Welcome!

News Feed Item

Reservoir Minerals Reports Initial Resource Estimate for the High Sulphidation Epithermal Zone of Mineralisation at Cukaru Peki in Serbia

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/27/14 -- Reservoir Minerals Inc. (TSX VENTURE: RMC)(PINKSHEETS: RVRLF)(BERLIN: 9RE) ("Reservoir" or the "Company") is pleased to report the initial resource estimate for the High Sulphidation Epithermal ("HSE") zone of mineralisation within the Cukaru Peki copper-gold deposit, Brestovac-Metovnica Exploration Permit, Serbia. The Cukaru Peki copper-gold deposit forms part of the Timok Project, which is a joint venture between Reservoir and Freeport-McMoRan Copper & Gold ("Freeport"). See "The Timok Project", below.

SRK Consulting (UK) Limited ("SRK"), an independent mining and geological consulting company, estimated the National Instrument 43-101 compliant Inferred Resource for the HSE zone to be 65.3 million tonnes (Mt) at an average grade of 2.6% copper and 1.5 grams per tonne (g/t) gold, or 3.5% copper-equivalent (CuEq% = Cu% + (Au g/t x 0.6), containing 1.7 million tonnes (3.8 billion pounds) copper and 3.1 million ounces gold or 2.3 million tonnes (5.1 billion pounds) copper-equivalent. The Inferred Resource estimate is reported above a 1% CuEq cut-off grade.

The Inferred Resource includes the high-grade massive sulphide (HGMS) domain containing an estimated 6.8 million tonnes at an average grade of 9.6% copper and 5.9 g/t gold (13.1% CuEq) at a 1% CuEq cut-off, and a significant proportion of the semi-massive sulphide (SMS) domain containing 14.0 million tonnes at an average grade of 3.2% copper and 2.7 g/t gold (4.8% CuEq) at a 3% CuEq cut-off grade.

The underlying porphyry type mineralisation has not been modelled at this time due to the lack of drill data and geometrical understanding, and is not included in the resource estimate.

A summary of the Cukaru Peki Resource Estimate is presented in Table 1. The "43.101 Technical Report on a Mineral Resource Estimate on the Cukaru Peki deposit, Brestovac-Metovnica Exploration Permit, Serbia, January 2014" (the "Technical Report") will be available on SEDAR (www.sedar.com) and the Company web site www.reservoirminerals.com.

Table 1: CIM Compliant Mineral Resource Statement as at November 27, 2013 for the Cukaru Peki HSE Deposit

---------------------------------------------------------------------------

                                                                     Copper
                                      Copper      Gold   Arsenic Equivalent
                                    ---------- --------- ------- ----------
              Grade         Million      Metal  Au Metal
              Category       Tonnes    %   (Cu   g/  (Au       %          %
Category Zone %CUEQ             (Mt)  Cu    Mt)  t   Moz)     As       CuEQ
---------------------------------------------------------------------------
Inferred HGMS greater than      4.5 11.2   0.5 7.4   1.1     0.2       15.7
              10.0
              -------------------------------------------------------------
              1.0-10.0          2.3  6.5   0.2 3.1   0.2     0.3        8.3
         ------------------------------------------------------------------
         SMS  greater than     14.0  3.2   0.4 2.7   1.2     0.2        4.8
              3.0
              -------------------------------------------------------------
              1.0-3.0          44.5  1.3   0.6 0.4   0.6     0.1        1.6
         ------------------------------------------------------------------
         Sub Total HGMS
         greater than 1.0       6.8  9.6   0.7 5.9   1.3     0.2       13.1
         ------------------------------------------------------------------
         Sub Total SMS
         greater than 1.0      58.5  1.8   1.0 0.9   1.8     0.1        2.3
         ------------------------------------------------------------------
         Grand Total
         greater than 1.0      65.3  2.6   1.7 1.5   3.1     0.1        3.5
---------------------------------------------------------------------------
1.  SRK based reporting criteria for underground Resources on the following
    parameters:
    a. A copper price of USD 6,500/t of copper, and a gold price of USD
       1,300/oz.
    b. Metallurgical recovery assumptions of 90% for copper and 75% for
       gold.
    c. Operating costs of USD 46 per tonne of ore.
2.  The cut-off grade used by SRK for the estimate is 1.0% CuEq.
3.  Copper equivalent formula used is as follows: CuEq = Cu% + (Au g/t x
    0.6).
4.  All figures are rounded to reflect the relative accuracy of the
    estimate.
5.  Mineral Resources are not Mineral Reserves and do not have demonstrated
    economic viability.
6.  The Mineral Resource is given on 100% basis, currently 45% is
    attributable to Reservoir (refer to section "The Timok Project" in this
    News Release).

Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc., commented: "The initial Mineral Resource estimate marks a milestone on the discovery history of the Cukaru Peki copper-gold deposit. SRK note the potential for further extensions to the HSE mineralisation, and that continuing infill drilling will provide additional confidence to the resource estimate. The extent of the associated porphyry copper-gold mineralisation has not been determined and remains an important target for further definition drilling. Reconnaissance drilling elsewhere in the Brestovac-Metovnica Exploration Permit continues to intersect alteration and mineralisation that provides encouragement for further discovery within the permit area. We believe that the discovery at Cukaru Peki demonstrates the potential for additional blind discoveries within the Timok Magmatic Complex.

The Resource Estimate:

All drilling has been completed from surface. The drill holes are plotted on sections oriented at 070 degrees, each spaced approximately 100 m apart. The dips for inclined holes range from -50 degrees to -75 degrees, with hole lengths typically over 1,000 m reaching a maximum of 2,160 m. The geological model of the mineralisation was created from 26 drill holes that intersect the HSE mineralisation. Two estimation domains were used: high-grade massive sulphide (HGMS) and semi-massive sulphide (SMS). A structural model was developed to understand the orientation and controls to the limits of the mineralisation. The underlying porphyry was not modelled. The geological interpretation used to generate the model for this Mineral Resource estimate, whilst based on relatively few drill holes, is considered by SRK to be fairly robust, though subject to revision in the future.

Resource estimation parameters are summarised below:

--  Assay and geological data available on or before the November 27, 2013
    were included in this resource estimate.
--  Sample preparation and analytical procedures are described in the
    Company's previous news releases on the project and in the Technical
    Report. Industry-standard levels of QAQC checks were performed on assay
    data, including validation by umpire laboratories.
--  SRK created a block model with parent block dimensions of 50 x 50 x 30
    m, with sub blocking to a minimum of 5.0 x 5.0 x 3.0 m in the
    Datamine™ software.
--  Samples were composited to 10 m lengths, resulting in an average of 5
    and 17 samples per intersection across the HGMS and SMS domains
    respectively.
--  High-grade capping was applied only for gold in the SMS domain at 15 g/t
    gold. The spatial occurrence of the capped values was visually verified
    to determine that they do not form discrete zones that could be modelled
    separately.
--  Specific gravity was determined on 552 drill core samples from the HSE
    zone, out of a total of about 11,250 measurements on all rock types.
    Based on the relationship between Fe% grade and density, a regression
    formula was used to calculate density from the Fe% grade in each block.
    Density values have an average of 3.4 g/cm3 in the HGMS and 2.7 g/cm3 in
    the SMS domains.
--  Ordinary Kriging ("OK") was used for the grade estimation for the HGMS
    and SMS domains for copper and gold. Inverse distance weighting (IDW)
    was used for the grade estimation for iron and arsenic, and for
    verification of the OK estimates for copper and gold.
--  Quantitative Kriging Neighbourhood Analysis ("QKNA") was undertaken to
    test the sensitivity and define the optimum sample selection parameters
    to be used in the grade estimation. A minimum of 10 and maximum of 30
    sample composites from a minimum of two drill holes were used to
    estimate the HGMS and SMS blocks.

The Mineral Resource is classified by SRK as Inferred and is defined as the blocks in which mineralisation represents reasonable strike continuity and down-dip extensions within 100 m of sample data. SRK considers that a cut-off grade of greater than 1.0% CuEq is suitable for reporting Mineral Resources for what is likely to be an underground project. Parameters used to define the cut-off grade are included the footnotes to Table 1.

The Mineral Resources have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and are reported in accordance with the Canadian Securities Administrators' National Instrument 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserve.

Our partner, Freeport, did not participate in completion of this resource estimate and is subject to disclosure requirements that are different than Reservoir's disclosure requirements. Accordingly, future disclosures concerning the Cukaru Peki deposit and the Timok Project by our partner Freeport may contain different or additional information as required by those laws, regulations and requirements.

SRK Comments:

The following are summarised from the comments made by SRK in their Technical Report:

--  HSE mineralisation currently remains open towards the north, with the
    potential for the portions of the geological model that are currently
    unclassified (due mainly to lack of drilling) to be defined as
    additional Resources with step out drilling.
--  SRK concurs with Reservoir that there is good potential to define a
    contiguous proportion of the HGMS that may have sufficiently high grade
    to be considered as Direct Shipping Ore ("DSO"), however infill drilling
    is required to confirm this opportunity.
--  Given the similarities with the Bor mine district immediately to the
    north, where there are multiple discrete HSE ore bodies within a 2 km
    long area, there is potential for further exploration at Cukaru Peki to
    find additional distinct zones of mineralisation.
--  SRK notes the potential upside of the underlying lower grade porphyry
    mineralisation, which has currently been excluded from the resource
    estimate, due to the lack of geological understanding for the current
    level of data. The lateral and vertical extent of porphyry remains to be
    fully defined.
--  Additional exploration potential is suggested by intersections of local
    HSE copper mineralisation and patchy Pb-Zn mineralisation are recorded
    in three holes approximately 2 km south of Cukaru Peki.

SRK Recommendations:

SRK considers the next stages of work should comprise:

--  A basic conceptual evaluation of the Cukaru Peki HSE deposit in terms of
    an underground mine and concentrator facility;
--  A scoping study which provides detailed work programmes required to
    achieve Mineral Reserves, an environmental and social assessment and a
    pre-feasibility study (PFS);
--  Testing of extensions to the deposit by geophysics and diamond drilling;
    and
--  Infill drilling as necessary to upgrade portions of the HSE deposit to
    Indicated Mineral Resources, to underpin a subsequent PFS.
--  In order to achieve these next steps, SRK recommends an approximate
    expenditure of USD 20 million.
--  Reservoir note that future work will be determined in accordance with
    the provisions of Reservoir's joint venture with Freeport as discussed
    under "The Timok Project".

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 company in which Freeport and Reservoir hold 55% and 45% indirect ownership interests respectively. The Exploration Permits cover an area of 245 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).

Freeport previously exercised the Earn-In Option to acquire a 55% equity interest in the Timok Project in Serbia and is now the operator of the Timok Project. Freeport has given notice to Reservoir (Refer to the news release of August 16, 2012) that it has elected to sole fund expenditures on or for the benefit of the project until the completion and delivery to Reservoir of a feasibility study, subject to its right to cease such funding at any time. The feasibility study must be in such form as is normally required by substantial, internationally recognized financial institutions for the purpose of deciding whether or not to loan funds for the development of mineral deposits. If Freeport completes the feasibility study, Freeport will indirectly own 75% and Reservoir 25% of the Timok Project.

Qualified Person:

Mr. Martin Pittuck, C.Eng., MIMMM, is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and is an independent consultant to the Company, he co-authored the Technical Report, signed off on the Mineral Resource Statement and approved the technical disclosure in this release.

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.

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
[email protected]
www.reservoirminerals.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
HyperConvergence came to market with the objective of being simple, flexible and to help drive down operating expenses. It reduced the footprint by bundling the compute/storage/network into one box. This brought a new set of challenges as the HyperConverged vendors are very focused on their own proprietary building blocks. If you want to scale in a certain way, let's say you identified a need for more storage and want to add a device that is not sold by the HyperConverged vendor, forget about it...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and ...
For better or worse, DevOps has gone mainstream. All doubt was removed when IBM and HP threw up their respective DevOps microsites. Where are we on the hype cycle? It's hard to say for sure but there's a feeling we're heading for the "Peak of Inflated Expectations." What does this mean for the enterprise? Should they avoid DevOps? Definitely not. Should they be cautious though? Absolutely. The truth is that DevOps and the enterprise are at best strange bedfellows. The movement has its roots in t...
"We are a well-established player in the application life cycle management market and we also have a very strong version control product," stated Flint Brenton, CEO of CollabNet,, in this SYS-CON.tv interview at 18th Cloud Expo at the Javits Center in New York City, NY.