VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2013) - Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX VENTURE:RMC)(RVRLF)(9RE.BE) is pleased to provide an update on the diamond drilling program currently underway on the Cukaru Peki target in the Company's Timok Project, eastern Serbia, which is a joint venture with Freeport-McMoRan Exploration Corporation ("Freeport").
Drill hole FMTC 1224 intersected an interval of 260.0 metres, from 473.0 to 733.0 metres, with an average grade of 3.93% copper equivalent ("CuEq", average 3.10% copper and 1.39 grams per tonne ("g/t") gold), including 102.9 metres, from 486.1 to 589.0 metres, with an average grade of 6.93% CuEq (average 5.45% copper and 2.46 g/t gold). Copper equivalent (CuEq%) is calculated using the formula (copper % + 0.6 x g/t of gold).
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "The Company believes FMTC 1224 indicates the continuity of high-grade copper-gold mineralization for nearly 100 metres west of the previously reported intercept in drill hole FMTC 1223. The Cukaru Peki target is being tested by drilling along three parallel sections to define the limits and internal continuity of the high-grade mineralization. A total of 17 drill holes have now intersected this zone with down-hole mineralized thicknesses ranging between 12 and 290 metres. Reservoir Minerals is in the process of modelling the mineralization and structure of the high-grade copper-gold zone in three dimensions, as defined to date, within a mineralized footprint area of approximately 540 by 385 metres."
|Drill hole ID||From |
|Table 1: Summary of significant results from drill hole FMTC 1224|
|Copper equivalent (CuEq%) is calculated using the formula (Copper% + 0.6 x g/t of gold).|
|See section below "Note on Analytical Procedures" for information pertaining to analytical techniques.|
Status of Drilling and Project:
The Company has reported the results from 12 diamond drill holes in the Cukaru Peki Project, assay results are pending from a further 21 holes (including 4 reconnaissance holes in the Miocene Basin area), and 2 holes are currently being drilled (see Table 2). The drill hole collar locations are shown on a map (Timok Project Drill Plan) and summary results and graphical strip-logs (Timok Project Strip Logs) are available on the Company website (www.reservoirminerals.com). Pending analytical results will be released after they are received and evaluated.
The drilling to date has identified a zone of high-grade copper-gold mineralization, which is interpreted to be high-sulphidation epithermal in type, and a larger zone of porphyry-style copper-gold mineralization. The drill holes in the Cukaru Peki target area are located approximately 7.5 kilometres from the Bor cluster of copper-gold deposits including high sulphidation epithermal mineralization (now mined out, e.g. the Tilva Ros Deposit) that extends down plunge into the Borska Reka porphyry deposit, which has been drill tested to at least 1,500 metres (see the Company website for relevant maps and sections).
Drilling will be scaled back to one drill rig (currently two drill rigs) focusing on the high sulphidation system for the remainder of 2013. This is to ensure that the 2013 Timok Project exploration budget of USD 12.6 million is not exceeded and allow Freeport and Reservoir time to assess the large quantity of exploration data generated to date, including all outstanding assay results, prior to developing an exploration plan and budget for 2014.
|Drill Hole ID||Azimuth |
|FMTC 1210||0||-90||1947.0||Discovery hole, HS&P||Completed. Results to 1183 m reported Company News Release July 16, 2012, and additional results reported in News Release December 10, 2012|
|FMTC 1211||0||-90||1136.7||Follow-up hole||Completed. Results reported in News Release December 10, 2012.|
|FMTC 1212||0||-90||1008.8||Follow-up hole||Completed. Results reported in News Release December 10, 2012.|
|FMTC 1213||0||-90||798.1||HS||Completed. Reported in Company News Release September 4, 2012|
|FMTC 1214||250||-80||1308.6||P||Completed. Results reported in News Release December 10, 2012|
|FMTC 1215||0||-90||950.8||P||Completed. Results reported in News Release July 22, 2013|
|FMTC 1216||250||-70||921.0||P||Completed. Results reported in News Release July 22, 2013|
|FMTC 1217||070||-80||1006.7||HS&P||Completed. Results reported in News Release December 10, 2012|
|FMTC 1218||0||-90||1952.0||P||Completed. Results reported in News Release July 22, 2013.|
|FMTC 1219||0||-90||1900.6||P||Completed. Results reported in News Release July 22, 2013.|
|FMTC 1220||0||-90||1079.5||P||Completed. Awaiting assays.|
|FMTC 1221||0||-90||1004,5||P||Completed. Awaiting assays.|
|FMTC 1223||0||-90||1060.4||HS||Completed. Results reported in News Release April 8, 2013.|
|FMTC 1224||0||-90||1088.5||HS&P||Completed. Results reported in this News Release.|
|FMTC 1327||0||-90||1952.7||HS&P||Completed, Awaiting Assays.|
|FMTC 1328||0||-90||1742.0||HS&P||Completed, Awaiting Assays.|
|FMTC 1329||0||-90||718.8||HS||Terminated, Awaiting Assays.|
|FMTC 1330||0||-90||1112.5||HS||Completed, Awaiting Assays.|
|FMTC 1331||0||-90||1109.2||RecH||Completed, Awaiting Assays.|
|FMTC 1332||250||-80||2160.3||HS&P||Completed, Awaiting Assays.|
|FMTC 1333||0||-90||1016.5||RecH||Completed, logged.|
|FMTC 1334||0||-90||1649.0||HS&P||Completed, Awaiting Assays.|
|FMTC 1335||0||-90||1680.6||P||Completed, Awaiting Assays.|
|FMTC 1336||250||-85||849.3||HS||Terminated, Awaiting Assays.|
|FMTC 1337||0||-90||1100.1||RecH||Completed, Awaiting Assays.|
|FMTC 1338||070||-55||902.0||HS||Completed, Awaiting Assays.|
|FMTC 1339||0||-90||956.7||RecH||Completed, Awaiting Assays.|
|FMTC 1340||070||-85||1220.8||HS&P||Completed, Awaiting Assays.|
|FMTC 1341||070||-51||782.0||HS||Completed, Awaiting Assays.|
|FMTC 1343||070||-56||861.0||HS||Competed, Geological logging and sampling.|
|FMTC 1344||075||-56||893.4||HS||Completed, Awaiting Assay.|
|FMTC 1345||070||-66||1010.4||HS||Completed, Geological logging and sampling.|
|FMTC 1347||070||-76||983.5||HS||Completed, Geological logging and sampling.|
|Table 2: Status of drill holes in the Miocene Basin area on August 30, 2013|
|Drilling mineralisation targets are denoted by the following; HS target - High sulphidation target, P target- Porphyry target, HS&P target- High sulphidation and porphyry target, RecH - reconnaissance hole.|
Drill hole FMTC 1224
Drill hole FMTC 1224 was drilled vertically to a depth of 1,088.5 metres, and is located 92 metres southwest of drill hole FMTC 1223 (291.3 metres with an average grade of 7.17% CuEq; average 5.13% copper and 3.40 g/t from 428.0 to 719.3 metres; Company News Release April 8, 2013). FMTC 1224 was pre-collared to a depth of 251.0 metres by reverse-circulation (RC) drilling, and then drilled with HQ size core to 704.1 metres and NQ size core to the end of the hole. Core recovery throughout the sampled intervals was recorded as 100% with the exception of 3 one metre intervals with recoveries of 80% to 93%. The objective of the drill hole FMTC 1224 was to test for extensions to the west of the mineralization previously recorded in FMTC 1223.
The base of the Miocene sedimentary cover sequence was intersected at 197.0 metres. Upper Cretaceous sedimentary rocks were intersected until 453.4 metres, where the target Upper Cretaceous andesites and volcaniclastic sediments were penetrated. Brecciated andesites, with quartz-pyrite-alunite alteration and disseminations and veinlets of covellite were intersected at 471.0 metres. This marks the start of continuous copper mineralization to 747.5 metres. High grade copper mineralization in the interval 486.1 to 564.0 metres is hosted by brecciated, massive fine-grained pyrite and andesite, and consists of covellite and enargite as matrix filling stringers, veinlets and disseminations. The grade distribution in this interval ranges from 2.36% to 11.24% copper and 0.48 g/t to 9.10 g/t gold. Andesite and brecciated andesite with argillic alteration marked by clay minerals, quartz and pyrite was intersected from 656.7 metres to the end of the hole. Intervals with copper mineralization contain covellite with occasional enargite as veinlets and disseminations, and are characterised by more quartz and some alunite in the alteration assemblage. FMTC 1224 was terminated at a depth of 1088.5 metres, and the interval 1039.0-1075.0 metres contained an average grade of 1.12% CuEq (0.93% copper and 0.31 g/t gold).
Note on Analytic procedures:
Copper was routinely analyzed by inductively coupled plasma - atomic emission spectroscopy (ICP-AES) using 0.5 gram aliquots. Due to the exceptionally high grade of copper in some samples, repeat analyses were undertaken using atomic absorption spectroscopy (AAS) for samples containing 1 - 11% copper, and ICP-AES with longer sample digestion times and smaller aliquot of 0.1 gram for samples containing greater than 11% copper. The copper values in Table 1 of this news release are from the repeat analytical procedures as available, and otherwise by the routine procedure for the samples yielding less than 1% copper.
All the samples in the reported intervals were analysed for gold by fire assay (30 gram samples) with an AAS finish. Samples containing greater than 3 g/t gold were reanalysed for gold by fire assay (30 gram samples) with a gravimetric finish, and these results are included as available in the composites reported in Table 1 of this news release.
Quality Assurance and Control ("QAQC"):
Drill hole orientations were surveyed at approximately 50 metre intervals. Timok Project personnel monitored the drilling, with cores delivered daily to the Project's core storage facility in the town of Bor, where it was logged, cut and sampled. The samples were collected in accordance with the Company and Freeport's protocols that are compatible with accepted industry procedures and best practice standards. Most samples through the mineralized intervals were 1 metre in length, up to a maximum 2 metres in sections of poorly mineralized or unmineralized core. The samples were submitted to Eurotest Control EAD Laboratory (ISO 9001:2008 and ISO 17025 accredited) in Sofia, Bulgaria, for sample preparation and analysis according to the above-mentioned 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 Timok Projects quality control samples have been evaluated, and conform to best practice standards.
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).
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 a 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.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to exploration results, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Reservoir Minerals Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.