Riverside Receives Positive Geophysics Survey Results for Improved Drill Targeting at the Cecilia Gold Project, Sonora, Mexico
Vancouver, British Columbia--(Newsfile Corp. - November 5, 2020) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), has received results from the latest geophysics survey that included 3.8 line-km of Inverse Polarization (IP) in five lines across the Cerro Magallanes rhyolitic dome part of the Cecilia Project, Sonora, Mexico (the "Project"). Ahead of drilling, Riverside has further refined and detailed drill targets with the geophysics IP survey using 50-m dipole spacing. The close spacing between dipoles helps to delineate structures and reduces the data variation ("noise") at shallow depth, allowing for better targeting in the upcoming drill program. The scheduled drilling will test various gold-bearing fault/vein structures up to 250 m depth.
Mapping of the rhyolitic dome has highlighted zones of high silicification nearby to breccia and gold-bearing structural zones. The IP data and new IP pseudo-sections define resistive anomalies (which are potentially silica zones), along the identified structures at surface for 200 meters along strike and remains open. The IP anomalies coincide with past sampling in the area of historical drilling where Cambior (1995) in drillhole 138-95-08 drilled 30.0 m at 1.41 g/t gold1.
Figure 1: 3D view of northeast trending IP resistivity zones across the Cerro Magallanes dome. 100 m line spacing with 50 m dipole spacing shows several shallow anomalies. The red lines are showing the primary mineralized trends correlated with the resistive anomalies in the IP sections.
To view an enhanced version of Figure 1, please visit:
Riverside's President and CEO, John-Mark Staude, stated: "We are pleased to be working with partner Carlyle Commodities Corp and to be exploring the Cecilia Mineral District, and this current technical work improves the visualization of the targets. The program is going in the right direction, the site is being prepared for drilling, with completed roads and many of the drill pads already in place."
Riverside and Carlyle Commodities are working together to progress the project to the drilling phase which will include an initial 1,500 m drill program to test high-grade gold targets at: San Jose, North Breccia and Central Targets. Surface samples at the San Jose Target previously returned 43.2 g/t Au (out of 21 samples; see press release of September 21, 2020). Additional survey results in the upcoming weeks will include:
- Drone aeromagnetic survey, which will help with vectoring in on magnetic anomalies at depth;
- Results from the next batch of channel samples covering the east-west extension between the San Jose and Central targets.
On October 19, 2020 the Company granted 1,330,000 incentive stock options (the "Options") to Directors, Officers and Consultants of the Company. The Options are exercisable at $0.30 per share for a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director vest in 3 equal instalments over 18 months and Options granted to Officers and Consultants vest in 4 equal instalments over 12 months. The Options were granted pursuant to the Company's shareholder-approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Freeman Smith, P.Geo, 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 who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples collected at Cecilia were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas' laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has no debt and less than 68M shares outstanding with a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for 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:
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Certain statements in this press release may be considered forward-looking information. These 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.
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.
1 Morales-Ramírez, J.M. and Ramsay, E. (1996). Magallanes Project Exploration Report, Oro Grande Joint Venture. Internal Report for Cambior Exploración S.A. de C.V.
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