Partner Funded Exploration Work Now Underway at Riverside's Glor Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 12, 2016) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99), is pleased to announce that exploration work is now underway with partner Centerra Gold Inc. ("Centerra") at the Glor Gold Project (the "Project"), located approximately 8 km west of Alamos' El Chanate Mine in Sonora, Mexico. The budget for this first phase of exploration is $250,000 USD, with Centerra having the opportunity to earn a 70% interest in the Project by funding $3,500,000 USD in exploration within four years (see Riverside's press release July 26, 2016).
The current program will start with further mapping focused on geology definition within previously generated target concepts, with 1,000 soil samples and 136 line-km of ground magnetics surveying planned for the target zones. The magnetics data will be followed up with 20 line-kms of induced polarization (IP) surveying and 1,800 metres of channel sampling (3m long samples) for a total of approximately 600 rock samples. Specific drilling targets will be defined at the conclusion of the planned program, with drill testing of these targets to potentially be carried out during a second phase of exploration.
Riverside's President and CEO, John-Mark Staude, stated: "We are pleased to get going in the field again at Glor and look forward to exploration results this fall. Our Glor Project is less than 10km from the operating El Chanate Mine, with results to-date indicating potential at Glor for both high-grade and bulk-tonnage type gold discoveries. This next phase of work should help us focus in on the higher priority drill targets."
Project Details:
Gold mineralization on the Glor Project is widespread with evidence of broad zones of low-grade mineralization as well as quartz lodes with high-grade gold. Initial field-check rock sampling returned assays from <0.005 g/t Au up to 18.9 g/t Au. A total of 155 rock chip samples have been collected to-date, returning an average grade of 0.51 g/t Au. Six prospective targets have already been identified on the Project through Riverside's generative exploration work and now can be advanced with the exploration program now underway. The Project is accessed by paved highway and a network of gravel roads that make reaching the various targets cost-effective to explore. Please visit the Glor Project Page for further information.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Glor Project was reviewed and prepared under the supervision of Locke Goldsmith, P. Eng., P. Geo., an 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.
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers. The Company currently has approximately $3,250,000 in the treasury and 37,300,000 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 on 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Riverside Resources Inc.
John-Mark Staude
President & CEO
(778) 327-6671
(778) 327-6675
info@rivres.com
www.rivres.com
Riverside Resources Inc.
Joness Lang
VP, Corporate Development
(778) 327-6671 / TF: (877) RIV-RES1
jlang@rivres.com
www.rivres.com