VANCOUVER, British Columbia, Oct. 18, 2017 (GLOBE NEWSWIRE) -- Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V:RRI), is pleased to provide an update on Riverside-owned projects and upcoming growth plans during the final months of 2017. Riverside enters the fall season with C$4,000,000 in cash and less than 45,000,000 shares outstanding. The Company continues to advance its project portfolio through a combination of self-funded and partner-funded exploration programs, with a catalyst-rich six months ahead. Riverside will be providing a subsequent update on partner-funded exploration results and go-forward plans, including drilling in the near future. The summary below outlines some of the key developments and status updates for the projects Riverside geologists have been working on during the last quarter.
Peñoles Silver-Gold Project (“Peñoles”):
Peñoles is a 100% owned Riverside Project, which has had substantial previous work and shows strong upside for Riverside. The Project is located in north-central Durango, Mexico and is situated within the Mexican Silver Belt, a globally important, northwest-trending mineral province that extends through north-central Mexico. Past-partners of Riverside conducted drilling campaigns between 2011 and mid-2014 that targeted potentially heap-leachable, disseminated gold mineralization that forms the El Capitan deposit as well as vein-associated silver mineralization at the Jesus Maria prospect area (see Technical Report issued April 16, 2015).
Riverside geologists returned to the project in September of this year to re-examine drill cores that delineated the silver resource, particularly those holes that intersected high-grade silver mineralization, including hole JM-14-24 (7.15m @ 988 g/t silver and 1.24 g/t gold within a 22m interval – see press release, June 9, 2014)1. Re-logging of fifteen of the Jesus Maria drill-holes and detailed analysis of previously acquired geochemical data for drill-core samples resulted in the development of a geological model of the Jesus Maria vein system that clearly demonstrates the exploration potential associated with moderately south-dipping high-grade structures which were intersected by JM-14-24 and a few other nearby boreholes.
For the estimation of the Jesus Maria silver resource that was done in 2014, the high-grade silver mineralization intersected by drill-hole JM-14-24 was in effect diluted with adjacent low-grade mineralization also cut by this drill-hole, and as a result the full significance of the high-grade intercept, in terms of exploration potential, was not previously realized. Riverside geologists now believe that the Jesus Maria vein system includes at least one and possibly multiple high-grade vein structures that remain untested for hundreds of meters along strike and down dip from the intersections of these structures observed in the 2013 and 2014 drill cores. The opportunity to significantly increase and upgrade the Jesus Maria Inferred Mineral Resource1 by increasing the strike and dip extent of the known high-grade silver mineralization, particularly to the west towards the El Capitan gold deposit, appears very compelling. Riverside geologists are preparing a set of geological cross-sections through the Jesus Maria vein system which support the new model of this silver deposit and highlight its potential for yielding a resource that is considerably greater than the one currently defined.
Riverside’s President and CEO, John-Mark Staude, stated: “We see great discovery potential at Peñoles and will provide shareholders with additional updates on our progress as we make advancements towards a new partnership or self-funded drill campaign. We are committed to creating value through discovery and have updated our approach to budget for more self-funded exploration and drilling in addition to all of our partner-funded activity. We are currently engaged with prospective partners on several of our projects and we are confident that the Company will be able to deliver multiple new drill programs during this year’s winter season.”
Cecilia Gold-Silver Project (“Cecilia”):
Riverside’s summer field program at the Cecilia Project in northern Sonora, Mexico was successful in that a rock-chip sampling program confirmed the existence of widespread gold mineralization being hosted by a rhyolite flow-dome complex (see RRI press release July 25, 2017). Some 394 samples were collected from four target zones that occur within an area of about 1,000 metres long by 200 metres wide and extensive previous rock sampling found more than 25 prospector pits and underground workings. Twenty-one percent of Riverside’s 394 chip-channel samples assayed greater than 0.3 g/t Au, with two select samples of epithermal quartz vein rock returning high-grade gold assays of 58 g/t and 133 g/t Au. A historical drill-hole that tested one of the defined gold targets intersected 30.0 metres averaging 1.41g/t Au, starting 4.0 metres down the hole.
Riverside considers Cecilia to be a high-potential exploration asset where the extensive low-grade gold mineralization identified at surface represents the upper portion of a dome-related epithermal precious metal system not unlike the systems found at SSR Mining’s La Pitarrilla Project and Fresnillo’s new San Julian mining operation in Durango State. Specific drill targets have been designated and a work permit application was recently approved by the Mexican environmental agency, SEMARNAT. Riverside may initiate a drill program at the project in the coming months, or it may choose to have a partner fund the drilling as part of an earn-in agreement.
Staude added, “All of the Company’s exploration and targeting work completed this summer and fall has helped us define numerous high-quality drill targets and position the Company for a busy and productive winter season. We are excited to deliver exposure to multiple discovery chances for our shareholders in the months ahead.”
Tajitos Gold Project (“Tajitos”):
The 100% Riverside-owned Tajitos Project is strategically located within the Sonoran orogenic gold province of northern Mexico, which includes multi-million ounce gold deposits at the La Herradura, Noche Buena, El Chanate and San Francisco mines. Geological and geochemical data generated two years ago by partner-funded surface rock sampling and an 8-hole diamond drilling campaign were reviewed in detail this past summer and as a result a number of new gold targets have been defined on the property.
The area immediately surrounding Riverside’s concessions is also receiving considerable attention from major gold producers. Agnico Eagle Mines, with partner Colibri Resources, has been drilling at the Pitaya project which borders the western boundary of Riverside’s Tajitos property, while Fresnillo plc has outlined a resource within their neighboring concessions, which are located two kilometres along the eastern boundary of Riverside’s Tajitos Project.
La Silla Gold Project (“La Silla”):
La Silla project has progressed with Riverside continuing to consolidate a strong coherent land package, outline multiple veins and verifying historic exploration work. Riverside’s funded generative fieldwork includes soil surveying, mapping, sampling, and structural analysis to build upon the use of remote sensing and prospecting that is defining several drill ready targets at La Silla.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the corporate update was reviewed and approved by Ron Burk, P. Eng, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company that is driven by value generation and discovery. The company has approximately $4,000,000 in cash, less than 45M shares issued and a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and leverages its large database and diverse portfolio. In addition to Riverside’s own exploration spending, the Company also aims to diversify risk by securing joint-venture and spin-out partnerships to generate more discovery chances, while advancing multiple assets simultaneously. Riverside has additional properties available for option, with more information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
| John-Mark Staude President & CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com | Raffi Elmajian Corporate Communication Riverside Resources Inc. relmajian@rivres.com Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com |
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., "expect”,” estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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1 The El Capitan gold and Jesus Maria silver Inferred Mineral Resource estimates were done by Robert Sim, P.Geo of SIM Geological Inc. Mr. Sim is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and is a co-author of the 43-101 Technical Report on the Peñoles Gold-Silver Project, Durango State, Mexico that was made public on April 16, 2015. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence and economic viability.