Riverside Resources Acquires The Tajitos Gold Project In Sonora, Mexico
January 04, 2010
January 5, 2010 - Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) is pleased to announce that it has acquired the Tajitos Gold Project in Sonora, Mexico. Riverside's Sonora based technical team identified and acquired the greater than 58 km2 Tajitos project by combining the Company's Mexico Database, local geologic knowledge, historic production data, and extensive personal networks. Previous mining produced an estimated 50,000 ounces of high grade gold from veins by producing more than 200,000 tons of ore, during at least three operational campaigns over the past 100 years. Recent drilling by Penmont Mining Company intersected gold quartz veins and found mineralization extending beyond the veins into the wall rock zones on ground now optioned by Riverside from a private claim owner. Penmont's RC drilling did not give any core and thus further structural interpretations will be completed by Riverside as the Company progresses this newly acquired district.
"Sonora, Mexico is a great place to explore for gold and develop gold mines. Riverside has recently opened an office in Hermosillo to support the company's natural growth in northwest Mexico," stated John-Mark Staude, President & CEO of Riverside. "Historic information on the Tajitos project from both surface exploration and drilling provide an important picture of the potential of the property Riverside has optioned. It is another example of Riverside's ability to generate high potential projects with unrecognized exploration value by acquiring the central land holding from private owners and using our databases to build a larger regional land position."
Tajitos Gold Project:
The Tajitos Gold Project consists of the 207 hectare Tajitos property to the west and the 5,781-hectare Tejo Concession to the south and east. On the Tajitos property proper, two vein systems were mined during the 1800 and 1900's and since that time a larger potentially open pit gold target has been identified. Historically mines on the property only extracted the high grade quartz veins and did not focus on the broad oxidized, disseminated gold potential. This style of disseminated gold mineralization on the Tajitos Project can be compared to what Timmins Gold is mining at the San Francisco Mine and Sierra Minerals is mining at the Cerro Colorado Mine 150 km away.
On the Tajitos Project, the principal structural vein system is trending N55W with a secondary system trending N20W, both within an altered volcanic and sedimentary Jurassic and Pre-Cambrian sequence similar in structural orientation, mineralization style and host lithologies to the Herradura Mine (Minera Penmont) and the El Chanate Mine (Capital Gold) both of which are within 100 km of the Tajitos Project and are accessed by the same paved interstate highway and other infrastructure. The Tajitos vein system is exposed over 2 km on surface and trends SE and under cover on to the adjoining Tejo Concession that is wholly owned by Riverside Resources.
The results from rock chip geochemical sampling by the Mexican Geological Survey (MGS) on the vein systems identified on the Tajitos -- Tejo property range from 1.5 g/t to 22.8 g/t gold and from 28 g/t to 44 g/t silver over widths ranging from 0.5 to 3.0 metres. Initial limited rock chip geochemical sampling on the property by Riverside has so far yielded results ranging from 0.05 g/t gold to 34.7 g/t gold and 383 g/t silver over widths of 1.5 metres in 155 samples. These results are comparable to the results found by the MGS and support the concept of structurally controlled precious metal mineralization. This high gold: silver ratio is typical for orogenic gold (shear zone gold) anomalies like the >7 million ounce Herradura mine that is located 70 km away along the same NW strike, locally known as the "Mojave-Sonora Megashear". This trend is the most prolific gold producing belt in Mexico and Tajitos is located in the heart of it. The project has been held in private hands for over 30 years and was subject to a drill program in 2008 by Minera Penmont. The drill program consisted of three holes (TJC-002, 006 and 008 for a total of 529.83 metres) which were drilled within the Riverside property boundary that encountered encouraging results, including: 2.03m grading 15.3 g/t gold in the vein system and 8.12 metres grading 1.8 g/t gold of disseminated mineralization (including a second interval of 2.03m grading 6.57 g/t gold in the vein shears).
Riverside staked the Tejo concession and is purchasing a 100% interest in the Tajitos Project with no royalty or work commitment. The payment schedule to earn 100% ownership of the Tajitos property requires completing payments totaling $630,000 over four years. Upon signing the agreement Riverside completed the first payment to the landowner of $30,000. Starting on October 26, 2010 Riverside has the option to make annual payments for three years of $80,000 and then a final fourth anniversary payment of $360,000.
About Riverside Resources:
Riverside is a well funded exploration team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The company currently has more than C$2,900,000 in the treasury and fewer than 22,000,000 shares issued. 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 Mexican 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
The technical content of this news release has been prepared and supervised by Andrew Daniels, P. Geo who is the Company's Qualified Person (QP) under National Instrument 43-101 (NI43-101). The Company implements QA-QC procedures to ensure best practices in sampling and analysis in all its exploration programs. Duplicates, standards and blank samples are randomly inserted into the sample stream. Samples are delivered in secure, sealed bags to the assay labs for analysis and gold is determined by fire assay with atomic absorption finish.
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.