Riverside Acquires the Deer Park and Sunrise Gold Projects near Castlegar British Columbia
Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce that it has successfully acquired two new gold projects in the Castlegar, British Columbia area. This region is known for hosting significant gold and base metals mineral systems. The Company has entered a simple option to acquire the Deer Park and Sunrise projects, which are prospective for precious and base metals and have been explored for gold via diamond drilling and the sinking of adits and shafts. The Projects can be 100% owned by Riverside, free from any underlying royalties or encumbrances by making three cash payments over two years, as outlined below. The Company is actively expanding its presence in British Columbia by adding these prospective gold projects to its portfolio. This endeavour is part of Riverside's 2023-2024 generative field exploration program.
- Two main targets have been identified through Riverside's work and activities, building upon earlier exploration and small scale mining work: the Viking Horde, and Cougar Ridge targets. These targets have been defined through geochemical and geophysical surveys showing trends of greater than >1.2 km in length.
- 55 rock samples were collected this fall returning assays of up to 7.07 and 3.92 g/t Au, in the Viking and Cougar targets respectively.
John-Mark Staude, President and CEO, commented on the recent acquisition: "We are excited to be acquiring an area with mineralization similar to the near by former operating mining camp of Rossland, BC. The historical work on property that Riverside has now optioned is demonstrating favorable conditions for extensive mineralization and provide excellent high-quality gold and base metal targets. These new Projects compliment Riverside's developing portfolio in southern British Columbia."
Project Option Terms:
The Deer Park (and Sunrise) projects can be acquired via a simple property option agreement that requires Riverside to make 3 cash payments over 2 years: $25,000 on signing (paid); $30,000 on year one and $35,000 on year two. Riverside is also required to complete $20,000 in exploration expenditures per year over the life of the option. No NSR or other conditions apply. A single option agreement and payment is done for both properties combined of which Riverside has made payments and property is all in good standing.
Deer Park Project Geology
The geology in the vicinity of the Deer Park property comprises mainly Paleozoic metasedimentary (Pass, Pss, and Pm) and metavolcanic (Pv) rocks that are intruded by granodiorites and granites that are tentatively assigned to the middle Jurassic Nelson plutonic and syenites and monzonites of the Eocene Coryell intrusive suite (Figure 1). Two regional structural trends occur throughout the area. North-trending faults and shear zones are steep to shallow which are related to Eocene extension. The Valkyr shear zone forms the western contact of the Valhalla complex (Carr et al, 1987) while the Kettle River fault, a similar north trending Eocene age fault, defines the eastern margin of the Grand Forks complex (Preto, 1970). On the property north and northwest trending faults cut these rocks, with vein quartz-gold mineralization occurring dominantly along the north trending structures. Mineralization as shown on the stratigraphic column is hosted in key units which are now being targeted in the 2024 exploration program. As well the high-grade mineralization found in veins is being outlined as the Company begins to discuss the property with potential partners.
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Deer Park Project History
Historical workings are limited however old mineral workings are scattered through out the area, with many prospecting pits and test adits. Several small exploration pits, with unknown production, occur along a mineralized structural zone that extends north-south through the length of the property parallel to other major mineralized trends in southern BC and northeastern Washington state, USA. One vertical shaft has been developed on a pyrrhotite-chalcopyrite vein on the eastern side of the claim showing alteration styles similar to that found in Rossland and Kettle River Mining Camps. Previous work includes geological mapping and sampling, AeroTEM Electromagnetic & Magnetic Survey (2007), soil geochemistry, trenching and 570m of diamond drilling (2010). This work has been compiled by Riverside and now being used to work-up targets for potential drill testing in 2024.
Deer Park Project Targets
Riverside spent time during the fall of 2023 mapping, sampling, and reviewing the old showings and areas of mineralization. Riverside took 55 rock samples with the best samples found in the areas of the Cougar Ridge and Viking showings and a new area TK Hill (Table 1). Riverside used a portable XRF unit as a precursor to geochemistry on many areas to outline several exploration targets supported by geochemistry and geology.
Table 1 below shows some assay results from the first round of prospecting.
|Mesothermal mineralization with chalcopyrite, pyrrhotite, and pyrite hosted along the contact. Historic gold data indicates 2.9 g/t, 36.4 g/t, and 1.5 g/t Au in surface samples (Kootenay Gold, 2008)
|The quartz and sulphide mineralogy shows mesothermal characteristics; crystalline quartz and high pyrrhotite content.
|Series of milky to crystalline quartz veins in foliated gabbro with iron staining -100/75
|Zone of vuggy quartz veining with actinolite and iron stained.
|N-NW quartz vein with quartz, pyrrhotite, and pyrite with silica alteration.
The Viking Target: This target is a shear-related gold bearing quartz vein with gold and a strong Cu-As chemical signature. Showings demonstrate a 600-700-meter strike and the geophysical response spans at least 1300 meters along strike. Kootenay Gold sampled outcrops from this area that returned values up to 36.4 g/tonne gold (Hoy, 2009). Next phase work of mapping and drilling is ready to be progressed.
The Cougar Ridge Target: This target is a pyrrhotite-chalcopyrite massive sulphide vein system and breccia with gold being associated with Pb-Zn-Ag. The pit at Cougar Ridge was sampled by Kootenay Gold in 2009 and returned values up to 23.2 g/tonne gold. Here, mineralized quartz veinlets trend more westerly suggesting that they may be extensional veins developed in response to right-lateral motion on the shears. In 2009, Kootenay Gold took 31 samples from this area with the best sample assayed at 10.68 g/t Au and 15.32 g/t Ag (Hoy, 2009). Riverside using XRF and full assay geochemistry confirmed the presence and extends the scale as the target is worked up toward a drill target.
TK Hill: This new area is to the east of the Viking Horde and a contact zone between sediments and intrusive rock but is not skarn. The veins here are similar to those noted elsewhere and are believed to be the same mineralizing event but will require more work to confirm. Samples from this area show elevated copper, arsenic and lead.
The veins found in the Deer Park Project have similarities to the massive sulphide veins that form the "Main" veins of the Rossland gold-copper camp. Both are associated with or occur within mafic phases of the Nelson plutonic suite and comprise massive pyrrhotite and chalcopyrite. Mineralization is structurally controlled and occurs between two major units. It is believed these are a product of Mid-Jurassic intrusion of the Nelson Pluton. Possibly like the 163 Ma Monzonite observed in the Rossland Deposit 40km to the south where the presence of gold occurrence seems to be intricately linked to sulphides within breccias and veins over 500 meters.
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Stock Option Grant:
On January 17th, 2024, the Company granted 1,725,000 incentive stock options (the "Options") to Directors, Officers and Consultants of the Company. The Options are exercisable at $0.12 per share for a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director vest in 3 equal instalments over 18 months. Options granted to Officers and Consultants vest in 4 equal instalments over 12 months. The Options were granted pursuant to the Company's shareholder approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
This news release 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 within this news release is accurate and who 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 exploration company driven by value generation and discovery. The Company has over $6M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. The option agreement for the above project was signed on September 29, 2023. 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 properties available for option, with 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
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