Revelo Commences Exploration at its Loro Gold-Silver Project in Northern Chile
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 5, 2017) - Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) is pleased to announce that Phase 1 exploration has commenced at the Loro gold-silver project located in northern Chile. Initial exploration activities will focus on a large soil sampling grid combined with magnetics surveying, in order to help define future trench and drill targets. This initial work is expected to be completed in around 3 months.
The Loro project is currently subject to an option, sale and royalty agreement with a subsidiary of Hochschild Mining plc ("Hochschild"). Under the agreement, Revelo will operate Phases 1 and 2 of the exploration program. Hochschild can earn a 100% interest in the Loro project over a maximum of five (5) years in exchange for a series of in-ground investments and/or drilling commitments totalling US$13 million and/or 30,000 metres, and a series of cash payments to Revelo totalling US$5.3 million. Further payments totalling US$15 million are due once the option has been exercised by Hochschild. Revelo will be the beneficiary of a 1% NSR royalty on any future production from the property. (See Company's News Releases dated June 6, 2017 and September 05, 2017).
Loro, which comprises a series of low-sulphidation epithermal precious metals veins, is located in an important precious metals mineral district in northern Chile and is situated just 25 Km south of the important El Peñon mine, which has produced several million ounces of gold and hundreds of millions of ounces of silver over the last 20 years or so.
ABOUT REVELO
Revelo has consolidated an outstanding portfolio of 25 projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions - Chile. Revelo's total exposure to mineral tenements in northern Chile is around 300,000 hectares.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSX VENTURE:RVL). For more information, please visit Revelo's website at www.reveloresources.com.
Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent consultant, is the Company's Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.
ON BEHALF OF THE BOARD
"Timothy J. Beale"
Timothy J. Beale, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENT
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Revelo expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Revelo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.
Contact
Investor Contact
Chiara Orrigoni
Investor Relations Manager
T: +1 604 687-5544
info@reveloresources.com
www.reveloresources.com