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Reservoir Minerals Intercepts Zinc-Lead-Silver-Gold Mineralization at Bobija
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 29, 2014) - Reservoir Minerals Inc. ("Reservoir" or the "Company") (TSX VENTURE:RMC)(RVRLF)(9RE.BE) is pleased to report results from the 622.9 metres drill program recently completed at its Bobija project in Serbia. Results received to date include intercepts of approximately 28.0 metres true thickness (from 19.5 to 64.7 metres down-hole) through massive sulphide mineralisation averaging 2.26% zinc, 0.87% lead, 25.52 grams per tonne (g/t) silver and 1.71 g/t gold in hole BB-02 and approximately 6.5 metres true thickness (from 24.6 to 32.5 metres down-hole) averaging 3.93% zinc, 3.67% lead, 108.96 g/t silver and 1.89 g/t gold in hole BB-06.
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "The first results from the drilling campaign are very encouraging, with all drill holes intersecting the targeted mineralization. The results from this validation drilling provide excellent reconciliation with 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, as well as moving towards a resource estimate with the necessary confirmation drilling in the barite mine area."
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 and mine in the Podrinje Mining District, which includes the active Veliki Majdan lead-zinc mine. The Bobija area contains several occurrences of lead-zinc-silver mineralization hosted by a sequence of Triassic carbonates with intercalated tuffs, cherts, mudstones, marls and sandstones. The area occurs within an ESE-WNW trending zone of deformation, and is overprinted by later Alpine orogenic and Neogene magmatic events.
Company geologists consider that the zinc-lead-silver sulphide and barite mineralisation 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).
Historical work (since the 1960s) at Bobija focused on the exploration and exploitation of barite. Sulphide mineralisation outcrops in the barite exploitation pit and was recorded in several historical drill holes and underground exploration workings. However, no drill core was retained and the underground workings are collapsed and inaccessible. The base metal sulphide mineralisation was never exploited, partly because the sulphide mineralisation at other lead-zinc deposits (e.g. Trepca, Veliki Majdan) in the former Yugoslavia is typically coarse to medium crystalline and could be more readily processed into a high-grade concentrate.
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 mineralisation recorded in the historical drill holes and workings, and test for extensions of mineralisation from the recorded zones. The Company also completed three dimensional modelling of historic exploration data including drilling and underground sampling, detailed surface mapping of the barite mine and surroundings, and initiated a geophysical gravimetric survey over the entire mine area.
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.
Drill Hole ID | Azimuth | Declination | Depth | Comment |
BB-02 | 306 | -57 | 89.9 | Reported in this News Release |
BB-03 | 269 | -55 | 105.0 | Reported in this News Release |
BB-04 | 086 | -73 | 80.0 | Awaiting Assays |
BB-06 | 264 | -54 | 70.0 | Reported in this News Release |
BB-07 | 213 | -50 | 41.0 | Awaiting Assays |
BB-08 | 040 | -55 | 71.6 | Terminated due to technical problems |
BB-09 | 340 | -55 | 79.3 | Awaiting Assays |
BB-10 | 060 | -60 | 86.1 | Awaiting Assays |
Assay results have so far been received from three drill holes (BB-02, BB-03 and BB-06), and significant intercepts are presented in Table 2. All holes intersected sulphide-barite mineralisation within the target succession of hanging wall cherts and tuffs and footwall marls, sandstones and limestones. The mineralisation occurs as brecciated massive sulphide-barite and veins in strongly silicified and brecciated limestone and clastic sedimentary rocks.
Table 2: Significant intercepts in the Bobija drill holes BB-02, BB-03 and BB-06, Bobija Exploration Permit.
Drill hole ID | From | To | Interval | Estimated | Zn | Pb | Ag | Au | |
BB-02 | 19.5 | 64.7 | 45.2 | 28.0 | 2.26 | 0.87 | 25.52 | 1.71 | |
including | 20.6 | 41.8 | 21.2 | 12.5 | 3.08 | 1.08 | 42.75 | 2.31 | |
BB-03 | 47.0 | 66.0 | 19.0 | 15.0 | 3.47 | 1.00 | 41.21 | 1.64 | |
including | 53.1 | 62.5 | 9.4 | 7.5 | 4.37 | 1.31 | 46.78 | 1.82 | |
BB-06 | 22.6 | 34.3 | 11.7 | 9.5 | 3.01 | 2.71 | 81.76 | 1.56 | |
24.6 | 32.5 | 7.9 | 6.5 | 3.93 | 3.67 | 108.96 | 1.89 | ||
Note: Drill intervals are apparent thicknesses. True thicknesses have been estimated from the Company's model.
Drill holes BB-02, BB03 and BB-06 were validation holes and indicate that there is an excellent correlation with the historic drilling data. The mineralised 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 hole BB-06 intersected mineralisation in the Company's exploration permit, and confirms that the massive sulphide mineralisation extends from the mining concession into the Company's permit.
The possibilities for further exploration in the mine area, and progress towards an initial resource estimate, will be evaluated once the assay results from the remaining four drill holes are received (Table 1). Further exploration work planned in the rest of the Company's exploration permit includes a gravimetric survey and detailed geological mapping of the host stratigraphy in order to identify further drill targets.
Quality Assurance and Control ("QAQC"):
Drill hole orientations were surveyed at approximately 50 metres intervals. Core recovery was 100% through the reported intervals in drill holes BB-03 and BB-06, and in BB-02 the recovery was 100% except for one interval of 0.5 metres with 60% recovery. 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.
For further information on Reservoir Minerals Inc., please consult our website www.reservoirminerals.com.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
