2024 Drill Program
Riverside completed a five-hole, 2,250-meter drilling program designed to test Magallanes main area, plus the East Target and then 2 new target areas. Drilling hydrothermal alteration, gold quartz veins and expanded the depth and scale of the Cecilia different targets. The gold mineralization in each target area has now shown to have depth extending from the surface gold sampling that has been developed by the work of Riverside. The results appear similar and consistent with low-sulfidation epithermal systems, similar to those seen at the Mercedes Mine (Sonora, Mexico) and the Oatman Gold District (Arizona, USA). The 2024 drill holes stepped out across the district, expanding mineralization at Cerro Magallanes, the Mesa Ranch area, and the South Mesa Fault Zone. Based on the success of this program, follow-up geophysical surveys and additional exploration are planned for 2025 to further refine targets and advance exploration at Cecilia.
Highlights from the 2024 Drill Program
San Jose Vein System (North Breccia Target)
Two holes were drilled potentially extending the San Jose structure, building on previous results. Drilling confirmed the continuity of this extensive vein system to depths of 500 - 800 meters. Hole CED24-010 returned an intercept of 3.41 g/t Au over 4 meters, starting at 76 meters depth, with a secondary intercept of 0.39 g/t Au over 5.25 meters at 319 meters. These results demonstrate vertical continuity over 500 meters from surface and highlight the potential for deeper gold-bearing structures.
East Target
A single hole was drilled perpendicular to previous drilling to better define the structural dip of the system. The hole intersected six gold-bearing intervals, including 0.38 g/t Au over 1.75 meters from 149.25 meters depth. Thick alteration zones observed in this hole confirm the presence of significant hydrothermal activity in the eastern Magallanes system, supporting further exploration.
Mesa Ranch Area (Mayra Vein)
The Mayra Vein was tested for the first time with drilling in 2024. Hole CED24-011 intercepted multiple vein zones, including 0.21 g/t Au over 2 meters from 281 meters depth. The mineralization aligns with surface-mapped veins extending over 700 meters along strike, suggesting further potential for epithermal gold mineralization.
South Mesa Fault Zone (Mesa South)
The final hole of the program targeted the 10 km-long South Mesa Fault, an important structural corridor. Hole CED24-012 intersected the fault at 110 meters depth, revealing a 5-meter-thick brecciated shear zone. Surface sampling along strike has returned gold values exceeding 2 g/t Au, supporting additional exploration in early 2025 to evaluate continuity and expand known mineralization.
Geology Map with Location of Drill Holes in Targets:
Figure 1- Geology map and location of the five 2024 drill holes shown in red. The straight and thin black lines near Magallanes are drill holes from previous campaigns. This new program stepped out to test the East Target (CED24-009) and the Mayras and South Mesa with single holes
The cross-section figure below highlights hole CED24-010 from the drill program, which demonstrates the intersections of multiple vein structures. These structures are now interpreted to potentially extend over 800 meters vertically, suggesting they could be part of a significant epithermal system.
Figure 2- Cross section of the Magallanes Dome showing the volcanic units and structures
The Q4 2024 drill program successfully confirmed gold mineralization across multiple targets, extended known structures, and provided critical data for the next phase of exploration to continue.
At drill site during program.
Core from hole 9 with veining, alteration, oxidation of the host rhyolite east side of Magallanes with gold values.
Drilling northern edge of Magallanes Hill, site hole 8 and 10 from same collar location.
Drilling around the clock with core program 2024 at Cecilia project.
