New Gold-Silver Vein System Identified Through Kinross Exploration Alliance Durango, Mexico
July 7, 2010 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) is pleased to announce that it has acquired and is advancing the Pedernal Gold-Silver Project in Durango, Mexico with Exploration Alliance partner Kinross Gold Corporation (“Kinross”). The Pedernal property lies immediately to the west of Riverside’s Penoles District where Riverside controls a 340 km² area with four high priority drill target areas and four former mining areas. The Pedernal property lies within the highly productive Mesa Central Region of Mexico, and as such, falls under the Riverside-Kinross Precious Metals Exploration Alliance (The “Alliance”) (News Release January 21, 2009). It is located 60 km north of the town of Rodeo within a short distance of various active mines. Recent exploration has identified four principle north-west trending mineralized zones with vein strike lengths of up to 12 km, which includes up to 3.5 km continuous veining. Individual veins at surface have a true thickness of up to 6 meters with contiguous zones showing up to 30 metres in thickness in vein clusters.
To date the Exploration Alliance has identified five projects within the Mesa Central Region of Mexico. The Pedernal Project is the second project to be announced, as the Riverside team has completed adequate exploration work in order to identify target zones. More detailed field follow up is progressing in order to determine potential drill target areas. As part of the Alliance, once sufficient data is recovered from the property Kinross will evaluate the results to determine if it meets their criteria for advancement to move into the second alliance stage where Kinross has the option to earn 75% interest by investing $3,000,000 in the exploration work program.
“This project is located in a highly productive region of Mexico with numerous mines in the area that include the Platosa Mine, Ojuela Mine, La Preciosa deposit, San Sebastian and the Inde Mining district,” commented Dr. John-Mark Staude, President & CEO of Riverside. “Riverside’s Mexico team has identified several properties within the Mesa Central Region of Mexico over the past twelve months for the Kinross Alliance; all of these projects have the potential to become large precious metal deposits by using modern exploration techniques and on the ground due diligence. Once Kinross has completed its review process, the remaining projects which Kinross decides not to carry forward will be available for Riverside or a new joint venture partner to advance.”
Riverside identified the Pedernal property through using the combination of its database, regional aeromagnetics, local knowledge and field geologic interpretations. Geochemistry, structural geology, rock textures, fluid inclusions and alteration mapping on the property all indicate favorable shallow vein mineralization that is in a similar geologic environment to Orko Silver’s La Preciosa and MAG Silver’s Juanacipio vein systems, which occur in the same metal deposit belt with the same geologic rock formations.
Pedernal Gold-Silver Project:
The project area covers the favorable geologic lithologic unit contact. This is the regional contact between the Mezcalera Formation sediments of Cretaceous age to the east which is a key host unit to mineralization in the region and the Tertiary volcanic series to the west which also hosts many upper parts of productive vein systems. Along this unconformable contact of volcanic and sediments, the introduction of high level epithermal silica with anomalous gold values are seen in a series of sub-parallel vein/structure systems forming silica ledges. These silica ledges are found in Nevada, Mexico, and Argentina associated with major metal-rich districts. The silica exhibits epithermal vein textures indicative of boiling and fluid flow along with the development of zones of brecciation, silicification, overlapping composite veining, cymoid loops and extensional veining. These textures coupled with finely disseminated sulphides and anomalous gold values make this area a highly prospective, high level low sulphidation epithermal target, similar to the surface expressions of the Fresnillo and San Sebastian deposits. The prospect covers a broad zone (10 km²) comprising an extensive network of silica veins and breccia zones. These upper vein characteristics in common in many major Ag-Au vein camps and the grass roots generation of this property shows the potential for a new metal discovery.
Four principle north-west trending structural zones have been mapped to date. The silica vein clusters vary in thickness up to 30m in width, and are hosted principally within the Cretaceous sediments. The Tablones-Pedernal structure lies on or close to the unconformable volcanic/sediment contact. Reconnaissance grab and chip samples have been collected along the exposed portions of the 4 principle structures (133 samples). The zones with the highest anomalous geochemistry values range from < 5 ppb to 265 ppb Au with supporting trace element silver, arsenic, antimony and mercury in the Milpa and Ranchito Zones along the Papalote structure and the Puerta, Tablones and Pedernal zones along the Tablones and Becerros. These zones are typified by multi-veined quartz, duplex and extensional vein sets.
Recent fluid inclusion results indicate highly favorable upper boiling zones which match with some of the vein textures displayed in the discovery veins which have similar visual characteristics to the Fresnillo and San Sebastian Districts. The veins, show similar upper quartz replacing calcite, banded, zonation, and layered quartz veins as well as fluid inclusions which have similar characteristics with liquid vapor, low salinity, as is found at other Mesa Central mining camps including Guanacevi, Fresnillo and the Penoles district.
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 approximately $2,000,000 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. The Company is currently working towards finalizing several important events that fit within the Company’s model of growth through partnerships and exploration. These events include new partnerships and the advancement of its Libertad joint venture project through an upcoming drill program in Mexico. Additional property information on the Company’s projects can be found on the Riverside Resources Inc. website at www.rivres.com.