Vancouver, British Columbia--(Newsfile Corp. - January 20, 2020) - Revelo Resources Corp. (TSXV: RVL) ("Revelo" or the "Company") is pleased to announce that the Company has agreed in principle to sell to EMX Royalty Corp. (TSXV: EMX) ("EMX") 20 generative net smelter return ("NSR") royalty interests over exploration properties for a cash total of US$1.5 million. The NSR royalty interests being sold include 11 generative NSR royalty interests on projects currently owned by third parties, and 9 NSR royalty interests on properties held by Revelo. Consummation of the transaction is subject to finalization of appropriate due diligence by EMX together with the execution of definitive documentation.
Revelo will use the proceeds of the sale to pay back a loan due to EMX totalling approximately CAD$520,000 together with portions of a loan due to Term Oil Inc. (see news releases dated February 27, 2018 and October 3, 2019).
Subsequent to the completion of the transaction, Revelo plans to implement other corporate initiatives to put the company onto a firm basis for future activities and success. These actions will be advised in due course.
Summary of Generative Royalty Interests to be Sold
Revelo's 11 generative NSR royalty interests on projects currently owned by third parties are as follows:
|Project Name||Hectares (Approx')||Principal Commodities||NSR Royalty Interest||Current Project Owner|
|San Guillermo||12,000||Au-Ag||0.5% AM||Austral Gold Ltd|
|Reprado||2,700||Au-Ag||1.0% AM||Austral Gold Ltd|
|Limbo||5,600||Au-Ag||1.0% AM||Austral Gold Ltd|
|Magallanes||1,000||Au-Ag||1.0% AM||Austral Gold Ltd|
|Victoria Norte||38,400||Au-Ag / Cu-Mo||2.0% AM||Hochschild Mining PLC|
|Q'Inti||100||Cu-Mo||2.0% AM||Masglas America Corp|
|Los Azules||3,700||Cu-Mo||2.0% AM||Masglas America Corp|
|Kolla Kananchiari||3,900||Au-Cu-Ag||1.0% PM / 0.5% BM||Masglas America Corp|
|San Valentino||1,100||Cu-Au-Mo||1.0% AM||Atacama Copper Explor'|
|T4||1,900||Cu-Au||1.5% AM||Atacama Copper Explor'|
|Las Animas||3,900||Cu-Au||1.5% AM||Atacama Copper Explor'|
Revelo's 9 generative NSR royalty interests covering wholly-owned projects are as follows:
|Project Name||Hectares (Approx')||Principal Commodities||NSR Royalty Interest|
|Victoria Sur||6,600||Au-Ag-Cu||1.0% AM|
|Block 2||3,300||Cu-Mo||1.0% AM|
|Block 3||10,000||Cu-Mo||1.0% AM|
|Block 4||4,200||Cu-Mo||1.0% AM|
|Cerro Blanco||6,500||Cu-Mo-Au||1.0% AM|
|Cerro Buenos Aires||7,700||Cu-Mo-Au-Ag||1.0% AM|
|Morros Blancos||7,900||Cu-Au-Mo||1.0% AM|
(AM = All Metals / PM = Precious Metals / BM = Base Metals)
Dr. Demetrius Pohl, PhD., Certified Professional Geoscientist (CPG), an independent geological consultant to Revelo, 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 verified the data disclosed and approved the written disclosure of the technical information contained in this news release.
Revelo has interests in an outstanding portfolio of projects prospective for copper, gold and silver located along proven mineral belts in one of the world's top mining jurisdictions - Chile. The Company has a combination of wholly owned projects (for self-funded exploration, or available for option, joint venture or sale), some of which are subject to option agreements, shareholdings in third-party companies (including spun-out companies), and royalty interests (non-producing to date). Revelo's total exposure to mineral tenements in northern Chile, either wholly owned or through royalty interests, is around 200,000 hectares.
Revelo is a Canadian company and is listed on the TSX Venture Exchange (TSX-V: RVL). For more information, please visit Revelo's website at www.reveloresources.com
ON BEHALF OF THE BOARD
Michael Winn, Chairman
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.
REVELO PROJECT LOCATION MAP
To view an enhanced version of this map, please visit:
Note: Coloured blocks represent properties in which Revelo has interests. Refer to the legend for more details.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51624