Riverside Consolidates Tenure at La Union Project and Reports High-Grade Gold, Including 59.4 g/t and 40 g/t Gold from Recent Sampling
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2021) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company") is pleased to report the mineral tenure consolidation and expansion of La Union Polymetallic Project in Sonora, Mexico. The acquisition of these additional concessions provides Riverside with an expanded land position and further control of the historical mines and old workings across the district. This consolidation through the acquisition of small internal concessions provides Riverside an option on the high-grade, previous small scale mine properties, internal to the larger surrounding 100% Riverside owned mineral concessions and increases the property total area to over 26 km2 (2,604 hectares). This transaction expands upon the original property acquired from Millrock's Mexico portfolio in 2019 (see press release of June 26, 2019).
La Union is located in western Sonora and is part of the orogenic gold trend. The old mining areas at La Union have seen very little drill testing and the broader structures are wide open for further regional exploration. Riverside is in contact with the local surface owners and knows the region from previous work with partner Hochschild Mining which allows Riverside to initiate exploration immediately.
Riverside's initial field work included selective rock sampling from abandoned mine workings and dumps with results returning up to 59.4 g/t Au and 833 g/t Ag (see Table 1). Further exploration work will begin shortly as the Company is pleased to have completed this expansion step, opening the door to follow up work.
La Union Polymetallic Project has been previously defined as a manto-chimney style deposit. The ongoing work has been demonstrating significantly high-grades in gold, silver, lead and zinc across mineralized areas identified. Near surface, the oxide gossan cap and carbonate replacement are particularly extensive with strong similarities with the Leadville polymetallic system in Colorado, USA. At La Union the Paleozoic carbonate stratigraphic section is a composite of over 1,000 m thick regionally and the mineralization of chimneys and mantos is open in multiple directions.
Table 1: Sample Results from La Union Polymetallic Project
|Sample ID||Au (g/t)||Ag (g/t)||Pb (%)||Zn (%)||Cu (%)||Type||Description|
|RRI7891||59.4||833||5.76||4.16||0.3||rock chip||massive sulfide - dolomitic breccia|
|RRI7895||40||3.3||0.13||mine dump||massive sulfide and jasperoid|
|RRI7890||1.367||50||1.63||1.43||mine dump||sulfide-oxide bearing breccia|
|RRI7893||0.473||12.4||rock chip||brecciated contact - dolomite/quartzite|
|RRI7889||0.072||76.4||rock chip||brecciated contact - dolomite/limestone|
Note: Six of the higher-grade due diligence samples out of eight total are shown in Table 1.
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Riverside's President and CEO, John-Mark Staude: "We are excited to complete the acquisition of multiple key pieces of the project area at La Union, including the historic mines of Famosa and Plomito. Riverside is moving forward with growing projects, and generating exploration results at our properties, which continue to demonstrate the value of applying the Riverside property database and local team knowledge to capture and progress excellent mineral projects. The next steps for the La Union district will consist of field work and geophysics, which are expected to refine drilling targets."
Transaction Details for the Acquisition:
Riverside has optioned over a 4-year term the properties with staged cash payments without any retained NSR. The terms for each respective property (La Famosa and Plomito) are presented below:
Geology and previous work at La Union Polymetallic Project:
Mineralization is primarily located within the Paleozoic sedimentary sequence, known in this area for reaching up to 1,000 m in thickness and hosting multiple historical workings. The mountain range is characterized with alternating limestone, dolomite and quartzite, at which contact mineralization has been observed to grow into a manto-chimney style deposit. These types of deposits tend to have higher metal grades, making this style of deposition attractive for exploration.
Local historical productions in the 1950's mined high-grades averaging 7-20 g/t Au, 300 g/t Ag, 10-20% Pb and 5% Zn, for which mineralized bodies were traced for at least 80 m depth within oxides (Yantis, 1957). Since then, only small exploration programs followed and including Paget Mineral Exploration Company and Millrock with sampling programs yielding up to 22.5 g/t Au and multiple high-grade polymetallic samples over the project area. The presence of many high-grade areas, the thickness of the host rock and extent of the system across multiple known historic mines are favorable evidence for an extensive system.
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Geophysics and sampling will be additional tools deployed by Riverside in advancing the knowledge of this project, with a view to initiating a drill program that will allow the Project to extend high-grade at depth and define the limit of the oxide cap.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to La Union Project was reviewed and approved by Freeman Smith, P.Geo, 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 who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples from the exploration program discussed above at La Union were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for 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 for 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has no debt and approximately 71M 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 x312
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.
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