BabyBulls (SAN DIEGO) – BabyBulls recently spoke with Aaron Keay, President and CEO of Revolution Resources (OTCQX: RVRCF; TSX: RV), a gold exploration and development company with properties in North America. In this interview, Aaron talks about drill results, resource estimates and shareholder expectations for 2012.
Revolution Resources Corp. (TSX: RV; OTCQX: RVRCF) reported today 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.
Revolution Resources (OTCQX: RVRCF; TSX: RV) has initiated diamond drilling at the Universo Project, located in San Luis Potosi State, Mexico . There are three drill rigs currently on site, with 7,000 meters of core drilling planned. Revolution expects to report results in the first quarter of 2012.
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. Initial drilling will test multiple targets on the property; including step-out drilling from historic producers. One drill will initially test the Navarro area; centered on the Cinco Estrellas mine that hosts a historical, non NI 43-101 compliant resource estimate of 47,000 tons averaging 16.0 g/t Au and 900 g/t Ag. Amongst other targets, drilling will pursue 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.
Revolution Resources (OTC Other: RVRCF; TSX: RV) has formed a new Technical Advisory Board to assist in the strategic planning and exploration programs at the Company’s flagship properties located in the Champion Hills Trend of the Carolina Slate Belt, North Carolina, and the recently optioned Mexican property portfolio from Lake Shore Gold, formerly West Timmins Mining.
The members of the Technical Advisory Board are: Robert Mcleod, Dr. Peter Megaw, Darin Wagner, Hugh Willson, and Joey Wilkins. For Complete bios of each individual, please visit the Revolution Resources website at www.revolutionresourcescorp.com.
Revolution Resources Corp. (TSX: RV; OTCQX: RVRCF) announced today that it has increased and closed the non-brokered private placement announced October 3 rd, 2011. The Company increased the financing from $4 million to $4.5 million , and issued 9 million units at a price of $0.50 .
Kinross Gold Corporation has subscribed for 6 million units of the offering for proceeds of $3 million, which represents approximately 9% of the Company’s issued and outstanding shares on an undiluted basis.
Revolution Resources (OTCQX: RVRCF; TSX: RV) has commenced drilling at its Champion Hills gold project, part of a 25-hole, 5,000 meter drill program which is expected to be completed within six weeks. Results are expected prior to the end of the year.
Drilling will also focus at the Jones Keystone and Loflin prospects where Revolution has intersected thick sequences of near-surface gold mineralization. These two areas of historic mining are location along the same structural corridor, 1,500 meters apart. Both areas are open for expansion along strike as well as at depth.
Drilling will also include follow-up holes at the Jericho Hill prospect, where a recently announced discovery hole intersected 22.53 meters averaging 6.10 g/t gold and 258.65 g/t silver, including 7.93 meters averaging 16.06 g/t gold and 698.66 g/t silver.
Revolution Resources (OTCQX: RVRCF; TSX: RV) has arranged a non-brokered private placement of 8 million units at a price of $0.50 per unit for proceeds of $4 million and Kinross Gold Corporation has subscribed for 6 million units of the offering for proceeds of $3 million , which will represent approximately 9% of the Company’s issued and outstanding shares on an undiluted basis following completion of the private placement. Highlights from this financing include the following:
- Priced at a 25% premium to market close on Friday;
- Kinross subscribed to $3 million out of the $4 million;
- Half warrant priced at $0.75, subject to accelertion when the Company trades above $1 for 30 days; and
- The Company will be financed for approximately two years to accommodate aggressive exploration campaigns in North Carolina and Mexico.