Since 2010, exploration in the Brestovac-Metovnica exploration permit was undertaken under the terms of the “Rakita” Earn-in agreement between Reservoir Minerals and Freeport-McMoRan Exploration Corporation. FMTC hole was discovered back in 2012. Controlled Source Audio Magneto-Telluric and additional IP surveys have been used for exploration targeting and contributed significantly to the initial (drill defined) discovery of the Cukaru Peki deposit, as documented by Reservoir in a press release on 16 July 2012 (FTMC1210). The operator of the Project was Freeport-McMoRan Exploration Corporation. After acquiring 55% equity interest under the Rakita Agreement, Freeport gave notice to Reservoir in July 2012 that it had elected to sole fund expenditures on or for the benefit of the Project until the completion and delivery to the Company of a feasibility study to bankable standards.
On January 2014, Reservoir Minerals published the 1st Technical Report on a Mineral Resource Estimate of Cukaru Peki Deposit.
On March 2016 Reservoir Minerals released a Preliminary Economic Assessment prepared by SRK Consulting (UK) Limited, an independent mining and geological consulting company, in accordance with the National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
On April 24th, 2016 – Reservoir Minerals and Nevsun announce they have entered into a definitive agreement to combine their respective companies.
On May 2nd, 2016 – RMC Announced it has exercised its Right of First Offer (“ROFO”) with Freeport-McMoRan Exploration Corporation (“Freeport”) to acquire Freeport’s 55% interest in the Timok Project Upper Zone of the Cukaru Peki copper-gold deposit, and increase its interest in the Lower Zone, by payment of US$135 million to Freeport
On June 17th, 2016 – Announcement that RMC approved the Plan of Arrangement with Nevsun