Jun 27, 2012
Reva Reports Initial Resource Estimate for Chu Chua Deposit
Vancouver, BC - Reva Resources Corp. (TSX-V RVA) ("Reva" or "the Company") is pleased to announce the results of an initial resource estimate for the Chu Chua massive sulphide deposit ("Chu Chua"), near Barriere, British Columbia estimated by APEX Geoscience Ltd. ("APEX") of Vancouver, British Columbia and reported by Newport Exploration Ltd. ("Newport") in a news release dated June 26, 2012.
Reva has an agreement with Newport whereby Newport has the right to earn a 50% interest, in the Company's Chu Chua on or before December 31, 2012, by carrying out and funding the costs of the recommended work program (approximately $1,070,000) as detailed in the technical report dated October 15, 2009 prepared for the Company by APEX and filed on SEDAR.
The estimate comprises an inferred mineral resource of 2.5 million tonnes averaging 2.0% copper, 0.3% zinc, 9.4 g/t silver, 0.5 g/t gold at a copper block cut-off grade of 1.0%, as presented in the table below. A sensitivity analysis of the grade and tonnage at various cut-off grades was completed and is also shown.
Mr. Kristopher J. Raffle (P.Geo). and Steven J. Nicholls (M AIG) of APEX Geoscience Ltd. are the Independent Qualified Persons, as defined by NI 43-101, responsible for the mineral resource estimation. The resource is classified as an inferred mineral resource, consistent with the CIM definitions referred to in NI 43-101. The effective date of the mineral resource estimation is April 18, 2012. A total of 99 diamond drillholes, totaling 19,707 metres (m), ranging from AQ to NQ size core were completed between 1978 and 1991 to delineate Chu Chua. The drillhole locations were surveyed during 2011 along with confirmation sampling conducted on a number of the mineralized intervals from the historic core. The mineral resource estimate is derived from a total of 50 of these drillholes; the spacing of which is between 10 and 40 m. A total of 251 composites of 5 m length, capped at 5.90% copper, 0.86% zinc, 32 g/t silver and 1.4 g/t gold, were used for the estimation. The mineral resource was estimated by ordinary kriging within a three-dimensional mineralization envelope, defined by similar geological characteristics in terms of alteration and mineralogy, using a 0.5% copper cut-off grade. The search ellipsoid orientations were based on variography and ranged in size from 30 to 50m along the primary axis, depending on the metal of interest. The search ellipsoids were used for grade interpolation into 2m (X) x 25m (Y) x 10m (Z) parent blocks. All blocks were classified as being in the inferred category. A total of 464 bulk density measurements were used to calculate the average for each of three modeled massive sulphide lenses. The average density of each of the three lenses varied from 4.33 to 4.73 g/cm3. Due to the lack of historic documentation, the methodology used to calculate the bulk densities is unknown, however the densities used in the resource estimate are considered consistent with the geology and style of mineralization of Chu Chua.
Chu Chua is considered to be an early stage project, therefore little is known about the potential mining or metallurgical characteristics of the massive sulphide deposit. The base case cut-off threshold of 1.0% Cu, which yields 2,506,000 tonnes at an average grade of 2.0% Cu, 0.3% Zn, 9.4 g/t Ag and 0.5 g/t Au (as highlighted in the Table above), is considered to be prospective for development based on the projects favourable location for access, power, water, labour force and other assumptions derived from deposits of similar type and scale.
Chu Chua is a Cyprus-type volcanogenic massive sulphide body hosted and comprises three closely-spaced, north-south striking and sub-vertical massive sulphide lenses that outcrop on surface. Historic drilling has intersected mineralization to a depth of 560 m vertically, however relatively few drillholes have targeted mineralization below 200 m. The results of historic drilling indicate that the deposit thins at depth, however, the massive sulphide lenses remain open at depth and along strike.
To date, mineralization has been modeled over a 480 m strike length and to a depth of 180 m from surface. Additional drilling is warranted to define the extent of near surface mineralization at the north end of the deposit; at depth within and beneath the currently modeled Main Lens; and to the south where limited deep drilling has encountered narrow sulphide intercepts. Given that approximately 75% of the deposit as currently modeled lies within a 100 m depth from surface, further drilling and economic studies to determine if all or portion of Chu Chua may be amenable to open pit extraction are also warranted.
The resource estimate reported in this press release was prepared by Kristopher J. Raffle (P.Geo.) and Steven J. Nicholls (M AIG) of APEX Geoscience Ltd., both qualified people as defined by NI 43-101. Mr. Raffle has reviewed and verified the contents of this release. The APEX consultants are independent advisors to the Company. A NI 43-101 compliant technical report will be filed on SEDAR within 45 days of this press release.
Mr. Kris Raffle, P.Geol., of APEX Geoscience Ltd. is the Qualified Person who reviewed the scientific and technical information contained in this news release.
For further information contact:
Douglas Scheving, CEO
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
You can view the Next News Releases item: Mon Jul 23, 2012, NEWS RELEASE
You can view the Previous News Releases item: Mon Jan 23, 2012, Andrew Gourlay Appointed to the Board of Directors
You can return to the main News Releases page, or press the Back button on your browser.