Revolution Signs Formal Agreement with Lake Shore Gold for Mexican Property Portfolio
PR Newswire
VANCOUVER, Dec. 14, 2011
VANCOUVER, Dec. 14, 2011 /PRNewswire/ – Revolution Resources Corp. (TSX: RV) (“Revolution” or “the Company”) is pleased to report that it has signed
a formal option agreement with Lake Shore Gold Corp. (“Lake Shore
Gold”) to acquire up to 100% of Lake Shore Gold’s four large properties
in Mexico formerly held by West Timmins Mining Inc. (Lake Shore Gold
acquired West Timmins Mining in November 2009). A summary of the
general terms of the agreement can be found in Revolution’s news
release dated September 15th, 2011. The Company has commenced a 7,000m drill program with three
drill rigs at Universo and expects to report results in January of
2012.
The four properties are combined and titled under “Universo” and
“Montana de Oro” (Montana de Oro includes: La Bufa, Montana de Oro and
Lluvia de Oro).
Initial drilling is testing multiple targets on the Universo property,
including step-out drilling from historic producers. One drill is
initially testing the Navarro area, centered on the Cinco Estrellas
mine that hosts a historical resource of 47,000 tons averaging 16.0 g/t
Au and 900 g/t Ag. (A qualified person has not done sufficient work to
classify the historical estimate as current mineral resources. The
Company is not treating the historical estimate as current mineral
resources and the historical estimate should not be relied on.) Among
other targets, drilling is pursuing a historic drill hole completed by
Minera Kennecott that reported 1.5 meters averaging 121.0 g/t Au within 21.3 meters averaging 11.7 g/t
Au and 37 g/t Ag, southeast along trend of the Cinco Estrellas mine. Drilling is also
targeting extensions to the Esquivel mine, located 1,000 meters east of
Cinco Estrellas, as well as multiple other nearby areas covered by
shallow overburden.
Additionally, two drills are targeting the La Perdida zone, located 12
kilometers northwest of Navarro, where a widespread zone of silicified
limestones (jasperoid) envelope several high-level epithermal-style
quartz veins. Undrilled targets during this initial drilling phase
also include several sediment hosted targets. All of these targets are
typified by extensive areas (hundreds of meters to kilometers) of
anomalous veining and jasperoid mineralization. Gold values range from
0.1 to 7.76 g/t, as well as significant local silver values.
Universo is a 350,000 hectare property centered at the heart of a 300
kilometer long trend of significant precious and base metal mines and
deposits. The property is located to the south of the Camino Rojo
gold-silver discovery (Canplats Resources Corporation, recently
purchased by Goldcorp Inc.) and Goldcorp’s Penasquito
gold-silver-lead-zinc mine. The Charcas Mine, Grupo Mexico’s largest
zinc mine, is located twenty kilometers to the southeast of Universo
with New Gold Inc.’s Cerro San Pedro gold-silver mine located 100km
further south. Despite the Universo property’s strategic location,
only limited modern exploration has been performed; the last known
drilling being 18 years ago.
Universo hosts 63 kilometers of a 300 kilometer long trend of
gold-silver occurrences with multiple styles of mineralization
including epithermal, sediment hosted/Carlin style and polymetallic
epigenetic. Gold mineralization occurs within jasperoid silicified
limestone sequences along regional scale fault structures, as well as
within low sulphidation epithermal quartz vein systems.
In addition to drilling, Revolution is currently completing a widespread
soil sampling grid covering the northern 180,000 hectares of the
Universo property, where no known exploration has been performed. IP
geophysical survey grids are being completed to refine drilling targets
over southern target areas of the Property. The Company is also
completing extensive community and local stakeholder dialogue in the
Universo area, which includes surface access agreements recently signed
with multiple ejido groups.
Revolution’s 2011 exploration program at Universo will be completed
under the supervision of Robert McLeod, P.Geo and Director of
Revolution, and Linus Keating, D.Sc, CPG, both Qualified Persons as
defined by NI 43-101. Drill cores will be cut in half using a diamond
saw, with one half placed in sealed bags, and delivered to ALS-Chemex
facilities in Zacatecas, Mexico. A sample quality control/quality
assurance program utilizing standards and blanks, as well as
third-party check labs will be implemented. Contents of this release
of a scientific or technical nature were prepared by and approved for
release by Mr. McLeod.
About Revolution
Revolution Resources Corp. is a TSX-listed gold exploration company
(TSX: RV) based in Vancouver, BC, Canada. Well-funded and with no
long-term debt, the Company’s current exploration activities are
focused on two flagship projects located in the Champion Hills district
of North Carolina and the newly-optioned property portfolio of Lake
Shore in Mexico, previously owned by West Timmins Mining.
The Company has made multiple discoveries in the Champion Hills District
in the Carolina Slate Belt of North Carolina, where drilling has
encountered: 104.0 m of 1.27 g/t Au, including 40.0m of 2.33 g/t, 54.0m
of 1.56 g/t Au, including 28.0m of 3.01 g/t Au, and 22.53m of 6.10 g/t
Au and 258.65 g/t Ag. The Slate Belt hosts most of the area’s past
producing gold mines, most notably the Ridgeway Mine, and the Haile
Mine currently awaiting permits to commence production.
Revolution’s newly-optioned Mexican property portfolio contains land
totaling over 400,000 hectares. The properties cover two distinct
districts situated in regions which host current- and past-producing
mines. The immediate focus is at Universo, which is located on trend
with Goldcorp’s Penasquito and Camino Rojo deposits and New Gold’s
Cerro San Pedro. Historical highlight drilling includes 21.3m of
11.7g/t Au, 37g/t Ag.
ON BEHALF OF THE BOARD
of Revolution Resources Corp.
“Aaron Keay”
President, CEO and Director
Forward-Looking Statements: Some statements in this news release contain
forward-looking information or forward-looking statements for the
purposes of applicable securities laws. These statements include,
among others, statements with respect to proposed exploration,
development and production activities and their timing, potential
mineralization, the announcement of results, the anticipated
acquisition of property interests and expected share issuances. These
statements address future events and conditions and, as such, involve
known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include, among
others, receipt of regulatory approvals, completion of anticipated
transactions, the timing and success of future exploration, development
and production activities, exploration and development risks,
expenditure and financing requirements, title matters, third party
consents, operating hazards, metal prices, political and economic
factors, competitive factors, general economic conditions,
relationships with vendors and strategic partners, governmental
regulation and supervision, seasonality, technological change, industry
practices and one-time events. In making the forward-looking
statements, the Company has applied several material assumptions
including, but not limited to, the assumptions that: (1) the proposed
exploration and development of mineral projects will proceed as
planned; (2) market fundamentals will result in sustained metals and
minerals prices and (3) any additional financing needed will be
available on reasonable terms. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise except as otherwise required by applicable securities
legislation.
SOURCE Revolution Resources Corp.
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