Riverside Acquires 100% Ownership of La Silla Gold-Silver Project in Sinaloa, Mexico
November 17, 2015 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), is pleased to announce that it has acquired two large recently released mining concessions through a lottery process. The combined concessions obtained by Riverside cover approximately 2,305 hectares (~23km²) and comprises an integral part of the historic La Silla district.
Riverside has acquired a portion of the La Silla District which was formerly owned by Meridian Gold (subsidiary of Yamana Gold). Historic exploration on the claims, now controlled by Riverside, included detailed surface mapping and 138 surface rock chip samples. The reported rock chip samples ranged from <0.05ppb Au up to 58 g/t gold and from <1g/t Ag up to 426 g/t silver. Duplicate surface sampling to confirm grades has yet to be completed by Riverside, as the Company has just received the concessions and is now planning initial field work. Six drill holes were previously completed by Meridian Gold on Riverside’s El Roble vein system, which intersected zones of multi-stage white, tan, and green quartz with abundant iron oxides replacing sulphides over widths of up to 15 metres. Selected historic drill intercepts include (DDH001) 15 metres of 6.9 g/t gold and 33 g/t silver, as well as (DDH003) 1.5 metres of 5.33 g/t gold and 26 g/t silver. No historic samples exist to confirm assay results and recent work or drilling has yet to be completed by Riverside to confirm gold values previously recorded by Minera Meridian in 2004.
Mineralization in the La Silla District, which includes properties not currently held by Riverside, is widespread with many small mines, workings and indications of high-grade gold-bearing quartz veins. Precious and base metal mineralization is hosted within quartz veins, vein stockworks and breccia, similar to other mining districts in the belt including the San Dimas Mine (Primero Mining Corp.) and the Nuestra Señora Operation (Americas Silver Corporation). Individual veins in La Silla range in width from less than 0.5 to 12.0 meters, with stockwork zones locally up to 60.0 meters in width. There are a total of 31 veins identified in the La Silla District with a total strike length of 13.2 km. At least 6 vein systems totaling over 5.6 km in length occur within Riverside’s newly acquired concessions.
Riverside’s President and CEO, John-Mark Staude, stated: “We are excited to add a low-cost, high-potential gold-silver property into the Riverside portfolio and will look forward to assay results from initial field work in the months ahead. Riverside is well-funded with more than $3,000,000 in cash and is happy to have won quality ground through the lottery process in a significant mineral district in Mexico. We are open to participating in future district consolidation and will explore this potential with other parties in the region moving forward.”
Riverside will post a La Silla Gold-Silver Project page to the Company website later today. Please visit www.rivres.com for more information.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the recently acquired La Silla Project was reviewed and prepared under the supervision of Riverside’s VP Exploration, Greg Myers, PhD, PGeo, 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 acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers. The Company currently has more than $3,000,000 in the treasury and approximately 37,000,000 shares outstanding. The Company’s model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery. Riverside has additional properties available for option with more information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
For additional information contact:
President & CEO
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
VP, Corporate Development
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.