ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

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 Hochschild Mining Discover High Grade Gold Zone and Continue Advancing Exploration a...

21/07/2014 1:30pm

Marketwired Canada


Riverside Resources Inc. ("Riverside" or the "Company") (TSX
VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99), is pleased to announce results
from the recent exploration program and upcoming plans at the Cajon Project (the
"Project") in Sonora, Mexico. Riverside conducted an exploration program
consisting of detailed rock sampling and structural, geologic, and short-wave
infrared (SWIR) alteration mapping. This work has led to the discovery and
initial delineation of gold-bearing vein zones similar to those found at the
Herradura Mine (operated by Newmont-Fresnillo) located 147 km to the northwest
and the San Francisco Mine (operated by Timmins Gold) located 60 km to the east.
At Cajon, the initial target area of San Blas has been the primary focus so far
with very promising results from rock samples taken to date. A total of 294 rock
samples were collected, averaging 0.51 g/t gold (Au), including 20 samples with
grades above 1 g/t Au and two samples of 37.9 and 19.11 g/t Au. 


In addition to the rock samples highlighted above, sampling by previous owners
included 362 rock samples with average grades of 1.39 g/t Au, including 42
samples in the range of 1 - 10 g/t and 7 samples greater than 10 Au g/t,
including two of 117 and 86.0 g/t Au. Riverside geologists have now clearly
defined a main target zone, which has a central core measuring 450 x 250 metres
in extent showing a high density of quartz-hematite after pyrite veins. The
veins are surrounded by pervasive quartz-sericite-hematite alteration and
disseminated mineralization, which indicates excellent potential for a bulk
tonnage gold deposit. 


The Cajon Project is being advanced as part of the Riverside-Hochschild
Strategic Alliance (see press release dated April 15, 2013), with Hochschild
having the opportunity to earn a 65% interest in the Project by incurring
$5,000,000 in exploration expenditures over four years and making a onetime
$3,000,000 cash payment to Riverside. Next exploration steps at the Cajon
Project will include further mapping and sampling at four other target areas on
the greater than 60 km2 property and detailed work to expand the San Blas target
in all directions; trenching and then drill testing are expected to follow for
San Blas as well as further work on additional target areas on the Project. 


Riverside's President and CEO, John-Mark Staude, commented, "We are pleased with
our Alliance team's progress in the Sonora Megashear Gold Belt, as the Cajon
Project moves along with trenching and expanded sampling towards drill testing
while additional high-quality targets are being generated. The features we see
so far are similar to many found in the known nearby gold operations of AuRico,
Newmont-Fresnillo, Timmins Gold as well as past producers like those of Hecla
all located within 150 km of this project. We look forward to further
partner-funded results and drilling in the Sonora Megashear in the months
ahead."


Further Project Details: 

The Project is located within the Megashear Gold Belt of northwest Sonora,
Mexico. It is 9 km east of the Cerro Colorado Mine, in Trincheras Municipality,
Sonora Mexico. The San Blas target comprises a N-S trend of veins, disseminated
mineralization, and mineral showings over an area of approx. 4.5 x 0.8
kilometres. Mineralization at Cajon is controlled by NNW-striking
quartz-oxidized pyrite veins with quartz-sericite-oxidized pyrite alteration
halos; quartz-base metal (Ag-Pb) veins; and hematite-cemented breccias.
Mineralization is hosted in Precambrian megaporphyritic granite which forms a
brittle, preferentially fractured host amenable to forming pathways for
mineralizing gold fluids. 


The mineralization at the San Blas target extends to the north and south of the
main target area for up to 4.5 km, reaching historic high-grade mines at El Tiro
and La Yaqui, and the currently operating Boludo Gold Placer operation to the
north, and a number of historic gold operations at Las Amarillas, El Cajon, and
Tierra Blanca, to the south. The mineralized trend parallels other high-grade
veins in the area such as Bufalo, La Nina, Jabali and Oreros veins. The San Blas
target shares several geological characteristics with the nearby Cerro Colorado,
San Francisco and El Chanate gold mines in the Mohave Sonora Megashear Gold
Belt.


Corporate Updates: 

The Company would like to announce that Joness Lang has been appointed Vice
President, Corporate Development. Mr. Lang has been with the Company for four
years and has played a major role in managing and growing the business (click
link to view full bio: http://bit.ly/1kA9YQA). The Company would also like to
welcome Fred Daley to the Company's Advisory Board. Mr. Daley recently retired
after serving 15 years as VP, Exploration for Teck Resources and brings a wealth
of knowledge and experience to the Company's advisory group (click link to view
full bio: http://bit.ly/1tWOlmU)


Qualified Person and QA/QC: 

The scientific and technical data contained in this news release pertaining to
the newly acquired Cajon Project was reviewed and prepared under the supervision
of Riverside's Chief Geologist, David S. Smith, MS, MBA, CPG, 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 acts as a
"qualified person" under National Instrument 43-101 Standards of Disclosure for
Mineral Projects. 


Samples were taken to Hermosillo, Mexico where ALS Laboratory Group's mineral
division ALS Chemex crushed and pulverized each sample. The rejects remained
with ALS Chemex while the pulps were transported to ALS Chemex's ISO 9001-2008
certified laboratory in North Vancouver, BC, Canada for analysis. A QA/QC
program was implemented as part of the sampling procedures for the exploration
program. Standard and blank samples were randomly inserted into the sample
stream prior to being sent to the laboratory.


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


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

1 Year Riverside Resources Chart

1 Year Riverside Resources Chart

1 Month Riverside Resources Chart

1 Month Riverside Resources Chart