Riverside Resources Drill Program Planned For Sugarloaf Peak, Arizona After Acquiring Extensive Gold Data For The Property
March 19, 2009 - Vancouver, British Columbia: Riverside Resources Inc. ("Riverside") (TSX-V: RRI) is pleased to announce the results from ongoing surface exploration and data compilation on its Sugarloaf Peak Gold Project located 10 kilometers west-southwest of the town of Quartzite, Arizona. Recent work on the property has confirmed an 8 sq. km gold rock chip anomaly at surface. With the use of modern exploration techniques as well as historic data, which includes over 1,800 rock chip samples and over 8,000m of historic (non NI 43-101) drilling in 81 holes, Riverside has generated and uncovered considerable information on the property since the completion of its NI 43-101 technical report (Riverside News Release Nov. 14, 2008), which identified a non NI 43-101 compliant historic resource of 1.2 million ounces of gold. Recently acquired additional historic data has included two noteworthy diamond drill holes. The first of which averaged a grade of 1.5 g/t gold to a depth of 300m and remains open. The second core hole identified alteration minerals strongly associated with the gold mineralization to a depth of 1,000m.
The most compelling historic evidence of a large gold body extending beneath the extensive surface gold anomaly that has now been re-sampled by Riverside is from the compilation of recently discovered historic diamond drill and reverse circulation drill data. Results from the previous drilling indicate that the alteration mineralogy of silica, sericite and hematite/pyrite, which is strongly associated with gold mineralization at Sugarloaf Peak, occurs from surface to 1,000m below surface, along a strike length exceeding 1,800m and widths of greater than 1,500m. The associated minerals are present several hundred meters below the known extent of the historic non-compliant gold resource estimation which was to 100m depth. The deeper holes and more numerous drill holes for which gold data are available shows the system to be much larger. In many cases the drill logs record alteration minerals that are associated with gold. At the time of drilling, precious metals were not assayed and the material was subsequently discarded.
"The recent data that has been compiled and checked by Riverside's exploration team has continued to provide evidence of a significant gold body on the Sugarloaf Peak Project and at this time Riverside Management has recommended an initial drill program," stated John-Mark Staude, President & CEO of Riverside Resources Inc., "The recently acquired historic drill data, specifically that which reportedly found gold from the surface to 300m in historic coring and the holes that show alteration to depths of 1,000m, has considerably extended the extent of the hydrothermal alteration system as well as the potential for bulk tonnage gold mineralization on the property. In order to demonstrate the potential of the project, Riverside is planning to conduct a drill program to investigate the presence of an open pit gold deposit. The depth of previous drilling indicates the further potential."
In order to test the historic data the Riverside team has implemented a checking system which has lead to the collection of over 250 surface samples from various locations on the gold anomaly. Assays of up to 8 g/t gold have been obtained as well as the identification of visible gold. The most recent check assay program of 31 samples confirmed the presence of gold mineralization at surface with assays up to 2.5 g/t gold. The results include five samples that exceed 0.15 g/t gold, twenty samples between the detection limit (<0.001 g/t gold) and 0.15 g/t gold and six samples below the detection limit. Ongoing compilation of previous work includes tabulation of 1,801 chip samples from surface and 3,746m of diamond drill and reverse circulation drill holes which have gold assays.
Sugarloaf Peak is in the same region of southwestern Arizona as the open pit gold producing mines of the Mesquite, Cargo Muchacho, American Girl, Picacho and Copperstone mines. The Sugarloaf Peak project has favorable infrastructure and can be worked on year round. For over 50 years the property has been the object of intermittent drilling and small scale mining. During the 1950s through 1990s work on the property resulted in various historic, non NI 43-101 compliant, resource estimations which Riverside summarized in a NI 43-101 Technical Report in November 2008 and is available on Sedar. The present data compilation efforts have identified potential higher grade zones which will be a target for an upcoming drill program. The hydrothermal alteration contains extensive quartz-sericite-hematite/pyrite consistent with a large mineralized system. Riverside's geologists have completed field work over the past few months that has built on the compiled historic data and indicates several priority areas for drill testing. Some of the new modeling for the Sugarloaf Peak project can be found on the Sugarloaf Peak Project page at www.rivres.com.
The technical content of this news release has been approved and field review completed by Mr. Locke Goldsmith, P Eng., P. Geo, an independent qualified person as defined in NI 43-101. For more details on the mineralization and previous exploration of the Sugarloaf Peak Property, please visit www.rivres.com.
Riverside has a strong cash position of over CAN$3,000,000 and a relatively small number of shares outstanding at less than 18,000,000. With the recent announcements concerning Riverside's Kinross Exploration Alliance of US$800,000 investment over two years and the Arcus Development Group joint venture agreement of CAN$600,000 investment, the Company has been able to maintain a strong cash position through joint exploration programs. Riverside is focused on capitalizing on its technical team's extensive experience, and on the ground local approach of mineral exploration, through active joint ventures and cost effective exploration. By partnering with other companies on the majority of projects Riverside minimizes exploration risk and ensures that multiple projects are progressed each year. The generative program is based on the team's more than 60 years of collective exploration experience and participation in over half dozen ore body discoveries. Additional property information and diagrams that have been compiled by Riverside's in-house exploration team can be found on the Sugarloaf Peak Project Page at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John Mark Staude"
Dr. John-Mark Staude, President & CEO
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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