VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 3, 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 in drill hole 14-PA-001 at the Parlozi prospect include 174.0 grams per tonne (g/t) silver, 2.5% lead and 3.8% zinc over 2.95 metres from 301.65 to 304.60 metres, and 567.2 g/t silver, 2.0% lead and 0.5% zinc and 0.96 g/t gold over 2.50 metres from 537.00 to 539.50 metres. Drill hole 14-PA-003 at the Plandiste prospect intersected 355.3 g/t silver and 4.25% lead over 2.10 metres from 136.90 to 139.00 metres.
Simon Ingram, President and CEO stated: "The first drill results are encouraging, and continue to validate Reservoir's belief that Parlozi is a silver-lead-zinc opportunity with potential to host significant mineralization. The Company looks forward to Midlands completing the Phase 1 exploration and drilling before the end of September 2014."
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 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).
The Parlozi Option Agreement provides that Midlands can earn an initial 51% interest in the Project by spending CDN$4.5 million on exploration over four years. The Parlozi Option Agreement stipulates that Midlands must undertake a minimum exploration expenditure of CDN$500,000 on the Parlozi Project before September 30, 2014, which includes the reimbursement of CDN$103,757 in exploration expenditures on the project by Reservoir and 1,500 metres of drilling. 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. Midlands has completed the initial required milestone of spending CDN$500,000 before September 30, 2014 including reimbursement of Reservoir exploration expenditures since June 6th, 2013. They are committed to continuing with drilling (a minimum of 237.3 metres) and ground geophysics in order to fulfill their initial commitment by September 30, 2014.
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| Table 1: Drill holes reported from Parlozi Exploration Permits in this News Release. |
| Maps showing the location of all drill holes are provided on the Company website (http://www.reservoirminerals.com/). |
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| Drill Hole ID |
Azimuth
(º) |
Declination
(º) |
Depth
(m) |
|
Prospect |
| 14-PA-001 |
95 |
-62 |
645.0 |
|
Parlozi |
| 14-PA-001A |
97 |
-66 |
124.8 |
|
| 14-PA-002 |
203 |
-64 |
233.0 |
|
Plandiste |
| 14-PA-003 |
201 |
-65 |
259.9 |
|
| TOTAL |
1,262.7 |
|
|
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|
|
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The Parlozi Prospect
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% lead, 2.1% zinc, 0.3% copper and 130 g/t silver. 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.
Drill hole 14-PA-001 was drilled to a depth of 645 metres near historic drill hole BK-15 and approximately 80 metres south of the Company's PA-1 drill hole (drilled to approximately 600 metres, see Company website for further information). The top of hole 14-PA-001 was re-drilled as 14-PA-001A to a depth of 124.80 metres due to poor core recovery in the upper part of the initial drill hole.
Drill hole 14-PA-001 successfully confirmed the presence of multiple high-grade veins combined with wide zones of carbonate replacement mineralization in the area of the historic resource. Table 2 lists the most significant intercepts. The Company is encouraged to see an increase in the width of some of the mineralized zones when compared to individual intercepts in the historic data on this drill section.
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| Table 2: Significant drill intercepts drill hole 14-PA-001, Parlozi prospect. |
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|
|
| Hole ID |
From
m |
To
m |
Interval
m |
Pb
% |
Zn
% |
Cu
% |
Ag
g/t |
Au
g/t |
|
Comments |
| 14-PA-001A |
60.20 |
71.60 |
11.40 |
1.09 |
0.05 |
0.34 |
40.7 |
0.40 |
|
argillic and silica alteration, sulphide veinlets and disseminations brecciated sandstone |
| 14-PA-001 |
154.00 |
156.45 |
2.45 |
2.21 |
0.19 |
0.71 |
291.4 |
0.73 |
|
veins, veinlets and local massive pyrite, galena and sphalerite mineralization in brecciated and silicified limestone and sandy limestone |
| 14-PA-001 |
291.10 |
295.75 |
4.65 |
1.77 |
3.95 |
0.03 |
30.1 |
0.02 |
|
| 14-PA-001 |
301.65 |
304.60 |
2.95 |
2.52 |
3.81 |
0.03 |
173.9 |
0.05 |
|
| 14-PA-001 |
381.40 |
384.10 |
2.70 |
2.38 |
3.97 |
0.02 |
33.6 |
0.14 |
|
| 14-PA-001 |
434.00 |
438.70 |
4.70 |
2.42 |
2.36 |
0.02 |
33.9 |
0.12 |
|
| 14-PA-001 |
537.00 |
539.50 |
2.50 |
2.00 |
0.50 |
0.08 |
567.2 |
0.96 |
|
| 14-PA-001 |
609.00 |
615.50 |
6.50 |
1.71 |
1.43 |
0.35 |
102.8 |
0.09 |
|
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| 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. |
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The objective of the additional drilling at Parlozi will be to test the updip extension of the mineralization from the historic resource.
The Plandiste Prospect
The Plandiste prospect is located approximately 1.4 kilometres west of the Parlozi prospect, and earlier underground sampling by the Company identified high-grade silver-lead-zinc mineralization (see Company News Release, May 13, 2014). The core drilling tested the geometry and tenor of mineralization beneath the underground workings. Drill hole 14-PA-002 intersected a 5.25 metre wide zone of old workings in the northern group of mineralized veins, and a number of unmined veins corresponding to the southern group. As such the drill assays for the northern group are not considered representative and the grade and width of the northern vein set in the area of 14-PA-002 remains unknown. The 259.90 metre long drill hole 14-PA-003 intersected several veins corresponding to the downdip extension of both groups of mineralized veins. Table 3 lists the most significant intercepts.
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| Table 3: Significant drill intercepts drill holes 14-PA-002 and 14-PA-003, Plandiste prospect. |
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| Hole ID |
From
m |
To
m |
Interval
m |
Pb
% |
Zn
% |
Cu
% |
Ag
g/t |
Au
g/t |
| 14-PA-002 |
93.10 |
95.40 |
2.30 |
2.46 |
0.15 |
0.01 |
25.5 |
0.07 |
| 14-PA-003 |
136.90 |
139.00 |
2.10 |
4.25 |
0.07 |
0.02 |
355.3 |
0.18 |
| 14-PA-003 |
223.80 |
224.80 |
1.00 |
0.66 |
0.60 |
0.04 |
110.0 |
0.04 |
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| 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. |
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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 two metres in length. Core recovery through the mineralized intervals was generally good, except in the first 120 metres of drill hole 14-PA-001, which was redrilled as 14-PA-001A.
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.
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.