Geophysical Survey Identifies Large Shallow Epithermal Gold-Silver Target Below Surface at Libertad Project, Sonora, Mexico
May 3, 2010 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) is pleased to announce results from the Company’s Libertad gold-silver project, which is optioned and operated by Geologix Explorations Inc. (“Geologix”). The recently completed Induced Polarization/ Resistivity (“IP”) geophysical survey over a 3.5 square kilometre (“km2”) area within the Libertad property in Sonora State, Mexico covers the area where Riverside, and more recently Geologix, has found extensive epithermal-style gold-silver mineralization. The results of the IP survey demonstrate the presence of a large resistivity anomaly associated with corresponding surface gold and silver mineralization. The anomaly runs 1.3 kilometres (“km”) in strike length and 700 metres (“m”) in width. This anomaly will be the target of a proposed drill program by Geologix at the Libertad Project. View the geophysical survey plan maps and sections outlining the anomaly and associated gold and silver mineralization at www.rivres.com. For more extensive information see Geologix’s website www.geologix.ca.
The survey by Geologix was conducted over an internal area of the project (the Destierro claim) that hosts previously outlined surface gold and silver mineralization. Highlights of the recent work include trench sample results of 9.91 grams per tonne (g/t) gold and 230.3 g/t silver over 3.50 m, and 2.23 g/t gold and 52.5 g/t silver over 13.10 m, within an extensive zone of quartz veining, stockwork development, and silicification over a strike length of 1.25 km (see Riverside press release dated March 16, 2010). As reported by Geologix, the newly identified anomaly increases at a depth of less than 100 m to a potentially significant zone of silica flooding (hydrothermal silica chambe).
“This new information on the Libertad Project is exciting as it fits with Riverside’s initial interpretation of a gold-silver system and now Geologix has significantly expanded the size and grades of known mineralization. Combined with the new geophysical results which give an indication of potential extensive depth and length to the previously mapped and sampled surface, the project looks even more valuable. We look forward to seeing Geologix take the next step to drill the project in the coming months and continue toward discovery. ” commented John-Mark Staude, Ph.D., President and CEO of Riverside.
Dunham Craig, President & CEO stated, “We are very pleased with the results of the geophysical survey as they indicate the presence of a very large resistivity anomaly just below the surface, which coincides with the gold and silver mineralization we recently identified through surface sampling and trenching. Of significant geological interest, the anomaly appears to be increasing in size and resistivity strength at depth. These are the types of geophysical characteristics typically found in large, mineralized epithermal gold and silver rich environments throughout the world, specifically in Nevada. We’re excited to initiate a first phase drill program at the Libertad in an effort to test the extent of this anomaly and its potential to host a significant new gold and silver discovery.”
According to Geologix, the survey indicates that the outcropping quartz veins, quartz stockwork, and silica alteration zones hosting precious metal mineralization at surface are associated with resistivity highs in the survey area (see the Riverside website www.rivres.com for geophysical and geochemical results). The resistivity anomaly at surface, representing possible structural conduits for mineralized fluids, is seen to significantly increase in size at a depth of approximately 100 m, suggesting the presence of a highly altered (silicified) zone containing potentially significant areas of precious metal mineralization as shown in IP survey maps on Riverside’s website. The geophysical survey was conducted using a pole-dipole survey array with electrode spacing of 75 m with a total of 25 survey lines being read for a survey total of approximately 37 line km. Line spacing over the survey area was 100 m.
About The Project
The Libertad project is located 250 km north west of Hermosillo, Mexico. The project represents an early stage exploration project hosting a gold-silver mineralized vein system that has seen no prior systematic advanced exploration or drill testing, and only limited previous rock grab and chip sampling. Geologix can earn up to an 85% interest in the project from Riverside through a series of staged payments to Riverside totaling US$900,000 and work expenditures of US$5,000,000 over a period of six years.
At this point the Libertad epithermal mineralization appears comparable to similar epithermal mines in the area including the San Felipe Mine, La Prieta Mine, and possibly the Papago Mine. These mines have been operated for high grades of gold and silver and are hosted in similar Tertiary aged volcanic rocks with strong silicification and wide stockwork zones of alteration.
Geologix named Resource Geologist, Andrew Hamilton, B.Sc., P. Geo., a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators. Mr. Hamilton has reviewed and verified the data, as reported by Geologix. For Riverside the 'qualified person' for this project is Locke Goldsmith, P. Eng., P. Geo., an independent qualified person to Riverside Resources Inc.
About Riverside Resources:
Riverside is a well funded prospect generation exploration team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The company currently has more than C$2,400,000 in the treasury and fewer than 22,000,000 shares issued. The company has an experienced exploration team that leverages its in-house technical knowledge and vast experience in the field to make discoveries. Additional property information for the Company’s projects can be found on the Riverside Resources Inc. website at www.rivres.com.
About Geologix Explorations:
Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral resource opportunities with the potential to host world class mineral deposits. The Company’s current primary focus is the Tepal Gold-Copper Porphyry Project in Michoacán State, Mexico, where the Company is aggressively exploring for potential resource expansion, and advancing toward preliminary economic assessment of the project in its ongoing effort to upgrade and increase the scale and viability of this emerging project.