VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 25, 2016) – Revelo Resources Corp. (“Revelo” or the “Company”) (TSX VENTURE:RVL) is pleased to announce that it has defined a shear-zone hosted gold target that is related to a major splay of the Atacama Fault Zone, at its wholly-owned Morsas project (the “project”) in northern Chile. The shear-zone system extends over at least 6 kilometers, and possibly over as much as 12 kilometers, within the Revelo property boundary. The Morsas property is located within the Coastal Belt of northern Chile, and lies along trend from the Candelaria copper-gold-iron mine (Lundin Mining) to the northeast, and the Los Colorados iron mine and Boqueron Chañar iron deposit (both CAP) to the southwest.
Key aspects of the shear-zone hosted gold target include:
- Several narrow (~1m – 2m), sub-parallel, steeply dipping, ductile shear zones related to a major splay of the Atacama Fault Zone, exposed in a series of small, historic workings for gold over a strike length of approximately 2 km, with historic exploration pits over a further 4 km, and geophysical evidence for a further 6 km of extension (12 km in total).
- Rock-chip grab samples from sporadic outcrops within individual shear structures range from zero to 10.9 g/t Au in areas covered by Revelo’s property along the main shear zone identified to date, and up to 18.25 g/t Au elsewhere on the property.
- The mineralized structures, of which there are several, follow a northeast – southwest trend, in agreement with regional structures.
Tim Beale, President and CEO of Revelo, said: “Revelo’s initial exploration of the Morsas property was focused on IOCG (iron-oxide-copper-gold) type deposits, given the property’s location along trend from major IOCG deposits such as Candelaria, Los Colorados and Boqueron Chañar, and some indications of IOCG-style mineralisation do occur on the property. However, our reconnaissance of the property has determined that the most obvious current target is the shear-zone hosted gold system along a major splay of the Atacama Fault Zone. This is an exciting, relatively under-explored target type in Chile, but is attractive for its relative simplicity, highly anomalous gold grades, and its potential continuity with depth and along strike.
Revelo is fulfilling its role as a prospect generator, and is continuing to explore the large Morsas project area, in order to determine if other targets of interest occur. A partner will be sought to continue with detailed exploration and drilling of the main shear-zone target.”
Please visit the Morsas project page on Revelo’s website (http://www.reveloresources.com/projects/morsas) for further information, project fact sheet (http://www.reveloresources.com/content/448/Morsas_2016-04.pdf), and project presentation (http://www.reveloresources.com/content/448/RVL_PresentationMorsas_2016-04web.pdf).
ABOUT THE MORSAS PROJECT
Morsas lies along the Coastal Belt Cordillera, which is host to a variety of IOCG-style (Fe-Cu-Au), manto, porphyry and precious metals mines, deposits and occurrences, and is centred about 55 km southwest of the mining town of Copiapo, and 45 km southwest of the giant Candelaria Cu-Au-Fe mine (Lundin Mining), and along trend from the Los Colorados and Boqueron Chañar iron-ore deposits (both CAP). Numerous small, historic workings for gold and other metals occur within and around the Revelo property, and a series of historic workings for gold are aligned along a major splay of the Atacama Fault Zone. The project area is at low altitudes (250m to 750m), has subdued topography, and is easily accessed, being located close to the Pan-American Highway about one hour’s drive from Copiapo, or 1.5 hours from Vallenar, depending on which portion of the property is to be accessed.
Morsas consists of approximately 33,000 Ha of 100% owned tenement comprising exploration concessions, divided into several property blocks collectively covering a series of areas along 75 km of the prospective trend, 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 Morsas. 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 Coastal Cordillera is characterized by extensive arc-parallel shear zones and brittle faults, dominated by the Atacama Fault Zone in northern Chile. Such structures were active during Late Jurassic to Late Cretaceous arc magmatism, controlled basin development, and had a strong controlling influence on the distribution of IOCG and other ore deposits. IOCG mineralization styles include veins, hydrothermal breccias, replacement mantos, and calcic skarns, with the larger deposits generally exhibiting several of these in combination. Crucially, in the Morsas area, important splays of the Atacama Fault Zone are characterised by ductile shearing, portions of which are mineralised with gold as evidenced by numerous, small, aligned, historic workings. Much of the project area is obscured by shallow, post-mineral gravel and colluvial cover, but is punctuated by small hills and outcrops, as well as mineral workings, giving evidence to the underlying geology.
WORK COMPLETED TO DATE
Reconnaissance geological mapping of the Morsas project area by Revelo geologists has delineated a series of ductile shear zones (dynamic schists), with steeply dipping or sub-vertical foliations, minor quartz veining and quartz boudins, minor iron oxides after pyrite and with individual structures typically 1m to 2m wide where seen in outcrop. The shear-zone structures are associated with a major splay of the Atacama Fault Zone.
Old, small-scale workings at the southwest end of the zone of interest within the overall Revelo property boundary, but covered by small, historic old mining claims, indicate that shearing occurs over about 2 km, with small, historic exploration pits exposing shears through shallow cover (1m – 2m) suggesting extensions over a further 4 km to the northeast (6 km in total). The preliminary geological mapping suggests several, sub-parallel structures arranged in en-echelon fashion within the regional Atacama Fault splay. The overall width of the prospective fault zone, from geological mapping and regional geophysics, may be up to 500 m.
The anomalous shear zone delineated at Morsas coincides with strong, linear magnetic features derived from regional airborne magnetics data acquired from the Chilean geological survey. These features likely reflect the regional Atacama Fault Zone splay and possibly specific shear-zone structures within it. The regional magnetics suggests that the prospective zone could extend for a further 6 km to the northeast – or 12 km in total – within the Revelo property boundary.
Initial reconnaissance-style rock-chip sampling by Revelo (16 samples) and by BLC (105 samples) from accessible outcrops within the Revelo property boundary has shown highly anomalous gold values in the following ranges:
- Revelo sampling:
- Below detection to 18.25 g/t Au
- Average – 2.02 g/t Au
- BLC Sampling:
- Below detection to 10.9 g/t Au
- Average – 1.07 g/t Au
Most other elements from a multi-elemental analysis yielded generally low values, with sporadic anomalies in a variety of elements. Revelo’s rock samples were analyzed at ALS Chemex Chemical laboratories for fire-assay gold (AA24) and for multi-elements following four acid digestion and ICP-AES protocol (ME-ICP61). BLC’s rock sample analyses were split between two laboratories, ACME and ALS Chemex, for fire-assay gold (FA430, G6, G6Gr and AA23 respectively) and multi-elements following four acid digestion and ICP-AES protocols (MA300 and ME-ICP61 respectively).
Further work, including more detailed sampling of old workings, soil profiles and trenching across the principal fault zone, possibly combined with geophysical profiling, is recommended prior to drill testing.
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.
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.
Investor Relations Manager
+1 604 687-5544