Revelo Resources Corp. (“Revelo” or the “Company”) (TSX VENTURE:RVL) is pleased to announce that it has signed definitive documentation to recover the Victoria Sur project area in northern Chile, totalling 6,600 hectares, under an agreement with a subsidiary of Hochschild Mining PLC (“Hochschild”) (LSE:HOC), in return for the awarding of a 1% NSR royalty interest … Continued
The key target at Victoria Sur is Nueve Vidas, which was subject to historic trenching and drilling by previous workers in the 1990s, and more recently drilling by Hochschild under a now-expired Joint Venture Agreement with Revelo in 2010-2011.
This previous work defined two principal styles of mineralisation, and was reported previously by Revelo (see news release dated March 4, 2011 and September 3, 2010, on SEDAR):
- lower-grade, potentially bulk-tonnage, porphyry-gold style mineralisation
- cross-cutting, high-grade and sulphide rich, gold-silver-base metals structures typically 1m to up to 12m wide
Highlights from previous drilling on the high-grade structural style of mineralisation by Hochschild in 2010 and 2011 include:
- 8m @ 10.5g/t Au + 29g/t Ag – in hole VCNRC-10-004 (from 197m)
— Including 2m @ 28.55g/t Au + 69.5g/t Ag
- 1m @ 6.38g/t Au + 53.2g/t Ag – in hole VCNRC-10-016 (from 74m)
- 4m @ 8.94g/t Au + 38.8g/t Ag – in hole VCNRC-10-021 (from 240m)
Highlights from previous drilling on the lower-grade, bulk tonnage porphyry style of mineralisation by Hochschild in 2010 and 2011 include:
- 22m @ 0.85g/t Au + 0.39g/t Ag – in hole VCNRC-10-017 (from 42m)
- 72m @ 0.40g/t Au + 0.13g/t Ag – in hole VCNRC-10-021 (from 98m)
— Including 16m @ 0.72g/t Au + 0.20g/t Ag (from 98m)
ABOUT THE NUEVE VIDAS TARGET
Nueve Vidas comprises a medium-grained porphyritic diorite, hosting veinlet and disseminated magnetite with chlorite and epidote, exposed in trenches and minor outcrops, located immediately southwest of a large colour anomaly known as Cenizas. Trenching and drilling in and around Nueve Vidas has also identified tonalite, monzonite and granodiorite intrusive phases that have been collectively referred to as the Nueve Vidas Intrusive Complex (NVIC). The magnetite-rich diorite porphyry coincides with a strong, circular magnetic high feature approximately 1.2Km in diameter, which may define the outer limits of the intrusive complex. Trenching and drilling indicates that the NVIC is cut by a series of narrow, (apparently) northwest trending, iron-oxide and jarosite-stained, clay filled fault/gouge zones at surface that appear to correlate with sulphide-rich structures in drill holes at depth.
Previous exploration work at Nueve Vidas includes trenching, shallow RAB drilling, and 2 shallow, inclined RC holes by RTZ in the early 1990s; colluvial and enzyme leach surveys by Fremont Gold in the late 1990s; and shallow, inclined RC drilling over a 200m area by El Dorado Resources in 1999 (1,162m in 9 RC holes). Hochschild, under a now-expired joint venture agreement with Revelo in 2010 and 2011, completed a total of 3,435m of RC drilling in 10 holes at Nueve Vidas.
The two principal mineralisation styles are evident in the historic surface trenches and in historic drilling (Note: only Hochschild drill chips are available for inspection and re-logging):
- Higher-grade, cross-cutting, structurally controlled gold (+Ag+/-Zn+/-Cu) within sulphide-rich breccia/fault zones, typified by historic intercepts such as:
— 4m @ 6.69 g/t Au + 22.6 g/t Ag (+ 0.11% Cu) in RTZ trench TR27
— 8m @ 10.5g/t Au + 29g/t Ag (including 2m @ 28.55g/t Au + 69.5g/t Ag) in Hochschild drill hole VCNRC10-004.
— 4m @ 8.94g/t Au + 38.8g/t Ag (with highly anomalous Cu and Zn) in Hochschild drill hole VCNRC-10-021
- Lower-grade, disseminated gold within the altered dioritic porphyry, typified by historic intercepts such as:
— 90m @ 0.59g/t Au in RTZ trench TR20
— 24m @ 0.83g/t Au in El Dorado RC hole RC99-01
— 19m @ 1.03g/t Au in El Dorado RC hole RC99-03
— 8m @ 1.09g/t Au in El Dorado RC hole RC99-10
— 22m @ 0.85g/t Au in Hochschild RC hole VCNRC-10-017
— 72m @ 0.40g/t Au in Hochschild RC hole VCNRC-10-021
—- including 16m @ 0.72g/t Au
—- including 10m @ 0.50g/t Au
The more disseminated style of mineralisation is related to hydrothermal magnetite flooding and is accompanied by magnetite, chlorite and epidote as veinlets and disseminations, as observed in RC chips. Nueve Vidas appears to display many of the characteristics of an intermediate composition porphyry Au (+/-Cu) system, cross-cut by later, northwest trending structures that are the focus of higher-grade gold and silver mineralisation, and which have more of an epithermal geochemical signature.
The main target is probably related to a potassic-altered, early-mineral to inter-mineral diorite porphyry, which if it exists, may contain more consistent grades > 1g/t Au. The cross-cutting structures would act as sweeteners within such a disseminated deposit, or may represent valid targets in their own right.
Hochschild samples were collected in accordance with accepted industry standards and best practices. Samples were submitted to ACME Laboratories and ALS Chemex in Santiago and La Serena for preparation and analysis. Hochschild conducted routine quality assurance and quality control analysis on all assay results, including the systematic utilization of certified reference materials, blanks and field duplicates.
Historic results from work carried out by RTZ (now Rio Tinto) and El Dorado Resources, and quoted in this news release, are not able to be verified by Revelo with proper QA/QC controls, and consequently must be treated with caution, and the reader should place no undue reliance on these results.
ABOUT THE VICTORIA SUR PROJECT
Victoria Sur is situated along the mid-Tertiary Domeyko Cordillera porphyry copper belt in northern Chile, which is host to some of the world’s largest copper deposits and mines. Apart from the principal Nueve Vidas target described above, Victoria Sur is also host to a large, advanced argillic-altered lithocap at Cenizas, that is cross-cut by a series of mineralised structures that have been the subject of historic drill testing by RTZ and Hochschild, and is also host to a low-sulphidation, epithermal vein at Victoria that was mined historically. These other targets will be more fully evaluated in due course. Hochschild is the beneficiary of an uncapped 1% NSR royalty on any future production from Victoria Sur.
Victoria Sur is contiguous with the approximately 38,000-hectare Victoria property to the north that is owned by Hochschild, and which has potential for porphyry copper and precious metals targets. Revelo is the beneficiary of an uncapped 2% NSR royalty on any future production from the Victoria property.
Please visit the Victoria Sur project page on Revelo’s website for further information.
Revelo has consolidated an outstanding portfolio of 25 projects prospective for copper, gold and silver located along proven mineral belts in one of the world’s top mining jurisdictions – Chile. Revelo’s total exposure to mineral tenements in northern Chile is around 300,000 hectares.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSX VENTURE:RVL). For more information, please visit Revelo’s website at www.reveloresources.com.
Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent consultant, is the Company’s Qualified Person for the purposes of National Instrument 43-101 Standards of Disclosures for Mineral Projects of the Canadian Securities Administrators, and has approved the written disclosure of the technical information contained in this news release.
ON BEHALF OF THE BOARD
Timothy J. Beale, President & CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that Revelo expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicate” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Revelo believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements.
To view the included figures, please visit the following link: http://media3.marketwire.com/docs/1102397.pdf
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