Reservoir Granted Two Exploration Permits for Gold in Gabon
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/30/13 -- Reservoir Minerals Inc. ("RMC" or the "Company") (TSX VENTURE: RMC)(PINKSHEETS: RVRLF)(BERLIN: 9RE) is pleased to announce that its 100% owned subsidiary in the Gabonese Republic has been granted two exploration permits (permis de recherches miniere) by the Ministry of Industry and Mines.
Company geologists reviewed geochemical data obtained during 2005 - 2009 under the auspices of the European Union funded SYSMIN project, and recognized the gold exploration potential of the Mitzic and Boumango exploration permits. Field verification sampling by the Company's exploration teams has validated both the tenor and distribution of the gold-in-soil geochemical anomalism.
Maps showing the location of the exploration permits with relevant geology and geochemistry are provided on the Company website (www.reservoirminerals.com).
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "Reservoir Minerals is pleased to have been granted the first exploration permits over two areas, in which robust kilometer scale gold-in-soil geochemical anomalies have been confirmed by the Company's geologists. The Company now looks forward to undertaking the first systematic exploration program for gold in these permit areas."
Mitzic Exploration Permit
The Mitzic exploration permit covers 516 square kilometers in northern Gabon, and is readily accessible from the capital Libreville by road. The permit is valid until June 2015 and can then be renewed twice, each time for a further three years.
The SYSMIN program identified four anomalous clusters with contiguous gold-in-soil values of greater than 20 parts per billion (ppb) gold, up to a maximum of 47 ppb gold. The anomalous clusters occur within an area approximately 11 kilometers on strike by 2 kilometers wide, which is underlain by Archean granites and lies 3 kilometers north of the regionally significant, east-west striking, Nkol fault zone.
During late 2012, the Company collected 271 soil samples in the area recognized as gold-anomalous by the SYSMIN program. The results of the validation samples demonstrate an excellent correlation with the SYSMIN data set for gold and other metals. Furthermore, contiguous gold-in-soil values of greater than 20 ppb gold, up to a maximum of 134 ppb gold, extend the main cluster of gold anomalous samples to cover an area approximately 4 by 1 kilometers, which is open to the northeast (see map on the Company website).
Boumango Exploration Permit
The Boumango exploration permit covers 322.6 square kilometers in southeast Gabon, 40 kilometers south of Franceville, from where the permit is readily accessible by road and forest track. The permit is valid until July 2015 and can then be renewed twice, each time for a further three years.
The results from the SYSMIN program define three distinct robust gold-in-soil anomalies (greater than 20 ppb gold, maximum 379 ppb gold) in an area measuring 9 by 6 kilometers. The anomalous area is underlain by Archean greenstones, granites and gneisses that are overlain by Proterozoic metasediments.
During late 2012, the Company collected 122 soil samples over the eastern sector of the area recognized as gold-anomalous in the SYSMIN program. The results demonstrate an excellent correlation with the SYSMIN data set for gold between the two sample sets (see map on the Company website). The SYSMIN gold anomalous areas are open, and further work is required to define their regional extent.
2013 Exploration Program
The Company has acquired a portable powered auger drill to test bedrock at depth beneath the gold-in-soil anomalies. Due to the development of thick laterite and saprolite weathering in area, standard trenching and pitting techniques are not effective methods for testing the bedrock. Auger drilling will commence in January 2013, with an objective of 1000 samples from both exploration permits.
Quality Control:
The Company follows industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of duplicates and certified standards into the sample batches. Soil samples were prepared by drying, sieving and riffle splitting at Reservoir Minerals base in Yaounde, Cameroon, under the supervision of Company staff, to 100 grams of less than 125 micron grain size. Prepared samples (approximately 100 grams) were shipped by courier to OMAC Minerals Laboratories (ISO 17025 accredited) in Ireland, where they were analyzed for gold by fire assay with AAS finish, and for 48 trace and major elements by ICP-ME.
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 West 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.
Contacts:
Reservoir Minerals Inc.
Chris MacIntyre
VP Corporate Development
+1.416.703.0010
chris@reservoirminerals.com
www.reservoirminerals.com