Exploration Work Underway With Centerra Gold at Riverside's Tajitos Gold Project, Sonora, Mexico
TSX VENTURE: RRI
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 30, 2015) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) is pleased to announce that exploration work has commenced with partner Centerra Gold Inc. ("Centerra") at the Company's Tajitos Gold Project (the "Project") in Sonora, Mexico. This first phase of work is already expanding the target size and documenting high quality future drill targets. The initial $300,000 USD exploration program funded by Centerra Gold includes extensive continuous channel rock chip trenching and stream sediment sampling to test the surface expression of grade and continuity of the gold target, which is interpreted to be at shallow depths based upon previous mapping and exploration work completed by Riverside.
Areas of exposed rocks in the Tajitos zone are being chip-channel sampled and trenching will explore gravel covered areas along the northeast trending sample lines. The sample lines generally run perpendicular to the strike of the several kilometre long shear zone with features similar to producing mines in the area including Herradura Mine of Fresnillo, San Francisco Mine of Timmins Gold and the Chanate Mine of Alamos Gold. The sampling on northeast trending traverses will evaluate approximately 4,000 metres of sheared and altered rock along 6 sample lines in an area 2 km wide. Strongly silicified rhyolitic volcanic rocks and quartz monzonite with well-developed sericite and oxidized pyrite were encountered in the first 2 lines, which is similar to mineralization style known at Fresnillo's Noche Buena Mine located 35 kilometres to the NW along the major shear zone trend. The strongly altered zone on some of the Tajitos hills is exposed along a continuous length of nearly 300 metres with a vertically exposed apparent thickness of at least 60 metres in outcrops. Assays and results from the initial sampling work are expected in early 2016.
Riverside's President and CEO, John-Mark Staude, stated: "The exploration team at Riverside is quickly into action with the partnership funding from Centerra as they begin their potential $6,000,000 work investment into Riverside's 100% owned property. The sampling and mapping will expand upon previous work and the regional scale Tejo area, which covers more than 50 square kilometres within the prolific megashear gold trend of Sonora. We look forward to initial results and continued collaboration with Centerra at Tajitos in 2016. Riverside continues to carefully focus using our cash position of over $3,000,000 to acquire additional high quality projects at deep industry discounts to position and grow the business."
Riverside's consulting geophysicist reprocessed the high resolution aeromagnetic survey data collected by the Mexican Government's Servicio Geologico Mexicano (SGM). Northwest trending magnetic low and paired magnetic high linear features interpreted to be major fault system zones, believed to be related to magnetite destructive alteration, were identified in the Tejo area of the project. These features will be more fully explored with stream sediment sampling programs in the gravel covered valleys. This work builds upon Riverside's earlier ground magnetic and sampling work, which documented these features allowing now a broader more comprehensive program to be undertaken with the partner funding.
Please refer to Riverside's press release on October 20, 2015 for Option Agreement details: http://ow.ly/UVhFA.
Pursuant to the Company's Bonus Share plan, and subject to TSX-Venture approval, the Company issued a total of 320,000 Bonus Shares (the "Shares") to certain Directors, Officers and Consultants. The Shares were issued on November 30, 2015 at a deemed price of $0.15. The shares are subject to a four month hold period expiring on March 30, 2016.
About the Tajitos Project:
The 61.25 km2 Tajitos Gold Project is located in the heart of the Sonora-Mojave Megashear Gold Belt. The Project was acquired by Riverside from a private owner and is owned by Riverside 100% with no underlying royalties. Previous work programs completed by Riverside confirmed high grade gold values in quartz veins and anomalous values of gold in fault zones with only minor quartz veining. Riverside results from rock chip geochemical sampling on the vein systems at Tajitos range from <0.005 to 34.74 g/t gold and from <0.1 to 383 g/t silver over widths ranging from 0.5 to 3.0 metres. Sampling outside the veins in silicified and sericite altered volcanic and intrusive rocks have returned gold values from <0.005 to 1.02 g/t.
Please refer to Riverside's press release on January 14, 2015 for results from Riverside's underground sampling work at Tajitos: http://ow.ly/UVhZG.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Tajitos Gold Project was prepared, reviewed and approved by Greg Myers, PhD, P.Geo, - VP, Exploration, 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.
Reported 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.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks - including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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(778) 327-6675 (FAX)
Riverside Resources Inc.
VP, Corporate Development
(778) 327-6675 (FAX)