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Reservoir Awarded Two New Timok Exploration Permits
By: Marketwired .
Jan. 17, 2013 04:35 PM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/17/13 -- Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) ("RMC" or the "Company") is pleased to report that it has been awarded two new exploration permits (Nikolicevo and Kraljevica Exploration Permits) totalling 188.16 square kilometers within the prospective Timok Belt of eastern Serbia, where it is currently exploring for copper and gold mineralization with Freeport-McMoRan Exploration Corporation ("Freeport"). The new permits are valid until November 15, 2015. The Company now controls exploration ground covering a total of 290.96 square kilometers though four 100% owned exploration permits in the Timok area, in addition to the 244.9 square kilometers currently being explored under the terms of the Rakita Agreement with Freeport in the Timok Project. Previously reported exploration results (Company News Releases dated September 4, 2012 and December 10, 2012) from the Cukaru Peki prospect (Miocene Basin area) in the Brestovac-Metovnica exploration permit include:
-- 160 metres with an average grade of 10.16% copper equivalent ("CuEq"; average 6.92% copper and 5.40 grams per tonne ("g/t") gold) from 461 to 621 meters in drill hole FMTC 1213, -- 100 meters with an average grade of 4.31% CuEq (average 3.17% copper and 1.91 g/t gold) from 584.0 to 684.0 meters in drill hole FMTC 1217, and -- 204 meters with an average grade of 1.63% CuEq (average 1.49% copper and 0.24 g/t gold) from 1082.0 to 1286.0 meters in FMTC 1214. (The copper equivalent (CuEq%) is calculated from the formula Copper % + 0.6 x g/t of gold)
A map showing the location of the exploration permits is provided on the Company website (www.reservoirminerals.com).
Dr. Simon Ingram, President and CEO of Reservoir Minerals, commented: "Reservoir is now exploring, both independently and with Freeport, on various portions of the 535 square kilometers of exploration ground in the highly prospective Timok area, in which significant copper-gold epithermal and porphyry mineralised systems are known. RMC believes that the Timok area remains highly prospective with the potential to yield world class discoveries."
Nikolicevo Exploration Permit:
The Nikolicevo exploration permit is 100% owned by Reservoir Minerals and covers an area of 94.19 square kilometers. It is situated east of, and adjacent to, the Company's existing Brestovac-Metovnica exploration permit. The geology in the Nikolicevo permit includes late Cretaceous andesites and volcaniclastics that host the copper-gold mineralization at the Cukaru Peki prospect in the Brestovac-Metovnica exploration permit, and overlying Miocene sediments.
Kraljevica Exploration Permit:
The Kraljevica exploration permit is 100% owned by Reservoir Minerals and covers an area of 93.97 square kilometers. It is situated south of the Nikolicevo exploration permit and covers the southeast border of the Timok Magmatic Complex. The geology in the Kraljevica permit is dominated by Miocene sediments that could overlie prospective late Cretaceous andesites and volcaniclastics.
The Timok Project:
The Timok Project comprises the Jasikovo-Durlan Potok, Brestovac-Metovnica and Leskovo exploration permits that are held by Rakita d.o.o., a Serbian subsidiary company in which RMC has a 45% and Freeport a 55% indirect ownership interest. The exploration permits cover an area of 244.9 square kilometres in the highly prospective Timok Magmatic Complex, eastern Serbia, 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).
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 an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Serbia and West Africa. The Company operates an exploration partnership business model to create value through 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.
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