December 14, 2011 2:37 PM EST
Revolution Resources Corp. is pleased to report that it has signed a formal option agreement with Lake Shore Gold Corp. 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.
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.