The drill holes in the Cukaru Peki target area are located approximately 7.5 kilometers from the Bor cluster of copper-gold deposits including high sulphidation epithermal mineralization (now mined out, e.g. the Tilva Ros Deposit) that extends down plunge into the Borska Reka porphyry deposit, which has been drill tested to at least 1,500 metres (see the Company website for relevant maps and sections).
Diamond drilling takes from 120 to 150 days to complete a 1,900 metre drill hole, and from 35 to 55 days to complete a 1,000 metre drill hole. Standard assay turn-around time after logging and cutting of core averages 40 days. The additional analytical procedures for higher-grade samples take an average of two further weeks to report. It currently takes over 200 days to drill a 1,900 metre diamond drill hole and receive the assay results, and this has impacted the Company's ability to provide regular news updates regarding the Timok project. It is anticipated that drilling and assay turn-around times will be improved during 2013.
Quality Assurance and Control ("QAQC"):
Drill hole orientations were surveyed at approximately 50 metre intervals. Timok Project personnel monitored the drilling, with cores delivered daily to the Project's core storage facility in the town of Bor, where it was logged, cut and sampled. The samples were collected in accordance with the Company and Freeport's protocols that are compatible with accepted industry procedures and best practice standards. Most samples through the mineralized intervals were 1 metre in length, up to a maximum 2 metres in sections of poorly mineralized or unmineralized core. The samples were submitted to Eurotest Control EAD Laboratory (ISO 9001:2008 and ISO 17025 accredited) in Sofia, Bulgaria, for sample preparation and analysis according to the above-mentioned procedures. In addition to the laboratory's internal QAQC procedures, the Company conducted its own QAQC with the systematic inclusion of certified reference materials, blank samples and field duplicate samples. The analytical results from the Timok Projects quality control samples have been evaluated, and demonstrated to conform to best practice standards.
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-McMoRan Exploration Corporation ("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, Reservoir considers this level of feasibility study to be a "bankable" feasibility study. If Freeport completes the feasibility study, Freeport will indirectly own 75% and Reservoir 25% of the Timok Project.
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 a 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 TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Reservoir Minerals Inc.
VP Corporate Development
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