Riverside Resources and Alliance Partner Hochschild Mining Discover High Grade Gold Zone and Continue Advancing Exploration at the Cajon Gold Project in Sonora, Mexico
JULY 21, 2014 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), is pleased to announce results from the recent exploration program and upcoming plans at the Cajon Project (the “Project”) in Sonora, Mexico. Riverside conducted an exploration program consisting of detailed rock sampling and structural, geologic, and short-wave infrared (SWIR) alteration mapping. This work has led to the discovery and initial delineation of gold-bearing vein zones similar to those found at the Herradura Mine (operated by Newmont-Fresnillo) located 147 km to the northwest and the San Francisco Mine (operated by Timmins Gold) located 60 km to the east. At Cajon, the initial target area of San Blas has been the primary focus so far with very promising results from rock samples taken to date. A total of 294 rock samples were collected, averaging 0.51 g/t gold (Au), including 20 samples with grades above 1 g/t Au and two samples of 37.9 and 19.11 g/t Au.
In addition to the rock samples highlighted above, sampling by previous owners included 362 rock samples with average grades of 1.39 g/t Au, including 42 samples in the range of 1 - 10 g/t and 7 samples >10 Au g/t, including two of 117 and 86.0 g/t Au. Riverside geologists have now clearly defined a main target zone, which has a central core measuring 450 x 250 metres in extent showing a high density of quartz- hematite after pyrite veins. The veins are surrounded by pervasive quartz-sericite- hematite alteration and disseminated mineralization, which indicates excellent potential for a bulk tonnage gold deposit.
The Cajon Project is being advanced as part of the Riverside-Hochschild Strategic Alliance (see press release dated April 15, 2013), with Hochschild having the opportunity to earn a 65% interest in the Project by incurring $5,000,000 in exploration expenditures over four years and making a onetime $3,000,000 cash payment to Riverside. Next exploration steps at the Cajon Project will include further mapping and sampling at four other target areas on the >60 km2 property and detailed work to expand the San Blas target in all directions; trenching and then drill testing are expected to follow for San Blas as well as further work on additional target areas on the Project.
Riverside’s President and CEO, John-Mark Staude, commented, “We are pleased with our Alliance team’s progress in the Sonora Megashear Gold Belt, as the Cajon Project moves along with trenching and expanded sampling towards drill testing while additional high-quality targets are being generated. The features we see so far are similar to many found in the known nearby gold operations of AuRico, Newmont-Fresnillo, Timmins Gold as well as past producers like those of Hecla all located within 150 km of this project. We look forward to further partner-funded results and drilling in the Sonora Megashear in the months ahead.”
Further Project Details:
The Project is located within the Megashear Gold Belt of northwest Sonora, Mexico. It is 9 km east of the Cerro Colorado Mine, in Trincheras Municipality, Sonora México. The San Blas target comprises a N-S trend of veins, disseminated mineralization, and mineral showings over an area of ~4.5 x 0.8 kilometres. Mineralization at Cajon is controlled by NNW-striking quartz-oxidized pyrite veins with quartz-sericite-oxidized pyrite alteration halos; quartz-base metal (Ag-Pb) veins; and hematite-cemented breccias. Mineralization is hosted in Precambrian megaporphyritic granite which forms a brittle, preferentially fractured host amenable to forming pathways for mineralizing gold fluids.
The mineralization at the San Blas target extends to the north and south of the main target area for up to 4.5 km, reaching historic high-grade mines at El Tiro and La Yaqui, and the currently operating Boludo Gold Placer operation to the north, and a number of historic gold operations at Las Amarillas, El Cajon, and Tierra Blanca, to the south. The mineralized trend parallels other high-grade veins in the area such as Bufalo, La Niña, Jabalí and Oreros veins. The San Blas target shares several geological characteristics with the nearby Cerro Colorado, San Francisco and El Chanate gold mines in the Mohave Sonora Megashear Gold Belt.
The Company would like to announce that Joness Lang has been appointed Vice President, Corporate Development. Mr. Lang has been with the Company for four years and has played a major role in managing and growing the business (click link to view full bio: Management). The Company would also like to welcome Fred Daley to the Company’s Advisory Board. Mr. Daley recently retired after serving 15 years as VP, Exploration for Teck Resources and brings a wealth of knowledge and experience to the Company’s advisory group (click link to view full bio: http://bit.ly/1tWOlmU)
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the newly acquired Cajon Project was reviewed and prepared under the supervision of Riverside’s Chief Geologist, David S. Smith, MS, MBA, CPG, 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 acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Samples were taken to Hermosillo, Mexico where ALS Laboratory Group’s mineral division ALS Chemex crushed and pulverized each sample. The rejects remained with ALS Chemex while the pulps were transported to ALS Chemex’s ISO 9001-2008 certified laboratory in North Vancouver, BC, Canada for analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard and blank samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive precious and base metal discoverers with the breadth of knowledge to dig much deeper. The Company currently has more than $4,500,000 in the treasury and approximately 37,000,000 shares outstanding. The Company’s model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects en route to 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.
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark StaudePresident & CEO
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Manager, Corporate DevelopmentRiverside Resources Inc.
Phone: (877) RIV-RES1
Fax: (778) 327-6675
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