Riverside Signs Definitive Agreement And Outlines Exploration Plans At The Swift Katie Project In British Columbia, Canada
April 3, 2014 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), is pleased to announce that Riverside Resources (BC) Inc., a wholly owned subsidiary of Riverside, has signed a Definitive Agreement with Valterra Resource Corporation (“Valterra”), for the exclusive right and option to acquire an undivided 80% interest in the Swift Katie Property (the “Property”). This agreement will be undertaken as part of Riverside’s exploration alliance with a wholly-owned subsidiary of Antofagasta plc (“Antofagasta”). Swift Katie is an 80km² copper-gold-silver porphyry property located seven kilometres southwest of the town of Salmo, BC, in the Nelson Mining District. The Property has approximately 80 drill holes, completed between 1987 and 2010, of which the majority were drilled to define the Katie copper-gold porphyry deposit; the Katie deposit to date has been tested over a 2.5km by 1.5km area but remains open in several directions. (See Project Details below for more information)
Antofagasta has approved an initial Year 1 budget of $600,000 for a summer 2014 exploration program which will include mapping, prospecting, soil sampling and follow-up diamond drill testing of highly prospective areas within a 3km by 11km corridor of favourable geology, geochemistry and geophysics. The program will be designed to evaluate, delineate and test copper-gold porphyry targets outboard of historically defined zones. Encouraging results obtained from due diligence work completed by Riverside in the fall of 2013 identified a new, high priority target 2km south of the historically defined Katie copper-gold porphyry deposit. The newly identified “Swift” porphyry target is characterized by a 2km by 2km multi-element soil anomaly underlain by a favourable geophysical signature; this forested area has limited outcrop but porphyritic intrusive rocks and altered volcanic rocks were recognized by Riverside geologists within and adjacent to the target area. The program will aim to discover new areas of copper-porphyry mineralization through drilling and geochemistry moving towards an aggressive Year 2 exploration program in 2015.
President and CEO of Riverside Resources, John-Mark Staude, commented: “We look forward to working up and refining drill targets along the highly prospective porphyry corridor at Swift Katie. We anticipate the program to commence in late spring and progress towards drill testing during the summer months.”
For complete agreement details please view Riverside’s press release dated October 29, 2013.
Swift Katie Property Details:
The Property is located within the well-mineralized Quesnel Terrane, in a geologically favourable area of south-eastern British Columbia that historically has hosted several important mining camps. Three mineral showings are located within the Property and for many years were explored separately in claims with different ownership; the claims were amalgamated into a single property for the first time under Valterra. There have been numerous geological, geochemical and geophysical surveys completed on the Property with some of the most significant work funded by subsidiaries of Noranda and Falconbridge in the 1980s-90s. These programs identified several exploration targets, with the most advanced prospect being the Katie deposit, an alkalic copper-gold porphyry deposit which has been tested by 71 drillholes to date and remains open in several directions. Historic drilling at the Katie occurrence covers an approximately 2.5km x 1.5km area with several untested soil, IP, magnetic and resistivity anomalies in close proximity to known mineralization.
At a district-scale, the Property covers an 11km by 3km trend – as seen in airborne magnetics – that remains virtually unexplored (outside of the Katie occurrence) for copper-porphyry targets to date and hosts significant exploration upside and potential for new discoveries. The Property is located in an infrastructure-rich area of southern BC (roads, rail, power, and proximity to the Trail smelter), where a milder climate allows for a long field season, extensive road networks allow for low-cost exploration, and is situated in a favourable region of the province that has a strong community of experienced people on which to draw.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Swift Katie Project was reviewed by Paola Chadwick, P.Geo - BC Exploration Manager, 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.
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 $5,000,000 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 on 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:
President & CEO
Manager, Corporate Development
Riverside Resources Inc.
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.