Mr. John-Mark Staude reports
PARTNER-FUNDED FIELD WORK UPDATE FROM THE GLOR GOLD PROJECT IN SONORA, MEXICO
Riverside Resources Inc. has provided an update on the progress of the partner-financed exploration program that is being conducted with Centerra Gold Inc. at the Canasta target on the Glor project. The Canasta target is located six kilometres to the east of the main Glor concession, where Riverside recently drilled with partner Centerra Gold. The Canasta target is only five km from Alamos Gold's El Chanate open-pit gold mine, which produced over 60,000 gold ounces in 2017.
Project fieldwork completed in the spring of 2018 focused on the new Canasta target, where soil survey and rock sampling results have been encouraging, witha number of bedrock occurrences of gold and base metal mineralization being discovered. Geological mapping and interpretation of aeromagnetics data has identified a 3.5 km long structural zone on the property, which appears to be prospective for gold mineralization based on results of stream sediment and soil geochemistry surveys. The work programs completed on the Canasta concessions were financed by partner Centerra Gold.
Riverside's president and chief executive officer, John-Mark Staude, stated:"We are encouraged by the exploration results obtained at the Canasta target which we acquired with partner Centerra Gold through the Mexico concession lottery system. The soil survey and rock samples have provided positive results that encourage Riverside to continue with drill target definition. We look forward to further exploration work being done at the project leading to a potential drilling campaign later in the year."
The Canasta target was acquired by Riverside in late 2017 through a Mexican government-run tenure lottery process whereby previously held concessions were made available for claiming through the Mexican Mining Agency. Riverside was awarded the rights to the titles to the two Canasta Dorada concessions which lie between the El Chanate mine property and Riverside's main Glor concession to the west.
Once the rights to the Canasta Dorada concessions were secured, work programs were designed and initiated with partner financing by Centerra Gold. A stream sediment survey comprising 96 minus-80-mesh field samples was completed first, followed by a soil geochemistry survey that covered the two Canasta concessions with technical input of partner Centerra Gold. A total of 750 field samples were analyzed for the soil survey, in addition to 75 quality assurance and quality control (QA/QC) samples (standards and blanks). Reconnaissance and local detailed mapping was completed while the geochemical surveys were being carried out.
The mapping and geochemical surveys done on the Canasta concessions identified a northwesterly trending zone of highly deformed rocks showing patchy hydrothermal mineralization and scattered occurrences of gold and base metal mineralization. This zone crosses the two Canasta concessions and provides a similar structural orientation to that found in the original Chanate fault and mine.This zone, up to 450 m wide at Canasta, is marked by the presence of multiple lenses of granitic rock that occur within a thick unit of foliated conglomerate. These lensoidal bodies of felsic intrusive rock are interpreted to be segments of granitic dikes that were structurally disrupted by ductile shearing during a major compressional deformation event. The granitic lenses within the sequence of folded, flattened and sheared sedimentary rocks are preferentially altered (quartz-sericite-carbonate) and locally are mineralized with disseminated pyrite, which is now supergene oxidized. This broad and continuous shear zone represents a new and important gold target for the project, one to be further explored for a deposit of orogenic-type gold mineralization similar to that found at the El Chanate mine located five km to the east. Assay results of the recently completed geochemical surveys and detailed mapping are now being analyzed to determine where drill targets can be defined.
Qualified person and QA/QC
The scientific and technical data contained in this news release pertaining to the Glor project was reviewed and/or prepared under the supervision of Ronald Burk, PEng, 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.
About Riverside Resources Inc.
Riverside is an exploration company driven by value generation and discovery. The company has approximately $3-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 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 spin out partnerships to advance multiple assets simultaneously and create more chances for discovery.
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