Riverside Resources Reports Drill Results From El Capitan Project, Durango, Mexico
October 19, 2008
October 20, 2008 -- Vancouver, British Columbia: Riverside Resources Inc. (TSX-V: RRI) is pleased to report encouraging drilling results that consistently intersect a shallow, gold mineralized body at the El Capitan gold project in the Penoles Mining District, Durango, Mexico. The 968 metre diamond drilling program consisted of five holes which identified a central gold zone that connects with gold outcrops and now with this drilling campaign suggests broader continuity of gold mineralization. Drill assay highlights of the program include:
- 9.80 metres grading 1.07 g/t Au from hole CDDH-08-01
- 9.55 metres grading 1.11 g/t Au from hole CDDH-08-02
- 1.45 metres grading 2.51 g/t Au from hole CDDH-08-01
"Our exploration program has confirmed the discovery of a relatively shallow, 10 to 30 metre thick gold-rich mineralized horizon which is a new gold body in the Penoles District of Durango, Mexico," said Dr. John-Mark Staude, President and CEO, Riverside Resources. "The new El Capitan gold body in the Penoles District has similar geology and gold grades to the currently operating Castillo Mine of Castle Gold, located 75 km to the south of El Capitan. We are pleased that the El Capitan drill program was completed under budget and effectively evaluated the geologic target with gold intercepts in all five holes. Riverside only tested the Capitan target and the other targets look promising as the polymetallic veins are what has historically been produced in district thus leaving substantial upside in addition to the gold body the company has now discovered."
The five hole drill program at El Capitan confirmed the hypthothesized epithermal style gold deposit located at the basal geologic contact. This geologic feature appears to be predictable and so far consistently traceable laterally into a wide and continuous surface exposed volcanic-sedimentary contact similar to other known gold districts such as Round Mountain, Nevada and Mulatos, Sonora. The geologic interpretation indicates potential expansion with further drilling and potential growth of the gold-rich mineralized volume. Holes 1 and 2 both intercepted the targeted silicified, oxidized volcanic-sedimentary permeable contact zone with gold values across selected intervals returning 9.80 metres of 1.07 g/t Au and 9.55 meters of 1.11 g/t Au, respectively. Longer intervals of 29.2 metres of 0.53 g/t Au and 32.3 metres of 0.66 g/t Au were intercepted in holes 1 and 2 respectively. Step out drill holes 3, 4, and 5, penetrated the stratigraphic contact with gold bearing intervals of 0.2g/t to 0.4g/t Au and begin to define a large volume, lower gold grade of mineralized rock. Results from the current drill program taken in conjunction with previous drill results from the Capitan Hill define a high grade, greater than 1 g/t, gold zone inside a large volume of approximately 0.5 g/t Au average grade in oxidized rocks. This mineralized area links with the surface exposed gold rich zone which has a strike of greater than 1,000 meters and has now been drilled over a 700m x 200m area and remains open to the Northwest of the contact zone.
Summary of Selected Capitan Project, Penoles District, Durango, Mexico Drill Results
* 1000 ppb = 1 g/t
The El Capitan drilling has successfully intersected the IP anomaly identified by Riverside's summer exploration work and a larger potential foot print of possible mineralized rock can be interpreted. More drilling is warranted to further test the strong conductive and resistive qualities as well as to now target a potential high grade feeder zone. The current drill program was shallow and focused on El Capitan open pit, epithermal gold target to evaluate volume and continuity. There are at least two key target areas remaining to be tested: the polymetallic, silver-gold veins which were previously mined at Penoles and an undrilled 3 kilometer long vein system. The vein mineralization has extensive potential with the possibility for a vein discovery similar to those found in the Fresnillo District in Zacatecas, Mexico.
The Penoles District exploration on Riverside's >310 square kilometer concession area has resulted in a new open pit gold discovery, the development of two other drill target areas and has outlined a number of follow up exploration areas. Cross sections, details about the drilling and a rotating 3-D model are available on www.rivres.com to show the drill hole locations and intercepts more clearly.
Riverside Resources is focused on capitalizing on the technical team's strong experience and on the ground local approach of mineral exploration. Partnering with other companies on the majority of the projects ensures a number of projects each year will be drill tested. The generative program is based on the team's more than 60 years of collective exploration experience and participation in over a half dozen orebody discoveries. At the end of September 2008 Riverside had approximately $3.7 million in cash on hand and 17,828,500 shares issued and outstanding.
The scientific and technical data contained in this news release were prepared under the supervision of Locke Goldsmith, P. Eng., P. Geo., an 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 for the Capitan project were prepared by Inspectorate Labs of Hermosillo, Sonora, Mexico and then analyzed by Inspectorate Labs of Reno, Nevada, USA using aqua regia digestion on a 15-gram sample followed by ICP-MS analysis. All labs are ISO certified.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John Mark Staude"
Dr. John-Mark Staude, President & CEO
Certain statements in this press release may be considered forward-looking information, which statements can be identified by the use of forward looking terminology (e.g., "expect" or "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. Riverside disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For additional information contact:
President & CEO, Director
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Corporate Communications Manager
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
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