VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V:RRI), is pleased to report on the progress of the partner-funded exploration program that is being conducted with Centerra Gold Inc. (“Centerra”) at the Canasta Target on the Glor Project (the “Project”). The Canasta target is located six kilometers to the east of the main Glor concession where Riverside recently drilled with partner Centerra Gold. The Canasta Target is only five km from Alamos Gold’s El Chanate open-pit gold mine which produced over 60,000 gold ounces in 20171.
Project field work completed in the spring of 2018 focused on the new Canasta target, where soil survey and rock sampling results have been encouraging, with a number of bedrock occurrences of gold and base metal mineralization being discovered. Geological mapping and interpretation of aeromagnetics data has identified a 3.5 km long structural zone on the property, which appears to be prospective for gold mineralization based on results of stream sediment and soil geochemistry surveys. The work programs completed on the Canasta concessions were funded by partner Centerra Gold.
Riverside’s President and CEO, John-Mark Staude, stated: “We are encouraged by the exploration results obtained at the Canasta target which we acquired with partner Centerra Gold through the Mexico concession lottery system. The soil survey and rock samples have provided positive results that encourage Riverside to continue with drill target definition. We look forward to further exploration work being done at the Project leading to a potential drilling campaign later in the year.”
The Canasta target was acquired by Riverside in late 2017 through a Mexican Government-run tenure lottery process whereby previously held concessions were made available for claiming through the Mexican Mining Agency. Riverside was awarded the rights to the titles to the two Canasta Dorada concessions that lie between the El Chanate mine property and Riverside’s main Glor concession to the west (refer to Figure 1).
Click here to see Figure 1: Satellite image of the Glor Project mineral concessions and gold targets (outlined by colored ellipses) being explored by Riverside and partner Centerra Gold.
Once the rights to the Canasta Dorada concessions were secured, work programs were designed and initiated with partner funding by Centerra Gold. A stream sediment survey comprising 96 minus 80-mesh field samples was completed first, followed by a soil geochemistry survey that covered the two Canasta concessions with technical input of partner Centerra Gold. A total of 750 field samples were analyzed for the soil survey, in addition to 75 quality assurance and control (QA-QC) samples (standards and blanks). Reconnaissance and local detailed mapping was completed while the geochemical surveys were being carried out.
The mapping and geochemical surveys done on the Canasta concessions identified a northwesterly trending zone of highly deformed rocks showing patchy hydrothermal mineralization and scattered occurrences of gold and base metal mineralization. This zone crosses the two Canasta concessions and provides a similar structural orientation to that found in the original Chanate fault and mine. This zone, up to 450 meters wide at Canasta, is marked by the presence of multiple lenses of granitic rock that occur within a thick unit of foliated conglomerate. These lensoidal bodies of felsic intrusive rock are interpreted to be segments of granitic dikes that were structurally disrupted by ductile shearing during a major compressional deformation event. The granitic lenses within the sequence of folded, flattened and sheared sedimentary rocks are preferentially altered (quartz-sericite-carbonate) and locally are mineralized with disseminated pyrite which is now supergene oxidized. This broad and continuous shear zone represents a new and important gold target for the Project, one to be further explored for a deposit of orogenic-type gold mineralization similar to that found at the El Chanate mine located 5 km to the east. Assay results of the recently completed geochemical surveys and detailed mapping are now being analyzed to determine where drill targets can be defined.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Glor Project was reviewed and/or prepared under the supervision of Ronald Burk, P. Eng., a non-independent qualified person to Riverside Resources Inc. 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 an exploration company driven by value generation and discovery. The company has approximately $3,000,000 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 to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. 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 Communications 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 https://www.alamosgold.com/mines-and-projects/producing-mine/El-Chanate/