Revelo Resources Corp. (formerly Iron Creek Capital)
TSX VENTURE : RVL

Revelo Resources Corp. (formerly Iron Creek Capital)

February 03, 2015 08:00 ET

Revelo Defines Porphyry Copper Targets at its Calvario Project

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 3, 2015) - Revelo Resources Corp. ("Revelo" or the "Company") (TSX VENTURE:RVL) is pleased to announce positive developments at its 100% owned Calvario project in Northern Chile. Revelo has delineated potential for a porphyry copper system and has identified two possible drilling targets.

CALVARIO COPPER PROJECT

  • Revelo has identified a priority drilling target for copper at its Calvario project in northern Chile.
  • Current interpretations from recent surface work, and historic drilling from 2008 and 2010, indicate that a possible mineralized potassic core is expected to occur at depths >200m from the surface.
  • Revelo has identified a large hydrothermal alteration zone, some 6,000m x 700m in size, dominated by quartz-sericite alteration, displaying characteristics of the upper portions of a porphyry copper system.
  • Alteration, veining, geochemical and geophysical vectors indicate the priority target lies in a 1,500m x 700m area at the southern end of the alteration zone.
  • The priority target area coincides with the best historic drilling results from 2008 and 2010. Historic drilling is generally shallow (<200m) and was designed to test for a secondary enrichment blanket at Calvario.
  • A secondary target has been defined in the central portion of the alteration zone.

CALVARIO POTENTIAL

Calvario comprises an extensive quartz-sericite alteration zone extending over approximately 6,000m (NNW-SSE) x 700m (E-W), hosted within Tertiary-aged intrusive rocks, together with Palaeozoic granites and granodiorites, and Jurassic to Cretaceous volcanics and volcanoclastic rocks. The hydrothermal alteration appears to be related to monzonite and feldspar porphyry intrusions of possible Early-Mid Tertiary age (undated), and displays characteristics of the upper portions of a porphyry copper system.

The hydrothermal alteration zone is characterised by a prominent colour anomaly in the field, caused by the extensive quartz-sericite alteration, together with some supergene argillic alteration and oxidation and leaching of pre-existing sulphide minerals in the top 40m to 200m, as seen in historic drill holes. Silicified and limonitic or haematitic outcrops generally form prominent ridges. A strong NNW-SSE structural trend related to the San Felix - Vicuña Fault System exerts control over limonitic zones in fractures, veining and silicification.

Calvario is located 10Km to the north of another Revelo property called Mirador. A detailed review including geological, structural and hydrothermal alteration mapping of the approximately 3,800 hectare Mirador porphyry copper project, is currently underway. The Mirador project displays some geological similarities to the Calvario project, and lies along the same structural trend (see Figure 1 attached).

PRIORITY AND SECONDARY DRILLING TARGETS

Although resistant limonitic and silicified outcrops occur throughout the quartz-sericite altered zone, the intensity of alteration together with silicification and the presence of D-veins, and the intensity of fracturing and limonitic and haematitic veining within the monzonite and feldspar porphyries, appears to be focused over a 1,500m x 700m area at the southern end of the alteration zone, oriented along the regional structural trend. This area of more intense alteration coincides with several surface soil anomalies of Mo > 10ppm and Cu > 600ppm (see Figure 2 attached). The overall alteration zone is somewhat mirrored by a geophysical magnetic low, with an additional magnetic low over the proposed main porphyry target in the south, probably representing magnetite destruction related to the quartz-sericite alteration.

This priority target area coincides with three of the six historic diamond drill holes from 2008 drilled by Minera Fuego Ltda. The three drill holes, FCAD-01, FCAD-04 and FCAD-05, are recognised as having moderate to weak quartz-sericite alteration with minor copper oxides as coatings on pyrite and in fractures, and minor chalcocite mineralization indicating weak secondary enrichment. Historic drilling is generally shallow (<200m) and was designed to test for a secondary enrichment blanket at Calvario.

No potassic alteration has been observed at Calvario, suggesting that the porphyry system is at an intermediate level of erosion. Current interpretations from the surface work and previous drilling of reverse circulation and diamond drill holes in 2008 and 2010 by Minera Fuego Ltda., indicate that a possible mineralized potassic core can be expected to occur at depths >200m from the surface. It is likely that any significant copper (± Mo ± Au) mineralization at depth would be of hypogene origin. This is considered to be a priority drilling target.

A secondary target in the centre of the hydrothermal alteration zone, about 800m x 300m in size, is characterised by extremely strong haematitic alteration accompanying the quartz-sericite alteration.

ABOUT CALVARIO

The Calvario porphyry copper (± Mo ± Au) project is located in Northern Chile, approximately 85Km NE of La Serena, and 100Km S of the Relincho project (Teck). Calvario consists of a little more than 8,000 Ha of 100% owned tenement comprising both exploration and mining concessions.

Access is excellent, as the project is connected by good quality dirt drill roads to the new road which connects the Pan-American Highway with the Pascua-Lama project (Barrick Gold). Calvario is located at altitudes of around 3,000m.

Revelo has contracted Ian Gendall, CEO and President of Genco Management Inc., to carry out the detailed geological, structural, and hydrothermal alteration mapping exercise at Calvario, and also to integrate historic information, including limited drilling, 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.

ABOUT REVELO

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 Gold (Las Pampas Project), Newmont Mining (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 www.reveloresources.com.

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 "FIGURE 1 - REGIONAL GEOLOGY MAP" please visit: http://media3.marketwire.com/docs/rev1.png

To view "FIGURE 2 - SCHEMATIC MAP - Principal alteration zones, Mo and Cu anomalies in soil/talus and proposed main porphyry copper target" please visit: http://media3.marketwire.com/docs/rev2.png

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