Riverside Resources Reports Drill Results From Sugarloaf Peak Gold Project, Arizona
December 29, 2009
December 30, 2009 - Vancouver, British Columbia: Riverside Resources Inc. (TSX-V: RRI) ("Riverside" or the "Company") is pleased to announce that the Company has completed drilling and received assay results from all five holes on its 100% controlled Sugarloaf Peak Gold Project in Arizona. The drill program successfully substantiated a portion of the historic data, while testing the geologic model at depth. Drilling targeted the southern portion of the 4 km² surface gold anomaly and was not focused on duplicating previous work by twinning historic drill holes. Riverside completed five angled diamond drill holes on the property for a total of 1,125 meters to a maximum true depth of over 200 meters in any one hole; intercepts are summarized in the table below.
Drilling identified continuous mineralization in all five holes, confirming the presence of an extensive mineralized body to a depth greater than more than double the depth of that previously recorded in historic gold assay drill data. The drill program targeted mineralization that is associated with the geologic models found at the Herradura Mine (Newmont Mining Corp. Industrias Penoles), Mesquite Mine (New Gold Inc.), and El Chanate Mine (Capital Gold Corporation). Disseminated gold mineralization appears similar to that found with this drill program on the Sugarloaf Peak gold project¹. All of the mentioned deposits are large low cost open pit gold mines extracting low grade gold near surface.
"The focused drill program on the large mineralized body at the Sugarloaf Peak Gold Project has helped Riverside begin to delineate the character and dimensions of a portion of the mineralized area as well as to better understand the geology of the gold system. During the drill campaign our team continued to explore the large surface footprint and has identified new, higher grade zones, on the northern, eastern and western extensions of the project through surface sampling. These zones will be studied in future work programs as we target high grade zones now with greater understanding of the mineralization controls. We look forward to seeing the Sugarloaf Peak Gold Project advance as we begin to better interpret the mineralization controls and continuity of the strong alteration system," commented John-Mark Staude, President & CEO of Riverside. "Riverside is strategically positioned to grow with C$2,900,000 in the treasury and fewer than 22,000,000 shares issued. In the coming month Riverside will continue to grow while advancing the Sugarloaf Peak Gold Project."
Gold mineralization with continuously strong hydrothermal alteration was intersected in all five drill holes, confirming the presence of an extensive mineralized gold system. The mineralization includes shallow oxides transitioning to sulfides at varying depths of 10 to 15 meters from the surface and deeper zones along shear zone structures. All five drill holes confirmed the presence of an extensive mineralized gold system with gold mineralization from the top to bottom of the holes. The intervals below have been determined using a 0.2 g/t gold (Au) cut off with a maximum gap of two meters between intervals below the cut off grade. Historic results prepared by previous companies on the property presented the data using different parameters which identified longer intervals with no cut off grade. Riverside's parameters show numerous shorter intervals from the drilling rather than extended intervals.
Table 1: Significant Drill Intersections
Intersections were calculated using a length weighted multiplication of gold grade multiplied by the sample interval and then divided by the total interval. Intervals were calculated at a 0.20 g/t (gram per tonne) Au cut off using a maximum of 2 meters of internal dilution.
Drilling was conducted by Brown Drilling Company and intersected wide zones of mineralization within an altered rhyolite unit. The mineralization appears to be controlled geologically by both shallow and steeply dipping structures and quartz stockwork veining. This stratigraphic unit and associated structures have been traced across the property in surface mapping and extends for more than 3 kilometers NW-SE along strike. This undrilled structural corridor gives more than six other drill target areas that remain to be tested. In addition, mineralization has been sampled to the north, east and west of the historic resource outline. Riverside will continue to follow up with further exploration work in early 2010.
Riverside is a team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The company has an experienced exploration team that leverages its in-house technical knowledge and vast experience in the field to make discoveries. Our geologists use the company's proprietary Mexico database, which is an amalgamation of field knowledge, when it ventures to uncover opportunities that might otherwise be overlooked. The Company's hybrid "prospect generator / drill discoverer" model, allows Riverside to mitigate risk and conserve capital while exposing shareholders to discoveries through focused drill programs. Riverside's expertise is in the Americas with a focus in Mexico and Arizona. 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
"Knowledge Is Golden"
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
Riverside Resources drill program was managed by Mr. H. Andrew Daniels, P.Geo. Vice President of Exploration for Riverside and a Qualified Person (QP) under National Instrument 43-101 (NI43-101). Mr. Daniels has verified and approved the data disclosed in this release, including the sampling, analytical and test data underlying the information. Samples were prepared and assayed at Inspectorate Laboratory, Sparks, Nevada. Analysis for gold was done on sawn half core samples using 30 gram fire assay (AA finish). Drill core was HQ size (64mm) and drilled at angles of -45 and -60 degrees to the south (180 degrees). Drill collars were located using hand held GPS and, following drilling, were permanently marked with steel pins. Standard reference materials and blank samples were inserted into the sample stream in accordance with industry best practices prior to shipment from site to monitor the quality control of the assay data.
*These estimates at the Sugarloaf Peak Gold Project are of historic resources and the Company's geologic team has not yet completed sufficient work to confirm a NI 43-101 compliant resource. Therefore, the estimates cannot, and should not be relied upon. The Sugarloaf Peak historical, non-43-101 compliant resource estimate was reported in N.R. Dausinger Jr, 1983 and N.R. Dausinger Jr., 1987 using a polygonal estimate of all drill holes that had gold assays and there have been no subsequent resource estimations. Dausingers' reports are included in Goldsmith, 2008, 43-101 Technical Report on the Sugarloaf Peak project. The report describes a number of historic non-NI 43-101 compliant resource estimations including 100 million tons at ~ 0.5 g/t gold average grade for a total of 1.5 million ounces gold from shallow drilling averaging less than 130m depth. A more recent report describes a higher grade historic, non-NI 43-101 compliant, estimated resource of 60 million tons of ~ 0.6 g/t average grade for a total of 1.2 million ounces gold with mineralization open to depth and along strike. The historic estimates appear reliable based on the data available at the time and are relevant for the volume of mineralization drilled at that time. Additional drilling that was completed subsequent to N.R. Dausinger Jr., 1987 and prior to 43-101 procedures has not been taken into account as there are no rock sample material remains, and no attempt been made to calculate a new resource estimation. Dausinger's estimation is at the inferred resource level of certainty and includes tons, cut-off grade, average grade at various levels which is consistent with the CIM definitions. This historic resource estimation along with other estimations is summarized in the NI 43-101 technical report, which is filed on www.sedar.com.
1There is no certainty that a similar deposit exists or will be developed on the Sugarloaf Peak Property.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.