Revelo Resources Corp. is pleased to announce that its joint venture partner, Minera Newmont Chile Ltda. ("Newmont"), a subsidiary of Newmont Mining Corporation, has initiated a drilling campaign at the Montezuma copper-gold project in northern Chile (the "Project"). Newmont plans to drill test between four to five targets over the remainder of 2016 with approximately 10,000 metres of combined diamond core and reverse circulation drilling.
Tim Beale, President and CEO of Revelo, commented; "This is an exciting time as we finally get to see a significant drilling programme underway on a number of very interesting targets at Montezuma, all of which have characteristics of porphyry copper type deposits. This Project area is situated in such a prospective part of one of the world's most productive porphyry copper belts, with the giant Chuquicamata copper district located a short distance to the north. Apart from the targets to be tested with this drill programme, a number of other potential targets have been delineated, some of which require further surface exploration, and consequently provide a significant pipeline of targets that could potentially be tested in the future. We look forward with anticipation to the results provided by this drilling campaign."
The Project comprises approximately 45,000 Ha of 100% owned tenements, together with an option over an additional 285 Ha. It is located along the main porphyry copper belt in northern Chile, commonly known as the Domeyko Cordillera, directly along the main West Fissure Fault System that controls several world-class copper deposits in the area, midway between the giant Chuquicamata (Codelco) and Centinela (Antofagasta Minerals) copper mining districts. The Project is centred approximately 20 km south of the important mining town of Calama. Access to the Project is excellent via a good quality dirt road leading off from paved roads around Calama, and altitudes vary from approximately 2,600 m to around 3,100 m.
The Project is currently owned 51% by Newmont and 49% by Revelo. Newmont has elected to pursue a further 14% (to 65%), and has an option to earn up to 75% of the Project, according to the Venture Agreement ("Agreement") (see news releases dated January 20, 2014, February 23, 2015, and May 17, 2016). To date Newmont has spent a total of approximately US$ 6.1 million at Montezuma since the Venture Agreement was signed in January 2014.
The joint venture partners are exploring the Montezuma Project for porphyry Cu-Au-Mo deposits and related mineralization utilizing historical datasets together with programs of detailed geological mapping and proprietary geophysical and geochemical technologies. Geological mapping has been integrated with downhole data from an extensive re-logging program of over 30,000 m of historic drilling and over 5,000 surface geochemical samples, which have generated three-dimensional geological models of the drill hole geology, hydrothermal alteration and assay data. This work has defined a significant number of potential targets of interest for copper, gold and molybdenum, all of which have been ranked with the highest priority targets selected for the current drilling campaign.