Timok
Our Projects

Timok Exploration Permits

Highlights

  • Seven 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 245 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):
    • 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 mineralisation at the Cukaru Peki prospect. Selected copper-gold drill hole intersections:
    • 291.3m @ 7.17% CuEq; average 5.13% Cu and 3.4g/t Au       
    • 160m @ 10.16% CuEq; average 6.92% Cu and 5g/t Au
    • 699m @ 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 prospect is 5 km from the Bor mining complex infrastructure where a new flash smelter is being built
  • Reservoir “Corridor Zone” discovery of high-grade epithermal gold system along strike length of 320 meters, with best intercept 16.90 meters at 13.04 g/t gold
  • Excellent opportunities for additional exploration discovery in all 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 Jasikovo-Durlan Potok, Brestovac-Metovnica 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 obtain additional 20% indirect ownership interest by completing a Bankable Feasibility Study. The exploration permits cover an area of 245 sq. km.

The Čoka Kupijatra, Tilva Njagra, Nikolicevo and Kraljevica Exploration Permits are 100% owned by Reservoir Minerals and cover an area of 293.2 sq. km.


Location of Timok Exploration Permits

Permits

Area (sq km)

Status

Brestovac-Metovnica

115.5

JV with FMEC

Jasikovo-Durlan Potok

86.2

JV with FMEC

Leskovo

43.3

JV with FMEC

Nikolicevo

94.2

RMC permits 100%-owned

Kraljevica

94

RMC permits 100%-owned

Čoka Kupijatra

56

RMC permits 100%-owned

Tilva Njagra

49

RMC permits 100%-owned

Total

538.2

 

The Timok Project

The Timok Project comprises the Jasikovo-Durlan Potok, Brestovac-Metovnica and Leskovo Exploration Permits that are held by a Serbian subsidiary of RMC in which Freeport-McMoran Exploration Corp. (FMEC) has earned a 55% ownership interest. RMC and FMEC are forming a Joint Venture to continue exploration of the Project, and FMEC is now the operator.

Freeport-McMoran Exploration Corp. gave notice to the Company (News Release August 16, 2012) that it has elected to continue to sole fund expenditures on or for the benefit of the Project until the completion and delivery to the Company of a feasibility study, or such earlier time as it elects to cease such funding. The 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 FMEC completes the feasibility study, FMEC will indirectly own 75% and the Company will own 25% of the Timok Project.

 

Geology and Mineralization in the Timok Magmatic Complex

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 Bor - Majdanpek mine complex has a recent historical production of 7 million tonnes of copper and 300 tonnes of gold (BRGM publication BRGM/RC-51448-FR). The current combined resources and reserves at the state-owned RTB Bor mining complex are stated on their website (www.rtbbor.rs) to be approximately 2.5 billion tonnes over a number of different deposits with grades ranging from 0.28 to over 5% copper, 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 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.

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 (86 - 83 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 and Majdanpek copper-gold mining districts contain both porphyry and high-sulphidation epithermal types of mineralization. There are at least 5 individual porphyry systems (Veliki Krivelj, Cementation/Cerova, Borska Reka, Borski Potok) in the central area of the TMC centered around the Bor metallurgical complex, and additional deposits located on the trend extending north from Bor towards the world-class Majdanpek system.

Previous workers have described a close association of porphyry-type copper-gold mineralization and alteration with high-sulphidation epithermal copper-gold massive sulphide mineralization.  In the Bor district, both porphyry and epithermal hydrothermal systems are coupled and spatially related to each other. The mineralization is hosted by late Cretaceous andesites and volcaniclastics related to the first magmatic phase in the TMC.

The Timok permits are host to the favourable geology with excellent potential for porphyry copper-gold mineralization on the strike extension of the controlling structures.

 

Exploration Results – Timok Project (FMEC-RMC JV)


Location of Timok Exploration Permits

Cukaru Peki Prospect

The Cukaru Peki prospect is a blind target covered by younger Miocene sedimentary rocks that unconformably overlie late Cretaceous andesite volcanics, volcaniclastics and sedimentary rocks. High-sulphidation copper-gold “massive sulphide” mineralization consists of covellite with bornite and chalcocite in veins, hydrothermal breccias and replacements hosted by strongly altered andesite. Porphyry style chalcopyrite-pyrite with rare molybdenite has been intersected in several holes (e.g. FMTC 1210).

At this early stage of exploration for a deep high-sulphidation epithermal and porphyry copper mineralized system typical of the Timok magmatic complex, it is not possible to determine the orientation of the mineralized zones, or to estimate their true thickness. The extent of the high-grade copper-gold mineralization remains open, and drilling is continuing in order to define the limits to the mineralized system.

As of January28th, 2014, 45,675 m drilling had been completed at the Cukaru Peki prospect.


Cukaru Peki Drill Hole Locations and Sections

Drillhole

ID

From

(m)

To

(m)

Interval

(m)

Copper*

(%)

Gold**

(g/t)

CuEq***

(%)

Comments

 

FMTC 1210

 

 

 

 

 

 

Including

598.0

864.0

266.0

1.06

0.28

1.23

Covellite, chalcocite, bornite and pyrite as disseminations, breccia matrix fill, veinlets and locally massive sulphide in altered andesite breccia.

1026.0

1248.0

222.0

0.23

0.11

0.30

Pyrite, covellite and enargite as disseminations and veinlets in silicified andesite breccia.

 

Disseminated pyrite, chalcopyrite, and local molybdenite mineralization.

1215.0

1236.0

21.0

0.58

0.19

0.70

1469.0

1864.0

395.0

0.30

0.09

0.35

FMTC 1211

802.0

823.0

21.0

0.69

0.15

0.78

Covellite and enargite mineralization in altered andesite

FMTC 1212

828.0

867.6

39.6

0.37

0.23

0.51

Covellite mineralization within pervasive quartz-sericite-pyrite altered and mineralized andesite breccia from 666.0 to 1008.0 m

958.0

960.0

2.0

0.39

0.05

0.42

FMTC 1213

Including

461.0

621.0

160.0

6.92

5.40

10.16

Moderate to intense covellite, locally bornite, and pyrite mineralization, as disseminations, breccia matrix fill, veinlets and massive sulphide in strongly altered andesites

507.0

577.0

70.0

11.56

7.03

15.78

507.0

530.0

23.0

16.70

8.39

21.73

621.0

633.0

12.0

2.32

1.91

3.47

FMTC 1214

 

Including

 

 

Including

838.0

942.0

104.0

0.83

0.19

0.94

Disseminated pyrite with covellite and rare enargite veinlets in altered andesite breccia

847.0

885.0

38.0

1.35

0.27

1.51

1082.0

1286.0

204.0

1.49

0.24

1.63

Covellite and chalcopyrite veinlets and disseminations in brecciated andesite.

1090.9

1111.4

20.5

2.53

0.32

2.72

1127.5

1187.3

59.8

2.29

0.40

2.52

 

FMTC 1217

 

Including

584.0

684.0

100.0

3.17

1.91

4.31

Massive, veinlets and disseminated pyrite, covellite and rare enargite in quartz-pyrite-alunite altered andesite breccia

587.0

599.0

12.0

7.74

7.58

12.29

718.0

781.0

63.0

0.63

0.44

0.90

Covellite, rare enargite, sphalerite veinlets in quartz-alunite-kaolinite altered andesite

827.0

857.5

30.5

1.09

0.01

1.10

Covellite and pyrite in veinlets and disseminations in quartz-kaolin altered andesite

FMTC 1218

 

 

sub-interval

 

including

737.0

809.0

72.0

0.21

0.11

0.28

Covellite and enargite in brecciated and quartz-alunite-pyrite altered andesite

1253.0

1952.0

699.0

0.75

0.23

0.89

Covellite, with occasional bornite and chalcopyrite and rare molybdenite, transitional with depth to chalcopyrite-dominated porphyry style mineralization

1351.0

1802.0

451.0

0.91

0.26

1.07

1617.7

1642.7

25.0

1.59

0.44

1.85

 

FMTC 1219

 

Including

839.1

1572.9

733.8

0.75

0.10

0.81

Covellite and pyrite disseminations, with minor enargite, hosted by altered diorite, brecciated andesite and andesite

987.5

1219.0

231.5

1.16

0.11

1.23

1572.9

1634.0

61.1

0.87

0.15

0.96

 

FMTC 1223

 

Including

428.0

719.3

291.3

5.13

3.40

7.17

Massive sulfide (pyrite-covellite±enargite) 428.0 - 551.0 m, altered andesite with pyrite-covellite disseminations and veinlets 551.0 - 719.3 m

457.6

504.7

47.1

13.89

7.27

18.26

850.0

884.3

34.3

0.33

0.06

0.37

Brecciated andesite, argillic to advanced argillic alteration, disseminated pyrite and occasional covellite disseminations and veinlets

897.0

927.0

30.0

0.35

0.04

0.38

* 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). 

Corridor Zone Prospect

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 Licence. 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

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

The Ogashu Kucajna target, close to the Corridor Zone prospect, 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

299

18

0.65

FMTC-1104

317

351

34

2.49

Yanko Target

The Yanko target consists of combined geochemical and geophysical indicators of blind porphyry copper mineralization in favourable geology. Three drill holes, total 2,531.8 metres, were drilled 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. FMTC-1106 intersected weak copper sulphide mineralization over 56 meters from 466 - 532 meters.

Drill hole ID

From (m)

To (m)

Interval (m)

Cu (%)

Au (g/t)

FMTC-1105

188

272

84

0.38

0.17

Including

234

268

34

0.52

0.23

Including

260

264

4

1.27 (i)

0.46

FMTC-1108

880

920

40

0.26

-

 

1024

1060

36

0.28

-

 

1068

1100

32

0.59

-

Including

1076

1084

8

1.10

0.18

(i) Mean of atomic absorption and ICP values.

 

Exploration Prospects – RMC 100%-owned Permits

Coka-Kupjatra Exploration Permit:

The Coka-Kupjatra Exploration Permit is 100% owned by Reservoir minerals and covers an area of 56 square kilometers and is situated west of the Bor mine, adjacent and north of the Company's new Tilva-Njagra Exploration Permit and between the Company's existing Jasikovo-Durlan Potok and the Brestovac-Metovnica Exploration Permits. The Coka-Kupijatra Exploration Permit is not subject to the Rakita Agreement with Freeport. (See Timok - Tilva Webpage)

Tilva-Njagra Exploration Permit:

The Tilva-Njagra Exploration Permit is 100% owned by Reservoir Minerals and covers an area of 49.0 square kilometers and is situated west of the Bor mine, adjacent and south of the Company's new Coka-Kupjatra Exploration Permit and between the Company's existing Jasikovo-Durlan Potok and the Brestovac-Metovnica Exploration Permits. The Tilva-Njagra Exploration Permit is not subject to the Rakita Agreement with Freeport. (See Timok - Tilva Webpage)

Nikolicevo Exploration Permit:

The Nikolicevo exploration permit is 100% owned by Reservoir Minerals and covers an area of 94.19 square kilometers. It is situated east of, and adjacent to, the Company's existing Brestovac-Metovnica exploration permit. The geology in the Nikolicevo permit includes late Cretaceous andesites and volcaniclastics that host the copper-gold mineralization at the Cukaru Peki prospect in the Brestovac-Metovnica exploration permit, and overlying Miocene sediments. (See Timok - Tilva Webpage)

Kraljevica Exploration Permit:

The Kraljevica exploration permit is 100% owned by Reservoir Minerals and covers an area of 93.97 square kilometers. It is situated south of the Nikolicevo exploration permit and covers the southeast border of the Timok Magmatic Complex. The geology in the Kraljevica permit is dominated by Miocene sediments that could overlie prospective late Cretaceous andesites and volcaniclastics. (See Timok - Tilva Webpage)

 

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

        
View Brestovac Maps

  View Brestovac Photos

      

 Brestovac-Metovnica Strip Logs
      
    Brestovac-Metovnica Sections
 

    View Leskovo/Jasikovo Maps

 
 Jasikovo Sections and Strip Logs
 
 Leskovo Sections and Strip Logs

Thumb Date Download
October 22, 2014 Reservoir Minerals Presentation 8.45 MB
December 22, 2010 Timok Drill Plan 5.05 MB
September 14, 2010 Cukaru Peki NI43-101 Technical Report 5.48 MB
Reservoir Minerals Corporate Office 501-543 Granville Street Vancouver, British Columbia Canada V6C 1X8
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