Riverside Defines High-Grade Gold Targets and Receives Drill Permits at the Los Cuarentas Project in Sonora, Mexico
Vancouver, British Columbia--(Newsfile Corp. - April 21, 2020) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: R99)("Riverside" or the "Company"), is pleased to report results from its recent rock-chip sampling and target mapping program at the Los Cuarentas Gold Project (the "Project") in Sonora, Mexico. Riverside collected additional channel samples along the primary targets and developed a better understanding of the structural setting identifying two additional vein systems and finding surface exposures with high-grade gold. The Los Cuarentas Project is located 17 km northwest of SilverCrest's high-grade Las Chispas deposit and 15 km northeast from Premier Gold Mines, Mercedes gold mining operation. The new sampling results increase the Company's confidence in the potential for its 100% owned Los Cuarentas Project to host a near-surface, high-grade gold vein system. Drill permits have now been granted.
- High-grade gold samples including: 18 g/t, 12.3 g/t, 7.3 g/t, and 3.0 g/t Au
- Total of three (3) well-defined drill-ready targets
- Identification of three (3) new prospective structures: El Sombrerito, El Sombrero Norte and Santa Rosalia Norte
- Approximately 30% of 31 samples returned anomalous gold (>0.2 g/t Au)
- Drill permit approval received from Sonoran Environmental Agency to support further exploration and drilling at the Project
Riverside's President and CEO, John-Mark Staude, stated: "We are pleased with the progress and high-grade gold results above and around the former mining operations at Santa Rosalia and other target areas. We look forward to progressing this Project potentially with a joint-venture partner and are excited to be located in between two highly valued mining and development operations. The approved drill permit allows Riverside to take the next necessary steps at Los Cuarentas."
In addition to the assay results, the Company also completed permitting for drilling and obtained local access agreements with the surface ranch owners enabling the Project to move ahead in a positive way in the coming months. The recent sampling program included 31 new rock-chip samples and Riverside geologists took the opportunity to update and create a new geological map. The new assay results show continuity along the principal mineralized zones and included five high-grades gold samples (see Table 1 below).
Table 1: Top Five of 31 Gold Assay Results from Riverside's Second Sampling Program
|Sample ID||Au (g/t)||Target Zone||Sample Type||Rock Type|
|RRI-6023||18.00||Santa Rosalia||rock chip||vein|
|RRI-6010||12.30||Santa Rosalia Sur||float||vein/breccia|
|RRI-6014||7.19||Santa Rosalia Sur||rock chip||breccia/vein|
|RRI-6012||2.99||Santa Rosalia Sur||rock chip||andesite/stockwork|
High-grade gold mineralization at Los Cuarentas has been defined primarily along northwestern trending structural zones, which show thickening and increasing grade at structural flexures and/or structural intersections. The latest fieldwork program has also highlighted additional sub-parallel structural zones identified as splays. These splays carry some of the best historical sampling returning up to 29.7 g/t gold (see press release of January 20, 2020), leading to the definition of three additional new targets: Santa Rosalia Norte, El Sombrerito and El Sombrero Norte. Riverside's 100% owned claim block now hosts a total of 6 exploration targets (see Figure 1 below).
To view an enhanced version of Figure 1, please visit:
The Los Cuarentas Project area comprises multiple, gold-bearing quartz veins located within a larger structural corridor. Mineralization is primarily hosted in an andesitic volcanic sequence, which is overlain by post-mineral units (see Figures 1 and 2). Recent mapping by Riverside has also demonstrated the presence of post-mineral faulting resulting in the down dropping to the south. Within the down dropped mineralized block not as much erosion has occurred preserving the upper levels of the vein system. This is evident by the change in alteration minerals and style of gold occurrence (see Figure 2 below). The observation of down-dropping within the Project suggests that the system may host multiple additional preserved mineralized bodies similar to Santa Rosalia and Santa Rosalia Sur.
To view an enhanced version of Figure 2, please visit:
The Santa Rosalia target is a mineralized structural zone extending for approximately 1 km (see press release January 20, 2020) and part of the uplifted northern block. The Santa Rosalia "vein zone" is defined as multiple sub-parallel mineralized silica-infilled fractures which form veins. Those veins can be seen in structural zones which can be up to 8 m wide. The latest sampling program returned several high-grade samples that include: 18 g/t Au in a single 0.5 m wide vein, 2.3 g/t Au in quartz vein floats and 0.5 g/t Au along a 1 m channel sample across the entrance of an adit. Additional observations at Santa Rosalia show shallow, hydrothermal textures such as chalcedony quartz, suggesting most of the system has been preserved and likely extends to depth.
Santa Rosalia Sur:
Similar to the Santa Rosalia target, the Santa Rosalia Sur target is part of the uplifted northern block. The latest mapping and sampling program highlighted and confirmed the presence of high-grade gold up to 14.8 g/t Au in hydrothermal breccia that extends 200 meters along strike. Laterally, the stockwork bordering the hydrothermal breccia returned 3 g/t Au. As previously described in the press release of January 20, 2020, the mineralized zone is affected by post-mineral faulting to the north, west and south. Although the mineralized bedrock has been dropped-down to the south, the alteration and lower grade gold (1-3 g/t) mineralization can still be traced for an additional 800 meters to the south along trend.
El Sombrero target can be defined as a northwest oriented zone of hydrothermally altered package of volcanic rocks. High temperature alteration mineralogy as well as extensive silicification are primarily located along the El Sombrero structure and extend approximately 10 meters on each side of the fault (see Figure 2 above). This observation makes El Sombrero a priority for deeper testing as it is identified as a possible feeder structure.
El Sombrero Norte:
El Sombrero target is mostly covered by post-mineral andesite (see Figure 1 above), windows in the andesite show hydrothermal alteration as well as silicified rhyolite dikes indicating that historical samples were taken along a structural feature. This structure is defined as a parallel splay of the Mine fault, which is the main host for the Santa Rosalia high-grade mineralization. Historical samples from Millrock's 2017 sampling program returned the highest grade on the property 29.4 g/t Au and another 8.6 g/t Au.
El Sombrerito is a new discovery that includes some old workings. Historical samples taken by Millrock in 2018 returned 16.5 g/t Au and 11 g/t Au from 0.5 m wide stacked veinlets (see Figure 1 above). Riverside's geologists defined the area as a new structural target, which maybe a parallel splay in between Santa Rosalia Sur and El Sombrero.
Santa Rosalia Norte:
Approximately 450 meters to the north of Santa Rosalia additional old workings were discovered. Outcrops show steam-heated alteration mineralogy and the presence of silicified rhyolitic dikes. This area warrants more work to expand the size of the identified mineralized zone. Multiple parallel splays are likely to be found in this system, as was found at the nearby Las Chispas mine owned by SilverCrest Metals. Following their acquisition of the project SilverCrest discovered 14 additional veins, including the notable Babicanora Norte Vein, across a 1.5 km wide zone1.
Follow-up work at Los Cuarentas will focus on mapping extensions of the primary targets at Santa Rosalia and Santa Rosalia Sur. Additional channel sampling across the primary mineralized zones will be conducted in addition to soil sampling grids to explore for extensions of known veins. This work will be followed up with geophysics to provide more information on the splays associated with the primary targets.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Los Cuarentas Project was reviewed and/or prepared under the supervision of Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources Inc. who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples collected were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico and analyzed using fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas' laboratory in Vancouver, BC, Canada and analyzed using a 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program which included blanks which were inserted randomly into the sample stream by Riverside.
Additional Corporate News from Riverside:
Riverside received approval from the BC Supreme Court for the Spin Out arrangement of Capitan Mining Inc. The Company can progress with the financing of Capitan Mining Inc. and then the share distribution ahead of which the shareholders will be alerted with regards to the Record Date. Capitan Mining Inc. with the Peñoles Project continues progressing during the current COVID-19 situation.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has no debt and approximately 63M shares outstanding with a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for 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:
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54651