Dr. John-Mark Staude reports
RIVERSIDE RESOURCES PROVIDES EXPLORATION AND CORPORATE UPDATE
Riverside Resources Inc. has provided a corporate and exploration update as the company enters the final four months of 2018. Riverside is making strong progress at the company's self-financed Cecilia project and has a number of other portfolio updates to report ahead of what the company believes will be a busy fall season with positive company catalysts.
Cecilia gold project
Cecilia is a gold-bearing rhyolite dome complex with extensive alteration and mineralization. Riverside is actively progressing the large 60-square-kilometre land position it holds. The geology indicates high potential and favourability for exploration success and Riverside is quite pleased with the recent exploration work that is continuing at the Cecilia project. In Mexico rhyolite dome complexes are common hosts to giant gold and silver deposits, and Riverside is pleased to be progressing well at Cecilia. The company is now undertaking a soil survey covering the larger surrounding concession it acquired this year through the Mexican lottery system (see press release March 5, 2018).
Riverside anticipates multiple updates on Cecilia in the coming weeks as assay results are received and interpreted, with multiple new gold targets already starting to take shape.
La Silla joint venture
Riverside announced the La Silla project option earn-in with Sinaloa Resources Inc. (see press release July 11, 2018), which is planning an exploration drilling campaign to test the Roble and Ciruela vein systems. These two vein systems are in addition to the five other vein sets that Riverside has mapped in this gold-silver epithermal district, which is located only two hours from Mazatlan by car on almost entirely paved roads. The good access, strong geochemistry and favourable geologic environment make the La Silla project a joint venture exploration property that will see near-term exploration activity with new discovery potential.
Initial partner-financed exploration results anticipated this fall and permitting for drilling under way.
Clemente joint venture
The Clemente project is located in Sonora, Mexico, and is host to a number of historical vein workings. Riverside has previously identified high-grade gold and silver values during past sampling programs. During late August, Riverside was informed by Silver Viper that Silver Viper will be terminating the option to earn a 70-per-cent interest in the project. Riverside will receive the project back with underlying payments and taxes covered for an additional three months. The first drill campaign (1,062 metres) was undertaken by Silver Viper and found various zones of mineralization confirming the structures and intersected shallow old workings of previous mining. The next phase of work will expand beyond the past workings and follow up the structures and three exploration targets.
Riverside is compiling targets and new information for the Clemente project and is actively following up for new partnership opportunity to drill-test the permitted and additional targets.
Equity and royalty exposure: Sugarloaf Peak (Croesus Gold Corp.)
The Sugarloaf Peak gold project hosts a central target area that includes a near-surface, large low-grade gold system that could be related laterally or overtop of a porphyry copper system. There have been more than 70 drill holes completed historically at Sugarloaf and private company Croesus Gold has been progressing Sugarloaf since Riverside agreed to sell the project for cash and shares. Croesus is anticipated to explore go-public transaction opportunities in the near future.
Riverside currently holds three million Croesus Gold shares and retains a 2-per-cent net smelter return, which provides the company with exposure to future corporate or project level successes.
Riverside copper assets
Riverside holds a portfolio of three priority, open-pit, copper porphyry prospects in Mexico that the company has generated while working with financing partners. The company has continued to refine copper targets with a company geologist currently completing additional mapping work at the Thor project, and additional targets already generated at the Ariel and Teco projects as well.
Riverside refining targets and exploring either packaged copper portfolio transaction opportunities, or individual option agreements to advance exploration and drill test one or more of the company's copper prospects into a major copper company.
Riverside's president and chief executive officer, Dr. John-Mark Staude, stated: "We are pleased to have partners and be taking steps ourselves in advancing our portfolio of high-quality precious and base metal projects toward unlocking the next big discovery in Mexico. We appreciate the support and contributions from our shareholders and diverse exploration team as we see many stock catalysts in the coming months including our particular excitement with the Cecilia project and its news flow to come in early September."
Corporate updates
Riverside is pleased to announce that Freeman Smith, PGeo, has agreed to his promotion to the role of vice-president of exploration of Riverside. Riverside's current VP, exploration, Ronald Burk has moved into Riverside's advisory board and remains engaged in the company's exploration efforts. Mr. Burk continues to work closely with Riverside's technical team and the company appreciates all he has and will continue to do with Riverside. Mr. Smith has extensive experience in Mexico, working in specific deposit types and areas that Riverside is active and brings strong field focus and business skills to help the technical group generate new deals with strong exploration targets and co-ordinate with partners. Mr. Smith has already been working for Riverside for eight months and now transitions into the vice-president role.
Riverside maintains its tight share structure with fewer than 45 million shares issued, a strong cash position of more than $2.3-million and no debt. The company will see further growth on the projects in the coming months and aims for exploration discovery through drilling by partners as well as focused self-financed programs.
Riverside's president and chief executive officer, Dr. Staude, stated:"We are thankful for the excellent contribution Ron Burk has given and continues to dedicate toward Riverside. We welcome the enthusiasm and experienced leadership of Freeman Smith to elevate his role and contributions moving forward with Riverside's strong lineup of mineral discovery opportunities. Riverside has been evaluating and implementing some cost-cutting measures in response to the current market conditions with our current expenditure focused on advancing key targets in the portfolio toward drill-ready stage and new partnerships."
Qualified person and quality assurance/quality control
The scientific and technical data contained in this news release was reviewed and/or prepared under the supervision of Mr. Smith, PGeo, 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.
About Riverside Resources Inc.
Riverside is an exploration company driven by value generation and discovery. The company has over $2.3-million in cash, fewer 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 portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the company also strives to diversify risk by securing joint venture and spinout partnerships to advance multiple assets simultaneously and create more chances for discovery.
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