|Deposit Type:||Orogenic shear-hosted gold|
|Status:||Available for Option|
The Oakes Project is located in the Oakes Township just north of Canadian National Highway 11 and about 2km north of the town of Long Lac, Ontario. The Oakes Township is part of the well-endowed Beardmore-Geraldton Greenstone Belt region, located northeast of Thunder Bay, Ontario. The Geraldton region has a long and rich mining history and has produced over 4.1 million ounces of gold over the past 100 years including the combined MacLeod-Cockshutt Mine, which produced 1.5 million ounces of gold. More recently, the Hardrock Project held by Greenstone Gold Mines (jointly owned by Equinox Gold and Premier Gold Mines) has elevated attention to the area by announcing their intention to mine their gold resource near Geraldton, Ontario. The Hardrock Project has Proven & Probable Reserves of 5.5Moz at 1.27 g/t Au1.
Geraldton Greenstone Belt showing the location of Longrose,
Pichette and Oakes projects with past producing mines (+4.1M Oz Au in past production)
2022 Drill Program
Riverside commenced of its own self-funded drill program at the Oakes Gold Project in February 2022. The first holes of the drill program will be targeting the principal HG Target previously identified during the 2020-2021 exploration work programs. Additional holes are planned to test parallel IP anomalies identified at the Crib and Brinklow targets.
The proposed drill program consists of 12 inclined diamond drill holes totaling 1,500m. The HG Target is the primary target deducted from field work. Corresponding geophysics is a linear, northwest trending structure identified through an IP survey (see figures below). The IP work was followed up by stripping and trenching which returned high-grade rock chip and channel assays. The past two years Riverside’s team has been able to gain an understanding of the mineralization, structural geology and stratigraphy to the point now where Riverside is self-funding the drill campaign.
Drilling will also evaluate the eastern step out from the HG with potentially just one hole and then west of the HG with a possible two holes. A parallel southern IP tends shows a significant chargeability anomaly such that a single hole will start there and then make it likely for a further follow up program this year based upon this initial first drill program into these undrilled target zones.
2022 Drill Results
Results from the first 5 holes focused on the central area of the HG Target identified and expanded by Riverside’s 2021 IP program. All holes intersected anomalous gold in the anticipated target “zone” with the widest drilled interval so far being 5 m estimated true thickness with 2.1 g/t Au in hole DDH2022-02 and the highest assay value being 8.4 g/t over 1 m with visible gold. All 12 holes were drilled to between 126 m and 146 m total depth with one hole (DDH2022-08) being terminated at 115 m where it intersected a fault and could not continue.
Table 1: Spring 2022 Drill Program Highlights at Oakes (first 5 holes)
|HOLE#||FROM (m)||TO (m)||INTERVAL (m)||GOLD (g/t)|
Figure 4: A zoomed in detailed map showing the extension and intervals from this news release and next coming holes that could expand the system along strike.
Technical Interpretations & Observations:
Mineralized zones are being successfully hit in the drilling program and are associated with altered mafic volcanics intercalated with thin sections of metasediments and narrow tuffaceous sections showing minor hydrothermal breccia. Core near the top of these holes comprises strong chloritic alteration with overall strong silicification and lesser carbonate bleaching along foliation and bands of biotite alteration throughout. Quartz veins make up about 5% of the mineralized zones with pyrite and pyrrhotite fracture fillings and blebs being a key mineralization an indicative feature so far in this early stage of drilling analysis.
Overall, mineralization increases with depth comprising pyrite-pyrrhotite up to 3% total sulfides. Semi-massive pyrite-pyrrhotite was noted in several holes and correlates to increased gold content. Visible gold was found in two holes associated with pyrite and lesser pyrrhotite in areas of quartz veining. The end of the zones is often marked by sections of millimeter-scale porphyroblastic garnets. At Holes -01, -07 and -08 gabbroic units mark the beginning of the mineralized zones (assays are pending on the higher numbered holes). Gabbroic units are usually dark, medium-grained, slightly magnetic, moderately silicified rocks with minor disseminated pyrite and traces of pyrrhotite and chalcopyrite. These geologic aspects will form the basis for developing the third dimension and understanding of the HG zone which continues to be progressing.
Figure 5: Plan view of IP geophysics inversion data with Riverside’s drill program completed on the HG zone superimposed. Pending drill results will expand to the west the HG zone and evaluate continued trend to the west.
Three trenches were completed in 2010 along the HG zone. Trench #1 shows several shears, the largest being 3 m wide and exposed over an 80 m long strike within the trench. Two quartz-carbonate shears were sampled by Riverside in Trench #1. Three of the five samples taken from this trench returned 19.7 g/t, 31.9 g/t and 6.9 g/t gold. Trenches 2 and 3 were sampled in November 2019 by Riverside with one of two samples taken at Trench #3 returning 6.8 g/t gold (2nd exploration program). This sample appears to align with drilling conducted by GLR which returned >3 g/t gold within sheared metavolcanics rocks and is open along strike for further exploration drilling.
Trench #1 in particular showed several shears, the largest being 3 m wide and exposed over an 80 m long strike within the trench. Two quartz-carbonate shears were sampled by Riverside in Trench #1. These shears are within mafic volcanics with sulphide mineralization; primarily pyrrhotite and pyrite. Two of the 5 samples taken from this trench returned 19.7 and 31.9 g/t gold (see Figure below). Another sample 30 m to the east returned 6.9 g/t and still another sample 275 m along trend returned 1 g/t gold. These Riverside samples are on trend with drill hole GL-93-2, drilled by Greater Lenora Resources Corp. in 1993 which returned >3 g/t gold within sheared metavolcanics rocks. Riverside believes this drill intercept and the trench samples demonstrate a 400 m strike length for this target (HG Target) that could extend, based on interpretation of geology and geophysics for 2 km in total strike length (this total strike length needs to be confirmed with more field studies).
The HG target is defined by Trenches 1 through 3. Trench #1 in particular showed several shears, the largest being 3 m wide and exposed over an 80 m long strike within the trench. Two quartz-carbonate shears were sampled by Riverside in Trench #1. These shears are within mafic volcanics with sulphide mineralization; primarily pyrrhotite and pyrite. Two of the 5 samples taken from this trench returned 19.7 and 31.9 g/t gold (5). Another sample 30 m to the east returned 6.9 g/t and still another sample 275m along trend returned 1 g/t gold. In November Riverside took 3 samples at Trench #3 along the IP-#4 anomaly that returned one sample showing 6.8 g/t gold.
These Riverside samples are on trend with drill hole GL-93-2, drilled by Greater Lenora Resources Corp. in 1993 which returned >3 g/t gold within sheared metavolcanics rocks. Riverside believes this drill intercept and the trench samples demonstrate a 600 m strike length for this target (HG Target) that could extend, based on interpretation of geology and geophysics for 2.5 km in total strike length.
Similar parallel targets were delineated to the south of the northern most HG Target. These zones are oriented roughly east-west and coincident with VLF, IP chargeability and soil geochemistry anomalies. The Brinklow zone may align with the historical hole DDH50-01 which intersected anomalous gold (>3 g/t) within mafic volcanics at only 7.6 m downhole.
The third most southern Crib Target extends from the pipeline right-of-way to the southeast corner of the Project and is located along the boundary of mafic volcanic and pillow basalts that also coincides with a VLF and partial gold-in-soil anomaly.
Two other N-NW trending targets were also identified. One of these targets is identified by Hardrock Gold’s historical drill holes #1, #3 and #4 which all returned anomalous gold intercepts >3 g/t gold. One grab sample south and on trend from these holes returned anomalous gold (0.7 g/t) and may define another target area. The trend of this zone is the same as another zone identified near the eastern boundary.
Past work on the Oakes project includes two historic drill campaigns, more recent VLF, Mag and IP geophysics in addition to a soil chemistry survey and trenching campaigns. Historical drilling by Hard Rock Gold Mines includes 7 short, BQ-sized holes drilled between 1949-51. Five of the drill holes from the 1950s intersected gold grades above 3 g/t . Only a few rare pieces of core from these past programs are available such that the old work will need to be confirmed and incorporated into new work being conducted by Riverside to produce bonified exploration targets. Drill logs report the mineralized zones that were sampled historically comprised quartz-carbonate veins within sheared mafic volcanics with sulphide mineralization (pyrite, chalcopyrite and galena). This drilling campaign was conducted to trace known veins discovered at surface at depth.
In 1993 in a different area two holes were drilled by Greater Lenora Resources Corp. to test two coincident VLF and copper-in-soil geochem anomalies. Drill logs from the historical reports show the mineralized zones that were sampled comprised meta-basalts (greenschist to amphibolite facies) and tuffs showing silicification and sulphide mineralization (pyrite, chalcopyrite and pyrrhotite). Hole GL-93-1 was drilled to a depth of 153 m and returned anomalous results in gold and copper. Hole GL-93-2 (155 m) intersected an 8.3 m length of semi-massive pyrrhotite mineralization starting at 112m down hole with one, 1.5 m long sample returning 3.3 g/t gold.
More recent work by Golden Chalice Resources (2010-12) included an IP survey and a trenching campaign. The trenching campaign identified several mineralized shears coincident with VLF and IP chargeability geophysical anomalies. The best trench of six, Trench #1, returned three channel samples of 4.77, 4.17 and 3.41 g/t gold within shear-hosted quartz-carbonate veins. In addition, 26% of the 20 samples taken at Trench #1 returned greater than 1 g/t gold. The best composite sample results from this older work in Trench #1 were 1.3 g/t over 4 m and 1.32 g/t over 4 m. None of the trench work has been followed-up on and most of the complimentary geochemical anomalies have not been drilled. Riverside sees ample opportunity at Oakes to further consolidate the past work and build on the survey work that has showed positive results for gold so far. Riverside in July of 2019 sampled selective sections of the shear zones showing sulphide mineralization that retuned good gold values of 19.7, 31.9 g/t and 6.9 g/t (see press release dated July 29, 2019).
Riverside’s fieldwork indicates gold mineralization at Oakes is hosted within shear zones along contacts between mafic volcanics and gabbroic sills or felsic volcanics
Riverside exploration work
In November 2019, Riverside completed a second round of exploration. The second phase of recently completed work was conducted to identify the east and west extension of this HG shear zone. Riverside geologists mapped and sampled the eastward extension on this shear and found more high-grade gold including 7 g/t gold from the HG shear zone. The new surface samples are believed to demonstrate a mineralized strike length for the HG zone of about 600 m. These samples align with older VLF (1999) and IP anomalies from a survey completed in 2010. The older geophysics shows the anomaly extends both east and west along strike suggesting a potential mineralized strike length of 2.6 km from this data.
Preliminary prospecting and mapping work has traced the known quartz-carbonate vein beyond the high-grade sample location over a strike length of 400 m, and historical surveys and field observations indicate that this vein may extend over a strike length of up to 2 km.
The recent work confirmed three previously identified areas and three other possible target zones.
There are two predominant target orientations:
- The first orientation trends east-west and is associated with contact zones that have been delineated by VLF and IP chargeability geophysical surveys
- A second orientation target zones trend at 340 degrees (NW) and is defined by linear magnetic lows, field geology and soil geochemistry.
Figure 6: Oakes project with regional geology and distance from large gold deposits
Figure 7: Oakes Project showing geology, gold-in-soil geochemical anomalies, historical drill hole locations and Riversides proposed target locations
Figure 8: Oakes Project compilation showing HG Target with VLF anomalies trend, 2010 IP survey results and recent Riverside sampling delineating high priority drill target extent
The Beardmore-Geraldton Greenstone Belt (BGGB) has produced about 4.1 million ounces of gold and retains gold resources of several million ounces. The BGGB in the area of the Project is located along the boundary between the Wabigoon and Quetico sub-provinces in the Superior province of the Canadian Shield. These boundaries are often major fault breaks, which can host large gold resources as is found further to the east in the Abitibi Greenstone Belt. Targeting on the Oakes Project and in the belt has focused on the steeply dipping, brittle-ductile shear zones which can comprise various lithologies, metamorphic grades, and alteration styles. The shear zones at Oakes typically strike east-west along the boundary or parallel to the BGGB similar to other past producers and identified gold resources in the area.
The host rock in the project area comprises Archean-aged, meta-volcanics known as the northern volcanic panel part of the larger BGGB and is located where the panel appears to wrap northward around the Croll Lake Stock similar to structural styles of Abitibi gold camps in Eastern Ontario. Specifically, the bedrock comprises a suite of felsic, intermediate and mafic volcanics with gabbroic sills. Volcanic rock types include rhyolitic and andesitic flows, tuffs and breccias, chert, iron formation, minor metasedimentary and intrusive rocks. The more mafic units include basaltic and andesitic flows, tuffs and pillow basalts. The Croll Lake Stock comprises diorite through to granodiorite and syenite. The youngest bedrock includes the northwest trending diabase dikes which are noted throughout the property and region. The metamorphosed mineralized zones are marked by silicification and sulphide mineralization including pyrite, pyrrhotite, galena and arsenopyrite found along contact zones or cross-cutting structures. These mineralized contact zones have been defined by past VLF/Mag surveys complimented and further refined more recently (2008) by follow-up IP surveys and confirmed by trenching in 2010.
Figure 9: Geology at the Oakes District
Qualified person, QA/QC & technical disclosures
As part of the quality control Riverside inserted blanks, duplicates and two different standards, into the sample stream prior to delivery at Activation Laboratories in Thunder Bay. Logged core was delivered from site to a core cutting facility in Thunder Bay by Riverside and trucked to Activation Laboratories from this facility typically in batches of 2 to 4 holes at a time. Multi-Element Analysis using Aqua Regia Extraction and (40 element) Inductively Coupled Plasma Atomic Emission Spectrometry Analytical and fire assay for gold methods where used. The Company also ran 4-acid total digestion in conjunction with aqua regia over several mineralized zones as a check for the best analysis method. Activation Laboratories is an ISO/IEC accredited laboratory.
The scientific and technical data contained in 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.