Reservoir Minerals Inc.: Drilling Confirms High-Grade Gold Mineralization at the Deli Jovan Project, Serbia
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- Reservoir Minerals Inc. ("RMC" or the "Company") (TSX VENTURE: RMC)(PINKSHEETS: RVRLF)(BERLIN: 9RE) is pleased to report results of recent exploration at the Deli Jovan Gold Project in eastern Serbia with partner Orogen Gold Plc (AIM: ORE, "Orogen"). Results of the drilling at the Gindusa historic mine target area include down-hole intercepts of 22.2 g/t gold over 0.5 meters, 16.25 g/t gold over 0.5 meters and 13.30 g/t gold over 1.0 meter. Most of the 18 drill holes intersected the mineralised structures. Continuous chip sampling in a trench on a gold-in-soil anomaly in the Gindusa West target area yielded 3.0 meters at 29.55 g/t gold within 8.0 meters at an average of 12.28 g/t gold.
The main objective of this first phase of drilling was to explore the structural continuity along strike, and to test depth extension of the known gold-bearing lodes beneath the old workings, particularly in the Gindusa and Gindusa West areas. The results confirm both these objectives, and also identify previously unknown 'blind' mineralised structures beneath the lodes exploited by the historic mining, as well as the possibility of new discovery associated with gold-in-soil geochemical anomalies.
Maps showing the location of the drill holes and trench, and selected cross-sections are provided on the Company website (www.reservoirminerals.com).
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "Reservoir Minerals is pleased that the recent exploration drilling and trenching has extended the gold mineralised structures vertically and laterally from those previously identified in the historic mines at Deli Jovan. The significant gold mineralisation discovered by trenching of a gold-in-soil geochemical anomaly at Gindusa West is a new target for follow-up exploration. The Company looks forward to an active exploration program at the Deli Jovan Gold Project this year, in which Orogen will continue to sole fund exploration expenditure."
Deli Jovan Project
The Deli Jovan Exploration Permit covers 69 square kilometers over the historic gold mines, Gindusa and Rusman, which were worked in the early 20th Century. These historic gold mines are located on an 8 kilometer long, northwest - southeast striking and steeply dipping, shear system hosting mesothermal gold veins. Underground mapping at Gindusa identified four mineralised quartz veins within the shear corridor that is at least at least 80 metres wide. Continuous chip channel samples from levels 1 and 2, which are 30 and 60 m below surface in the Gindusa vein system, yielded assay results that confirmed the presence of high-grade values of gold, ranging from trace gold up to 63.4 g/t gold (Company News Release June 12, 2012). Earlier selected chip sampling by the Company yielded bonanza-grades up to 209 g/t gold.
Orogen completed 18 drill holes (4311.0 meters) in the area of the historic Gindusa gold mine, 4 holes (472.4 meters) and 1 trench (100 meters) in the Gindusa West target area about 1.5 kilometers northwest of the Gindusa mine, and 8 additional holes (930.3 meters) testing the Rusman zone and other outlying targets.
Orogen has earned a 55% interest in the Deli Jovan gold exploration project by completing $1.5 million in exploration expenditure by June 2012. Under the terms of the earn-in agreement with the Company, Orogen is required to spend a further $2 million in exploration expenditure before the end of December 2013 to reach an aggregate 75% interest in the Deli Jovan project. To date $2.5 million has been expended on the project by Orogen. During 2013 infill and step-out drilling is planned to test the high grade gold vein systems at the Gindusa Mine area with the objective of demonstrating the potential for resource delineation. Additional trenching and drilling is planned to follow up surface targets generated in 2012.
Gindusa historic mine target area
Drilling (4,311.0 meters in the 18 holes) at the historic Gindusa mine was on eight profiles spaced at 25 - 50 meters apart, and covered a strike length of 250 meters. Maximum vertical depth tested by drilling was 280 meters. The drilling was focussed on testing the continuity at depth of the narrow, steeply dipping, gold-bearing quartz-pyrite lodes and fault structures exploited in the old mine workings.
The more significant down-hole drill intercepts to date are summarised in Table 1.
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From To Interval Gold
Hole No (m) (m) (m)(i) (g/t) Comments
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DE-1 71.0 71.5 0.5 16.25
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DE-2 180.1 180.7 0.6 6.13
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DE-3 129.3 129.8 0.5 14.55 40 m beneath stope H25, Level
2
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DE-4 158.0 162.7 4.7 2.98 65 m beneath mineralised
structure mapped on Level 2
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including 161.7 162.7 1.0 9.73
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DE-7 18.3 19.8 1.5 2.99
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100.6 101.8 1.2 2.14
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103.3 103.9 0.6 3.61
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DE-8 173.9 174.9 1.0 2.07
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217.9 218.9 1.0 0.99
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DE-11 67.3 68.3 1.0 1.00
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DE-14 165.1 165.9 0.8 1.12 "Blind" mineralisation
between 70 to 115 m beneath
Level 2
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234.8 238.7 3.9 4.05
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including 234.8 235.8 1.0 13.30
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DE-15 301.1 301.7 0.6 1.09 "Blind" mineralisation
between 160 to 210 m beneath
Level 2
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334.9 336.6 1.7 8.15
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including 334.9 335.4 0.5 22.20
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357.5 358.0 0.5 10.85
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(i) Down-hole intercepts quoted. True widths have not yet been established,
but will generally be less and determined by the dip of the steeply dipping
mineralised lodes intersected by the inclined drill-holes.
Table 1: Significant drill intercepts from Gindusa historic mine target area
The grade variability between sections is typical for structurally controlled, mesothermal lode gold mineralization. A study of the structural controls to the mineralisation concluded that the overall zone at Gindusa mine is likely to be steep plunging with overall depth continuity, although gold grade will vary considerably when intersected in core.
Gindusa West target area
The drilling demonstrated that the mineralised vein zone continues down dip for approximately 100 meters with a width of about one meter, and remains open to depth. Drill hole DE-GEA1 intersected 3.28 g/t gold over 0.5 meters from 64.0 - 64.5 meters, and confirmed results from underground sampling. However, two parallel 'blind' quartz-pyrite veins were intersected below the known lodes, and DE-GEA1 intersected 6.75 g/t gold over 0.95 meters from 90.65 - 91.60 meters. Trench TAG2 was located about 250 meters west of the DE-GEA drill profile in order to test a gold-in-soil geochemical anomaly. A wide zone of alteration and shearing of the host gabbro, with partially oxidised pyrite mineralisation and quartz veining, was mapped in the trench. Assays of continuous channel samples through this zone include 3.0 meters with 29.55 g/t gold within 8.0 meters yielding an average of 12.28 g/t gold. These trench results will be a priority for follow-up in the next phase of drilling, and they also enhance the potential for further discoveries associated with several other untested gold-in-soil geochemical anomalies in this area.
Quality Control:
The Company follows industry standard quality assurance and quality control procedures for all drill core sampling. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Sample preparation and gold analysis is undertaken by ALS Chemex at its ISO 17025 accredited laboratory in Romania.
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 Africa. The Company operates an exploration partnership business model to leverage its expertise through to discovery.
For further information on Reservoir Minerals Inc., please consult our website www.reservoirminerals.com.
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