Update On Partner-Funded Exploration Program At Riverside’s Glor Gold Project, Sonora, Mexico
November 14, 2016 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), is pleased to report on the progress of the $250,000 USD partner-funded exploration program that is being conducted with Centerra Gold Inc. (“Centerra”) at the Glor Gold Project (the “Project”), located approximately 8 km west of Alamos Gold’s El Chanate Mine in Sonora, Mexico. Geologic mapping and soil sampling results have been very encouraging, having defined a gold-in-soil anomaly and zone of hydrothermally altered rocks that is more than 2 kilometres long. Induced polarization (IP) surveying has also returned positive results; a zone of anomalous chargeability that in extent closely matches the soil geochemistry anomaly has been defined by the survey. Ongoing channel sampling and soon to be initiated mechanical trenching are being carried out to further refine targets for drilling which is anticipated to commence in early 2017.
The Centerra-funded exploration program was initiated in August of this year. To date, the soil geochemistry and ground magnetics surveys have been completed, with 926 field soil samples being analysed and 136 line-kilometres being surveyed by Tucson-based geophysical consultants, Zonge Engineering. The coincident surveys covered an area of approximately 14.2 km² and utilized east-west aligned survey lines spaced 200 meters apart. Zonge Engineering has also been carrying out the IP survey and to date has surveyed 31.7 line-kilometres.
Riverside’s President and CEO, John-Mark Staude, stated: “We are very encouraged by the results obtained by the geochemical and geophysical surveys completed to date at the Glor Project. Together with the results of the soil survey and geological mapping, the IP survey has provided us with several attractive drilling targets. We now look forward to results from the rock-channel sampling and recently added trenching program, with plans in place to start drilling next quarter.”
Soil Sampling Details:
The 926 field soil samples were collected at 50 metre intervals along the survey lines. Particularly noteworthy is a linear, NNW-trending multi-element anomaly defined in the northern part of the property by soils containing elevated concentrations of Au, Ag, As, Pb, Zn and Mn. The anomaly is about 2.2 kilometres in length, 150-350 meters wide, and follows the trend in this area of magnetic survey patterns and the strike of deformed and hydrothermally altered Mesozoic sedimentary rocks. Assay values for peak gold-in soil anomalies are in the range of 100-150 ppb Au. Additional, northerly trending Au-in-soil anomalies, 1.0-1.4 km in length, have been outlined in the central and western parts of the property.
Induced Polarization Survey Details:
Preliminary results obtained by the induced polarization survey are also encouraging. Pronounced chargeability and resistivity responses have been recorded on 10 of the 11 survey lines completed to date. Again, of special note is a NNW-oriented IP feature with a detected length of at least 2.0 km that appears to reach the surface close to the axis of the above-described multi-element soil geochemistry anomaly. This geophysical anomaly is characterized by a chargeability high response that is partially coincident with a resistivity low feature. Geological mapping and rock sampling along the surface trace of the anomaly has encountered foliated and strongly sericite-altered and iron carbonate-altered clastic sedimentary rocks that contain disseminated iron oxides interpreted to be replacing disseminated pyrite mineralization. Based on the positive results that were obtained early in the program, the IP survey has been increased by more than 50% from what was originally planned.
Additional information about the Glor Project can be found in the Glor Project Page on Riverside’s website.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Glor Project was reviewed and prepared under the supervision of Locke Goldsmith, P. Eng., P. Geo., an 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.
Soil and rock samples are being taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold and ICP analysis for 45 common and trace elements. A QA/QC program has been implemented as part of the sampling procedures for the exploration program, with standard, blank and duplicate samples being 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 gold discoverers. The Company currently has approximately $3,750,000 in the treasury and less than 37,500,000 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
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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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