Reservoir awarded two new Timok exploration permits
Friday, Jan 18, 2013Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)
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.