|By Marketwired .||
|January 27, 2014 04:15 PM EST||
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.
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 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.
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.
Vidyo, Inc., has joined the Alliance for Open Media. The Alliance for Open Media is a non-profit organization working to define and develop media technologies that address the need for an open standard for video compression and delivery over the web. As a member of the Alliance, Vidyo will collaborate with industry leaders in pursuit of an open and royalty-free AOMedia Video codec, AV1. Vidyo’s contributions to the organization will bring to bear its long history of expertise in codec technolo...
Sep. 27, 2016 08:30 AM EDT Reads: 2,633
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Sep. 27, 2016 08:15 AM EDT Reads: 2,614
"We have several customers now running private clouds. They're not as large as they should be but it's getting there. The adoption challenge has been pretty simple. Look at the world today of virtualization vs cloud," stated Nara Rajagopalan, CEO of Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 27, 2016 08:00 AM EDT Reads: 2,181
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Sep. 27, 2016 08:00 AM EDT Reads: 3,649
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Sep. 27, 2016 08:00 AM EDT Reads: 2,777
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, will discuss recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model f...
Sep. 27, 2016 08:00 AM EDT Reads: 1,982
In his session at @DevOpsSummit at 19th Cloud Expo, Robert Doyle, lead architect at eCube Systems, will examine the issues and need for an agile infrastructure and show the advantages of capturing developer knowledge in an exportable file for migration into production. He will introduce the use of NXTmonitor, a next-generation DevOps tool that captures application environments, dependencies and start/stop procedures in a portable configuration file with an easy-to-use GUI. In addition to captu...
Sep. 27, 2016 08:00 AM EDT Reads: 1,088
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Sep. 27, 2016 08:00 AM EDT Reads: 2,473
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Sep. 27, 2016 07:45 AM EDT Reads: 3,242
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Sep. 27, 2016 07:45 AM EDT Reads: 2,484
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Sep. 27, 2016 07:30 AM EDT Reads: 2,958
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
Sep. 27, 2016 07:15 AM EDT Reads: 2,789
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Sep. 27, 2016 07:15 AM EDT Reads: 1,114
Digitization is driving a fundamental change in society that is transforming the way businesses work with their customers, their supply chains and their people. Digital transformation leverages DevOps best practices, such as Agile Parallel Development, Continuous Delivery and Agile Operations to capitalize on opportunities and create competitive differentiation in the application economy. However, information security has been notably absent from the DevOps movement. Speed doesn’t have to negat...
Sep. 27, 2016 07:00 AM EDT Reads: 2,179
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Sep. 27, 2016 06:45 AM EDT Reads: 3,323