Dec 16 2015
Revelo Resources Corp. ("Revelo" or the "Company") is pleased to announce that it has signed a Purchase Agreement for the acquisition from Teck Resources Chile Limitada ("Teck"), a subsidiary of Teck Resources Limited, of the Reprado gold-silver project in Northern Chile (the "Acquisition"). The Reprado property is being acquired for 1,000,000 Revelo common shares and warrants as well as a retained NSR royalty.
Tim Beale, Revelo's President & CEO commented, "Reprado is an exciting new project to add to Revelo's portfolio in Chile, and is located less than 10Km north of Revelo's San Guillermo property, and directly along trend of the emerging Amancaya (Austral Gold) - San Guillermo low sulphidation epithermal vein district. Teck's previous exploration at Reprado, including trenching and drilling of 21 shallow diamond holes totalling approximately 1,955m and 4 shallow RC holes totalling approximately 800m, defined at least 7 distinct, mineralised epithermal quartz veins over an area of approximately 3Km x 1Km. This acquisition consolidates further Revelo's position in this emerging epithermal vein district that bears geological similarities with Revelo´s multi-target Las Pampas and Loro low sulphidation vein projects located approximately 80Km to the north, and to the important multi-million ounce vein mining district at El Peñón (Yamana Gold) located some 115Km to the north-northeast."
The Acquisition is subject to approval from the TSX Venture Exchange.
ABOUT THE REPRADO PROJECT
The Reprado project is located some 68Km due east of the coastal town of Taltal in northern Chile, approximately 20Km along trend to the north of the Amancaya gold-silver project of Austral Gold, and 10Km to the north of Revelo's San Guillermo gold-silver project. The Reprado-San Guillermo-Amancaya region represents an emerging epithermal gold-silver quartz-vein district with geological similarities to the El Peñón mining district of Yamana Gold located along geological trend to the north.
Access to the project is easy along well-maintained dirt roads a short distance from the main, paved Pan-American Highway.
At least 7, and up to 12, auriferous, banded, epithermal, quartz veins of low sulphidation type are recognised, and hosted within Upper Cretaceous granodioritic rocks at Reprado. The veins are poorly exposed and surrounded by caliche-impregnated, gravel-filled "pampas". Four principal sets of veins are known and have been named Mono, Cebra, Sapo and Perro.
The property is located along an important N-S structural belt that limits the Paleocene mineral belt to the east, dominated by Lower Tertiary volcanic sequences, from the Coastal mineral belt to the west, dominated by Jurassic and Cretaceous volcanic and intrusive rocks. The structural belt appears to be an important control on the localisation of epithermal veins at Reprado, San Guillermo and Amancaya.
The known vein systems at Reprado, typically 0.5m to 4m in width, form a conjugate structural pattern, with ENE and WNW strikes. The best exposed vein, the E-W "Mono Vein", contains grab samples up to 3.9 g/t Au, dips variably steeply south, and is traceable for greater than one kilometre of exposure. The vein consists of a prominent 0.5m to 2m thick central vein, with local sheeted and brecciated vein-veinlet zones extending outwards from its central portion for several metres. The central vein is commonly brecciated and re-silicified with multiple episodes of banded quartz.
In 2007, Teck drilled 21 shallow diamond drill holes totalling 1,955m and four RC holes totalling 800m. Along the Mono Vein, 19 angle holes were drilled with highlights including 1 m @ 3.5 g/t Au + 7.8 g/t Ag (PRA-005); 1.15 m @ 1.6 g/t Au (PRA-010) and 1.1 m @ 1.1 g/t Au (PRA-010). Diamond drill holes were less than 150m in length, and cut mineralised structures at a maximum 90m depth from the surface.
Revelo believes that potential for good grades and widths on the known structures exists at greater depths than those tested to date, and that there is good potential for further vein discoveries under cover on the 2,100 hectare property.
ABOUT THE ACQUISITION
In consideration for the Acquisition, and upon approval of the TSX Venture Exchange, Revelo will:
- Issue to Teck 1,000,000 Revelo common shares representing approximately 1.0% of the issued and outstanding share capital of the Company;
- Issue to Teck 1,000,000 Revelo share purchase warrants. Each warrant entitles the holder to purchase one additional share for a period of two years at C$0.20; and
- Teck will retain a 1% NSR royalty on precious metals and a 0.5% NSR royalty on base metals produced from the project.
Source: http://www.reveloresources.com/