Aug 8 2014
Reservoir Minerals Inc. is pleased to announce the first phase of exploration drilling has started on its 100%-owned Nikolicevo Permit in the Timok Magmatic Complex, eastern Serbia.
Targets have been defined by a combination of coincident geological, structural, geochemical and geophysical (magnetic and induced polarisation) vectors and anomalies, located in an area approximately 5 to 10 kilometres east of the Company's Cukaru Peki copper-gold discovery with Freeport.
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "The drilling in the Nikolicevo area is an important step in the exploration of Reservoir's 100%-owned Timok permits. We believe that the Timok Magmatic Complex is a district scale exploration opportunity and the Company has budgeted up to $5 million to explore copper-gold targets in our four 100% owned Timok permits. The Nikolicevo permit is close to the Cukaru Peki discovery and the Bor mining district, but has no history of mineral exploration. The targets defined by our ground exploration appear very promising and we look forward to providing updates during the drilling campaign."
Nikolicevo Exploration Permit
The Nikolicevo exploration permit is located in the eastern Timok and is situated along the NW-SE trending structural and metallogenic trend that hosts the giant Bor district Cu-Au porphyry and epithermal deposits. The permit is adjacent and to the east of the Brestovac-Metovnica Permit (approximately 5 kilometres east of the Cukaru Peki discovery) and about 8.5 kilometres southeast of the Bor copper-gold mining complex. Location maps are posted on the Company website (www.reservoirminerals.com).
The underlying geology in the Nikolicevo permit comprises Upper Cretaceous andesites from the first phase of volcanism, which are the host rocks to the Cukaru Peki copper-gold mineralisation in the Brestovac-Metovnica permit and the copper-gold deposits in the Bor mining district and a volcano-sedimentary post-mineralisation succession, both of which are unconformably overlain by Miocene clastic sediments in the east of the permit area. The structural setting is dominated by a major NNW trending fault system that is parallel to the Bor and Krivelj faults that control the mineralisation in the Bor district and prominent younger E-W cross faults.
The Company has carried out systematic exploration over the Nikolicevo Permit, including detailed geological mapping, structural analysis, systematic stream, soil and rock geochemical sampling, ground geophysics: magnetometry, controlled source magneto-telluric (CSAMT) and induced polarisation (IP). This work has identified geochemical anomalism (rock chip and soil geochemistry) and surface indications of copper and gold mineralisation hosted by andesites in a favourable structural setting and with a distinctive geophysical signature.
Drilling Programme
Priority target areas have been defined for the first phase of drilling that will test shallower targets in the favourable Upper Cretaceous volcanics at expected depths of less than 500 metres near the western boundary of the permit where the target volcanic unit is sub-outcropping. The drill rig contractor has been mobilised for the first drilling campaign (initially eight holes, approximately 3,000 metres in total) and drilling will commence next week.
The second phase of drilling (initially 10,000 metres) will test deeper (up to 1,000 metre depth) targets the eastern sector of the permit, where the Upper Cretaceous sequence is concealed beneath Miocene cover, as well as additional deeper targets in the western sector, is expected to commence later in the year.
Follow up geological, geochemical and geophysical surveys are ongoing and Company geologists will continue to review data and define new shallow and deeper targets for possible testing during the second phase of drilling in 2014 and 2015.
Reservoir Minerals Timok Complex Permits, Serbia
The Company has four 100%-owned exploration permits (Coka Kupijatra, Tilva Njagra, Nikolicevo and Kraljevica) in the Timok Magmatic Complex that cover a combined area of 293.2 square kilometres. Further information is provided in Company News Release June 9, 2014. An additional three exploration permits (Brestovac-Metovnica, Leskovo and Jasikovo-Durlan Potok) that cover a combined area of 245 square kilometres are in joint venture with Freeport-McMoRan Exploration Corporation.
Source: http://www.reservoirminerals.com/