Geology
The historical Santa Rosalia area comprises a series of mineralized (< 1 m to 2.5 m wide) parallel, low sulfidation epithermal veins of banded crystalline to cryptocrystalline quartz and calcite. Mineralization shows gold, silver, galena, argentite, acanthite, sulfosalts, minor chalcopyrite and pyrite. Textures observed are typical of a low sulfidation epithermal system and include the presence of incipient banded quartz, quartz breccia, silica after bladed calcite and quartz veinlet arrays inside fault breccia and gouge. Vein flexures and cross intersections provide some of the higher-grade bonanza shoots, which remain to be further explored over the strike length.
The historical mine workings, which have been abandoned since the 1950s, consist of a vertical stope open to surface with horizontal extensions reaching out possibly 250 meters. There are several tens of thousands of tons of material based upon Millrock and Paget’s calculations near the abandoned mill structure. While the extent of the workings is not fully known, there are indications that they may extend vertically down to possibly 230 meters. Riverside will be targeting along strike of the named veins and will include sampling a number of recently discovered veins.
Veins are hosted in andesitic, volcanic rocks that show strong alteration minerals including sericite and high acid conditions clay minerals. The stratigraphy is similar to that of Mercedes and Las Chispas mines where with sedimentary units are overlain by andesitic flows and flow breccias.
Option Payments & Royalties (all in USD):
Riverside will be assuming Millrock’s remaining options payments for the Los Cuarentas Project. Millrock has previously paid $28,500. Riverside’s payment schedule includes: September 2019 of $25,500 (paid). $18,000 due February 2, 2020, $42,000 due August 2, 2020 and $42,000 due February 2, 2021 to complete all payments in USD of $156,000 for the Project. For Santa Rosalia there is a 0.5% NSR to Millrock and on the surrounding concession there is an NSR to Sandstorm Gold Royalties of 1.5% on Au and 1% on other metals.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Los Cuarentas 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. Riverside has not verified any of the historical assay results at the Project. The Company’s plan is to begin an exploration program to confirm historical results in the near future.