VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jul 22, 2013) –
Reservoir Minerals Inc.
(TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE)(”
RMC” or the ”
Company“) 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 1218 intersected an interval of 699.0
metres from 1253.0 to 1952.0 metres, with an average grade of 0.89%
copper equivalent (“CuEq”, average 0.75% copper and 0.23 grams per
tonne (“g/t”) gold), including an interval of 451 metres with an
average grade of 1.07% CuEq, (0.91% copper and 0.26 g/t gold) from
1351.0 to 1802.0 metres. FMTC 1219 intersected an interval of 733.8
metres from 839.1 to 1572.9 metres with an average grade of 0.81%
CuEq (average 0.75% copper and 0.10 g/t gold) including 231.5
metres with an average grade of 1.23% CuEq (average 1.16% copper
and 0.11 g/t gold) from 987.5 to 1219.0 metres. The copper
equivalent (CuEq) is calculated from the formula (copper % + 0.6 x
g/t of gold).
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc.,
commented:
“The results from 1218 and 1219, which were wide step-out
holes, are particularly encouraging as they indicate extensions of
the mineralization for nearly 300 metres to the west and east of
the previously reported Cukaru Peki mineralized system. Both holes
also contain nearly 1000 metre thick intervals of copper
mineralized volcanics and intrusives, commencing with a
high-sulfidation assemblage transitioning at depth into a porphyry
style of copper-gold mineralization, that demonstrate the volume
potential of the system.”
Drill hole ID
From (m)
To (m)
Interval (m)
Copper (%)
Gold (g/t)
CuEq (%)
FMTC 1218
737.0
809.0
72.0
0.21
0.11
0.28
1253.0
1952.0
699.0
0.75
0.23
0.89
sub-interval
1351.0
1802.0
451.0
0.91
0.26
1.07
including
1617.7
1642.7
25.0
1.59
0.44
1.85
FMTC 1219
839.1
1572.9
733.8
0.75
0.10
0.81
including
987.5
1219.0
231.5
1.16
0.11
1.23
1572.9
1634.0
61.1
0.87
0.15
0.96
Table 1: Summary of significant results from drill holes
FMTC 1218 and 1219
The copper equivalent (CuEq%) is calculated from the formula
(Copper % + 0.6 x g/t of gold).
See section below “Note on Analytical Procedures” for
information pertaining to analytical techniques.
Drill hole FMTC 1218
Drill hole FMTC 1218 was drilled vertically and is located 288
metres west-northwest of drill hole FMTC 1210 (266.0 metres grading
an average of 1.23% CuEq; average 1.06% copper and 0.28 g/t gold);
and 195 metres north-northwest of drill hole FMTC 1212 (weakly
mineralized, Company News Release, December 10, 2012). The
objective of the drill hole FMTC 1218 was to test for extensions to
the west of the mineralization previously recorded in FMTC
1210.
The hole penetrated the target andesites at a depth of 572.5
metres beneath Upper Cretaceous sedimentary and volcaniclastic
rocks. Copper mineralization commences at 737.0 metres with
covellite and enargite (and rare sphalerite) in brecciated and
quartz-alunite-pyrite altered andesite (737.0 to 809.0 metres
reported in Table 1), and continues with covellite replacing
chalcopyrite in quartz-pyrite-kaolinite altered andesite to about
1450 metres, where there is a gradational transition to
chalcopyrite-pyrite with minor molybdenite in
quartz-illite-chlorite-magnetite altered andesite that continues to
the end of the hole at 1,952.0 metres. The mineralization in the
reported interval from 1,235.0 to 1,952.0 metres (Table 1) includes
covellite (probably overprinting chalcopyrite), with occasional
bornite and chalcopyrite and rare molybdenite, transitional with
depth to chalcopyrite-dominated porphyry style mineralization. The
grade distribution within the interval 1351.0 to 1802.0 metres
(Table 1) is remarkably consistent, ranging between 0.11% copper to
a maximum of 3.04% copper, and less than 0.05 to 0.78 g/t gold.
Core recovery is recorded as 100% throughout the mineralized
interval except for a very few short sections (1 – 3 metres) where
it decreases to a minimum of 83%.
Drill hole FMTC 1219
The objective of drill hole FMTC 1219 was to test the extension
to the east of the mineralization previously reported from drill
holes FMTC 1210 (266.0 metres grading an average of 1.23% CuEq;
average 1.06% copper and 0.28 g/t gold) and FMTC 1214 (204.0 metres
grading an average of 1.63% CuEq; average 1.49% copper and 0.24 g/t
gold; Company News Release, December 10, 2012). The vertical hole
is located 320 metres east-northeast from drill hole 1210 and at
the same collar location as 1214, which was drilled with a
declination of -80° and azimuth of 250°.
The hole penetrated the base of the Miocene sedimentary cover
rocks at 192.0 metres, and intersected the target andesite at 519.0
metres. Porphyritic diorite was intersected from 1123.8 to 1212.9
metres (one of the very few examples of intrusive rock intersected
to date in the Cukaru Peki target), and otherwise andesite and
andesite breccia persist to the end of the hole at 1900.6 metres.
Continuous and persistent copper mineralization occurs over an
interval of 1,061.5 metres from 839.1 metres to the end of hole at
1900.6 metres. The maximum copper value within this interval is
3.59% copper, and the longest section with values of less than 0.1%
copper is only 3.5 metres. The mineralization in the 231.5 metre
interval from 987.5 to 1219.0 metres (Table 1) consists of
covellite and pyrite, with minor enargite, hosted by altered
diorite, brecciated andesite and andesite. From 1219.0 metres, the
copper grade decreases slightly and the mineralization is dominated
by covellite and pyrite disseminations and veinlets in argillic
altered andesite breccia. Molybdenite is occasionally recorded. The
interval from 1670.0 metres to the end of hole at 1900.6 metres is
brecciated andesite with phyllic alteration that is persistently
mineralized with disseminated chalcopyrite as the dominant copper
sulfide. Core recovery is reported as 100% except for a very few
short (1 metre) intervals of broken core in the andesite
breccias.
Drill holes FMTC 1215 and 1216
Drill holes FMTC 1215 and 1216 were wide step-out holes located,
respectively, 183 metres south-southeast and 334 metres
east-northeast from drill hole FMTC 1213, in which 160 metres
grading an average of 10.16% CuEq (average 6.92% copper and 5.40
g/t gold) from 461 to 621 metres was reported in Company News
Release, September 4, 2012. No significant mineralization was
intersected in either drill hole FMTC 1215 or FMTC 1216.
Drill hole FMTC 1215 penetrated the base of the Miocene
sedimentary cover rocks at 188.0 metres, and the target andesite
was intersected at 527.0 metres. The contact to the andesites is
marked by a tectonic breccia, which is copper mineralized over 1
metre. Very weakly altered feldspar-porphyritic andesite with rare
traces of copper mineralization was intersected from 700.0 to 950.8
metres, with best intercept of 7 metres with an average grade of
0.2% CuEq (0.15% copper and 0.09 g/t gold) from 734.7 to 741.7
metres. Core recovery in the andesite was recorded as 100%
throughout the andesite.
Drill hole FMTC 1216 penetrated the base of the Miocene at 214.0
metres, and the target andesite was intersected at 362.6 metres.
Weakly altered andesite with rare copper mineralization was
intersected from 422.0 to 924.0 metres. The best mineralization was
recorded over 6 metres from 438.0 to 444.0 metres at an average
0.21% copper. Core recovery in the andesite was generally 100%,
decreasing to a minimum of 90% in tectonic breccias.
Previous Drill Hole Results:
Summary results, including those previously reported, and
graphical strip-logs are available on the Company website (
www.reservoirminerals.com, Timok Project Strip Logs:
http://www.reservoirminerals.com/files/Strip_Log_July.pdf).
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.
The Company was informed by Freeport during May 2013 that gold
was routinely analyzed by roasting,
aqua regiadigestion, extraction with organic dissolvent
and flame AAS finish, and not by fire assay (30 gram samples) with
an AAS finish, as previously advised by Eurotest Control EAD
Laboratory during Freeport’s 2012 laboratory audit, and RMC’s
laboratory audit in April 2012, and reported in the Company’s
earlier News Releases. Freeport informed the Company that all
samples within envelopes of potentially-significant mineralization
(currently evaluated at 0.5% Cu), will be reanalysed by standard
fire assay with AAS finish, and that as of May 2013 all samples are
routinely analysed for gold by fire assay (30 gram samples) with an
AAS finish.
Comparison of check samples, for which data has been received
for samples analysed for gold by
aqua regiadigestion and AAS finish and by standard fire
assay with AAS finish, demonstrates an acceptable correlation
between both analytical methods, and generally a slight positive
bias to the results from samples analysed by standard fire assay
with AAS finish. The Company will review all the results of the
reanalysis program once received, and make the necessary
adjustments to the previously reported intercepts, but these
changes are not expected to be significant.
As previously reported, for samples containing greater than 3
g/t gold, the sample was analysed for gold by fire assay (30 gram
samples) with a gravimetric finish.
Status of Drilling:
The status of drilling in the Miocene Basin area of the
Brestovac – Metovnica Exploration Permit is shown in Table 2. At
the end of June 2013 there were six diamond drilling rigs operating
in the Miocene basin area. Although most of the holes focus on the
Cukaru Peki target, FMTC 1331, FMTC 1333, FMTC 1337 and FMTC 1339
are testing new targets in the Miocene Basin area. The drill hole
collar locations are shown on the map on the Company website (
www.reservoirminerals.com, Timok Project Drill Plan:
http://www.reservoirminerals.com/files/Home_Page_Timok.pdf).
Pending analytical results will be released as they are received
and evaluated.
Drill Hole ID
Azimuth (°)
Declination (°)
Depth (m)
Status
FMTC 1210
0
-90
1947.0
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
Completed. Results reported in News Release December 10, 2012
FMTC 1212
0
-90
1008.8
Completed. Results reported in News Release December 10, 2012
FMTC 1213
0
-90
798.1
Completed. Reported in Company News Release September 4, 2012
FMTC 1214
250
-80
1308.6
Completed. Results reported in News Release December 10, 2012
FMTC 1215
0
-90
950.8
Completed. Results reported in this News Release
FMTC 1216
250
-70
921.0
Completed. Results reported in this News Release
FMTC 1217
070
-80
1006.7
Completed. Results reported in News Release December 10, 2012
FMTC 1218
0
-90
1952.0
Completed. Results reported in this News Release
FMTC 1219
0
-90
1900.6
Completed. Results reported in this News Release
FMTC 1220
0
-90
1079.5
Completed. Awaiting assays
FMTC 1221
0
-90
1004,5
Completed. Awaiting assays
FMTC 1223
0
-90
1060.4
Completed. Results reported in News Release April 8, 2013
FMTC 1224
0
-90
1088.5
Completed, Awaiting Assays
FMTC 1327
0
-90
1952.7
Completed, Awaiting Assays
FMTC 1328
0
-90
1742.0
Completed, Awaiting Assays
FMTC 1329
0
-90
718.8
Terminated
FMTC 1330
0
-90
1112.5
Completed
FMTC 1331
0
-90
1109.2
Completed
FMTC 1332
250
-80
Drilling
FMTC 1333
0
-90
1016.5
Completed
FMTC 1334
0
-90
1649.0
Completed
FMTC 1335
0
-90
Drilling
FMTC 1336
250
-85
Redrilling
FMTC 1337
0
-90
1100.1
Completed
FMTC 1338
070
-55
Drilling
FMTC 1339
0
-90
Drilling
FMTC 1340
070
-85
Drilling
Table 2: Status of drill holes in the Miocene Basin area on
June 29, 2013
The drill holes in the Cukaru Peki target area are located
approximately 7.5 kilometers 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).
The drill holes reported in this News Release were commenced in
July and August 2012, and the two deep holes – 1218 and 1219 – were
completed in January 2013 and December 2012 respectively. The
remaining time is required for logging and cutting of core, sample
preparation and analysis (including re-analysis of high grade
samples), data compilation and review. Freeport have indicated to
the Company that appropriate measures are being taken to reduce the
time required for core sampling, sample preparation and
analyses.
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).
Freeport-McMoRan Exploration Corporation (“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, Reservoir considers this level of
feasibility study to be a “bankable” feasibility study. If Freeport
completes the feasibility study, Freeport will indirectly own 75%
and Reservoir 25% of the Timok Project.
Qualified Person:
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a
Qualified Person under National Instrument 43-101
Standards of Disclosure for Mineral Projectsof 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.
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.
Reservoir Minerals Inc.
Chris MacIntyre
VP Corporate Development
+1.416.703.0010
chris@reservoirminerals.com
www.reservoirminerals.com