Reservoir Minerals Inc.: Phase 2 Soil Geochemical Sampling Successfully Completed at the Bibemi Project in Cameroon
VANCOUVER, BRITISH COLUMBIA--(Aug. 1, 2012) - Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) ("RMC" or the "Company"), is pleased to announce results from the Phase 2A soil sampling campaign in the Bibemi Exploration License in northern Cameroon. Gold anomalous soil samples define a strike length of approximately 11 kilometers within the prospective Archean greenstone terrain that was identified by the earlier stream sediment sampling campaign (see Company News Release, dated July 3, 2011).
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "The anomalous gold in the soil samples taken to date from this prospective greenstone belt continue to be encouraging. The Company is now undertaking further detailed soil sampling within this new 11 kilometer long gold soil anomaly as well as other areas within the 35 kilometer strike length defined previously by stream sediment geochemistry, the results of which will be reported as they become available."
The Bibemi License covers approximately 1,000 square kilometers in northern Cameroon. The Property includes under-explored Archean greenstone formations, which are prospective for gold mineralization. Several sites of seasonal artisanal gold workings were mapped within the License.
A total of 2275 soil samples were collected on a 200 spaced meter grid under the supervision of the Company's experienced geological team, headed by Alain Lambert. Geological and geochemical maps of the Bibemi License (provided on the Company website www.reservoirminerals.com) demonstrate the gold anomalism (defined by 21 - 442 parts per billion gold) in the soil samples over the Archean greenstone terrain that extends on strike for approximately 11 kilometers NE-SW through the License. The gold anomalism is located proximal to an NE-SW trending topographic ridgeline where the depth to bedrock is shallow. A further gold anomalous zone about 4 kilometers east of the main trend and covering approximately 1 square kilometer has been identified.
Infill soil sampling at 100 meter spacing is currently being undertaken over the core of the 11 kilometer trend of gold anomalism, and additional soil sampling at 200 meter spacing will extend a further 8 kilometers to the southwest towards the village of Bibemi in an area of gold anomalous stream sediment geochemistry. The areas defined by gold in soil anomalism will require follow-up work by trenching to bedrock in order to determine the source of the gold anomalism.
Under the terms of an Option and Joint Venture Agreement between the Company and the Bureau d'Etudes et d'Investigations Géologico-Minières, Géotechniques et Géophysiques (BEIG3 SÀRL) ("BEIG3") a joint venture company has been formed which is 90% owned and managed by RMC. Commencing on the transfer of the Bibemi and So'o properties to the joint venture company, RMC will pay to BEIG3 C$ 85,000 over a two year period, refund prior exploration costs of up to C$ 10,000 and incur exploration expenditure of C$ 4,000,000 prior to December 31, 2022 or the expiry of the last exploration licence.
The Company follows industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of duplicates and certified standards into the sample stream. Samples were prepared by sieving and riffle splitting at the sample site, under the supervision of Company staff, to 100 grams of <125 micron grain size. Samples were shipped by courier to OMAC Minerals Laboratories in Ireland, where 50g was analysed for gold by fire assay with AAS finish, and for 33 trace and major elements by ICP-ME.
Dr. Duncan Large, Chartered Engineer (UK) and Eur. Geol., a Qualified Person as defined by National Instrument 43-101 and consultant to the Company approved the technical disclosure in this release.
About the Company:
Reservoir Minerals Inc. is an international mineral exploration and development company run by an experienced technical and management team, with a portfolio of precious and base metal exploration properties in Serbia and West Africa.
For further information on Reservoir Minerals Inc., please consult our website www.reservoirminerals.com.
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Such forward-looking statements or information, including but not limited to those with respect to exploration results, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Reservoir Minerals Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such factors include, among others, the actual prices of commodities, the factual results of current exploration, development and mining activities, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in documents filed from time to time with the securities regulators in the applicable Provinces of British Columbia and Alberta.
Reservoir Minerals Inc.
VP Corporate Development
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