Reservoir Reports Exploration Progress with Freeport-McMoRan Exploration Corporation on the Timok Project in Serbia
June 23 2011 - 7:00AM
Marketwired
Reservoir Capital Corp. ("Reservoir" or the "Company") (TSX
VENTURE: REO)(FRANKFURT: ROC)(BERLIN: ROC) is pleased to provide a
progress report on the work being carried out with Freeport-McMoRan
Exploration Corporation ("Freeport") on the Company's Timok Project
in east Serbia.
Reservoir and Freeport geologists and consultants have completed
further detailed mapping and surface sampling along with an
extensive program of induced polarization, magnetic and CSAMT
(controlled-source audio-magneto-telluric) geophysical surveys,
targeting copper mineralization. In addition to this on-going
surface work, Freeport has commenced drilling to test some of the
targets generated from the surveys, with the initial program of
1,775 metres already well advanced on the OK-Target (Ogasu Kucajna)
within the southern Brestovac-Metovnica Permit.
"This is an extensive and highly prospective property package,
where only limited work was conducted historically for deeper
copper targets," commented Miles Thompson, Chairman of the Company.
"We are very fortunate to be working with Freeport, which has the
technical and financial resources to explore and develop such
projects."
The 18,279-hectare Timok Project comprises two exploration
permits, Brestovac-Metovnica and Jasikovo-Durlan Potok that lie
adjacent to the Bor-Majdanpek Mining Licenses and which cover
northern and southern extensions of the host structures and geology
of the Bor copper deposits. In March 2010, the Company entered into
an agreement whereby Freeport may earn up to a 75% interest in the
Timok Project (see Company NR of June 21, 2010 for details).
Freeport may earn an initial 55% interest in the project by
investing US$3 million in exploration by March 2014.
The Bor-Majdanpek district is a world class copper-gold mining
district with reported historical production of approximately 6
million tonnes of copper and 300 tonnes of gold (BRGM publication
BRGM/RC-51448-FR). The current combined resources and reserves at
the RTB Bor mining complex are stated on their website
(www.rtbbor.com) to be 2.5 billion tonnes in a number of different
deposits, with total copper and gold metal content of 10.5 million
tonnes and 11.7 million ounces respectively. The RTB Bor resources
and reserves were calculated according to the Serbian system for
reporting Resources and Reserves, which are not compliant with
National Instrument 43-101 guidelines and should not be relied on,
but the Company considers that they are relevant to the assessment
of the Timok Project.
Quality Control:
The Company and Freeport follow industry standard quality
assurance and quality control procedures for all samples. The QA/QC
program includes the insertion of blanks, duplicates and certified
standards into the sample stream. Core is photographed on site and
subsequently sawn in half, with one half sent for analysis and the
other half stored for future reference and assay verification.
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a
Qualified Person as defined by National Instrument 43-101 and
consultant to the Company, is responsible for the preparation of
the technical information in this release.
About Reservoir
Reservoir is a renewable energy company that is engaged in the
development of a 58.4 MW hydroelectric project at Brodarevo in
southwest Serbia. Reservoir holds four geothermal exploration
licenses in Serbia and has applied for three hydroelectric licenses
on the Cehotina River in Bosnia (17.75 MW) and one to develop a 32
MW project from an existing reservoir dam at Vrutci in Serbia. The
Company also holds 8 precious and base metal exploration properties
in Serbia that, subject to approvals, are to be spun-out into a
separately listed company via dividend (see March 25, 2011 Press
Release "Reservoir Capital Announces Spin-Out of Mineral
Exploration Assets"). Reservoir's common shares trade on the TSX
Venture Exchange (symbol "REO") and on the Frankfurt and Berlin
Exchanges (symbol "ROC").
Neither the TSX Venture Exchange nor the Investment Industry
Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Reservoir Capital Corp. Chris MacIntyre VP Corporate
Development +381 (11) 397 8453 or +1 416 703 0010
www.reservoircapital.ca
Reservoir Capital Corp. (TSXV:REO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Reservoir Capital Corp. (TSXV:REO)
Historical Stock Chart
From Jul 2023 to Jul 2024