Riverside acquired the option to earn a 100% interest in the Glor Project in late 2014 from Argonaut Gold. The Glor Gold Project is located in the Sonoran desert on the trace of the Mojave-Sonora Megashear, which is a large crustal structure that is spatially associated with gold mineralization with a total gold endowment of more than 30 Moz in Sonora, California, and Arizona. Alamos’ El Chanate Mine is located only 8 km east of the Glor Project, and both form part of the 40km-long Chanate-San Pedro structural corridor, that shows strong potential for gold exploration. The area enclosed by Glor covers 15 km of this prospective trend.
Glor has outcropping targets, high-grade veins, low-grade stockwork, and wide alteration zones running along with a strong structural setting that gives more potential on-strike and on-dip with additional target potential out undercover. Riverside has completed several campaigns of exploration work on the property including detailed geologic and alteration mapping, rock chip and channel assays, orientation ground magnetic surveys, reprocessing of regional high resolution airborne magnetic surveys and most recently a soil sampling survey over the southwestern portion of the property. Riverside has collected 155 rock chip samples to-date, with assays reaching 18.85 g/t gold and averaging 0.51 g/t gold. The map below outlines the five (5) main target areas with highlighted gold samples:
Historic mine workings on the Alamo and San Pedro targets as well as many other workings of smaller scale throughout the Glor project attest to early mining in the area, likely during the 19th century. More recently, in the 1980s to early 1990s, local miners from Caborca mined the San Pedro target and explored an old working named La Cuchilla, located on what is now the El Chanate Mine. Following this work, the Glor project was held and worked by Peñoles, which reportedly drilled up to 20 drill holes. We have located several of these past holes in the field.
The project was later dropped by Peñoles and then acquired by Pediment Gold, which performed a large-scale geologic mapping, rock sampling, and soil sampling. Pediment’s soil sampling showed several gold and trace element anomalies coincident with surface alteration and mineralization, and Pediment’s rock sampling at Glor returned assays up to 15.3 g/t Au, indicating a mineralized vein system containing high-grade gold.
A total of 155 samples were taken by Riverside staff during several field campaigns. Assay results are encouraging and confirm mineralization in veins, veinlets/stockworks, and alterated zones without strong veining. As noted above, assay results produced an average gold grade of 0.51 g/t Au from the 155 samples, with low silver content, low base metals, and strongly anomalous Bi, Te, V, and W. The figure below shows photographs from some of the key sample locations:
In the summer of 2016, Riverside signed an Option Agreement with Centerra Gold Inc. Centerra will have the opportunity to earn a 70% interest in the Project by funding US$3,500,000 in exploration work over the next four years. Riverside will continue as the project manager for at least the first two years of the agreement with Centerra.
(See press release July 26,2016)
Locke Goldsmith, P. Eng., P. Geo., an independent qualified person to Riverside Resources Inc. as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved Riverside Resources preparation of this information.