Reservoir Minerals Reports Drill Interval of 260 Metres Grading 3.93% CuEq at the Timok Cu-Au Project, Serbia
09 Septembre 2013 - 10:05PM
Marketwired Canada
Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX
VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) 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."
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From To Interval Copper Gold CuEq
Drill hole ID (m) (m) (m) (%) (g/t) (%)
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FMTC 1224 473.0 733.0 260.0 3.10 1.39 3.93
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including 486.1 589.0 102.9 5.45 2.46 6.93
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974.0 997.0 23.0 0.68 0.22 0.81
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1039.0 1075.0 36 0.93 0.31 1.12
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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.
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Drill Hole Azimuth Declination Depth
ID (degrees) (degrees) (m) Target Status
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FMTC 1210 0 -90 1947.0 Discovery Completed. Results to
hole, HS&P 1183 m reported
Company News Release
July 16, 2012, and
additional results
reported in News
Release December 10,
2012
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FMTC 1211 0 -90 1136.7 Follow-up Completed. Results
hole reported in News
Release December 10,
2012.
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FMTC 1212 0 -90 1008.8 Follow-up Completed. Results
hole reported in News
Release December 10,
2012.
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FMTC 1213 0 -90 798.1 HS Completed. Reported in
Company News Release
September 4, 2012
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FMTC 1214 250 -80 1308.6 P Completed. Results
reported in News
Release December 10,
2012
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FMTC 1215 0 -90 950.8 P Completed. Results
reported in News
Release July 22, 2013
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FMTC 1216 250 -70 921.0 P Completed. Results
reported in News
Release July 22, 2013
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FMTC 1217 070 -80 1006.7 HS&P Completed. Results
reported in News
Release December 10,
2012
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FMTC 1218 0 -90 1952.0 P Completed. Results
reported in News
Release July 22, 2013.
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FMTC 1219 0 -90 1900.6 P Completed. Results
reported in News
Release July 22, 2013.
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FMTC 1220 0 -90 1079.5 P Completed. Awaiting
assays.
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FMTC 1221 0 -90 1004,5 P Completed. Awaiting
assays.
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FMTC 1223 0 -90 1060.4 HS Completed. Results
reported in News
Release April 8, 2013.
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FMTC 1224 0 -90 1088.5 HS&P Completed. Results
reported in this News
Release.
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FMTC 1327 0 -90 1952.7 HS&P Completed, Awaiting
Assays.
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FMTC 1328 0 -90 1742.0 HS&P Completed, Awaiting
Assays.
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FMTC 1329 0 -90 718.8 HS Terminated, Awaiting
Assays.
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FMTC 1330 0 -90 1112.5 HS Completed, Awaiting
Assays.
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FMTC 1331 0 -90 1109.2 RecH Completed, Awaiting
Assays.
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FMTC 1332 250 -80 2160.3 HS&P Completed, Awaiting
Assays.
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FMTC 1333 0 -90 1016.5 RecH Completed, logged.
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FMTC 1334 0 -90 1649.0 HS&P Completed, Awaiting
Assays.
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FMTC 1335 0 -90 1680.6 P Completed, Awaiting
Assays.
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FMTC 1336 250 -85 849.3 HS Terminated, Awaiting
Assays.
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FMTC 1337 0 -90 1100.1 RecH Completed, Awaiting
Assays.
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FMTC 1338 070 -55 902.0 HS Completed, Awaiting
Assays.
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FMTC 1339 0 -90 956.7 RecH Completed, Awaiting
Assays.
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FMTC 1340 070 -85 1220.8 HS&P Completed, Awaiting
Assays.
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FMTC 1341 070 -51 782.0 HS Completed, Awaiting
Assays.
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FMTC 1343 070 -56 861.0 HS Competed, Geological
logging and sampling.
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FMTC 1344 075 -56 893.4 HS Completed, Awaiting
Assay.
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FMTC 1345 070 -66 1010.4 HS Completed, Geological
logging and sampling.
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FMTC 1346 075 -66 HS Drilling.
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FMTC 1347 070 -76 983.5 HS Completed, Geological
logging and sampling.
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FMTC 1348 079 -66 HS Drilling.
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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).
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 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.
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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