Riverside Defines High Grade Gold Drill Target on Chapalota Project, Sinaloa, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/18/10 -- Riverside Resources Inc. ('Riverside' or the 'Company') (TSX VENTURE: RRI)(PINK SHEETS: RVSDF)(FRANKFURT: R99) is pleased to announce that rock chip channel samples returned values up to 32 g/t gold from the summer exploration program conducted on the Chapalota Gold Project in Sinaloa, Mexico. The 2010 exploration program discovered six distinct high-grade gold zones on the 100% Riverside owned project. Results from the program identified rock chip channel samples ranging from less than 0.5 ppb to 32 g/t Au over 0.5-3 metre rock sample widths. The 91 km2 Chapalota Project is located to the north of Silvermex's Rosario Mine, and is south of US Gold's Majistral Mine, Oro Gold's La Trinidad Mine, and Scorpio's Nuestra Senora Mine. The Project lies within the Western Gold Belt on the western side of the Sierra Madre Occidental Region of Mexico with good road access, water, power and related infrastructure.
The Chapalota Project was previously optioned by Riverside to Arcus Development Group Inc. (September 12, 2008). After initial exploration work was completed under the agreement, Arcus returned full interest in the property to Riverside. Since regaining 100% ownership Riverside has conducted further follow up work and advanced the project towards drill testing.
John-Mark Staude, President and CEO of Riverside, stated, 'The work thus far on the Chapalota Project has returned very promising results, and has the potential to lead to a large orogenic type gold discovery similar to others located along the highly productive Western Gold Belt. Following Riverside's prospect generator business model the Company will look for a partner to advance this high potential, drill ready gold project.'
High Grade Leona Zone:
The Leona Zone is located at the north end of a structural corridor on the Chapalota Project, and provides a very attractive target for initial drill testing. Previous rock chip sampling along the footwall of the north-south trending structure (similar orientation to other major deposits in the belt) at the Leona Zone returned values up to 5.68 g/t gold, and additional new sampling by Riverside identified the hanging wall and provided a high grade 0.5 metre chip sample of 32.1 g/t Au and 14.3 g/t Ag (RRI12809). Further samples were taken along the immediate extension to the southeast, and returned values up to 3.13 g/t gold (RRI12306) and silver values up to 62.1 g/t (RRI12808).
Property Details:
As part of Riverside's standard due diligence process the Company compiled extensive geo-scientific information on the Western Gold Belt to better understand the regional geologic structures and mining history. This belt has long been known for its major epithermal gold-silver deposits of the Sierra Madre Occidental Province, such as the San Dimas District - Tayoltita Mine, which lies directly to the east of the Chapalota Project. The application of modern exploration techniques in central Sinaloa has identified numerous new metal rich zones. The geology on the Chapalota property fits in the middle of this cluster and is geologically comparable with many of the nearby deposits.
During the 2010 exploration program consistent robust gold anomalies were identified using rock chip channel samples, guided in part by previous soil and stream sediment sampling results. These other anomalous zones show potential to become drill targets upon further investigation.
The assay results from rock samples recently received include higher grades associated with shear zones and through-going fault structures, as well as shear and brittle-ductile fault intersections. Some of the gold highlights from the rock chip channel sampling include 32.1 g/t Au over 0.5m (RRI12809), 5.68 g/t Au over 1.5m (RRI09040), 3.13 g/t Au over 1m (RRI12306), and 2.3 g/t Au over 0.9m (RRI09036) which are shown on maps on the Company website.
The previous stream sediment program on the Chapalota Project returned results from less than 5 ppb up to 1.0 g/t Au along with lower grades of copper and molybdenum. The gold values appear to be associated with mesothermal orogenic-style quartz veins and are potentially favourable for open pit mining operations. Zones of stockwork quartz veining associated with 10m to 100m wide shear zones, with 100m to 1 km strike extents, are being identified within the main north-west trending structural corridor on the property.
The detailed soil geochemical sampling program previously carried out by Riverside returned encouraging gold values (less than 5 ppb up to 3.98 g/t), indicating the presence of a broad north-west trending corridor of anomalous gold, arsenic and molybdenum values. This mineralized trend corresponds to an interpreted north-west trending structural corridor that is approximately 10 km long and 2.5 km wide. This structural corridor has been interpreted by Riverside geologists as a possible broad shear zone with the potential to host a significant orogenic gold system. Highlights from the soil sampling program include 70 samples returning gold values in excess of 0.1 g/t Au (100 ppb) with 14 samples returning gold values in excess of 0.5 g/t Au, including 3.9 g/t, 2.86 g/t and 2.68 g/t Au.
Assaying and Qualified Person:
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. Duplicate, standard and blank samples were randomly inserted into the sample stream prior to being sent to the laboratory.
The scientific and technical data contained in this news release has been 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:
Riverside is a well funded prospect generation exploration team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has more than C$3,000,000 in the treasury and fewer than 24,600,000 shares issued. The Company has an experienced exploration team that leverages its in-house technical knowledge and vast experience in the field to make discoveries. Additional property information and diagrams can be found on the Riverside Resources Inc. website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
'Knowledge is Golden' - Riverside Resources
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Riverside Resources Inc.
Joness Lang
Corporate Communications
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com
Riverside Resources Inc.
Kaley Reid
Corporate Communications
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com