Reservoir Minerals Announces Further Drilling Results From Timok Cu-Au Project Including 100 Metres Grading 4.31% CuEq and 204 Metres Grading 1.63% CuEq

 
Reservoir Minerals Announces Further Drilling Results From Timok Cu-Au Project Including 100 Metres Grading 4.31% CuEq and 204 Metres Grading 1.63% CuEq

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2012) -Reservoir Minerals Inc. ("RMC" or the "Company") (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) is pleased to provide an update on the diamond drilling program currently underway on the Chukaru Peki target in the Company's Timok Project, eastern Serbia. The project is a joint venture with Freeport-McMoRan Exploration Corporation ("Freeport"). New drill results include 100 metres with an average grade of 4.31% copper equivalent ("CuEq", average 3.17% copper and 1.91 grams per tonne ("g/t") gold) from 584.0 to 684.0 metres in drill hole FMTC 1217 and 204 metres with an average grade of 1.63% CuEq (average 1.49% copper and 0.24 g/t gold) from 1082.0 to 1286.0 metres in FMTC 1214.

Dr. Simon Ingram, President and CEO of Reservoir Minerals Inc. commented: "Reservoir believes that the results from the wide-spaced drill holes continue to provide confirmation of the project's potential as a significant copper-gold epithermal and porphyry system, the Timok Project is a very exciting project."

Summary results, including those previously reported ("•"), are presented in the table below and as a graphical strip-log on the Company website (www.reservoirminerals.com).

Drill
hole ID
From To Interval Copper* Gold** CuEq***   Comments
(m) (m) (m) (%) (g/t) (%)  
FMTC 1210 598.0 864.0 266.0 1.06 0.28 1.23   • Reported to depth of 1183 m in Company News Release July 16, 2012;
1026.0 1248.0 222.0 0.23 0.11 0.30   Andesite breccia, strongly silicified with disseminations and veinlets of pyrite, covellite and enargite.
including 1215.0 1236.0 21.0 0.58 0.19 0.70  
  1469.0 1864.0 395.0 0.30 0.09 0.35   Disseminated pyrite, chalcopyrite and local molybdenite mineralization
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 461.0 621.0 160.0 6.92 5.40 10.16   • Reported in Company News Release September 4, 2012
including 507.0 577.0 70.0 11.56 7.03 15.78  
including 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 838.0 942.0 104.0 0.83 0.19 0.94   Disseminated pyrite with covellite and rare enargite veinlets in altered andesite breccia
including 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.
including 1090.9 1111.4 20.5 2.53 0.32 2.72  
including 1127.5 1187.3 59.8 2.29 0.40 2.52  
FMTC 1217 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
including 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
* 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).
 

These  results drove Reservoir from one dollar to $ 3.85 . Given the history of past grades, if the first few holes are good Snowfield should have no problem finding a jv partner with the money to continue the exploration. A long shot ? Perhaps but at this price not a bad bet. Nothing ventured nothing gained. This could very well be a cluster of porphyries . Drilling and time will tell. Always do your own due diligence.