Alliance Nominates Designated Project and Antofagasta to Fund Up to $500,000 Usd for Initial Exploration Program at the Recently Staked Thor Porphyry Copper Project, Sonora, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 13, 2015) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99) is pleased to announce that the Company's copper porphyry exploration alliance (the "Alliance") has designated the Alliance's recently staked Thor porphyry Copper project in Sonora, Mexico (the "Project"), as a designated project and the Alliance partner, a wholly owned subsidiary of Antofagasta plc ("Antofagasta"), will fund up to a $500,000 USD phase I exploration program on the Project. Field work is anticipated to begin within the next few weeks once the parties enter into the earn-in agreement pursuant to the Alliance terms and contracts have been secured, and are expected to include geological mapping, alteration studies, geochemistry, ground magnetics and diamond drilling. Mapping and alteration studies will firm up existing drill targets, with high-resolution ground magnetics to provide additional drill targeting information, including in areas of post-mineral cover. Diamond drilling will test select high-priority targets. To the best of Riverside's knowledge the Project has never been drilled before.
The Project is located within the prolific Sonora Laramide Copper Belt, which is host to major Cu-Mo porphyry deposits including the Cananea and La Caridad Mines. The Sonora Laramide Copper Belt is one of the major Cu porphyry districts in the world and has exceptional discovery potential for copper porphyry deposits as has been documented by the US Geological Survey and in other studies. Assay results from initial rock chip sampling conducted by Riverside on the Thor property have returned values of up to 0.9% Cu, 0.014% Mo, 0.21 ppm Au, 359 ppm Ag, >10,000 ppm As, 52.5 ppm Bi, 2.1% Pb, 730 ppm Sb and 0.7% Zn from outcrops. Alteration types recognized on the Property are consistent with the upper parts of a porphyry Cu system often termed a "lithocap".
Riverside's President and CEO, John-Mark Staude, stated: "We are pleased to see additional progress with our porphyry copper program in Sonora. We look forward to an additional $500,000 budget for exploration commencing this spring on the newly staked Thor Project. Riverside geologists generated the Thor target based on their knowledge of the area, the Company's databases and follow up field work. In addition to exploration and drilling at Thor, our group continues to generate new targets and opportunities for the Alliance's consideration in the weeks and months ahead."
Property Details:
The 128 km2 Thor Project is located 130 km SW of the La Caridad Mine (1,800 Mt @ 0.45% Cu, 0.02% Mo1) and boasts good access near regional, paved highways and good infrastructure with nearby power lines and water. This is a new property staked by Riverside for the Alliance.
Field work completed to date at Thor has identified Laramide age intrusive and volcanic rocks with previously unrecorded copper mineralization and zoned alteration consistent with a Cu porphyry type system. This surface expression of a system is recognized along a nearly 7 km NNW trend, located within a structural block which preserves the favourable Laramide intrusive-volcanic stratigraphy. Alteration zonation, defined through mapping, rock chip sampling and Terraspec analysis, suggests a possible center of mineralization lies in areas of post-mineral cover, coincident with aeromagnetic anomalies.
1: USGS Scientific Investigation Report 2010-5090-A
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Thor Project was reviewed and prepared under the supervision of Riverside's Copper Exploration Manager, Allan Montgomery, P.Geo, PhD., 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 acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Samples were taken to Hermosillo, Mexico where ALS Laboratory Group's mineral division ALS Chemex crushed and pulverized each sample. The rejects remained with ALS Chemex while the pulps were transported to ALS Chemex's ISO 9001-2008 certified laboratory in North Vancouver, BC, Canada for analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard and blank samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources:
Riverside is a well-funded prospect generation team of focused, proactive precious and base metal discoverers. The Company currently has more than $3,000,000 in the treasury and approximately 37,000,000 shares outstanding. The Company's model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects en route to 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
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.
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Contact
Riverside Resources Inc.
John-Mark Staude
President, CEO
Phone: (778) 327-6671
(778) 327-6675
info@rivres.com
Riverside Resources Inc.
Joness Lang
VP, Corporate Development
Phone: (778) 686-6836
(778) 327-6675
info@rivres.com
www.rivres.com