Reservoir Minerals Inc.: Drilling Intercepts Significant Copper and Gold Mineralization on the Timok Project
01 March 2012 - 11:27PM
Marketwired Canada
Reservoir Minerals Inc. ("RMC" or the "Company") (TSX
VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) is pleased to report that drilling
completed in 2011 with partner Freeport-McMoRan Exploration Corporation
("Freeport") on the Company's Timok Project in eastern Serbia, has intercepted
significant copper and gold mineralization on several targets. The best
intercepts to date are 34 metres (m) at 2.49 grams per tonne (g/t) gold and 84
metres at 0.38 percent (%) copper.
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "The
exploration drilling results are extremely exciting in terms of the significant
grades and thicknesses of copper and gold mineralisation intersected. The Timok
belt is known to host world class copper deposits and these drill results
demonstrate that the exploration geophysics and geological modeling undertaken
over the last year are successful in targeting previously unknown blind copper
and gold mineralisation of size."
The Timok Project:
The Timok Project comprises the Jasikovo-Durlan Potok and the
Brestovac-Metovnica Exploration Permits that are held by Rakita d.o.o., a
100%-owned Serbian subsidiary of Reservoir Minerals. Freeport can earn an
initial 55% interest in the project by investing US$3 million in exploration by
March 2014. The Project covers an area of 182 square kilometres in the highly
prospective Timok Magmatic Complex, eastern Serbia, which includes the
world-class Bor-Majdanpek mining complex with reported historical production of
approximately 6 million tonnes of copper and 300 tonnes of gold (9.65 million
ounces gold) (BRGM publication BRGM/RC-51448-FR, 2002). The current combined
resources and reserves at the RTB Bor mining complex are stated on their website
(www.rtb.rs) to be 2.5 billion tonnes in a number of different deposits, with
total copper and gold metal content of 10.5 million tonnes and 11.7 million
ounces respectively. The RTB Bor resources and reserves were calculated
according to the Russian system for reporting ore reserves, and are thus not
compliant with National Instrument 43-101 guidelines and should not be relied
on, but the Company considers that they are relevant to the assessment of the
Timok Project.
Drill targets for porphyry copper-gold mineralization were identified in the
2011 field programs by controlled-source audio-magnetotelluric ("CSAMT") and
induced polarization ("IP") geophysical ground surveys, rock and soil
geochemistry, and geological mapping. A total of 144.7 line-kilometres of CSAMT
surveys have been undertaken to date, with interpretations based on an
orientation survey of 2.5 line-kilometres over known, deeply buried and blind,
porphyry copper gold deposits in the Bor mining complex. Pole-dipole and
dipole-dipole IP surveys have been carried out along 13.8 line-kilometres in the
exploration permits.
Brestovac-Metovnica Exploration Permit Area:
Four drill holes, total 1,572.1 metres, tested the Ogashu Kucajna target area,
which is located 2 km north of the Company's Corridor Zone discovery of
epithermal gold mineralization. All holes intersected zones of hydrothermally
altered andesite, associated with the major regional structure. FMTC-1101 and
FMTC-1104 intersected wide zones of alteration and epithermal gold
mineralization with narrower zones of copper-zinc-lead sulphide mineralization
(see Table 1 below). The alteration and associated mineralization is interpreted
to be indicative of an intermediate-sulphidation epithermal system that in the
Bor district is commonly associated with porphyry copper mineralization.
----------------------------------------------------------------------------
From To Interval Cu Pb Zn Au Ag
Drill hole ID (m) (m) (m) (%) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
FMTC-1101 281 299 18 - - - 0.65 -
----------------------------------------------------------------------------
including 290 293 3 - 1.13 1.77 0.78 -
----------------------------------------------------------------------------
FMTC-1104 317 351 34 - - - 2.49 32
----------------------------------------------------------------------------
including 319 321 2 1.07 1.30 1.66 12.8 262
----------------------------------------------------------------------------
363 375 12 - - - 0.71 -
----------------------------------------------------------------------------
451 459 8 - - - 0.82 -
----------------------------------------------------------------------------
Table 1: Significant intercepts in the Ogashu Kucajna target area. Only
significant metal values are reported.
A further two drill holes, totalling 1,430 metres, tested geophysical targets
for blind porphyry copper mineralization beneath the post-mineralization Miocene
cover sediments in the "Miocene Basin" target area. Both holes penetrated the
cover sediments into the underlying andesites and volcaniclastics, but neither
intersected significant mineralization nor alteration.
Jasikovo-Durlan Potok Exploration Permit Area:
Three drill holes, total 2,531.8 metres, tested the Yanko target, which consists
of combined geochemical and geophysical indicators of blind porphyry copper
mineralization in favourable geology. Drill holes FMTC-1105 and FMTC-1108
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 (Table 2). FMTC-1106 intersected weak copper sulphide
mineralization over 56 meters from 466 - 532 meters.
----------------------------------------------------------------------------
From To Interval Cu Au
Drill hole ID (m) (m) (m) (%) (g/t)
----------------------------------------------------------------------------
FMTC-1105 188 272 84 0.38 0.17
----------------------------------------------------------------------------
including 234 268 34 0.52 0.23
----------------------------------------------------------------------------
including 260 264 4 1.27(i) 0.46
----------------------------------------------------------------------------
FMTC-1108 880 920 40 0.26 -
----------------------------------------------------------------------------
1024 1060 36 0.28 -
----------------------------------------------------------------------------
1068 1100 32 0.59 -
----------------------------------------------------------------------------
including 1076 1084 8 1.10 0.18
----------------------------------------------------------------------------
Table 2: Significant intercepts in the Yanko target area. Only significant
metal values are reported. (i)mean of atomic absorption and ICP values.
Work Programme for 2012:
Freeport plans to spend approximately $1.2 million US dollars for exploration on
the Timok Project during 2012 which will include further geophysics and
drilling. Drilling has continued up until January 2012 and results will be
reported when available. Drilling on the Timok Project restarted in late
February 2012, and one drill rig is currently engaged on the project.
A summary of the 2011 drilling program is outlined in Table 3 below.
----------------------------------------------------------------------------
Drill hole Azimuth Declination Depth
ID Exploration Permit Target Area (degrees) (degrees) (m)
----------------------------------------------------------------------------
Brestovac - Ogashu
FMTC 1101 Metovnica Kucajna 90 -60 437.9
---------- ----------------------------------
FMTC 1102 90 -60 355.8
---------- ----------------------------------
FMTC 1103 90 -60 112.4
---------- ----------------------------------
FMTC 1104 90 -70 666.0
----------------------------------------------------------------------------
Jasikovo - Durlan Yanko
FMTC 1105 Potok 270 -70 735.3
---------- ----------------------------------
FMTC 1106 90 -70 594.3
----------------------------------------------------------------------------
Brestovac - Miocene
FMTC 1107 Metovnica Basin 0 -90 600.0
----------------------------------------------------------------------------
Jasikovo - Durlan Yanko
FMTC 1108 Potok 0 -90 1202.2
----------------------------------------------------------------------------
Brestovac - Miocene
FMTC 1109 Metovnica Basin 0 -90 830.0
----------------------------------------------------------------------------
Table 3: Drill holes completed by end 2011. Relevant maps illustrating in
the location of the drill holes have been uploaded onto the Company's
website.
Quality Assurance and Control ("QAQC"):
Drill hole orientations were surveyed at approximately 50 metre intervals.
Company personnel monitored the drilling, with cores delivered daily to the
Company'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's protocols
that are compatible with accepted industry procedures and best practice
standards; and were then crushed and split by Company personnel at the Company's
sample preparation facility in Belgrade, Serbia. The crushed samples were
submitted to Eurotest Control EAD Laboratory (ISO 9001:2008 accredited) in
Sofia, Bulgaria, for further preparation and analysis. Gold was analyzed by fire
assay with an AAS finish, and multi-element analyses were determined by ICP AES
techniques. 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 as
defined by National Instrument 43-101 and consultant to the Company approved the
technical disclosure in this release.
About the Company:
Reservoir Minerals Inc. is an international mineral exploration and development
company run by a seasoned technical and management team, with a portfolio of
precious and base metal exploration properties in Serbia and West Africa.
For further information on Reservoir Minerals Inc., please consult our website
www.reservoirminerals.com.
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