VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2012) - - Reservoir Minerals Inc. (TSX VENTURE:RMC)(PINKSHEETS:RVRLF)(BERLIN:9RE) ("RMC" or the "Company"), is pleased to provide an update on sampling in the historical Rusman and Ginduša underground workings at its Deli Jovan Gold Project in eastern Serbia with partner Orogen Gold Plc (AIM:ORE) ("Orogen") and commencement of a 7,500 metre diamond drilling program.
Orogen has received gold assay results from its underground sampling program at the historic Ginduša and Rusman gold mines. 130 continuous chip channel samples from levels 1 and 2 in the Ginduša vein system yielded assay results that confirmed the presence of high-grade gold, ranging from trace gold up to 63.4 grams per tonne (g/t) gold.
Dr. Simon Ingram, President and CEO of Reservoir Minerals commented: "The results from Deli-Jovan continue to be promising, we look forward to the results of the substantial drilling program now underway to test the extent of the gold mineralisation identified in the historic Ginduša and Rusman mine workings."
Deli Jovan Project
The Company's Deli Jovan Exploration Permit covers 69 square kilometers over the historic gold mines, Ginduša and Rusman, which were worked in the early 20th Century. These deposits are located on an 8 kilometer long, northwest - southeast striking and steeply dipping, shear system hosting mesothermal gold veins. Recent underground mapping at Ginduša identified four mineralised quartz veins within the shear corridor that is at least at least 80 metres wide. Earlier selected chip sampling by the Company yielded bonanza-grades up to 209 g/t.
Orogen has completed its geological and structural mapping campaign at the historic Ginduša and Rusman gold mines and has received gold assay results from its underground channel sampling program.
A total of 130 continuous chip channel samples from levels 1 and 2 which are 30 and 60 m below surface in the Ginduša vein system yielded assay results that confirmed the presence of high-grade values of gold, ranging from trace gold up to 63.4 g/t gold. The chip channel samples were collected by miners under the direct supervision of Company geologists over continuous lengths ranging from 0.5 to 2.0 metres, but normally 1 metre, perpendicular to the strike of the vein system. Continuous chip samples collected from a channel cut across the mineralized zone are a standard sampling method for estimating average grades within a vein system. An additional seven selected chip samples yielded up to 133.0 g/t gold; the selected chip samples are unlikely to reflect the average grades of the mineralization. The underground sampling was constrained by the strict safety requirements that required the mining contractor to timber off access to open workings. Sampling was therefore generally confined to the peripheral parts of the vein systems, and it is probable that the sampling does not represent the full extent of the higher grade lenses and shoots that were mined historically. Maps and plans showing the sample locations and analytical results from Ginduša are posted on the Company's website www.reservoirminerals.com.
Orogen is prioritising exploration at Ginduša, and has commenced a substantial diamond drill program to test the depth extensions of the gold-bearing quartz veins within the Ginduša shear system.
Access to sample the Rusman vein was seriously constrained by the timbering of the open stopes. Four continuous chip channel samples collected from a 5 metre length of the Rusman vein yielded an average 6.0 g/t gold over an average width of 0.9 metre. One selected chip sample of pyritised quartz vein yielded 82.5 g/t gold; selected chip samples are unlikely to reflect the average grades of the mineralization.
Work at Deli Jovan is funded by Orogen, which can earn up to a 75% interest in the project by completing $3.5 million in exploration expenditures before the end of 2013.
The Company follows industry standard quality assurance and quality control procedures for all samples. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Sample preparation and gold analysis is undertaken by ALS Chemex at its ISO 17025 accredited laboratory in Romania.
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 a seasoned 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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.