--( - ) -(TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) ("Reservoir" or the "Company") is pleased to provide an update on exploration drilling for copper-gold mineralisation in the Leskovo and Jasikovo-Durlan Potok Exploration Permits. The results of drilling in the Leskovo Exploration Permit include drill hole FMLC 1301 with approximately 211 vertical metres (244.0 metres, from 10.0 to 254.0 metres angled at 60º) through porphyry style copper-gold mineralisation at an average of 0.19% copper and 0.30 grams per tonne (g/t) gold for 0.37 copper-equivalent % (CuEq%, calculated from the formula "Copper % + 0.6 x g/t of gold"). New targets were also successfully drilled in the Jasikovo-Durlan Potok Exploration Permit and are reported below.
These two exploration permits are included with the Brestovac-Metovnica Exploration Permit in the , eastern , which is a joint venture with ("Freeport"). The Company announced an initial resource estimate (65.3 million tonnes (Mt) at an average grade of 2.6% copper and 1.5 grams per tonne (g/t) gold) for the Cukaru Peki copper-gold deposit in the Brestovac-Metovnica Exploration Permit in News Release, .
Dr. , President and CEO of commented: "The Company believes that discovery of long intersections through porphyry-style copper-gold mineralisation from near surface in the Leskovo Exploration Permit is very encouraging. RTB Bor currently operate open pit mines in the at average grades similar to the 211 meters at 0.37 CuEq% reported from Leskovo in this news release. The Company believes that the copper-gold mineralisation identified in new prospects in the Jasikovo-Durlan Potok Exploration Permit are also promising, and confirm the potential for discovery of new copper-gold targets in the , including the properties as well as in Reservoir's 100% owned Timok properties."
Maps showing the location of the exploration permit perimeters, drill holes reported, and the mining operations are presented on the Company website (www.reservoirminerals.com). The best intercepts from holes drilled in 2012 - 2013 are summarised in Tables 1 and 2.
Background
The two exploration permits Leskovo and Jasikovo-Durlan Potok are located in the northern sector of the , eastern , and surround the Coka Marin Mining Concession belonging to the state-owned . RTB Bor reports a mining reserve for Coka Marin of 249,350 tonnes grading 19.88 % copper and 5.44 g/t gold as B-classified reserves, and 21,436 tonnes grading 26.22% copper and 4.2 g/t gold as C1-classified reserves (https://rtb.rs/rtb-bor-doo/geologija-i-resursi). The high grade copper-gold mineralisation at Coka Marin comprises massive sulphides (pyrite-chalcopyrite-enargite) and may be high sulphidation epithermal in type. The grade of the RTB Veliki Krivelj open pit mining operation are 0.34% copper and 0.07 g/t gold from porphyry copper mineralisation, and the grade of the Cerovo (including Cementacija) porphyry copper deposit is 0.32% copper and 0.1 g/t gold (Ore Deposit Database, , 2002). Both these deposits are located in the Bor mining district (maps on the Company website (www.reservoirminerals.com). The reserves are classified according to the Serbian Ore Reserve Classification system, which is similar to the earlier Russian classification, and are not compliant to National Instrument 43-101 definition standards. However, the Company considers that these reserves are relevant to the exploration work being undertaken in the adjacent exploration permits.
Results from the Leskovo Exploration Permit Area
The Lipuca Vlashka prospect in the southwest of the permit area is characterised by surface geochemical anomalism and hydrothermally altered andesites and subvolcanic intrusives that are mapped as diorite. The prospect was tested by two drill holes, with the best results tabulated in Table 1. Both holes were collared at the same location, FMLC 1301 angled at -60º towards the northwest and FMLC 1302 is vertical. Both holes intersected porphyry style copper-gold mineralisation, comprising disseminated pyrite and chalcopyrite in strongly altered diorite porphyry, from near surface. The copper grades in drill hole FMLC 1301 from 10.0 to 254.0 metres range from 0.05 to 0.74% copper, and gold grades vary between 0.1 and 1.90 g/t gold. The copper and gold grades in drill hole FMLC 1302 were slightly lower and more variable.
Table 1: Significant intercepts in the Lipuca prospect, Leskovo Exploration Permit.
| Drill hole ID |
|
Prospect |
|
From (m) |
|
To (m) |
|
Interval (m) |
|
Cu (%)* |
|
Au (g/t)** |
|
CuEq%*** |
| FMLC 1301 |
|
Lipuca |
|
10.0 |
|
254.0 |
|
244.0 |
|
0.19 |
|
0.30 |
|
0.37 |
| including |
|
|
52.0 |
|
79.0 |
|
27.0 |
|
0.38 |
|
0.73 |
|
0.82 |
| FMLC 1302 |
|
|
35.0 |
|
113.0 |
|
78.0 |
|
0.16 |
|
0.17 |
|
0.27 |
|
179.0 |
|
183.0 |
|
4.0 |
|
0.16 |
|
0.12 |
|
0.24 |
|
255.0 |
|
259.0 |
|
4.0 |
|
0.15 |
|
0.09 |
|
0.21 |
| *Analysis by ICP-AES |
| ** Analysis by fire assay with AAS finish. |
| *** The copper equivalent (CuEq%) is calculated from the formula (Copper% + 0.6 x g/t of gold). |
Results from the Jasikovo-Durlan Potok Exploration Permit Area
Drill holes FMTC 1105, FMTC 1106 and FMTC 1108 in 2011 at the Yanko prospect intersected wide zones of skarn and vein-type copper sulphide mineralization and associated hydrothermal alteration in a complex sequence of sedimentary rocks, andesites and diorites. Results from these drill holes in the Yanko prospect were announced in Company News Release . The best long intercepts from Yanko were 84.0 metres (from 188.0 to 272.0 metres) with an average 0.37% copper and 0.17 g/t gold (0.48% CuEq) in drill hole FMTC 1105, and 32.0 metres (from 1068 to 1100 metres) with an average 0.59% copper and 0.12 g/t gold (0.64% CuEq) in drill hole FMTC 1108.
Drill hole FMTC 1222 tested the South Durlan prospect, which is marked by copper and gold geochemical anomalism in soils and rocks in an area of hydrothermally altered andesites located about 4.1 kilometres northwest of Cerovo porphyry copper mine operated by RTB Bor. The hole intersected several zones of altered and brecciated andesite with pyrite and chalcopyrite, and occasional galena and sphalerite. The highest gold values (maximum 11.4 g/t over 3 metres from 212.0 to 215.0 metres) occur in strongly altered and brecciated andesite with broken core that may reflect tectonised (faulted) intervals.
Drill hole FMTC 1342 in the Yanko prospect did not yield any significant results.
Drill hole FMJC 1401 tested the V. Leskova prospect, which is an area marked by copper and gold geochemical anomalism in soils and rocks in an area of hydrothermally altered andesites. The drill hole intersected moderately altered andesite and andesite breccia with disseminations and stringers of pyrite, occasional chalcopyrite and traces of bornite. Weak copper-gold mineralisation occurs throughout the length of the hole, with maximum values of 0.38% copper and 0.76 g/t gold in a 2 metres interval from 98 - 100 metres.
Table 2: Significant intercepts in the Jasikovo-Durlan Potok Exploration Permit.
| Drill hole ID |
|
Prospect |
|
From (m) |
|
To (m) |
|
Interval (m) |
|
Cu (%)* |
|
Au (g/t)** |
|
CuEq%*** |
| FMTC 1222 |
|
South Durlan |
|
212.0 |
|
248.1 |
|
36.1 |
|
0.12 |
|
1.52 |
|
1.03 |
|
500.0 |
|
508.0 |
|
8.0 |
|
0.30 |
|
0.08 |
|
0.36 |
|
588.0 |
|
592.0 |
|
4.0 |
|
0.34 |
|
0.08 |
|
0.39 |
| FMJC 1401 |
|
V. Leskova |
|
86.0 |
|
124.0 |
|
38.0 |
|
0.14 |
|
0.27 |
|
0.31 |
| * Analysis by ICP-AES. |
| ** Analysis by fire assay with AAS finish, and by fire assay with gravimetric finish for samples containing greater than 3 g/t gold (only one sample in FMTC 1222) |
| *** The copper equivalent (CuEq%) is calculated from the formula (Copper% + 0.6 x g/t of gold). |
comprises the Jasikovo-Durlan Potok, Brestovac-Metovnica and Leskovo Exploration Permits that are held by Rakita d.o.o., a Serbian company in which Freeport and Reservoir hold 55% and 45% indirect ownership interests respectively. The Exploration Permits cover an area of 245 square kilometres in the highly prospective , eastern , which includes the world-class Bor-Majdanpek mining and smelting complex with reported historical production of 6 million tonnes of copper and 300 tonnes of gold (9.65 million ounces gold) (BRGM publication BRGM/RC-51448-FR, 2002).
Table 3: Status of drill holes in Jasikovo-Durlan Potok and Leskovo Exploration Permits on *
| Drill Hole ID |
|
Exploration Permit |
|
Azimuth
(º) |
|
Declination
(º) |
|
Depth
(m) |
|
Prospect |
|
Status |
| FMTC 1105 |
|
Jasikovo-Durlan Potok |
|
270 |
|
-70 |
|
735.3 |
|
Yanko |
|
Completed. Results reported in News Release March 1, 2012 |
| FMTC 1106 |
|
|
90 |
|
-60 |
|
594.3 |
|
Yanko |
|
| FMTC 1108 |
|
|
0 |
|
-90 |
|
1202.2 |
|
Yanko |
|
| FMTC 1222 |
|
|
0 |
|
-90 |
|
1073.8 |
|
South Durlan |
|
Completed. Results reported in this News Release |
| FMTC 1342 |
|
|
0 |
|
-90 |
|
1065.5 |
|
Yanko |
|
| FMJC 1401 |
|
|
030 |
|
-60 |
|
200.0 |
|
V. Leskova |
|
| FMLC 1301 |
|
Leskovo |
|
310 |
|
-60 |
|
452.8 |
|
Lipuca |
|
| FMLC 1302 |
|
|
0 |
|
-90 |
|
323.5 |
|
Lipuca |
|
* Maps showing the location of the exploration permit perimeters and drill holes are presented on the Company website (www.reservoirminerals.com).
Rakita Agreement
Freeport previously exercised the Earn-In Option to acquire a 55% equity interest in the in and is now the operator of the . Freeport has given notice to Reservoir (Refer to the news release of ) that it has elected to sole fund expenditures on or for the benefit of the project until the completion and delivery to Reservoir of a feasibility study, subject to its right to cease such funding at any time. The feasibility study must be in such form as is normally required by substantial, internationally recognized financial institutions for the purpose of deciding whether or not to loan funds for the development of mineral deposits. If Freeport completes the feasibility study, Freeport will indirectly own 75% and Reservoir 25% of the .
Quality Assurance and Control ("QAQC"):
Drill hole orientations were surveyed at approximately 50 metres intervals. personnel monitored the drilling, with cores delivered daily to the Project's core storage facility close to the town of Bor, where it was logged, cut and sampled. The samples were collected in accordance with the Project's protocols that are compatible with accepted industry procedures and best practice standards. Most samples through the mineralized intervals were 1 to 3 metres, and very occasionally 4 metres.
The samples were submitted to facilities in Bor, , and , , for sample preparation. The prepared samples were analysed for gold by fire assay at the laboratories in , , and Omagh, , and by multi-element ICP at the laboratory in Omagh, . Twenty-one samples were submitted to (ISO 9001:2008 and ISO 17025 accredited) in , for sample preparation and analysis by the same procedures. 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. , Chartered Engineer () 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:
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 and . The Company operates an exploration partnership business model to leverage its expertise through to discovery.
Neither TSX Venture Exchange nor the accepts responsibility for the adequacy or accuracy of this release.