|Deposit Type:||Low Sulfidation Epithermal|
|Location:||British Colombia, Canada|
|Size:||107 Square Kilometres|
The Elly Project is located in the Boundary District of Southern British Columbia, within the Christian and Granby valleys of Grand Forks and Greenwood, BC. The project is within the Republic Graben, which is a well-endowed gold district that has produced over 3 million ounces of gold over the past several decades. The project has excellent road access through major highways and secondary highways and a network of logging roads. Recent logging has exposed many new areas for mineral exploration and opened up access to the area. The Elly Project is prospective for low sulfidation epithermal style gold-silver mineralization. This type of mineralization is typically found in volcanic rocks and is associated with hot springs and geysers. The Elly Project is located in an area that has been historically mined for gold, and the Company believes that the project has the potential to be a significant gold discovery.
Figure 1: Blue graben faults trending northward into southernmost BC with the Franklin and Greenwood Camps being key locations for the Elly Project.
The Elly Gold Project is a generative exploration project located in the Greenwood Mining Area of British Columbia. The project is owned by Riverside Resources (BC) Inc., which is currently conducting a program of stream sediment sampling, rock sampling, and active prospecting.
The Republic and Toroda Grabens are major structural features that are known to host gold mineralization. The sedimentary and volcanic fill in the Republic Graben exceeds 3,000 meters and gold and silver, with lesser Pb, Zn, and Te mineralization occur in various levels of the Paleogene units.
Figure 2: Simplified diagram showing an extensional tectonic environment in a Horst-Graben terrain and the gold mineralization at Elly is along the Normal fault structures as the primary control for the Eocene epithermal gold in the Republic Graben and its extension northward from northernmost Washington State, USA up into the Grand Forks region of British Columbia.
At Elly, the graben faults are a major structural control where Paleogene-age gold mineralization is deposited adjacent to the more favorable reactive host rock stratigraphy in the paleo-near surface environment. Riverside has begun to integrate the structural geology and reconstruction of the basins for targeting.
The company has completed the first phase of generative exploration starting with stream sediment sampling, prospecting, and rock sampling. These samples have been shipped to ALS Laboratories in North Vancouver and the company awaits the results.
Riverside has signed a Letter Agreement (LA) that gives the company the right to acquire up to 100% interest in the Elly-Anika and Chilco projects. The company can acquire this interest by making cash payments and incurring exploration expenditures.
The Elly Gold Project is a promising exploration project with the potential to host significant gold mineralization. Riverside is actively exploring the project and is committed to advancing it towards production.
|Due Date||Cash||Exploration Expenditures|
|Upon the date of LA (May 3, 2023)||$10,000 (paid)||-|
|On the first anniversary of the LA date (May 3, 2024)||$15,000||20,000|
|On the second anniversary of the LA date (May 3, 2025)||$30,000||20,000|