Riverside Resources Completes Independent Ni 43-101 Report For Penoles Project Gold And Silver Targets In Durango, Mexico
June 15, 2009
June 16, 2009 -- Vancouver, British Columbia: Riverside Resources Inc. (TSX-V: RRI) is pleased to announce that it has received and is filing the independent NI 43-101 technical report on the 350 km2 Penoles concession located in the Penoles Mining District, Durango, Mexico. This new report summarizes work from both Riverside and previous explorers on the project which has focused on the El Capitan gold target, Jesus Maria silver-gold vein targets, and San Rafael and El Tubo gold-silver epithermal vein targets.
The NI 43-101 report outlines the drilling and targeting to date and puts forth a recommended follow-up program. The suggested exploration program consists of two stages that include drilling on at least four target areas in order to accomplish two goals. First, to continue outlining the 700m x 250m x 70m gold body at El Capitan and second, to drill the various polymetallic vein targets, adjacent to historic underground mines, in order to test the depth and length of the high grade silver-gold mineralization.
"The completion of the 43-101 report on the Penoles project is an important part of Riverside's strategy for project advancement. The property has more than four precious metal targets, each of which has the possibility to be advanced independently. The El Capitan Target alone has returned consistent gold grades and has the potential to be a future open pit gold mine in Mexico, similar to the Castillo Gold mine operated by Castle Gold 70km to the south," commented John-Mark Staude, President & CEO Riverside Resources,
Riverside's work thus far indicates potential to expand the El Capitan zones along strike and at depth, thus adding gold ounces to the current body of mineralization. 2008 drilling results consistently intersected a shallow, gold mineralized body. 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 data suggests broader continuity of gold mineralization.
The vein targets show extensive silver mineralization and new data continues to upgrade the drill targeting on the more than six vein structures so far identified. Compania Minera Industrias Penoles mined the Jesús María vein system from 1887 to 1908 and produced grades from 300 to 2000 g/t silver, 3-12% lead, and 4-10% zinc to a depth of 200 meters. Highlights from Riverside's spring 2009 field campaign returned high grade silver-gold results from the Jesus Maria target exceeding 300 g/t silver and 1 g/t gold. The length and shallowness of mineralization along the historically mined veins indicates potential for further discovery on the silver--gold mineralization along a 2-8m wide vein. Exploration indicates that the silver-gold vein is possibly one of the feeder structures that may have contributed to the disseminated, bulk tonnage potential hot-spring style gold mineralization at El Capitan which occurs immediately south of the Jesus Maria veins.
The San Rafael vein system strikes east to west and contains several historical mining sites. It includes a major shaft exceeding 100 meters depth and an abandoned mill site at the centre of the vein system. The San Rafael vein was also historically mined by Compania Minera Industrias Penoles producing grades ranging from 300 to 1000 g/t silver. The vein structures appear to have no known drilling although there are open stopes indicative of historical production. The data recently acquired for the Penoles District silver-gold veins suggests the possibility of the targets becoming a significant silver camp, comparable to that which was operated by Compania Minera Industrias Penoles in the same location a century ago.
The El Tubo is a gold-bearing vein system one kilometer to the east of the village of Penoles where values of 0.5 g/t gold are common in surface samples and a 30 meter wide alteration body has been mapped and could be drill tested. Recent assays show relatively high gold:silver ratios compared to the silver-base metal dominant veins at Jesus Maria and San Rafael, a possible indicator of a two stage mineralization history in the Penoles Mining District. Surface samples have identified potential targets along the down dip continuation of strong silicification, quartz stockwork, and hematized brecciation. The recent drilling by Riverside at El Capitan intersected extensive hematite and silica in some of the gold rich zones and the El Tubo zone may be a feeder zone into a different but similar mineralized stratigraphic contact.
The report will be filed on www.sedar.com as well as made available on Riverside's website. Three dimensional graphics on the Riverside website make it possible to visualize the drill intercepts and observe the continuity so far demonstrated by the two campaigns of drilling at El Capitan. The NI 43-101 Technical Report and the technical content of this news release has been approved and field review completed by Mr. H. Andrew Daniels., P. Geo, an independent qualified person as defined in NI 43-101. For more details on the mineralization and previous exploration of the Penoles District, please visit www.rivres.com .
About Riverside Resources:
Riverside Resources Inc. is well financed with over $4,000,000 in the treasury and 21,805,080 shares outstanding. The Company operates under a joint-venture, shared-risk business model that capitalizes on the company's technical knowledge and vast experience in the field. The company acquires quality projects that have unrecognized upside and solid potential for discoveries then mitigates risk by working with partners to advance the project. By undertaking this high-return exploration and evaluation work Riverside is exposed to high growth potential. With a dedicated team of proven resource discovers the company generates a high quality property portfolio and then partners with others to conduct the extraction of mineral assets. Riverside is currently operating an Exploration Alliance with Kinross Gold Corporation and has optioned two of its properties to Arcus Development Group Inc. Riverside is predominantly active in Mexico and Arizona where a drill program is expected to begin this summer on the large gold system at the Sugarloaf Peak Gold Project. Additional property information and diagrams that have been completed by Riverside's in-house exploration team can be found on the Riverside Resources Inc. website at www.rivres.com .
ON BEHALF OF RIVERSIDE RESOURCES INC.
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","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.
For additional information contact:
President & CEO
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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