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 12 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:
Riverside completed its trenching program in April of 2017 at the Pitaya target. Eight trenches were excavated with a combined length of 3,436 metres with the majority of trenches located in the north-eastern sector of the Pitaya target. Tr-01 and Tr-02 yielded sample intervals of 105 metres that averaged 0.492 g/t Au and 84 metres averaging 0.533 g/t Au, respectively.
A 2,000 metre diamond drilling program was completed in May of 2017 at the Pitaya target with a total 1,942 metres in length. The longest hole was 285 metres. Drill-hole GL17-002D yielded the best intersection of gold mineralization of the campaign: 11.0 metres averaging 0.591 grams gold per tonne (g/t Au) starting at 122 metres down the inclined drill-hole. The highest gold value included in this assay interval is 1.415 g/t Au over 1.0 metre of core. The other eight drill-holes intersected sporadic thin zones of gold mineralization that generally graded less than 0.4 g/t Au across 1.0 metre, with the best of these intercepts being a 2.0 metre interval in GL17-004D that averaged 0.466 g/t Au.
Although the drilling of the Pitaya target area did not produce an economically significant discovery, much has been improved in the understanding of controls on gold mineralization, which are now being applied to the overall Glor Project. Project geologists are in the field investigating other geochemical survey anomalies on the Project with the objective of refining existing target areas and defining new high-potential drill targets.
Puerto El Alamo Target
This latest phase of exploration work has yielded further encouraging results from the Puerto El Alamo (“Alamo”) target area in the central part of the Project. Recently received gold assays for a batch of 75 rock-chip samples from the Alamo target area include high-grade values of 14.4 and 24.0 g/t Au. The current exploration campaign at Glor is being funded by Centerra Gold Inc. (“Centerra”), with the ultimate objective being to discover an economic deposit of orogenic gold mineralization similar to that found at Alamos Gold’s El Chanate Mine located approximately 12 kilometres to the east-southeast of Glor. Geologic mapping of the Alamo target area has outlined extensive outcroppings of andesite volcanic rock similar to that found at Pitaya (Figure, below) and a number of shear structures inclined at low angles to the south have been identified within the volcanic unit and in underlying sedimentary rocks.
The Alamo target area is located 3 kilometres southwest of the Pitaya target where Centerra recently drilled 9 diamond drill holes (1,942 meters) completed under the JV. The mapping and rock chip sampling work currently underway is defining a new set of shallow, open-pit style drill targets at the Glor Project. The Project budget has been increased to fund the target definition work expanding from earlier high-grade gold areas found through soil sampling and reconnaissance prospecting. A planned 1,000 meters of scout drilling has been included in the budget for the fourth quarter of 2017 and is scheduled for this November. The program will most likely be carried out using cost-effective reverse circulation drilling.
Puerto El Alamo Target (“Alamo”): Shallow near surface contact of the andesite exposed
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.