VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 31, 2014) - Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX VENTURE:RMC)(RVRLF)(9RE.BE) is pleased to report on the acquisition of several new exploration licenses in Serbia, Romania and Macedonia. The new exploration licenses in Serbia cover a highly prospective new sediment-hosted copper-silver trend, with geological similarities to the world class Kupferschiefer mines in Poland. The Romanian licenses cover northern extensions of the Timok belt that is host to the Company's Cukaru Peki discovery with Freeport, and the Macedonian concession covers an epithermal gold target.
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "Our generative exploration work over the last two years has identified a number of exciting new targets for gold, silver and copper in the region and we are delighted to have secured large land positions over some of these targets. The Company has established small exploration offices in both Macedonia and Romania and we look forward to evaluating further exploration opportunities in all three countries and continuing to advance projects through target definition and into joint venture partnerships."
Central Serbia Copper Project
The Company, through its wholly-owned Serbian subsidiary, has been granted four exploration licenses covering approximately 278 square kilometres including Permian age rocks prospective for sediment-hosted copper-silver mineralisation, similar in style to the world class Kupferschiefer deposits in Poland. Reconnaissance exploration by the Company found evidence of both old mine workings and outcropping copper-silver mineralisation hosted by Permian sandstones and siltstones and first-pass selective sampling from dumps returned values up to 20.8% copper and 1,540 parts per million ("ppm") silver. One five-metre long channel sample across a mineralised outcrop returned 1.32% copper and 7.91 ppm silver.
The table below summarizes the four new exploration licenses and a map showing the locations of these exploration permits is posted on the Company website (www.reservoirminerals.com).
| License Name |
Area (km2) |
Valid Until |
| Donja Studena |
55.95 |
December 20, 2016 |
| Samanjac |
96.16 |
July 1, 2017 |
| Sige-Panjevac(1) |
70.28 |
July 1, 2017 |
| Kopajska reka-Planinica |
55.26 |
July 18, 2017 |
| (1) |
The Permit area surrounds the Jasenovac Mining Concession (approximately 5.5 square kilometres for coal exploitation) |
Elsewhere in Serbia, the Company has secured the Donja Tresnjica exploration license, covering 32.46 square kilometres and valid until April 11, 2017. The new license is located in the same area as the Company's Bobija Project, within a Tertiary-age belt hosting numerous occurrences of lead-zinc-copper-silver and gold mineralisation. Currently there is one operating mine, Veliki Majdan, within the trend, and the Company's Bobija Project covers a barite mine and lead-zinc-silver mineralisation.
The Company is in the process of compiling historical information on all the new permits, and exploration fieldwork has commenced.
Romania
The Company, through its wholly-owned Romanian subsidiary, acquired the GuraSalistei (license no. 17004/2014 covering 9.13 square kilometres and valid until March 17, 2019) and Teiul (license no. 17063/2014 covering 64.85 square kilometres and valid until March 26, 2019) Exploration Licenses through the tender procedure organized by the Romanian National Agency for Mineral Resources. Both licenses are located in the Banat region in southwest Romania, which is the extension from Serbia of the prospective geology containing the Cukaru Peki copper-gold discovery (Company News Release, January 27, 2014) and the Bor and Majdenpek porphyry copper deposits in the Timok Magmatic Complex. A map showing the locations of these Exploration Licenses is posted on the Company website (www.reservoirminerals.com).
The Company has conducted reconnaissance level exploration in both areas, identifying a number of targets that are prospective for porphyry and skarn type copper mineralisation:
- Copper-mineralised quartz-stockwork veining in potassic-altered granodiorite porphyry was mapped and sampled in the Gura Salistei license. Rock samples collected from outcrops and dumps close to historical adits returned 857 - 9520 ppm copper and 0.028 - 0.234 grams per tonne (g/t) gold. A robust copper-in-soil geochemical anomaly (100 to 774 ppm copper) covers an approximately 1.5 x 0.75 kilometre area that includes historical workings and adits.
- Skarn mineralisation and local quartz-stockwork in altered granodiorite were mapped and sampled in the Teiul license. Five mineralised rock samples from gossan and skarn mineralisation in the Purcaru prospect area returned 3000 to 9250 ppm copper from within a robust copper-in-soil geochemical anomalous zone defined by the 100 ppm copper contour (maximum 1300 ppm copper) covering an approximately 2 x 1 kilometre area. The best rock chip sample results are from the skarn mineralisation in the Nasovat prospect area, which yielded 8220 ppm copper and 0.52 g/t gold, 825 ppm copper and 1.57 g/t gold, and 1970 ppm copper and 0.07 g/t gold.
Work commitments in the first year include geological mapping, geochemical sampling, ground geophysics and 1,000 metres of Diamond drilling in Gura Salistei, and geological mapping, geochemical sampling, ground geophysics and 600 metres of drilling in the Teiul license.
Macedonia
The Company, through its wholly-owned Macedonian subsidiary, was granted the Konjsko Mineral Exploration Concession in the Kozuf Massif, southern Macedonia, on July 4, 2013. The Konjsko Mineral Exploration Concession covers an area of 28.6 square kilometres and is valid for four years. A map showing the locations of the Konjsko Concession is posted on the Company website (www.reservoirminerals.com).
The Kozuf Massif, in which the Konjsko Concession is located, is known to contain occurrences of sediment-hosted epithermal gold-thallium-antimony mineralisation at Alshar, which has been previously explored by State agencies and companies, and was mined for antimony from 1880 - 1908. The mineralised occurrences in the Konjsko Concession have not been previously investigated in any detail, and there are no records of any drilling. Collapsed adits and shafts are evidence of ancient mining activity on the Concession.
The results of the Company's reconnaissance field exploration during 2013 identified gold-in-rock geochemical anomalism (up to 3.16 g/t Au) in a 2.5 kilometre long structural zone that is marked by intense alteration, occurrences of gold-bearing realgar, stibnite and pyrite mineralisation, and associated anomalous contents of gold, antimony, arsenic and thallium in metasedimentary rocks and younger volcanic and intrusive rocks. The 2014 field program commenced in March, and includes a program of soil sampling, induced polarization and magnetometry geophysics, and systematic rock and trench sampling. Depending on results, exploration drilling is planned for the 2015 season.
Quality Assurance and Control ("QAQC"):
The geochemical samples were analysed for gold by fire assay at the ALS Chemex laboratory in Rosia Montana, Romania, and by multi-element ICP at the ALS Chemex laboratory in Vancouver, Canada. 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 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 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, and the licenses described in this News Release will be made available for joint venture.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.