Riverside Commences Drill Program On Sugarloaf Peak Gold Project, Arizona
October 19, 2009 - Vancouver, British Columbia: Riverside Resources Inc. (TSX-V: RRI) ("Riverside" or the "Company") is pleased to announce that the Company has commenced drilling on its 100% controlled Sugarloaf Peak Gold Project in Arizona. This drill program will target mineralized zones within the non NI 43-101 compliant historic resource* (News Release Nov. 14, 2008) as well as new higher-grade zones (News Release September 9, 2009) outside of the historic resource area. One focus of the current drill program is to compare previous historic reverse circulation drill data with core drilling. This will add to the understanding of the geology and structure, and will further advance the project on its way to potentially becoming known as a significant gold system similar to that of the Mesquite Mine and other active gold mines in the region.
"The Riverside team has been active over the summer collecting samples from the project in order to confirm the presence of a large gold body at the Sugarloaf Peak Gold Project. This drill program will enable Riverside to substantiate some of the historic drill results as well as potentially identify new gold zones.", commented John-Mark Staude, President & CEO of Riverside, "By successfully managing the Company's joint venture business model, adding high potential properties to the portfolio and completing focused drill programs on the most exciting targets Riverside has continued to add value for shareholders."
The company has contracted Brown Drilling of Kingman Arizona to complete the 1000m diamond drill program on the Sugarloaf Peak Gold Project. The project will be drilled to a depth of approximately 200 meters in order to expand the depth of the known gold assays.
The current drill program consists of five HQ diamond drill holes targeting a recently identified thick horizon of altered sulphidic "welded" rhyolite tuff and is associated with high grade surface gold values. These values have reached upwards of 11.83 g/t in recent rock chip sampling (News Release September 9, 2009). This unit appears to form the southern limb of an overturned anticlinal structure and has been traced for over 1km on surface.
Thus far the Company has encountered oxidation and leached sulfides consistent with surface alteration in the drill core. Samples are now being logged and split and Upon completion of the drill program the drill core will be sent for assay following 43-101 procedures. Results are expected by the end of December.
About Riverside Resources:
Riverside is well financed, with over $3,500,000 in the treasury and 21,855,080 shares outstanding. The Company operates under a joint-venture, shared-risk business model that capitalizes on the Company's technical knowledge, proprietary mineral database focused on Mexico, and vast experience in the field. Riverside is currently operating an Exploration Alliance with Kinross Gold Corporation, and has optioned three of its properties in Mexico. Riverside is predominantly active 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
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
The technical content of this news release has been prepared and supervised by H. Andrew Daniels, P. Geo who is the Company's Qualified Person (QP) under National Instrument 43-101 (NI43-101).
QA-QC Procedures: The Company has implemented a quality control program 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 were delivered in secure, sealed bags to Jacobs Assay Labs in Tucson, Arizona for analysis. Gold is determined by fire assay with atomic absorption finish.
*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.
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..
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