Timok
Our Projects

Timok Project

Highlights

  • Four exploration permits in the highly prospective Timok Magmatic Complex, eastern Serbia. Permits are proximal to the world class Bor and Majdenpek high-sulphidation and porphyry copper mines
  • Joint Venture with Freeport-McMoran Exploration Corp. (FMEC) on the “Timok Project” covering  212.58 sq. km. of prospective geology
  • Freeport have exercised their option to sole fund all exploration work to the completion of a bankable feasibility study at the Timok Project, and is the operator of the Project
  • Inferred Mineral Resource (NI43-101 Compliant) for Cukaru Peki deposit:
    • 65.3 Mt @ 2.6% Cu and 1.5 g/t Au, including 6.8 Mt @ 9.6% Cu and 5.9 g/t Au
  • Discovery of significant copper-gold high sulphidation and porphyry copper-gold mineralization at the Cukaru Peki deposit. Selected copper-gold drill hole intersections:
    • High Sulphidation Epithermal
      • 291.3m @ 7.17% CuEq; average 5.13% Cu and 3.4g/t u
      • 160.0m @ 10.16% CuEq; average 6.92% Cu and 5g/t Au
    • Porphyry
      • 705.8m @ 1.07%CuEq ; average 0.91% Cu and 0.26 g/t Au
      • 699.0m @ 0.89% CuEq; average 0.75% Cu and 0.23 g/t Au
      • 733.8m @ 0.81% CuEq; average 0.75% Cu and 0.10 g/t Au
  • Cukaru Peki is 5 km from the Bor mining complex infrastructure where a new flash smelter is being commissioned
  • Reservoir’s “Corridor Zone” discovery (2007-2008) of high-grade epithermal gold system along strike length of 320 meters, with best intercept 16.90 meters at 13.04 g/t gold
  • Drilling of copper-gold porphyry style mineralization on the Leskovo and Jasikovo-Durlan Potok Exploration Permits

(The copper equivalent (CuEq%) is calculated from the formula Copper % + 0.6 x g/t of gold)

 

Title and Area

The Timok Project comprises the Brestovac-Metovnica, Brestovac Zapad, Jasikovo-Durlan Potok and Leskovo exploration permits that are held by Rakita d.o.o., a Serbian subsidiary company in which RMC has a 45% and Freeport-McMoran Exploration Corp. (FMEC) a 55% indirect ownership interest. FMEC can acquire an additional 20% indirect ownership interest by completing a Bankable Feasibility Study. The exploration permits cover an area of 212.58 sq. km. 

The Čoka Kupjatra, Tilva Njagra, Nikolicevo and Kraljevica Exploration Permits are 100% owned by Reservoir Minerals and cover an area of 265.58 sq. km. (see Timok 100%-owned Projects page).

Permits

Area (sq km)

Status

Brestovac-Metovnica

86.62

JV with FMEC

Brestovac Zapad

28.87

JV with FMEC

Jasikovo-Durlan Potok

64.62

JV with FMEC

Leskovo

32.47

JV with FMEC

Total

212.58


 
Location of Timok Exploration Permits
 

The Timok Project

The Timok Project is comprised of the Jasikovo-Durlan Potok, Brestovac-Metovnica, Leskovo and the newly awarded Brestovac Zapad (“Brestovac West”) Exploration Permits. The Brestovac, Jasikovo, and Leskovo Exploration Permits have been renewed for an additional 2 years until February 2017. In each case at renewal, an area reduction of 25% was made in accordance with the Serbian Mining Law. The new Brestovac Zapad Exploration Permit covers the area relinquished in the Brestovac-Metovnica Exploration Permit and is valid for 3 years until April 2018. The total area of the Timok Project exploration permits is 212.58 square kilometres.

Freeport-McMoRan Exploration Corporation (“Freeport”) after acquiring 55% equity interest under the Rakita Agreement is the operator of the Timok Project. Freeport gave notice to the Company in July 2012 that it had elected to sole fund expenditures on or for the benefit of the Timok Project until the completion and delivery to Company of a feasibility study to bankable standards (the “Bankable Feasibility Study”), subject to its right to cease such funding at any time. The Bankable Feasibility Study must be in such form as is normally required by substantial, internationally recognized financial institutions for the purpose of deciding whether or not to loan funds for the development of mineral deposits. If Freeport completes the Bankable Feasibility Study, Freeport will indirectly own 75% and Reservoir 25% of the Timok Project.

 

Geology and Mineralization in the Timok Magmatic Complex

The Timok Permits are located within the central zone of the Timok Magmatic Complex (TMC), in the Serbian section of the East European Carpathian-Balkan Arc. The TMC developed as an extensional back-arc basin during the late Cretaceous (90 - 84 Ma), and was deformed during the Alpine (late Cretaceous – Early Cenozoic) orogeny. The TMC has one of the highest concentrations of copper enrichment in the Tethyan Belt. 

The Bor - Majdanpek copper-gold district is a world-class mining district, where mining dates back to 4500 BC and there has been continuous modern mining of copper-gold deposits since 1902. The website (RTB Bor website - www.rtb.rs) of the state owned Bor - Majdanpek mine complex reports recent historical production to be 3.35 million tonnes of copper and 155.5 tonnes of gold and the current “certified geological reserves” at the RTB Bor mining complex to be approximately 1.38 billion tonnes containing approximately 5.1 million tonnes copper and 202 tonnes gold in a number of different deposits. The RTB Bor resources and reserves were calculated according to the Russian system for reporting Resources and Reserves that 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. 

There are at least 5 individual porphyry systems (Veliki Krivelj, Cementation and Cerovo, Borska Reka, Borski Potok) in the central area of the TMC centred around the Bor metallurgical complex, and additional deposits located on the trend extending north from Bor towards the world-class Majdanpek system. 

In the Bor district, there is a close spatial, and probably genetic, association of porphyry-type copper-gold mineralization and alteration with high-sulphidation epithermal copper-gold massive sulphide mineralization. The mineralization is hosted by late Cretaceous andesites and volcaniclastics related to the first magmatic phase in the TMC.



Geological Map and Cross-sections through the Bor Mining District

Janković et al (20021) have summarised the different styles of mineralization from the Bor district, including:

  • high-sulphidation “massive sulphide” mineralization;
  • fault-controlled veins;
  • sulphide-bearing matrix in intrusive hydrothermal breccia mineralization;
  • porphyry copper mineralization; and
  • Skarn massive sulphide and stockworks
  • Redeposited / remobilised sulphide fragments in volcano-sedimentary rocks.

The Bor copper-gold mining area contains two porphyry systems (Borska Reka, Borski Potok) as well as various spatially associated bodies of high-sulphidation epithermal mineralization (including the Coka Dulkan, Tilva Mika, Tilva Ros deposits). The high-sulphidation massive sulphide mineralization was very high grade, and the deposits were originally mined out from the surface. Coka Dulkan, which was discovered in 1902, contained 5.45 – 19.4% copper and an average of 1.5 g/t gold (Jankovic et al., 2002). Novo Okno, and some of the other smaller “massive sulphide” deposits are interpreted to be “exotic”, having been eroded and re-deposited from the original site of mineralization. There is a structural relationship between the location of the Bor mineralization and the Bor reverse fault. Mineralization at Bor is invariably hosted by hornblende-andesites of the first volcanic phase and commonly related to NNW-striking faults, including the important Bor Fault.

The principle styles of mineralization recorded in the Bor copper-gold mining area have also been identified in the Cukaru Peki area.

  1 Janković, S.R., Jelenković, R.J. & Koželj, D.I. (2002): The Bor Copper and Gold Deposit. Mining & Smelting Basin Bor (RTB Bor) – Copper Institute Bor (CIB). Pp. 298 p.

 

Exploration Results – Timok Project (FMEC-RMC JV)

Company Exploration History, Brestovac-Metovnica Exploration Permit


Geological Map of the Brestovac-Metovnica Exploration Permit showing target area locations

Reservoir, and its predecessor companies, have been exploring in the TMC since 2004, with the granting of the original Brestovac Exploration Permit. During 2006-2007 Reservoir’s predecessor company discovered a high-grade, gold-dominant, intermediate-sulphidation epithermal system in the "Corridor Zone" (see below). After concluding an agreement with Freeport in 2010, systematic exploration commenced on the exploration permits in the TMC. After initial encouragement in Jasikovo permit (see below), attention turned to an area east of the Corridor Zone where the target volcanic rocks are covered by up to 250 metres of Miocene sediments, and where conceptual studies together with the results of CSAMT geophysical surveys suggested the extension of structures about 5 km south from the Bor porphyry district.

The results of the Cukaru Peki discovery hole were reported in July 2012, and in early 2014 Reservoir announced an initial inferred resource estimate of 65.3 Mt @ 2.6% copper and 1.5 g/t gold, including 6.8 Mt @ 9.6% copper and 5.9 g/t gold

Since then exploration has continued on the Timok Project joint venture exploration permits operated by Freeport, and on Reservoir’s additional four 100%-owned permits in the TMC.

Cukaru Peki Copper-Gold Deposit, Brestovac-Metovnica Exploration Permit

The Company announced an initial inferred resource estimate prepared by SRK Consulting (UK) Limited (“SRK”), an independent mining and geological consulting company, in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (see News Release January 27, 2014). The Inferred Resource for the High Sulphidation Epithermal or Upper Zone (“UZ”) is estimated to be 65.3 million tonnes at an average grade of 2.6% copper and 1.5 g/t gold, or 3.5% CuEq, containing 1.7 million tonnes (3.8 billion pounds) copper and 3.1 Moz gold or 2.3 Mt (5.1 billion pounds) CuEq. The Inferred Resource estimate is reported above a 1% CuEq cut-off grade. The Inferred Resource in the Upper Zone (“UZ”) includes the high-grade massive sulphide (“HGMS”) domain containing an estimated 6.8 million tonnes at an average grade of 9.6% copper and 5.9 g/t gold (13.1% CuEq) at a 1% CuEq cut-off, and a significant proportion of the semi-massive sulphide (“SMS”) domain containing 14.0 million tonnes at an average grade of 3.2% copper and 2.7 g/t gold (4.8% CuEq) at a 3% CuEq cut-off grade. 

The underlying Lower Zone (“LZ”) of porphyry type mineralization has not yet been modelled due to the lack of drill data and geometrical understanding, and is not included in the resource estimate. 


Cukaru Peki Drill Hole Locations and Sections



Summary of drill data

The Cukaru Peki copper-gold deposit is hosted by andesite volcanics and volcanic breccias that occur within a sequence of Late Cretaceous volcanics, volcaniclastics and sedimentary rocks that is unconformably overlain by younger Miocene sedimentary rocks. The close spatial association of the high sulphidation and porphyry copper-gold mineralization at Cukaru Peki is very similar to that observed and described from the active Bor mining district, and Company geologists interpret the LZ and UZ mineralization at Cukaru Peki to be comparable to, respectively, the porphyry and high sulphidation mineralization in the Bor District. 


Cross-section though the UZ showing grade distribution

The high sulphidation epithermal (“HSE”) mineralization in the Upper Zone comprises massive sulphide, semi-massive, and also vein, stockwork, dissemination and hydrothermal breccia matrix sulphide hosted by strongly altered (advanced argillic and argillic) andesite. The HSE mineralization forms a single coherent zone at depths ranging from 400 to over 800 metres below surface. Pyrite is the dominant sulphide mineral, and the principal copper mineral is covellite with lesser enargite, bornite and chalcocite occurring in veins, hydrothermal breccias, disseminations and replacement. Gold is associated primarily with the copper sulphides.

Summary of significant results from reported intervals through the high sulphidation massive sulphide mineralization in the UZ.  (Strip logs for all drill holes and summary cross-sections can be viewed below)  

Drill hole ID

From (m)

To (m)

Interval (m)

Estimated true thickness (m)**

Copper (%)

Gold (g/t)

CuEq (%)

FMTC 1213

461

621

160

146.63

6.92

5.4

10.16

Including

507

577

70

64.15

11.56

7.03

15.78

FMTC 1223

428

719.3

291.3

258.91

5.13

3.4

7.17

Including

457.6

504.7

47.1

41.86

13.89

7.27

18.26

FMTC 1338

554.4

760

205.6

205.6

4.81

2.88

6.54

including

558.5

673

114.5

114.5

7.77

4.14

10.25

FMTC 1341

557

723

166

164.57

6.65

7.75

11.29

including

557

616.8

59.8

59.28

14.17

15.35

23.38

FMTC 1344

625.4

754.1

128.7

124.66

5.76

4.42

8.41

including

678.9

718

39.1

37.87

9.79

4.82

12.68

FMTC 1345

592.2

846

253.8

250.1

1.68

0.95

2.24

including

604.3

615

10.7

10.5

7.34

3.74

9.59

FMTC 1348

628

865

237

233.4

1.98

0.72

2.42

including

633

653

20

19.7

8.33

3.48

10.42

TC140052

556

735

179

84

10.75

10.86

17.26

including

556

654

98

46

15.85

16.77

25.91

TC140053

462

673

211

187.5

3.98

2.31

5.36

including

462

477

15

13.3

8.19

5.29

11.36

including

522

606

84

74.7

5.27

2.42

6.72

TC140056

455

507

52

46.2

0.27

1.06

0.91

including

497

507

10

8.9

0.74

3.91

3.09

 

591

609

18

16

1.72

0.86

2.24

including

603

609

6

5.3

5.08

2.28

6.45

TC140057

438

655

217

192.9

5.56

4.61

8.33

including

438

461

23

20.4

8.91

12.49

16.41

including

472

567

95

84.4

8.41

5.22

11.54

TC150058

454

655

201

189

3.37

3.86

5.69

including

473

546

73

68.6

6.24

6.55

10.17

 

587

601

14

13.2

5.59

3.36

7.61

TC150059

474

481

7

6.7

2.85

3.93

5.21

 

543

564.8

21.8

21.4

7

7.68

11.61

including

555

564.8

9.8

9.6

15.26

15.69

24.67

TC150061

466

652

186

170.4

8.02

4.44

10.68

including

468

599

131

120

10.03

5.45

13.3

TC150062

451

777

326

289.8

3.1

1.76

4.15

including

455

554

99

88

6.07

3.78

8.34

including

464

509

45

40

8.47

5.56

11.81

TC150064

453

735

282

250.6

4.99

4.23

7.53

including

490

635

145

128.9

8.03

5.98

11.62

TC150065

468

819.2

351.2

301.1

2.8

1.17

3.5

including

471

565

94

80.6

6.26

2.26

7.62

TC150067

492

775

283

219.1

2.97

2.1

4.24

including

572

607

35

27.1

7.83

7.15

12.12

including

762

769

7

5.4

10.88

0.48

11.16

TC150067A

491

746

255

197.4

2.98

2

4.18

including

549

603

54

41.8

6.14

3.13

8.02

TC150068

450

777

327

290.6

2.8

1.61

3.77

including

453

512

59

52.4

6.23

5

9.23

TC150069

493

628

135

112.9

2.3

1.22

3.03

 

700

810

110

92

0.95

0.32

1.14

including

794

804

10

8.4

5.8

1.01

6.41

* Analysis by ICP-AES using 0.5 g aliquot for samples containing less than 1% copper, by AAS for samples containing 1 - 11% copper, and by ICP-AES using 0.1 g aliquot for samples containing >11% copper .
** Analysis by fire assay with AAS finish for samples containing less than 3 g/t gold and, for FMTC 1213 and 1217 only, by fire assay with gravimetric finish for samples containing greater than 3 g/t gold.
*** The copper equivalent (CuEq%) is calculated from the formula (Copper % + 0.6 x g/t of gold). 

The Cukaru Peki LZ porphyry-type mineralization is characterized by chalcopyrite-pyrite and occasional bornite and molybdenite occurring as disseminations and within quartz and quartz-magnetite stockwork veinlets. Anhydrite veins are common. Within the LZ, porphyry-type potassic alteration is preserved locally but generally overprinted by sericite-clay, argillic and locally advanced argillic alteration. The latter overprinting also locally brings covellite-pyrite mineralization. The host rocks are predominantly volcanic andesite and andesite breccias.

The LZ appears to be limited to the southwest and southeast by drilling and geological considerations, but could be reasonably expected to extend to the north, and possibly to the south beneath the UZ where there are no holes extending to the depths at which the LZ might be expected. The top of the LZ mineralization occurs at depths below surface ranging from approximately 1400 metres in the west to 750 metres in the east. The vertical full extent of the LZ is not known since several drill holes terminate in mineralization, but intervals up to 900 metres have been reported. The geometry of the LZ remains to be defined by the ongoing drilling.

Summary of significant results from reported intervals through porphyry mineralization in the LZ. (Strip logs for all drill holes and summary cross-sections can be viewed below)  

Drill hole ID

From (m)

To (m)

Interval (m)

Vertical Thickness (m)*

Copper (%)

Gold (g/t)

CuEq (%)**

FMTC 1210

1026.0

1248.0

222.0

222.0

0.23

0.11

0.30

 

1469.0

1864.0

395.0

395.0

0.30

0.09

0.35

FMTC 1214

1082.0

1286.0

204.0

200.9

1.49

0.24

1.63

including

1127.5

1187.3

59.8

58.9

2.29

0.40

2.52

FMTC 1218

1253.0

1952.0

699.0

699.0

0.75

0.23

0.89

including

1351.0

1802.0

451.0

451.0

0.91

0.26

1.07

FMTC 1219

839.1

1572.9

733.8

733.8

0.75

0.10

0.81

including

987.5

1219.0

231.5

231.5

1.16

0.11

1.23

 

1572.9

1634.0

61.1

61.1

0.87

0.15

0.96

FMTC 1327

1146.0

1952.7

806.7

806.7

0.59

0.22

0.72

including

1709.0

1863.0

154.0

154.0

0.95

0.28

1.11

FMTC 1328

766.0

1668.0

902.0

902.0

0.65

0.14

0.74

including

1130.0

1361.0

231.0

231.0

1.07

0.18

1.18

FMTC 1332

1136.0

1425.0

289.0

286.4

0.90

0.17

1.00

 

1839.0

2160.3

321.3

319.5

0.73

0.18

0.84

including

1840.1

2014.0

173.9

173.1

0.90

0.18

1.01

FMTC 1334

866.6

1475.3

608.7

608.7

0.68

0.16

0.78

and

1402.0

1469.9

67.9

67.9

0.87

0.29

1.04

FMTC 1335

1209.0

1680.6

471.6

471.6

0.41

0.22

0.54

including

1608.0

1680.6

72.6

72.6

0.89

0.34

1.09

FMTC 1340

705.0

1144.0

439.0

437.2

0.71

0.14

0.80

TC 140054/54a

1498.0

2203.8

705.8

695.0

0.91

0.26

1.07

including

1826.0

2012.0

186.0

185.3

1.20

0.35

1.42

*Vertical Thickness – the intercept intervals from inclined holes outside of the Inferred Resource model are provided as estimated vertical thicknesses (most drill holes were drilled with -90º declination, and therefore there is no change on the reported interval).
** Copper-equivalent (CuEq %) is calculated using the formula (Copper % + 0.6 x g/t of gold).

Strip logs for all drill holes and summary cross-sections can be viewed below

Corridor Zone Prospect, Brestovac-Metovnica Exploration Permit

In 2005-2007, Reservoir previously discovered a high-grade epithermal gold system hosted by brecciated and altered late Cretaceous andesites and volcaniclastics in the Brestovac exploration permit. The mineralization occurs over a strike length of 320 meters, with best intercept 16.90 meters at 13.04 g/t gold.


Corridor Zone Prospect – resistivity and drill collar locations


Corridor Zone Prospect - Cross section through BN-9/BN4/BN-3

Summary of significant results from reported intervals at the “Corridor” Zone. 

Drill hole ID

From (m)

To (m)

Intervals (m)

Au (g/t)

BN-1

0

82.1

82.1

1.4

Including

9.1

31.5

22.4

4.5

BN-3

9

55.3

46.3

2.8

Including

28.95

51.4

22.45

5.46

42.7

47.4

4.7

22

BN-4

89.2

101.8

11.4

12.7

BN-5

68.8

72.55

3.75

4.5

84.1

101

16.9

13.04

BN-8

41.2

76.8

35.6

2.7

Including

41.2

45.5

4.3

6.9

63.9

69.6

5.7

9.2

BN-9

95.3

113.9

18.6

1.5

Including

109

113.9

4.9

4

BN-11

79

82.5

3.5

3.2

BN-12

67

72.9

5.9

1.8

82.3

88

5.7

1.5

BN-13

47.4

49.7

2.3

10

BN-14

3.6

9.6

6

1.2

56.6

61.4

4.8

12.6

BN-17

85

93

8

3.95

BN-18

90.6

114.6

24

1.5

Including

102.6

110.6

8

3.1

There is insufficient data to model the zone mineralization and to estimate true thicknesses, which will be less than the drilled intervals

The Ogashu Kucajna target, close to the Corridor Zone prospect in the Brestovac Metovnica Permit, was drilled in 2011. The two holes intersected intensely altered andesites and volcaniclastics with epithermal gold mineralization.

Drill hole ID

From (m)

To (m)

Intervals (m)

Au (g/t)

FMTC-1101

281.0

299.0

18.0

0.65

FMTC-1104

317.0

351.0

34.0

2.49

There is insufficient data to model the zone mineralization and to estimate true thicknesses, which will be less than the drilled intervals

Jasikovo-Durlan Potok and Leskovo Exploration Permits



Geological Map of the Jasikovo-Durlan Potok Permits, Prospects and drill hole collar locations

The two exploration permits Leskovo and Jasikovo-Durlan Potok are located in the northern sector of the Timok Magmatic Complex, eastern Serbia, and surround the Coka Marin Mining Concession belonging to the state-owned RTB Bor Group. RTB Bor reports a mining reserve for Coka Marin of 249,350 tonnes grading 19.88 % copper and 5.44 g/t gold as B-classified reserves, and 21,436 tonnes grading 26.22% copper and 4.2 g/t gold as C1-classified reserves (http://rtb.rs/rtb-bor-doo/geologija-i-resursi). The high grade copper-gold mineralisation at Coka Marin comprises massive sulphides (pyrite-chalcopyrite-enargite) and may be high sulphidation epithermal in type. The Cerovo porphyry copper mine (1.01 million tonnes contained copper at 0.32% copper and 0.1 g/t gold; Ore Deposit Database, Ministry of Mining and Energy, 2002) is located less than 5 kilometres southeast of the Jasikovo-Durlan Potok Exploration Permit. The reserves are classified according to the Serbian Ore Reserve Classification system, which is similar to the earlier Russian classification, and are not compliant to National Instrument 43-101 definition standards. However, the Company considers that these reserves are relevant to the exploration work being undertaken in the adjacent exploration permits.

The Jasikovo-Durlan Potok exploration permit includes several zones with combined geochemical and geophysical anomalism indicating potential for blind porphyry copper mineralization in favourable geology in the northern sector of the Timok Magmatic Complex, eastern Serbia, and close to the Coka Marin mine.

Three drill holes, total 2,531.8 metres, were drilled in the Yanko target in 2011. Holes FMTC-1105 and FMTC-1108 intersected wide zones of skarn and vein-type copper sulphide mineralization and associated hydrothermal alteration in a complex sequence of sedimentary rocks, andesites and diorites. The best long intercepts from Yanko were 84.0 metres (from 188.0 to 272.0 metres) with an average 0.37% copper and 0.17 g/t gold (0.48% CuEq) in drill hole FMTC 1105, and 32.0 metres (from 1068 to 1100 metres) with an average 0.59% copper and 0.12 g/t gold (0.64% CuEq) in drill hole FMTC 1108. The skarn-type mineralization could indicate proximity to a porphyry system. FMTC-1106 intersected weak copper sulphide mineralization over 56 meters from 466 - 532 meters. A later drill hole, FMTC 1342, did not yield any significant results.

Drill hole FMTC 1222 tested the South Durlan prospect, which is marked by copper and gold geochemical anomalism in soils and rocks in an area of hydrothermally altered andesites located in the south of the Jasikovo-Durlan Potok permit, about 4.1 kilometres northwest of Cerovo porphyry copper mine operated by RTB Bor. The hole intersected several zones of altered and brecciated andesite with pyrite and chalcopyrite, and occasional galena and sphalerite. The highest gold values (maximum 11.4 g/t over 3 metres from 212.0 to 215.0 metres) occur in strongly altered and brecciated andesite with broken core that may reflect tectonized (faulted) intervals. 

Drill hole FMJC 1401 tested the V. Leskova prospect in the Jasikovo-Durlan Potok permit, which is an area marked by copper and gold geochemical anomalism in soils and rocks in an area of hydrothermally altered andesites. The drill hole intersected moderately altered andesite and andesite breccia with disseminations and stringers of pyrite, occasional chalcopyrite and traces of bornite. Weak copper-gold mineralisation occurs throughout the length of the hole, with maximum values of 0.38% copper and 0.76 g/t gold in a 2 metres interval from 98 – 100 metres.

The Lipuca Vlashka prospect in the southwest of the Leskovo permit area is characterised by surface geochemical anomalism and hydrothermally altered andesites and sub-volcanic intrusives that are mapped as diorite. The prospect was tested by two drill holes. Both holes were collared at the same location, and both intersected porphyry style copper-gold mineralisation, comprising disseminated pyrite and chalcopyrite in strongly altered diorite porphyry, from near surface. The average grades in drill hole FMLC 1301 from 10.0 to 254.0 metres are 0.19% copper and 0.30 g/t gold (0.37% CuEq), ranging from 0.05 to 0.74% copper, and from 0.10 to 1.90 g/t gold. The copper and gold grades in drill hole FMLC 1302 were slightly lower and more variable – for example 0.16% copper and 0.17 g/t gold (0.27% CuEq) from 35.0 to 113.0 metres (interval 78.0 metres).


Cross-section through the Lipuca Vlashka prospect, Leskovo Permit

 

Qualified Person

Dr. Tim Fletcher, Chartered Engineer (UK) and VP Exploration for Reservoir Minerals, a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and a consultant to the Company, approved the technical disclosure on this website and has verified the data disclosed.

 

Ongoing exploration including geophysics and drilling being funded by JV partner.

        
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 Brestovac-Metovnica Strip Logs
      
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 Jasikovo Sections and Strip Logs
 
 Leskovo Sections and Strip Logs



Serbia Country Summary

Thumb Date Download
September 28, 2015 Reservoir Minerals Presentation 3.03 MB
December 22, 2010 Timok Drill Plan 11.15 MB
September 14, 2010 Cukaru Peki NI43-101 Technical Report 5.48 MB
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