, ground magnetics and a total of 2,972 metres drilled in 10 holes on one small portion of the property. Results showed the presence of a mineralised epithermal vein system in the Chucao and Tricao-Caleu vein systems, with highly anomalous silver and gold values. Several, multi-kilometer geochemical and geophysical anomalies remain to be tested by drilling (see news releases dated August 15, 2018; May 2, 2018; March 14, 2018; December 14, 2017; October 5, 2017).
For further details of the Loro Project please refer to the Loro Project page on Revelo's website (http://www.reveloresources.com/projects/loro).
Dr. Demetrius Pohl, Ph.D., Certified Professional Geoscientist (CPG), an independent consultant, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.
Revelo has interests in an outstanding portfolio of projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions - Chile. The Company has a combination of wholly-owned projects (available for option, JV or sale), option agreements, royalty interests (non-producing to date), and equity interests in mining and exploration companies. Revelo's total exposure to mineral tenements in northern Chile, either wholly-owned or through royalty interests, is around 200,000 hectares.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSXV: RVL). For more information, please visit Revelo's website at www.reveloresources.com.
ON BEHALF OF THE BOARD
Michael Winn, Chairman
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Revelo expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Revelo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43817