Reservoir Minerals Inc announced that drilling completed in 2011 with partner Freeport McMoRan Exploration Corporation on the Company’s Timok Project in eastern Serbia has intercepted significant copper and gold mineralization on several targets. The best intercepts to date are 34 meters at 2.49 grams per tonne gold and 84 meters at 0.38% copper.
The Timok Project comprises the Jasikovo Durlan Potok and the Brestovac Metovnica Exploration Permits that are held by Rakita doo, a 100% owned Serbian subsidiary of Reservoir Minerals. Freeport can earn an initial 55% interest in the project by investing USD 3 million in exploration by March 2014. The Project covers an area of 182 square kilometres in the highly prospective Timok Magmatic Complex, eastern Serbia, which includes the world class Bor Majdanpek mining complex with reported historical production of approximately 6 million tonnes of copper and 300 tonnes of gold.
The current combined resources and reserves at the RTB Bor mining complex are stated on their website 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 Russian system for reporting ore reserves, and are thus 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.
Drill targets for porphyry copper and gold mineralization were identified in the 2011 field programs by controlled source audio magnetotelluric and induced polarization geophysical ground surveys, rock and soil geochemistry and geological mapping. A total of 144.7 line kilometres of CSAMT surveys have been undertaken to date with interpretations based on an orientation survey of 2.5 line kilometers over known, deeply buried and blind, porphyry copper gold deposits in the Bor mining complex. Pole dipole and dipole dipole IP surveys have been carried out along 13.8 line kilometers in the exploration permits.
Dr Simon Ingram president and CEO of Reservoir Minerals said that “The exploration drilling results are extremely exciting in terms of the significant grades and thicknesses of copper and gold mineralization intersected. The Timok belt is known to host world class copper deposits and these drill results demonstrate that the exploration geophysics and geological modeling undertaken over the last year are successful in targeting previously unknown blind copper and gold mineralization of size.”