VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 14, 2016) – Revelo Resources Corp. (“Revelo” or the “Company”) (TSX VENTURE:RVL) is pleased to announce that it has delineated a new system of quartz veins and hydrothermal breccias that are related to a precious metal bearing epithermal vein system extending over about 3 kilometers in an approximately north-south direction, at its wholly-owned Loro project (the “project”) in northern Chile. The project is located along trend and just 25 kilometers due south of the multi-million ounce series of precious metals veins of the El Peñon mining camp owned and operated by Yamana Gold.
Key aspects of this discovery include:
- Several narrow (~ 20 cm), sub-parallel, low sulphidation quartz veins defined by in-situ quartz veins, hydrothermal breccias, and linear trends of float blocks, extending over approximately 3 km
- Rock-chip samples from sporadic outcrops range from zero to 2.34g/t Au and from zero to 89.2g/t Ag
- The mineralized structures follow a north-south to north-northeast trend, in alignment with regional structures
- Key pathfinder elements in rock-chips such as arsenic (low to 293 ppm) and antimony (low to 336 ppm), together with silver values, suggest the outcrops represent the typical upper, relatively un-eroded portions of an epithermal precious-metals bearing system
- Geological mapping, rock-chip geochemistry and soil geochemistry suggest at least two sub-parallel belts of mineralized structures within the overall trend
Tim Beale, President and CEO of Revelo, had the following comments: “Revelo has been carrying out basic exploration focused on geological and hydrothermal alteration mapping, and rock and soil geochemistry, on several of its projects including Loro. The Loro project shows no physical signs of having been explored historically, and so can be classified as a new discovery. Although an early-stage exploration project, results to date are very encouraging and further work including more detailed geochemical sampling, trenching and possible geophysical studies would be recommended prior to drill testing.
Revelo is fulfilling its role as a prospect generator, and is the sole owner of 6 precious metals focused exploration projects at Loro, Las Pampas, Limbo, Reprado, Magallanes and San Guillermo. San Guillermo is already optioned to a subsidiary of Austral Gold (see news release dated February 8, 2016), and we will look for a partner to continue the exploration work at Loro and our other projects.”
Please visit the Loro project page on Revelo’s website (http://www.reveloresources.com/projects/loro) for further information, project fact sheet (http://www.reveloresources.com/content/423/Loro_2016-04.pdf), and project presentation (http://www.reveloresources.com/content/423/RVL_PresentationLoro_2016-04web.pdf).
ABOUT THE LORO PROJECT
Loro is located along the highly productive “Paleocene” Mineral Belt in northern Chile that contains several important gold, silver and copper mines and projects. Important indications of gold and silver mineralization occur at Loro, including small outcrops of veins. 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 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.
Loro consists of approximately 5,500 Ha of 100% owned tenement comprising exploration concessions, all of which were acquired from BLC SpA, a 49%-owned Chilean subsidiary of Altius Minerals (“BLC” – see news release dated July 6, 2015). BLC is the beneficial owner of a 2% NSR royalty from commercial production of precious metals and a 1% NSR royalty from commercial production of base metals from Loro. Revelo has the right to purchase one-half of the royalties for CDN$5 million, at any time up to a period of five years following the commencement of commercial production of mineral products from the project.
The geology of the Paleocene belt in northern Chile is dominated by Late Cretaceous to early Tertiary calc-alkaline bimodal volcanic rocks that range from basaltic andesite to rhyolite, and by sub-volcanic porphyritic intrusions and granitoid stocks. Loro is located along the western slopes of the Perla-Cebada range of hills that make up the southern extension of the El Peñon-Cerro Tostado area within the El Peñon district. Rock sequences within the Loro claim block are likely to be similar to, and correlated with, the El Peñon volcanic stratigraphy. Rhyolite and dacite flows and minor pyroclastic and volcaniclastic rocks at Loro are associated with a rhyo-dacitic dome complex that seems to extend for at least 2 Km east-west and 4 Km north-south along the western slopes of the Perla-Cebada range.
WORK COMPLETED TO DATE
Mapping of the Loro project area by Revelo geologists has resulted in the recognition of several narrow (~ 20 cm), sub-parallel, low sulphidation quartz vein systems defined by in-situ quartz veins, hydrothermal breccias, and linear trends of float blocks, extending over approximately 3 km, which appear to follow a north-south to north-northeast trend, in agreement with regional structures.
Most of the in-situ quartz veins, hydrothermal breccias and float blocks display banded, colloform, comb, saccharoidal and massive textures, typical of low-sulphidation, epithermal precious metals veins. Some of the float blocks display partially brecciated textures, with vein and wall-rock clasts encrusted with cockade quartz or enveloped in a matrix of fine-grained grey quartz. Veins found in outcrop are associated with red hematite and clays – also typical of the upper portions of low-sulphidation, epithermal precious metals veins. Several parallel trends of vein and breccia outcrops and float occur, indicating the probable existence of several, sub-parallel mineralized structures within the property.
Rock chip geochemistry of the veins (41 samples) indicates moderate values of gold (up to 2.34 g/t Au) and highly anomalous values of silver (up to 89.2 g/t Ag), coupled with, in some samples, elevated arsenic (up to 293 ppm As), antimony (up to 336 ppm Sb), lead (up to 1,410 ppm Pb), and zinc (up to 1,570 ppm Zn). These preliminary results are comparable to early published surface samples for El Peñon epithermal low sulphidation veins (*). Rock samples were analyzed at ALS Chemex Chemical laboratories for gold (AA24) and for multi-elements following four acid digestion and ICP-AES protocol (ME-ICP61).
548 colluvial and soil (sieved fines) samples were collected along eight 500 m spaced east-west lines crossing the core of the anomalous area, with samples every 25 m along each line. Of these samples, 341 samples were analyzed at ALS Chemex Chemical laboratories for multi-elements following four acid digestion and ICP-AES protocol (ME-ICP61).
Two principal anomalous trends have been delineated by a combination of geological mapping, rock-chip geochemistry and sieved fines geochemistry. The western anomaly at Loro shows highly anomalous antimony values (up to 26.7 ppm Sb in sieved fines) coinciding with the presence of outcropping veins and hydrothermal breccias and the highest gold and silver values obtained to date. This anomalous trend disappears towards the north under gravels and talus debris. High arsenic values (up to 134 ppm As in sieved fines) within the eastern anomaly, which splits into at least two sub parallel belts, likely represents the classical “arsenic cap” or envelope above sub-cropping veins and hydrothermal breccias.
The anomalous geological and geochemical zone delineated at Loro coincides with a magnetic low feature derived from regional airborne magnetics data acquired from the Chilean geological survey, which likely reflects a combination of the large, proposed rhyo-dacitic dome complex and hydrothermal alteration related to the mineralized structures.
Revelo is a prospect generator that has consolidated an outstanding portfolio of 21, wholly-owned projects prospective for copper, gold and silver located along proven mineral belts in one of the world’s top mining jurisdictions – Chile. Multiple targets are ready for drill testing within the portfolio, and two projects are subject to option and joint venture agreements with subsidiaries of Newmont Mining (Montezuma Project) and Austral Gold (San Guillermo Project). In addition, Revelo is developing a nascent royalty portfolio and retains a 2% royalty interest in the Victoria Project, an important copper-gold-silver exploration project in northern Chile.
Revelo has a goal of building a sustainable exploration business focused on securing prospective land along the prolific mineral belts of northern Chile, and by implementing effective exploration and capital management strategies to grow, advance and de-risk its portfolio to provide shareholders with multiple opportunities for exploration success. Revelo is actively looking for partners to advance other projects within its portfolio.
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.
(*) See Sillitoe R.H.; 2000 – El Peñon, Chile – Exploration & Discovery of Base- & Precious-Metals Deposits in the Circum-Pacific Region – A Late 1990s Update (Metal Mining Agency of Japan)
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.
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.