Revonergy Provides Update on Perth Property
Revonergy to Construct 12 Kilometer Road at the Perth Property
May 17, 2011 9:12:00 AM
LONDON, UNITED KINGDOM--(Marketwire - May 17, 2011) - Revonergy Inc. ("Revonergy" or the "Company"), (OTCBB:RNRG) today is providing a brief update on the Perth Gold project in Chile (the "Perth Property").
Geologists have finished surveying the Perth Property which is the subject of the joint venture agreement (the "JV Agreement") with Red Metal Resources (OTCBB:RMES) ("RMES") as announced March 21, 2011. Pursuant to the JV Agreement Revonergy has the right to purchase up to 50% of the mining project by completing certain work expenditures over a four year period. The consultants, Fladgate Exploration, expect to detail their findings in a report including recommendations for a multi-phase exploration program in the very near future and are currently finalizing their report.
In the meantime Revonergy has arranged for construction of a 12 kilometer road that will lead to the center of the Perth Property. The road will support movement of equipment, materials and personnel to the Perth Property as the next work phase is undertaken.
"The completion of this road will reduce travel time to and from the Perth Property by approximately 3 hours" said Ravi Daswani, President and CEO of Revonergy Inc., "Furthermore this road will help the drilling rigs get to and from the property efficiently."
The Perth Property
The Perth Property is centered at:
Latitude 28 degrees 03'22"S, Longitude 70 degrees 56'45"W
UTM PSAD56 Zone 19S 308,750mE, 6,895,000mN
The Perth Property consists of six exploitation claims totaling 918 hectares (2,268 acres) and six exploration claims totaling 1,365 hectares (3,373 acres).
The Perth Property is adjacent to the west side of the historic Carrizal Alto mine and lies approximately 3.5 kilometers north of Red Metal's Farellon project. It is a 45 minute drive from Vallenar city, with major road access, power and water supply close by. The project lies on a similar geologic contact as the Farellon and Carrizal Alto properties.
The Perth Property overlies the contact between Paleozoic metamorphic sediments and a Cretaceous tonalitic batholith. A swarm of north northeast trending fault related copper gold bearing quartz veins crosscuts the property. Surface mapping and sampling records show twelve veins identified so far on the south end of the property. The veins average two metres wide but have been measured up to six metres wide. Numerous artisanal mine workings on the property have previously been exploited for both copper and gold. Exploration work so far includes property scale geological mapping and surface sampling completed in 2007 and 2008. Significant channel sampling results were listed in the Company's March 21, 2011 release and showed the existence of gold, copper and cobalt.
The Perth Property geology closely resembles Red Metal's Farellon project and, in management's opinion, has the potential to host a large-scale, bulk-mineable gold deposit.
About Fladgate Exploration
Fladgate Exploration Consulting Corporation is a full service mineral exploration consulting group. Their staff is comprised of professional geologists, geotechnicians and office staff, each bringing their own unique skill set to the team. Staff experience ranges from grass roots to mine site exploration and mineral deposit expansion. Professional backgrounds include gold, diamond, Cu-Ni-PGE and base metal exploration, oil and gas exploration, , 3D modeling and resource estimations. They manage all aspects of mineral exploration programs from data compilation and project design through all levels of implementation and management.
Additional information can be found at: http://www.fladgateexploration.comAbout
Revonergy Inc. is engaged in the energy and mining businesses. The Company is pursuing renewable energy acquisition projects in the U.S. and mineral exploration projects with development opportunities in under-explored frontier territories.
Additional information can be found at www.revonergy.com.
IMPORTANT DISCLAIMER: This news release may contain "forward-looking" statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions. Actual results may differ materially from the forward-looking statements in this press release. Additional risks and uncertainties are identified and described in the Company's SEC reports. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and the Company specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
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Source: Revonergy Inc.