Vancouver, British Columbia--(Newsfile Corp. - December 14, 2017) - Revelo Resources Corp. (TSXV: RVL) ("Revelo" or the "Company") is pleased to announce an update for the Loro gold-silver exploration program it is operating on behalf of its joint venture partner, a subsidiary of Hochschild Mining PLC ("Hochschild").
With geological mapping, surface geochemical sampling, and ground geophysical surveying all advancing as planned, the recent work has discovered new quartz-vein outcrops and quartz-vein float fields, and has begun to define some key controls on mineralised structures.
Preliminary mapping has led to the discovery of a series of small outcrops of rhyo-dacitic dome rocks which, in other precious metals mineral districts including El Peñon just 25 km to the north, are frequently related to the low-sulphidation epithermal quartz veins being sought at Loro. Preliminary interpretations of new ground magnetics data and related 3-D modelling have revealed the presence of three significant magnetic anomalies that appear to be related to the rhyo-dacitic dome rocks, and indicate their aerial and depth extensions. The three anomalies are each about 2 km long x 500m wide, trend NNE-SSW, and are arranged in echelon fashion along a N-S trend.
Crucially, previously encountered and sampled quartz veins and breccias, and float fields of similar materials, are spatially located along the margins of the central rhyo-dacitic dome now being delineated. As a result of the mapping and sampling underway, a new, large float field of quartz-vein fragments and blocks has been discovered along the margins of the northern rhyo-dacitic dome, together with minor outcrops of the same vein material. These will be the subject of geochemical sampling in the next two weeks, with results expected by year-end or early 2018.
The third and southern-most rhyo-dacitic dome occurs in an area largely obscured by shallow colluvial and gravel cover, but is also likely to be prospective for vein occurrences as described above.
Results to date show potential for several kilometers of combined strike length of prospective and mineralised quartz-vein structures. The results from the extensive soil geochemical sampling program almost completed are expected by about year end, and will be crucial to show the best areas for trenching and initial drill testing programs planned for Q1 2018.
To date, Revelo has completed the following activities:
- Collected approximately 2,700 soil samples on a detailed grid covering an area of approximately 9 km N-S x 2 to 3 km E-W. A further 200 samples will be collected to extend the grid a further 1 km to the south.
- Completed a ground magnetics survey totalling 965-line km, with E-W oriented lines on a 50m spacing. The resulting data was processed by an experience geophysical consultant who also produced a series of map products and 3-D modelling products that have been incorporated into the exploration database.
- Geological mapping of rock outcrops at 1:10,000 scale is advancing and will be completed by early 2018. Much of the area of interest is obscured by colluvial and gravel cover, with poor-quality rock outcrops occurring in small drainage channels.
For information relating to previous technical advances at Loro please refer to the news releases on Revelo's website dated April 14, 2016; November 15, 2016; July 6, 2017; and October 5, 2017.
Loro is located along the highly productive "Paleocene" Mineral Belt in northern Chile that contains several important gold, silver and copper mines and projects. The project is located along trend and just 25 km due south of the multi-million-ounce gold-silver district of El Peñon, owned and operated by Yamana Gold. The project also lies just a few kilometers east of Revelo's important Las Pampas project, also prospective for low-sulphidation, epithermal precious metals veins. The Loro project area is at relatively low altitudes (1,800m to 2,000m), has subdued topography, and is easily accessed, being located within a short driving distance from the Pan-American Highway along a well-maintained dirt road, some 2.5 hours' drive from Antofagasta and 2 hours from Taltal.
The Loro project is currently subject to an option, sale and royalty agreement with a subsidiary of Hochschild. Under the agreement, Revelo will operate Phases 1 and 2 of the exploration program. Hochschild can earn a 100% interest in the Loro project over a maximum of five (5) years in exchange for a series of in-ground investments and/or drilling commitments totalling US$13 million and/or 30,000 metres, and a series of cash payments to Revelo totalling US$5.3 million. Further payments totalling US$15 million are due once the option has been exercised by Hochschild. Revelo will be the beneficiary of a 1% NSR royalty on any future production from the property. (See Company's News Releases dated June 6, 2017and September 05, 2017). For further details of the Loro Project please refer to the Loro Project page on Revelo's website (Link).
Dr. Demetrius Pohl, Ph.D., 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.
Revelo has interests in an outstanding portfolio of projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions — Chile. The Company has a combination of wholly-owned projects (available for option, JV or sale), option agreements, royalty interests (non-producing to date), and equity interests in mining and exploration companies. Revelo's total exposure to mineral tenements in northern Chile, either wholly-owned or through royalty interests, is around 290,000 hectares, which makes Revelo one of the larger exploration groups in the country.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSX-V: RVL). For more information, please visit Revelo's website at www.reveloresources.com
ON BEHALF OF THE BOARD
Michael Winn, Chairman
Timothy J Beale | President & CEO
T: +1 604 687-5544 | [email protected] | www.reveloresources.com
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.
Loro — Ground Magnetics (Analytic Signal)
Showing Likely Rhyo-Dacite Domes, Known Vein Occurrences, and Principal Structures
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