Dr. John-Mark Staude of Riverside reports
RIVERSIDE PROVIDES UPDATE ON EXPLORATION AND DRILLING IN SONORA, MEXICO
Riverside Resources Inc. recently completed a partner-financed diamond drilling campaign at the Puerto Alamo target at the 36-square-kilometre Glor gold project. The exploration and drilling work was financed by partner Centerra Gold Inc., as part of its option to earn a 70-per-cent interest in the project. The project hosts four key target areas and is located approximately eight kilometres west of Alamos Gold's El Chanate mine in Sonora, Mexico. The recently completed drill program focused on the Puerto El Alamo target located in the central part of the project, which had been defined by a recent detailed soil geochemistry survey and geological mapping.
The drilling program consisted of seven drill holes with a total length of 1,212 metres. The drill holes were designed to test for a near-surface deposit of disseminated and fracture-controlled gold mineralization similar to what was identified in bedrock outcroppings in the target area. Gold and arsenic analytical results obtained by the soil geochemistry survey also guided the design of the drilling program.
All of the drill holes passed through the targeted stratigraphy and shear structures with multiple narrow intervals (one metre to 4.7 metres) of low-grade gold (0.25 gram per tonne gold to 0.345 g/t Au) mineralization. The targeted stratigraphy consists of a Mesozoic andesite volcanic flow underlain by a package of fine-grained sedimentary rocks and a thick formation of polylithic conglomerate. On surface in the target area, gold-bearing shear structures were found conformably within the andesite unit and close to its contacts with the sedimentary rocks. Zones of iron carbonate plus/minus sericite alteration and minor quartz veining several metres wide were intersected in each of the drill holes. Similar lithologies, structures and hydrothermal alteration were trenched and diamond drilled at the Pitaya target in the northeastern sector of the project (see press release on June 19, 2017).
Riverside's president and chief executive officer, Dr. John-Mark Staude, stated: "Our drilling at the Puerto El Alamo target with partner Centerra explored for low-angle shear structures similar in nature to those controlling the El Chanate and other multimillion-ounce gold deposits in Sonora. We are disappointed given all of the positive geologic and geochemical indications that we did not hit a gold-rich structure, but we still believe the project holds excellent exploration potential. We look forward to further exploring the San Pedro and La Joya targets where there is remaining gold discovery potential. We are pleased to continue working with Centerra as a partner and hope to add additional land tenure in the coming months."
The Pitaya target and Puerto El Alamo drill-hole data show there is a positive correlation between gold and arsenic enrichments, where core samples having gold concentrations greater than 0.2 gram per tonne Au are seen to have As contents of 3,000 parts per million and greater. The gold-arsenic relationship is a feature commonly found at other orogenic gold systems in northwestern Sonora including at the San Francisco mine. Further understanding of the controls on gold mineralization at Glor was established and will be applied going forward. Partner-financed stream sediment and soil surveys along with mapping and rock sampling are expected to be carried out this quarter.
Clemente project update
Riverside optioned the Clemente silver project in December of 2016 to partner Silver Viper Minerals Corp., which at the time was a private company with plans of a public listing and company growth. Riverside's partner recently completed its initial public offering (see Silver Viper press release on Sept. 27, 2017) and then commenced a 2,000-metre drilling program in November of 2017. To date, approximately half of the planned campaign has been completed at the Mundo and Nuevo Mundo silver targets. Nine HQ-size diamond boreholes were drilled for a total length of 1,062 metres, with two of the drill holes intersecting old mine workings and consequently being abandoned. The best mineralized intersection was made by hole CL-17-006; a 0.7-metre-long interval that averages 827 grams per tonne silver, 0.23 g/t gold and a combined 2.09 per cent lead-zinc.
Future exploration at Clemente could progress with testing of the Santa Elena target located in the southeastern sector of the Clemente property and seven kilometres northwest of the Cerro Colorado gold mine of Goldgroup. The Santa Elena target covers an area of at least 150 hectares where there is evidence of artisanal mining for gold and silver but no previous drilling.
Qualified person and quality assurance/quality control
The scientific and technical data contained in this news release were reviewed and prepared under the supervision of Ron Burk, PEng, and vice-president of exploration for 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.
All drill cores at Glor were photographed, geologically logged and then sawed in half to provide samples for gold assaying and multielement ICP mass spectrometry analysis, which was done by Bureau Veritas's laboratories in Hermosillo, Mexico, and Vancouver, Canada, respectively. A total of 704 core samples were analyzed, with individual samples having core lengths of one m or three m, depending on the presence or absence of visible hydrothermal alteration. For quality assurance and control purposes, 16 non-mineralized blank samples, 15 field duplicate samples and 47 standard reference samples were included with the batches of core samples that were analyzed.
At Clemente, assays reported herein were subject to industry-standard sampling methods and QA/QC protocols including the routine insertion of commercially prepared standards and locally sourced blanks into the sample sequence. Sample splits of 30-gram mass were analyzed by aqua regia digestion with ultratrace ICP-MS finish. When triggered, overlimits were completed by aqua regia digestion and ICP-ES finish. Assays were completed by Bureau Veritas, with preparation in Caborca, Sonora, Mexico, and analysis in Vancouver, B.C.
About Riverside Resources Inc.
Riverside is a well-financed exploration company that is driven by value generation and discovery. The company has approximately $3.5-million in cash, less than 45 million shares issued and a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and leverages its large database to generate a diverse portfolio of properties. In addition to Riverside's own exploration spending, the company also aims to diversify risk by securing joint venture and spinout partnerships to generate more discovery chances and advance multiple assets simultaneously.
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