Midlands Minerals Terminates Parlozi Option Agreement with Reservoir

Reservoir Minerals Inc. (TSXV:RMC) announced that its Parlozi option agreement with Midlands Minerals Corp. (TSXV:MEX) was terminated as of May 6, 2015.

Simon Ingram, president and CEO of Reservoir, commented:

The results of the recent exploration campaigns have refined the Company’s model of carbonate-hosted, high-grade silver-lead-zinc mineralization in the Parlozi permit, and identified new targets for shallow drilling around a strong geophysical anomaly interpreted to be a buried intrusive. Reservoir will be actively searching for a new partner to test these and other targets in the permit, which lies in the highly prospective belt of silver-lead-zinc mineralization extending fromMacedonia to Serbia and including the productive Trepca mines.

The release also includes a summary of recent exploration results from Parlozi:

The Company’s validation drill holes on the Parlozi prospect confirmed the grade tenor and mineralization thicknesses that were reported in the historical resource estimate (Serbian Geo-Institute, 1986). The mineralization to a depth of approximately 150 metres consists of sulfide veinlets and disseminations in argillic altered, silicified and brecciated sandstone, and is notably enriched in gold. The high-grade silver-lead-zinc mineralization at greater than 150 metres depth consisted of veins, veinlets and local massive pyrite, galena and sphalerite mineralization in brecciated and silicified limestone and sandy limestone.

Underground sampling in the rehabilitated adit and diamond drilling at the Plandiste Prospect identified high-grade silver-lead mineralization in fracture-controlled veins and veinlets beneath an extensive surface area of ancient historical prospecting pits.

The silver-lead-zinc mineralization at Parlozi is interpreted to be similar in type to other carbonate-replacement deposits (CRD-type), and the mineralization at Plandiste is interpreted to be more distal, fracture-controlled veining. The results of the recent work in the south of the Parlozi permit demonstrate a significant mineralized system that is at least 2.0 x 1.5 kilometres in area, including the Parlozi and Plandiste prospects as well as several other prospects and numerous historical exploration pits, and centered around a distinctive positive magnetic anomaly, which is interpreted to reflect the presence of a buried intrusive body. New targets for future drilling have been identified at shallower depths in favorable host rocks around the geophysical anomaly, as well as the untested extensions to depth from the known mineralization. The recent work has focused on the southern sector of the permit, but other mineralized occurrences elsewhere in the permit are known from historical work and will be evaluated as future drilling targets.

Click here to read the full Reservoir Minerals Inc. (TSXV:RMC) press release.