Riverside has acquired 100% ownership of two large mining concessions through a lottery process. These mining concessions were formerly owned by Meridian Gold (subsidiary of Yamana Gold). The combined concessions obtained cover approximately 2,305 hectares (23 km² ) and comprises an integral part of the historic La Silla District. The La Silla acquisition was low-cost and adds a high-potential gold-silver property to the Riverside portfolio in a well-known major mineral district in Mexico.
Historic exploration on the claims, now controlled by Riverside, included detailed surface mapping and 138 surface rock chip samples. The reported rock chip samples ranged from <0.05ppb Au up to 58 g/t gold and from <1g/t Ag up to 426 g/t silver. Six drill holes were previously completed and recorded by Meridian Gold in 2004 on Riverside’s El Roble vein system, which intersected zones of multi-stage white, tan, and green quartz with abundant iron oxides replacing sulphides over widths of up to 15 metres. Selected historic drill intercepts include (DDH001) 15 metres of 6.9 g/t gold and 33 g/t silver, as well as (DDH003) 1.5 metres of 5.33 g/t gold and 26 g/t silver. No historic samples exist for Riverside to confirm these assay results and therefore these results should not be relied upon.
Riverside geologists have thus far collected 74 rock chip samples with assay results ranging from <0.05 up to 7.24 g/t gold and <0.05 to 148.4 g/t silver. Ten of the samples returned greater than 1 g/t gold (see table below for highlighted samples):
|Sample ID||Gold (g/t)||Silver (g/t)||
Disclosure: Initial Riverside sampling at La Silla was selective in nature and therefore may not be representative of property wide mineralization.
Mineralization in the La Silla District, which includes properties not currently held by Riverside, is widespread with many small mines, workings and indications of high-grade gold-bearing quartz veins. Precious and base metal mineralization is hosted within quartz veins, vein stockworks and breccia, similar to other mining districts in the belt including the San Dimas Mine (Primero Mining Corp.) and the Nuestra Señora Operation (Americas Silver Corporation). Individual veins in La Silla range in width from less than 0.5 to 12.0 meters, with stockwork zones locally up to 60.0 meters in width. There are a total of 31 veins identified in the La Silla District with a total strike length of 13.2 km. At least 6 vein systems totaling over 5.6 km in length occur within Riverside’s newly acquired concessions.
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.