Revelo Resources Corp. Signs Option Agreement on Its Cerro Buenos Aires Project
Vancouver, May 29, 2018 - Revelo Resources Corp. (TSXV: RVL) ("Revelo" or the "Company") is pleased to announce that it has signed an Option Agreement with Teck Resources Chile Limitada ("Teck"), a 100% subsidiary of Teck Resources Ltd., allowing Teck to acquire up to a 60% interest in a 1,500-hectare portion of Revelo's Cerro Buenos Aires property in northern Chile. The Cerro Buenos Aires property displays widespread geological characteristics indicative of the upper parts of a possible porphyry copper system.
Terms of the Option Agreement include:
- 4-year option to earn a 60% interest in the property.
- Cash payments to Revelo totalling US$425,000 over 4 years.
- Exploration expenditures totalling US$4.8 million over 4 years.
- Once the option is exercised by Teck, Revelo has 90 days to decide whether to form a joint-venture (JV) company with Teck (with Revelo holding a 40% interest) in order to advance the property, or to convert its interest into a 1.5% net smelter return (NSR) royalty. Teck has the right to buy-down the royalty by 0.5% by paying Revelo US$2 million, at any time.
Tim Beale, CEO and President of Revelo commented, "We are very pleased to have Teck as a partner on our Cerro Buenos Aires project. This is Revelo's third currently active JV project in northern Chile, and Teck has indicated that it plans to drill test the porphyry copper target as soon as relevant surface works and permitting have been completed. We are excited to see this program develop."
ABOUT CERRO BUENOS AIRES
Cerro Buenos Aires lies along the Paleocene magmatic belt of northern Chile that hosts some of the most important copper and precious metals deposits in the country, such as Cerro Colorado (BHP Billiton), Spence (BHP Billiton), Sierra Gorda (KGHM & Sumitomo), Nueva Unión's Relincho deposit (Teck-Goldcorp), El Peñon (Yamana Gold) and Guanaco (Austral Gold).
Cerro Buenos Aires encompasses about 7,600 Ha of 100% owned tenement comprising both exploration and mining concessions of which Teck is optioning 1,500 Ha. The property consists of large outcrops, dominated by the Cerro Buenos Aires hill, displaying characteristics indicative of the upper portions of a porphyry copper and associated high-sulphidation precious and base metals system. A key N-S splay to a regional fault system (Dominador Fault), known to be associated with some of the previously mentioned deposits, is present along the eastern margins of the property.
Cerro Buenos Aires is easily accessed, being located alongside the Pan-American Highway some 2 hours' drive from either the port cities of Antofagasta or Taltal, and is situated at modest altitudes ranging from around 1,600 m to 2,200 m. A new high-tension power line has been installed alongside the main road.
For further details of the Cerro Buenos Aires Project please refer to the Cerro Buenos Aires Project page on Revelo's website (www.reveloresources.com).
Dr. Demetrius Pohl, Ph.D., 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.
ABOUT REVELO
Revelo has interests in an outstanding portfolio of projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions — Chile. The Company has a combination of wholly-owned projects (available for option, JV or sale), option agreements, royalty interests (non-producing to date), and equity interests in mining and exploration companies. Revelo's total exposure to mineral tenements in northern Chile, either wholly-owned or through royalty interests, is around 200,000 hectares.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSXV: RVL). For more information, please visit Revelo's website at www.reveloresources.com
ON BEHALF OF THE BOARD
"Michael Winn"
Michael Winn, Chairman
INVESTOR CONTACT
Timothy J Beale | President & CEO
T: +1 604 687-5544
info@reveloresources.com
www.reveloresources.com
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.
CERRO BUENOS AIRES – District Geology
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CERRO BUENOS AIRES – Advance Argillic Alteration Intensity
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