VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 15, 2016) – Revelo Resources Corp. (“Revelo” or the “Company”) (TSX VENTURE:RVL) is pleased to announce that further geological mapping at its wholly owned Loro project in northern Chile has revealed the presence of multiple-sub-parallel epithermal vein arrays, occurring over an indicated width of about 1 kilometer and strike extensions of at least 3 kilometers, and with potential for further extensions.
As a result, further rock chip sampling of vein outcrops will be undertaken over the next few weeks, with the intention of better delineating the multiple vein arrays discovered to date. Assuming positive results, Revelo intends to carry out extensive, detailed geochemical and geophysical surveying early in 2017 with a view to delineating clear drill targets.
Tim Beale, President and CEO of Revelo, had the following comments: “Loro continues to reveal yet further evidence of an emerging epithermal precious metals vein system. We are very excited about this project and rank it very highly in terms of its potential and its relative ease of exploration. We will continue to advance the project on our own, whilst at the same time exploring the possibilities of securing a joint venture partner should an attractive deal be in the offering.”
ABOUT THE LORO PROJECT
Loro consists of approximately 4,800 Ha of 100% owned tenement and it is located along the highly productive “Paleocene” Mineral Belt in northern Chile that contains several important gold, silver and copper mines and projects. Loro is along trend and just 23 kilometers due south of the multi-million ounce series of precious metals veins of the El Peñon mining camp owned and operated by Yamana Gold, and also lies immediately east of Revelo’s 40,000 hectare Las Pampas property that also has potential for epithermal precious metals veins, amongst other targets.
Loro is characterised by numerous, out-cropping and sub-cropping, red-hematite-quartz veins and veinlet zones, with typical low-sulfidation epithermal textures including colloform banding, bladed textures, breccia textures, and the presence of amethyst. These characteristics are similar to those originally encountered at surface in the El Peñon mining district. Veins sampled to date are anomalous in gold and silver (See news release dated April 14, 2016), and pathfinder elements such as arsenic and antimony indicate relatively shallow levels of erosion. Geological mapping over the Loro project continues to find new, sub-cropping veins, veinlet zones and hydrothermal breccias, associated with a series of dacitic and andesitic dome complexes aligned along an approximately north-south trend. Regional airborne magnetics data suggests a large magnetic low feature may indicate a much larger altered felsic dome at depth.
Loro is subject to a 2% NSR royalty from commercial production of precious metals and a 1% NSR royalty from commercial production of base metals from the property. 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.
Revelo is a Prospect Generator that has consolidated an outstanding portfolio of 22 projects prospective for gold, copper and silver located along proven mineral belts in one of the world’s top mining jurisdictions – Chile. 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. Several targets are ready for drill testing within the portfolio. Revelo is advancing its projects through low cost exploration and it is actively looking for partners to further develop 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, 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.
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.