VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 30, 2014) - Reservoir Minerals Inc. ("RMC" or the "Company") (TSX VENTURE:RMC)(RVRLF)(9RE.BE), is pleased to report results of recent drilling at the Parlozi silver-lead-zinc Project in central Serbia with partner Midlands Minerals Corporation ("Midlands") (TSX VENTURE:MEX). The most encouraging intercepts include 177.8 grams per tonne (g/t) silver and 1.0% lead over 2.30 metres from 171.20 to 173.50 metres, and 210.0 g/t silver and 0.9% lead over 1.40 metres from 187.0 to 188.40 metres in drill hole 14-PA-005 at the Plandiste prospect. Midlands have now completed the expenditure and drilling requirements stipulated in the Option Agreement.
Simon Ingram, President and CEO commented: "We are pleased that Midlands have completed their initial drilling and expenditure commitment within the agreed time, and that the results continue to confirm the presence of high-grade silver mineralisation in two prospect areas. The Company now looks forward to Midlands continuing exploration of these and other prospects in the Parlozi permit."
The Parlozi Project
The 91 square kilometre Parlozi exploration permit covers multiple occurrences of historic silver-lead-zinc mining in the Kosmaj-Babe area of the Sumadija mining district in central Serbia. Midlands has entered into an option agreement ("Parlozi Option Agreement" with Reservoir to earn up to a 75% interest in the Parlozi project (Company News Release April 7th, 2014). The Parlozi Option Agreement provides that Midlands can earn an initial 51% interest in the Project by spending C$4.5 million on exploration over four years. Midlands has completed the initial minimum expenditure of C$500,000 and 1,500 meters of drilling before September 30, 2014, Midlands remaining expenditure commitment is C$1,500,000 by January 15, 2016 and C$2,500,000 by January 15, 2018. Thereafter, Midlands can earn an additional 14% interest over two years by obtaining a mining exploitation permit from the Serbian Government and a further 10% (for a total of 75%) by completing a bankable feasibility study within two years of obtaining a mining exploitation permit.
The Company's exploration has been focused on the Parlozi (Kosmaj-Babé) and Plandiste prospects. Maps and further information on the Project are provided on the Company website (www.reservoirminerals.com).
Table 1: Drill holes reported from Parlozi Exploration Permit. Maps showing the location of all drill holes are provided on the Company website (www.reservoirminerals.com).
| Drill Hole ID |
Azimuth
(º) |
Declination
(º) |
Depth (m) |
Prospect |
|
| 14-PA-001 |
95 |
-62 |
645.0 |
Parlozi |
Reported in News Release September 3, 2014 |
| 14-PA-001A |
97 |
-66 |
124.8 |
| 14-PA-002 |
203 |
-64 |
233.0 |
Plandiste |
| 14-PA-003 |
201 |
-65 |
259.9 |
| 14-PA-004 |
090 |
-65 |
240.0 |
Parlozi |
Reported in this News Release |
| 14-PA-005 |
155 |
-50 |
211.7 |
Plandiste |
| TOTAL |
1,714.4 |
|
|
Parlozi Prospect
Drill hole 14-PA-004 was designed to intersect the up-dip extensions towards the surface from the intercepts reported previously and the historic resource. The hole intersected weakly mineralized hydrothermal breccias at a down-hole depth of 67.9 metres. These breccias may be distal to the known mineralisation at depth.
The Parlozi (also known as Kosmaj-Babé) deposit is described in the Mining Districts of Serbia, District Database (Ministry of Mining and Energy, 2002) with a historical resource of 6.5 Mt @ 4.1% Pb, 2.1% Zn, 0.3% Cu and 130 g/t Ag. The historical resources were calculated according to the Yugoslav resource criteria (similar to the Soviet classification) from 11 drill holes along a 700 metre strike length. These historical resources are not compliant with National Instrument 43-101 guidelines and should not be relied on, but the Company considers that they are relevant to the assessment of the Parlozi Project.
Plandiste Prospect
The Plandiste prospect is located in the south of the Parlozi permit perimeter, and approximately 1.4 kilometres west of the Parlozi prospect. Earlier underground sampling by the Company identified high-grade silver-lead-zinc mineralization (see Company News Release, May 13, 2014). Drill hole 14-PA-005 was designed to test the down-dip extension of the high-grade mineralization that was sampled in an adit (671 g/t silver and 20.8% lead over 6.0 metres). Drill hole 14-PA-005 successfully intersected ten discrete mineralized structures and collapsed underground workings, including three newly defined mineralized structures that yielded the results in Table 2.
Table 2: Significant drill intercepts drill hole 14-PA-005, Plandiste prospect.
| Hole ID |
From
m |
To
m |
Interval
m |
Pb
% |
Zn
% |
Cu
% |
Ag
g/t |
Au
g/t |
| 14-PA-005 |
136.60 |
137.70 |
1.10 |
3.51 |
0.02 |
0.02 |
64.8 |
0.07 |
| |
171.20 |
173.50 |
2.30 |
1.03 |
0.12 |
0.02 |
177.8 |
0.12 |
| |
187.00 |
188.40 |
1.40 |
0.91 |
0.10 |
0.00 |
210.0 |
0.09 |
| Note: Drill intervals are apparent thicknesses. Additional drilling is required to establish the orientation and true thicknesses of the mineralization, but they will generally be less. |
Sample Analysis and Quality Control:
Drill hole orientations were surveyed at approximately 50 metre intervals. The samples were collected in accordance with the Company protocols that are compatible with accepted industry procedures and best practice. Samples through the reported intervals were up to 2 metres in length.
The samples were submitted to SGS laboratory located in Bor, Serbia, for preparation. Sample pulps with 85% of content lower than 75 microns were analyzed at SGS laboratory in Bor for 49 elements including silver, lead, zinc and copper by ICP-MS after a 4-acid digestion. Samples with ICP-MS results greater than 100 g/t silver or greater than 1% lead, zinc or copper, were re-analyzed using 4-acid digestion and atomic absorption finish. All samples were assayed for gold using a standard 30 gram fire assay method with atomic absorption finish.
The Company follows industry standard quality assurance and quality control procedures for sampling. The QA/QC programme includes the insertion of blanks, duplicates and certified standards into the sample stream.
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, has approved the technical disclosure in this release and 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.
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 the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.