Riverside Wins Right to Stake Ariel Copper-Gold Project through Lottery, Sonora, Mexico
February 29, 2016 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) is pleased to announce that Riverside won the right to stake and has subsequently staked and acquired the 12.4 km2 Ariel Copper-Gold Project (the “Project”) located in northern Sonora, Mexico. The initial field reviews and acquisition was completed as part of work through the Company’s generative copper exploration alliance (the “Alliance”), with a wholly owned subsidiary of Antofagasta Plc. (“Antofagasta”). The Ariel Project is strategically located 30 km ESE of the world-class La Caridad Cu-Mo porphyry mine (1,800 Mt @ 0.45% Cu, 0.02% Mo), and 24 km SE of the Los Alisos Cu porphyry prospect, NW Sonora, Mexico. The project covers an extensive zone of hydrothermal alteration, measuring 2.8 km in length by up to 1.9 km wide in one central area and other lateral zones.
Initial observations and interpretations suggested Laramide age volcanic and intrusive host rocks and alteration patterns consistent with a copper porphyry type system. Further analysis has determined that the Ariel Project has epithermal alteration zones typical of other gold-silver districts in Sonora, with the main zone at Ariel possibly distal to a porphyry copper target. The Alliance has subsequently decided to pursue other Laramide aged porphyry targets in the Alliance area, with Riverside retaining a 100% interest in Ariel. Riverside has completed additional exploration targeting work leading to the development of several priority gold and copper target areas for further follow up.
Riverside’s President and CEO, John-Mark Staude, stated: “We are pleased to be adding new quality gold and copper targets to the Riverside portfolio for low acquisition and go-forward carrying costs. We will look forward to completing follow up sampling and further field evaluations at Ariel in 2016. Winning rights to stake properties through the Mexico lottery system has been one way for Riverside to continue to add quality assets at deep discount prices without any underlying deal terms or royalties.”
The acquisition of the Ariel Project provides Riverside further exposure to the highly-prospective and relatively underexplored mineral belts in eastern Sonora. Riverside’s base of operations in Sonora, team of geologists on the ground, coupled with local geological expertise, provides the Company with a strategic advantage to act quickly on further opportunities, as they arise.
The 12.4 km2 Ariel Project is located 200 km northeast of Hermosillo, the capital city of Sonora State, and 30 km on dirt roads from paved highways, power grid and other infrastructure servicing the La Caridad mine. Alteration types recognized on the Property are consistent with the upper parts of a porphyry Cu system. To the best of RRI’s knowledge, the area has not been drill tested previously and represents a new grass-roots target. The Ariel property was staked by Riverside in late 2015 and developed out of a strong reconnaissance prospecting program in the area.
Sonora Laramide Copper Belt:
The Project is located within the prolific Sonora Laramide Copper Belt, which is host to major Cu-Mo porphyry deposits including Cananea (7,140 Mt @ 0.42% Cu, 0.01% Mo), La Caridad, Mariquita and Milpillas mines. The Sonora Laramide Copper Belt is one of the major Cu porphyry districts in the world and has exceptional discovery potential for copper porphyry deposits as has been documented by the US Geological Survey and other studies.
About Riverside Resources:
Riverside is a well-funded prospect generation team of focused, proactive precious and base metal discoverers. The Company currently has more than $3,500,000 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:
VP, Corporate Development
|Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
|Riverside Resources Inc.
Phone: (778) 686-6836
Fax: (778) 327-6675
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., "expect”,” estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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