Jun 10 2014
Reservoir Minerals Inc. is pleased to provide an update on exploration activities in the Company's 100%-owned Properties in the Timok Magmatic Complex in Serbia.
The Company is budgeting up to $5 million on exploration programs this year, including systematic geochemical sampling, ground geophysics, trenching and drilling on the Čoka Kupijatra, Tilva Njagra, Nikoličevo and Kraljevica exploration permits, which cover a combined area of 293.2 square kilometres.
Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "The proximity of the Nikoličevo and Kraljevica exploration permits to the Bor copper-gold mining complex and the Cukaru Peki copper-gold discovery, combined with favourable geology, the lack of any historical drilling, and the encouraging results from initial Company fieldwork, make this a very exciting program for us, with potential to discover new porphyry and epithermal copper-gold targets. Company geologists have integrated their detailed understanding of the geology of the Bor mining district and the Cukaru Peki discovery to design an effective exploration campaign to test these permits. Evaluation of the drilling already completed on the Čoka Kupijatra and Tilva Njagra exploration permits also provides support for the presence of epithermal gold and porphyry copper-gold mineralisation."
Nikoličevo and Kraljevica Exploration Permits
The Nikoličevo and Kraljevica exploration permits are located in the eastern Timok. The Nikoličevo exploration 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. The Kraljevica permit is located on strike to the south of the Nikolicevo exploration permit.
The underlying geology in both permits includes 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 volcano-sedimentary post-mineralization succession all of Upper Cretaceous age and unconformably overlying Miocene clastic sediments in the east of the permit areas.
In spite of its proximity to the Cukaru Peki discovery and the Bor mining district, the Company is not aware of any historical exploration on either of the permits and there are no records of any previous drilling. There are no known copper or gold mineral occurrences recorded on either of the permits.
The Company has initiated a fast-track exploration campaign on both permits, which includes detailed geological mapping, structural analysis, systematic soil and rock geochemical sampling, ground geophysics (magnetometry, controlled source magneto-telluric (CSAMT) and induced polarisation (IP)). The initial results have identified geochemical anomalism (rock chip and soil geochemistry) and surface indications of copper mineralisation hosted by andesites in a favourable structural setting and with a distinctive geophysical signature. Company geologists are now defining targets that will be tested by an initial 3,000 metre drilling campaign this summer.
Čoka Kupijatra and Tilva Njagra Exploration Permits
The Čoka Kupijatra and Tilva Njagra exploration permits are located in the western Timok and include basaltic andesites of the second phase of Upper Cretaceous volcanism, which are characterised by extensive hydrothermal alteration and epithermal gold and porphyry copper-molybdenum mineralisation. Occurrences within the permits include the high-sulphidation gold mineralisation at Čoka Frasen, Čoka Kupjatra, Beljevina-Kumustaka and Tilva Njagra and the low sulphidation gold-bearing vein-type mineralisation at Zlaće. Historical work by state-owned agencies and companies in the period 1960 to 1990 focussed on discovery of copper mineralisation that could add to the resources being exploited by the state-owned mining company at Bor and Majdenpek.
During 2012 and 2013 Freeport-McMoRan Exploration Corporation ("Freeport"), independently and without technical support from the Company, undertook a limited CSAMT survey on the Tilva Njagra permit, and drilled eight wide-spaced holes at different targets to test for porphyry copper-gold mineralisation in both the Čoka Kupijatra and Tilva Njagra exploration permits. Only selected intervals in five holes were analysed for copper and other elements by ICP-AES and for gold by fire assay and AAS and no analyses have been undertaken on core from three of the holes. Weak copper mineralisation was found in two holes and low-grade, high-sulphidation gold mineralisation in the near surface sections of the Kulmea target (FMWC 1201 intersected an average of 0.54 grams per tonne gold over 41.0 metres (from 0.0 to 41.0 metres) from surface).
The Company is carrying out further geochemical analysis on the drill cores. Logging of the drill core by Company geologists identified extensive zones of hydrothermal and tectonic breccias in the host andesites, which are moderately to strongly altered (silicification and argillic) and contain traces of chalcopyrite.
The Company has initiated an exploration campaign focussed on discovery of epithermal and porphyry copper-gold mineralisation on both permits, including systematic soil and rock geochemical sampling, ground geophysics (magnetometry and IP), and drilling.
Source: https://www.zijinmining.com/