VANCOUVER, BRITISH COLUMBIA
-- (Marketwired)
-- 11/24/14
Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX VENTURE:RMC)(OTC PINK:RVRLF)(BERLIN:9RE) is pleased to report the final results from the 622.9 metres drill program recently completed at its Bobija project in Serbia. Results include intercepts of 15.10 metres (from 2.0 to 17.1 metres down-hole, approximately 8.25 true thickness) through massive sulphide mineralization averaging 4.73% zinc, 4.23% lead, 122.14 grams per tonne (g/t) silver and 1.91 g/t gold in hole BB-07. Other high-grade intercepts through massive sulphide mineralization were reported in News Release dated September 29, 2014.
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "The latest results from the initial drilling campaign are very encouraging, and confirm the Company's model based on historical exploration data, as well as new information on the relatively high silver and gold contents. There is excellent potential for further discovery within the Company's exploration permit, and the results of the on-going gravity survey should provide new and reliable targets for drilling in the area. The geological data from the drilling campaign is being carefully evaluated and will be included in a new model of the mineralization."
Background
The Bobija Exploration Permit is held by BEM d.o.o., an indirectly held wholly-owned Serbian subsidiary of the Company. The permit covers an area of 46.59 square kilometres and the permit surrounds the Bobija barite deposit.
Company geologists consider that the zinc-lead-silver sulphide and barite mineralization at Bobija is sedimentary exhalative ("SEDEX") in type. Many of the world's largest zinc-lead deposits are SEDEX type, including Red Dog (Alaska), Isa - Hilton (Australia), Rammelsberg (Germany), and Sullivan (Canada).
Agreement with the Barite Mining Company
On March 5, 2014, the Company executed an agreement with the owners of the barite mine Akcionarsko Drustvo Bobija ("ADB"), a joint stock company registered in Serbia, granting the Company exclusive rights to conduct mineral exploration within the Bobija mining concession for an initial payment of EUR50,000 and subsequent annual payments of EUR12,000 until the completion of a feasibility study and conclusion of a joint venture agreement for exploitation. Maps showing the location of the mining concession perimeter are presented on the Company website (www.reservoirminerals.com).
Drilling Programme
This summer's drilling campaign of 8 short diamond drill holes (total 622.9 metres) was designed to validate the presence of sulphide mineralization recorded in the historical drill holes and workings, and test for extensions of mineralization from the zones identified in the historical data.
Maps showing the location of drill holes reported, strip logs and drill sections are presented on the Company website (www.reservoirminerals.com).
Table 1: Drill holes at the Bobija Exploration Permit.
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Drill Hole Azimuth Declination Depth
ID (degrees) (degrees) (m) Comment
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BB-02 306 -57 89.9 Reported in News
Release September 29,
2014
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BB-03 269 -55 105.0 Reported in News
Release September 29,
2014
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BB-04 086 -73 80.0 Reported in this News
Release
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BB-06 264 -54 70.0 Reported in News
Release September 29,
2014
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BB-07 213 -50 41.0 Reported in this News
Release
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BB-08 040 -55 71.6 Terminated due to
technical problems
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BB-09 340 -55 79.3 Reported in this News
Release
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BB-10 060 -60 86.1 Reported in this News
Release
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Assay results of significant intercepts are presented in Table 2, including results from BB-02, BB-03 and BB-06 that were reported in News Release dated September 29, 2014. All holes intersected sulphide-barite mineralization within the target succession of hanging wall cherts and tuffs and footwall marls, sandstones and limestones. The mineralization occurs as brecciated massive sulphide-barite and veins in strongly silicified and brecciated limestone and clastic sedimentary rocks.
Table 2: Significant intercepts in the drill holes, Bobija Exploration
Permit.
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Estimated
true
Drill hole From To Interval thickness Zn Pb Ag Au
ID (m) (m) (m) (m) (%) (%) g/t g/t
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BB-02 19.5 64.7 45.2(i) 30.20 2.26 0.87 25.52 1.71
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including 20.6 41.8 21.2(i) 14.17 3.08 1.08 42.75 2.31
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BB-03 47.0 66.0 19.0(i) 10.55 3.47 1.00 41.21 1.64
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including 53.1 62.5 9.4(i) 6.84 4.37 1.31 46.78 1.82
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BB-04 36.5 52.5 16.0(i) 9.82 2.29 1.98 83.41 1.58
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BB-06 22.6 34.3 11.7(i) 10.43 3.01 2.71 81.76 1.56
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24.6 32.5 7.9(i) 7.05 3.93 3.67 108.96 1.89
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BB-07 2.0 17.1 15.1(i) 8.25 4.73 4.23 122.14 1.91
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BB-09 59.2 61.2 2.0(i) 1.69 0.39 0.48 29.0 1.19
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64.1 69.1 5.0(ii) 4.23 4.92 0.20 0.5 0.02
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BB-10 50.0 52.5 2.5 2.26 0.40 0.24 16.56 0.47
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Note: Drill intervals are apparent thicknesses. True thicknesses have been
estimated from the Company's 3D model of the mineralization.
(i) Massive-sulphide and barite mineralization
(ii) "Footwall" sulphide mineralization
Drill holes BB-02, BB-03, BB-04, BB-06 and BB-07 were validation holes and indicate that there is an excellent correlation with the historic drilling data. The mineralized intersections are generally longer than expected, and the zinc and lead grades are comparable. Gold and, for the most part, silver analyses were not in the historical data and the high values for gold confirm the results obtained previously by the Company's limited surface sampling.
Drill holes BB-04, BB-06, BB-07, BB-09 and BB-10 intersected mineralization in the Company's exploration permit, and confirm that the mineralization extends from the mining concession into the Company's permit.
BB-09 intersected the footwall mineralization beneath a weakly developed massive sulphide zone. The footwall mineralization was not recognised in the historical work, but can yield significant lead and zinc grades, although the silver and gold values are generally lower than in the massive sulphide zone.
The intercept reported in Table 2 for drill hole BB-10 is from a fault zone containing fragments of barite and massive sulphide that are presumed to be from the stratiform massive sulphide mineralization zone intercepted in the other holes. This intercept implies continuity between two massive sulphide bodies interpreted from the historical data.
A gravimetric survey is currently on-going, and detailed geological mapping has been completed. The possibilities for further exploration in the mine area, and progress towards an initial resource estimate, are being evaluated.
Quality Assurance and Control ("QAQC"):
Drill hole orientations were surveyed at approximately 50 metres intervals. Core recovery through the reported intervals was generally 100%. Company personnel monitored the drilling, with cores delivered daily to a core storage facility near the Bobija barite processing plant, where it was logged. The core was cut and sampled at the Company's sample preparation facility in Belgrade in accordance with the Company's protocols that are compatible with accepted industry procedures and best practice standards. Samples through the mineralized intervals were from core intervals 0.5 to a maximum 2.0 metres. The samples were crushed to less than 2 millimetres at the Company's sample preparation facility in Belgrade.
The crushed samples were submitted to ALS Minerals facilities in Bor, Serbia, for pulverising and analysis for gold by fire assay at the ALS Minerals laboratory in Rosia Montana, Romania, and by multi-element ICP at the ALS Minerals laboratory in Loughrea, Ireland. 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. 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 Europe and Africa. The Company operates an exploration partnership business model to leverage its expertise through to discovery. The Bobija project discussed in this news release is available for partnership.
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
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