Revelo Resources Corp. (formerly Iron Creek Capital)

Revelo Resources Corp. (formerly Iron Creek Capital)

February 25, 2015 08:30 ET

Revelo Announces Completion of Kinross' First Year Commitment at Las Pampas

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 25, 2015) - Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) is pleased to announce that Kinross Minera Chile Limitada ("Kinross" - a subsidiary of Kinross Gold Corporation) (TSX:K) has completed the first year's expenditure commitment at Revelo's Las Pampas gold-silver project in northern Chile, by spending in excess of the US$500,000 required under the Option and Joint Venture Agreement ("the Agreement") signed in April 2014.

Kinross had until April 2015 to complete the minimum expenditures of US$500,000. Kinross can earn a 60% interest in the Las Pampas project by funding and incurring an aggregate of US$5M in exploration expenditures over 4 years from the date of the Agreement.

Kinross is exploring principally for low-sulphidation, epithermal precious metals veins and related deposits along a highly-prolific segment of the north-Chilean cordillera at Las Pampas (News Release July 30, 2014). Kinross' work to date has defined a zone of epithermal precious metals veins along the Cerritos Trend, as well as new targets in the Cerros Bayos and Jarosita areas. Kinross plans to carry out further follow-up exploration on these targets, as well as investigating other targets.


The Las Pampas project comprises approximately 50,000 Ha of 100% owned tenement. Las Pampas is located in northern Chile along trend and approximately 35 Km southwest of the multi-million ounce gold and silver mining district at El Peñon and Fortuna, owned and operated by a subsidiary of Yamana Gold, and some 100 Km north of Revelo's 30,000 Ha San Guillermo property.

Las Pampas is easily accessed, being located alongside the Pan-American Highway some two hours' drive from either the port cities of Antofagasta or Taltal. The property is situated at modest altitudes ranging from around 1,750 m to 2,100 m.

For further details about Las Pampas, including a NI 43-101 Technical Report, please refer to the Las Pampas project page on Revelo's website (


Kinross has completed detailed geological mapping over key parts of the property; geochemical sampling of soils, talus and rocks, including from excavated trenches, totalling more than 5,000 samples; detailed ground magnetics surveying, extending existing surveys further to the south within the Las Pampas property; and detailed spectral analysis of Aster satellite images across the entire property and further to the north towards the El Peñon District.

Results to date indicate the presence of a, likely structurally controlled, belt of interest with coincident geochemical, geophysical and geological anomalies extending from Cerritos Sur in the southeast of the property, through Cerritos Este and Cerritos Norte to Cerritos Centro in the central-southern part of the property (the "Cerritos Trend"). The anomalous belt is largely obscured by post-mineral gravels and mud flows, interpreted to be <100m thick (and often only a few metres thick), with only minor outcropping areas, and is defined by a large, NW-SE trending arsenic and antimony in soil/talus anomaly; minor outcrops of anomalous chalcedonic veining together with float trains of vein material; geochemical anomalies in existing drill holes at Cerritos Sur and Cerritos Norte, including minor gold and silver intercepts; and in parts, low-magnetic geophysical anomalies oriented along the trend.

Additionally, significant efforts have been made to understand a large area of chalcedonic silica at Cerros Bayos, to the north of the Cerritos Trend, which is interpreted to represent the eroded remnants of a large sinter field, and which has low-level anomalies in gold, silver and arsenic in rock chip samples. Three selected petrographic samples from the sinter material revealed trace amounts of native silver together with the silver sulphide and sulphosalt minerals of argentite, pyrargyrite and proustite. The sinter field at Cerros Bayos is thought to represent the very highest levels of an epithermal system, with potential for mineralised feeder veins occurring at depth. Large low-magnetic geophysical anomalies together with linear resistivity features interpreted from HoistEM data, oriented NW-SE, in-part coincide with the sinter field, and may potentially be related to silicified feeder zones at depth.

A target identified at the southern end of the property, called Jarosita, is characterised by extensive argillic alteration together with abundant iron oxides and sulphates; phreatic and crackle breccias; extensive opaline silica; and weakly anomalous gold in talus fines samples.

Kinross plans to carry out further follow-up exploration on these targets, as well as investigating other targets.


The Agreement allows Kinross to earn a 60% interest in the Las Pampas project by funding and incurring an aggregate of US$5M in exploration expenditures over 4 years from the date of the Agreement, including a minimum of US$0.5M in the first year. Kinross will then have the option to acquire an additional 15% interest (to 75% in total) by funding and incurring an additional US$20M in exploration expenditures over the following 5 years, or by completing a NI 43-101 compliant bankable feasibility study with respect to the concessions, over the same time period. Revelo can contribute to the JV at the 40% or 25% levels respectively, or convert its interest to a pre-determined NSR royalty, a portion of which may be purchased by Kinross for a pre-determined price at any time.

A 2% NSR royalty is applicable to a 3rd Party on the northern (Pampa Buenos Aires) portion of the property. No royalty is applicable on the southern (Pampa Sur) portion.

Kinross is the operator of the concessions during the option periods. Kinross may extend the additional option period by intervals of one year up to a maximum of 4 years by incurring a minimum of US$1M in expenditures during each additional year. Kinross may also pay Revelo cash in lieu of expenditures during the initial and additional option periods.


Revelo is 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 a Canadian company formed from the merger of Iron Creek Capital Corp. and Polar Star Mining Corporation in December 2014. Revelo controls approximately 300,000 Ha of 100% owned exploration tenement along proven mineral belts in northern Chile. The portfolio is comprised of 16 high-quality exploration projects prospective for copper, gold and silver, including 5 projects already under option/JV agreements with Kinross (Las Pampas Project), Newmont (Montezuma Project), and BHP Billiton (Blocks 2, 3 & 4 Projects). In addition, Revelo retains a 2% royalty interest in the Victoria Project, an important copper-gold-silver exploration project in northern Chile.

Revelo is listed on the TSX Venture Exchange (TSX VENTURE:RVL). For more information please visit Revelo's website at

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.


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.


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