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RRI Riverside Resources Inc

0.13
0.00 (0.00%)
26 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Riverside Resources Inc TSXV:RRI TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.13 0.12 0.135 0 01:00:00

Riverside Resources and Alliance Partner Antofagasta Commence Exploration in Preparation for Drilling at the Swift Katie Porp...

27/05/2014 1:30pm

Marketwired Canada


Riverside Resources Inc. ("Riverside" or the "Company") (TSX
VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99), is pleased to announce that
spring exploration work has now begun at the Swift Katie Project (the "Project")
located in south-eastern BC, with drilling to follow later in the summer. The
first phase of the program has been designed with the goal of identifying new
targets, as well as to advance known targets generated through the 2013
exploration program within the 11km x 3km target corridor of favourable geology,
geochemistry and geophysics. Of particular focus for the 2014 program is a newly
identified, high priority target located 2km south of the historically defined
Katie copper-gold porphyry deposit. The newly identified "Swift" porphyry target
is characterized by a 2km by 2km multi-element soil anomaly underlain by a
favourable geophysical signature. This area has limited outcrop but porphyritic
intrusive rocks and altered volcanic rocks were recognized by Riverside
geologists within and adjacent to the target area.


This initial phase of 2014 exploration work will include the expansion of the
soil grid started in October 2013, and will consist of approximately 300
additional soil samples covering the remaining 5km of strike length of the
prospective corridor. Soil sampling will be coupled with prospecting and mapping
at the Swift target and at regional targets along the trend. Historic drill core
from the Swift and Katie showings will also be relogged as Riverside and
Antofagasta work together to refine and rank targets for drill testing.


Riverside's President and CEO, John-Mark Staude, stated: "We are excited to get
going with exploration in British Columbia (BC) and look forward to expanding on
historic and known mineralization at the Swift Katie Cu-Au-Mo district. We
believe there is plenty of exploration upside in the prospective corridor at
Swift Katie. Progressing with our alliance partner, Antofagasta, funding the
work, provides shareholders with low-cost potential for discovering and owning a
major Cu-Au asset in BC."


Agreement Details: 

Riverside Resources (BC) Inc., a wholly owned subsidiary of Riverside, signed an
Earn-in Agreement with Valterra Resource Corporation ("Valterra"), for the
exclusive right and option to acquire an undivided 80% interest in the Swift
Katie Project by incurring cumulative exploration expenditures of $5 million
over four (4) years. This agreement is undertaken as part of Riverside's
exploration alliance with a wholly-owned subsidiary of Antofagasta plc
("Antofagasta"). For more information on the agreement or Riverside's strategic
partnerships please visit the Company website at www.rivres.com.


Swift Katie Property Details:

The Property is located within the well-mineralized Quesnel Terrane, in a
geologically favourable area of south-eastern British Columbia that historically
has hosted several important mining camps. Three main outcropping mineralized
areas have been delineated on the Property and for many years they were each
explored separately in claims with different ownership. The claims were
amalgamated into a single property for the first time by Valterra, and Riverside
was then able to work with Antofagasta to complete an option on the consolidated
land package. There have been numerous geological, geochemical and geophysical
surveys completed on the Property with some of the most significant work funded
by subsidiaries of Noranda and Falconbridge in the 1980s-90s. These programs
identified several exploration targets, with the most advanced prospect being
the Katie deposit, an alkalic copper-gold porphyry deposit which has been tested
by 71 drillholes to date and remains open in several directions. Historic
drilling at the Katie occurrence covers an approximately 2.5km x 1.5km area with
several untested soil, IP, magnetic and resistivity anomalies in close proximity
to known mineralization. 


At a district-scale, the Property covers an 11km by 3km trend - as seen in
airborne magnetics - that remains virtually unexplored (outside of the Katie
occurrence) for copper-porphyry targets to date and hosts significant
exploration potential for new discoveries. The Property is located in an
infrastructure-rich area of southern BC (roads, rail, power, and proximity to
the Trail smelter), where a milder climate allows for a long field season, and
extensive road networks allow for low-cost exploration. Furthermore, the
Property is situated in a favourable region of the Province that has a strong
community of experienced people on which to draw. Soil geochemistry and other
prospecting work underway along this trend should provide additional targets for
the summer drilling program.


Qualified Person and QA/QC:

The scientific and technical data contained in this news release pertaining to
the Swift Katie Project was reviewed by Paola Chadwick, P.Geo - BC Exploration
Manager, 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 a well-funded prospect generation team of focused, proactive
precious and base metal discoverers with the breadth of knowledge to dig much
deeper. The Company currently has more than $4,500,000 in the treasury and
approximately 37,000,000 shares outstanding. The Company's model of growth
through partnerships and exploration uses the prospect generation business
approach to own resources, while partners share in de-risking projects en route
to discovery. Riverside has additional properties available for option with more
information available on the Company's website at www.rivres.com.


ON BEHALF OF RIVERSIDE RESOURCES INC.

Dr. John-Mark Staude, President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Riverside Resources Inc.
John-Mark Staude
President & CEO
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com


Riverside Resources Inc.
Joness Lang
Manager, Corporate Development
(800) RIV-RES1
(778) 327-6675 (FAX)
jlang@rivres.com
www.rivres.com

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