Revelo Resources Corp.
TSX VENTURE : RVL

Revelo Resources Corp.

August 02, 2016 08:54 ET

Revelo Advances Copper Targets at Its Morros Blancos Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 2, 2016) - Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) is pleased to announce that it has completed surface geological mapping and received results from surface geochemical surveys at its Morros Blancos project that, combined with historic information including limited historical geophysical and peripheral drilling data, delineate and refine two potential porphyry copper targets. The principal conclusions from recent work include:

  • Morros Blancos Norte (MBN) represents a porphyry copper-moly (+/- gold) target related to a zone of quartz-alunite alteration over about 2 km x 2 km, within a larger zone of advanced argillic alteration including the presence of pyrophyllite, over about 4 km x 3 km. Hydrothermal alteration mineralogy and zonation patterns, combined with multi-element geochemical anomalies including Mo from 2.5 ppm up to 8 ppm in sieved surface samples, define a central target area some 2 km x 1 km in size.
  • Morros Blancos Sur (MBS), centred 8 km southwest of MBN, also corresponds to a porphyry copper-moly (+/- gold) target, with similar characteristics to MBN, but with the addition of a quartz-veinlet stockwork partially exposed at surface, including "A"-type veinlets, which suggests somewhat deeper erosion and probable telescoping of the porphyry copper system. Mo anomalies above 2.5 ppm in sieved surface samples range up to 32 ppm, and the target area is at least 1.5 km x 1 km in size, and possibly larger, within an overall hydrothermally altered area some 5 km x 4 km in size.
  • Altamira represents a third area of interest within the overall Morros Blancos property, and is located approximately 17 km south of MBS, but is poorly explored to date. It does however represent another potential porphyry copper target with extensive hydrothermal alteration related to a feldspar porphyry intrusion, but will not be further discussed here.

Tim Beale, President and CEO of Revelo, commented: "Morros Blancos represents an exciting new discovery for Revelo in an area with very easy access close to the Pan-American Highway, and located within the Paleocene mineral belt of northern Chile that hosts giant porphyry copper deposits such as Spence and Sierra Gorda. Morros Blancos Sur is particularly interesting with exposed quartz-veinlet stockworks at surface, within an otherwise heavily leached desert environment. The presence of important molybdenum geochemical anomalies at surface could be significant, as they are sometimes related to porphyry copper centres in the sub-surface in these leached environments. Other general similarities and compelling exploration data also suggest that Morros Blancos Norte could be an important and likely geologically related, target. We will look for a partner to drill test these targets, which are located along a segment of one of the world's most prospective belts for major porphyry copper deposits."

Please visit the Morros Blancos page on Revelo's website (http://www.reveloresources.com/projects/morros-blancos) for further information.

WORK AND RESULTS - MORROS BLANCOS

Detailed geological and hydrothermal alteration mapping has been completed on key portions of the Morros Blancos porphyry copper project, focused on the MBN and MBS targets, with preliminary work carried out to date at Altamira. Visual interpretations of hydrothermal alteration characteristics in the field have been supported by in-house mineral analyses carried out by Revelo's technical team using a "Terraspec" near-infrared mineral analyser.

Additionally, geochemical results from more than 1,500 sieved surface fines (desert soils and colluvium) samples collected by a previous owner, together with limited rock-chip sampling, have been re-plotted and re-interpreted, and supplemented by more than 800 sieved surface samples collected by Revelo over MBN and MBS. Three reverse circulation historic drill holes on the northern periphery of the MBN target, and three historic diamond drill holes on the western periphery of the MBS target, have also been reviewed, re-logged and analysed with "Terraspec" near-infrared mineral analyser. Two, short IP geophysical lines at each of the MBN and MBS targets, together with partial magnetics coverage of the targets, have also been re-processed and re-interpreted.

Although there is no QA/QC information available for the historic geochemical data, and consequently those data must be treated with caution, results are consistent with those obtained more recently by Revelo.

Both MBN and MBS represent zones of extensive advanced argillic alteration or "lithocaps", dominated by intense quartz-alunite alteration within larger areas of quartz-alunite-dickite-pyrophyllite and kaolinite alteration. High-temperature alunite (K-alunite) and high-temperature kaolinite (WX-kaolinite) tend to be focused, and are generally coincident with the best geochemical anomalies at surface. Additionally, a peripheral drill hole to the west of the main target at MBS includes sericitic alteration at depth.

Bismuth anomalies are coincident with molybdenum at MBN, whereas selenium is more anomalous at MBS, suggesting a deeper level of erosion. Zinc geochemical anomalies are peripheral at both MBN and MBS, suggesting a typical geochemical zonation pattern for porphyry copper systems.

Both target areas at MBN and MBS are coincident with magnetite-destructive anomalies on a combination of heli-borne and ground magnetic surveys, and the limited IP information available also shows chargeability anomalies associated with both target areas.

The quartz-veinlet stockwork at MBS is poorly exposed, but is visible in one old trench, and in several areas with colluvial cover and minor outcrops, extending over approximately 1.5 km x 1 km. The stockwork is coincident with the best geochemical and geophysical anomalies. Veinlets, including centre-line "B"-veinlets with molybdenum have been observed in historic diamond drill holes drilled outside the main target area to the west and northwest.

Morros Blancos Sur represents an un-drilled porphyry copper target in a highly prospective belt with very easy project access. Target depth is unknown at this time, but the presence of a quartz-veinlet stockwork, including "A"-type veinlets and Mo in surface fines samples, suggests a reasonable level of erosion and likely telescoping of the system. Morros Blancos Norte has similar characteristics, but without a quartz-veinlet stockwork being recognised at surface, suggesting a slightly lesser amount of erosion and/or the absence of telescoping. However, in the context of porphyry copper clustering, and other similarities between the targets, both represent valid targets for drill testing. MBN and MBS appear to be related to a common fault zone - the Morros Blancos Fault - that trends north-northeast - south-southwest through the centre of the MBN target area, and along the eastern margins of the MBS target area.

ABOUT MORROS BLANCOS

Morros Blancos is located in northern Chile and centred around 75 km east-southeast of the coastal port town of Taltal, in a similar geological setting to, and approximately 55 km southwest of, the Guanaco Mine gold mine owned by Austral Gold. The property also lies along trend and some 300 km south of the Spence (BHP Billiton) and Sierra Gorda (KGHM) porphyry copper deposits, and some 135 km south of the El Peñon (Yamana Gold) gold-silver mine and immediately east of the Amancaya gold-silver project (Austral Gold). The project area is easily accessed via the Pan-American Highway between Taltal and Antofagasta, and a good quality dirt road heading off from the Agua Verde station. Total travel time from Taltal is approximately 1 hour.

The project area comprises a total of approximately 13,500 hectares of wholly-owned tenement, split into two blocks with the northern block containing the Morros Blancos Norte and Morros Blancos Sur targets, and the southern block containing the Altamira target. Of the total Project area, around 9,500 hectares were acquired in a stock transaction, and are subject to an underlying royalty (see Morros Blancos Project fact sheet on Revelo's website for more details http://www.reveloresources.com/content/468/MorrosBlancos_2016-07_Final.pdf).

Morros Blancos lies within the heart of the highly productive Paleocene volcanic belt of northern Chile that hosts some of the most important precious metals and copper deposits in the country. District geology comprises principally andesitic ignimbrites, tuffs and lavas cut by dacitic domes of lower Paleocene age, related to the Paleocene-aged magmatic arc that developed to the east of the Coastal Belt Jurassic magmatic arc.

ABOUT REVELO

Revelo is a Prospect Generator that has consolidated an outstanding portfolio of 22 projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions - Chile. Several 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). As part of its portfolio, Revelo retains a 2% royalty interest (currently non-producing) in the Victoria Project, an important copper-gold-silver exploration project, and it is developing a nascent royalty portfolio. Revelo's total exposure to mineral tenements in northern Chile is around 300,000 hectares, of which about 100,000 hectares (3 projects) are subject to 3rd party exploration expenditures.

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 the 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.

Revelo has contracted Ian Gendall, CEO and President of Genco Management Inc., to carry out some of the detailed geological, structural, and hydrothermal alteration mapping at Morros Blancos, in conjunction with Revelo technical staff, and also to integrate historic information in order to define new targets for further work. Mr. Gendall has abundant experience in the exploration and evaluation of porphyry copper systems in South America and elsewhere. Mr. Gendall is a Qualified Person as set out In National Instrument 43-101, and he is independent of Revelo in accordance with the application of section 1.5 of National Instrument 43-101.

Dr. Demetrius Pohl, PhD., 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.

FORWARD-LOOKING STATEMENT

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.

To view the Regional Location Map of Morros Blancos, please visit the following link: http://media3.marketwire.com/docs/rev_morblanc.jpg

To view the Geological Map - Morros Blancos, please visit the following link: http://media3.marketwire.com/docs/rev_morblanc_geo.jpg

To view the Key Exploration Features - Morros Blancos, please visit the following link: http://media3.marketwire.com/docs/rev_morblanc_exp.jpg

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