Riverside Resources' Partner Geologix Reports 94 Metres of 0.74 Grams Per Tonne Gold Equvilent in New Drilling Resultsfrom Libertad Gold Project, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/10 -- Riverside Resources Inc. ('Riverside' or the 'Company') (TSX VENTURE: RRI)(PINK SHEETS: RVSDF)(FRANKFURT: R99) is pleased to announce the second set of drill results that its partner Geologix Explorations Inc. ('Geologix') has completed in an initial 2,000 meter drill program on the Company's Libertad Gold Project in Sonora, Mexico. As reported by Geologix, assay results include intercepts of 94 m of 0.74 grams per tonne ('g/t') gold equivalent ('AuEq') (0.28 g/t gold and 29.4 g/t silver) and 71.45 m of 0.76 g/t AuEq (0.14 g/t gold and 39.8 g/t silver) (Geologix News Release, November 8, 2010). The new drill results build upon earlier announced gold assays that included 26.05 m of 1.02 g/t Au and 65.10 g/t Ag (Geologix News Release, July 19, 2010), that were north of the current drill results.
Assay results for the entire program ranged from less than 5ppb to 1.02 g/t gold and silver values from less than 5 g/t to 66.8 g/t. Combining the new results with the earlier drilling gives a drilled strike length of oxidized gold mineralization now reaching over one (1) kilometer of strike. The mineralization has the potential to be an open-pit style with extensive room for expansion. The drill program successfully tested a portion of a large and still open geophysical IP anomaly. The program confirmed geologic theory that suggests there is a NNW trending gold-rich shear structural zone; with potential to expand and possibly develop into a mineable open-pit oxide ore body should work continue to be favorable.
Drilling Details:
Core drilling at an angle of 55 degrees to the west crossed the NS structural zone in all 10 holes and gave results that indicate continuity of the shear zone and veining geologic features along with the gold and silver mineralization in a gangue of quartz-calcite and host rocks of interpreted middle Tertiary age that have silicification and argillic alteration.
The table below highlights mineralized gold silver intervals:
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Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEg(i)( g/t)
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LIB-10-001(ii) 45.65 71.70 26.05 1.02 65.1 2.03
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LIB-10-002(ii) 48.60 99.40 50.80 0.51 32.3 1.01
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LIB-10-003 109.65 181.10 71.45 0.14 39.8 0.76
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LIB-10-004 11.50 32.00 20.50 0.36 19.0 0.66
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LIB-10-005 80.00 86.90 6.90 0.32 51.8 1.13
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LIB-10-006 196.85 290.90 94.05 0.28 29.4 0.74
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LIB-10-007 253.55 262.80 9.25 0.41 24.1 0.78
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LIB-10-008 126.10 130.00 3.90 0.33 66.8 1.37
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LIB-10-009 81.00 84.70 3.70 0.30 57.6 1.19
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LIB-10-010 123.20 127.75 4.55 0.38 19.7 0.69
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-- (i) Gold Equivalent (AuEg) calculated using $900/oz. Au and $14/oz. Ag
-- (ii) Previously Released
-- Chart from Geologix Explorations News Release November 8, 2010
The Libertad Project is an example of the Company's successful implementation of the Prospect-Generator, shared-risk business model. By leveraging its technical knowledge and acquiring high potential early-stage projects such as Libertad, Riverside has built a diversified mineral property portfolio in Mexico and Arizona. The Company has created shareholder value through discovery of gold, silver and copper mineralization. Further drill targets and mineralized zones are now being identified and advanced by Riverside, particularly in the regions of Sonora and Durango, Mexico.
The Libertad project is part of a major generative initiative effort by Riverside in the Sonora Gold Belt to target and acquire high-quality properties and develop drill ready targets for Riverside or its partners to test. In the coming months Riverside plans to have additional targets and results on other gold-silver properties like the recent news from the Clemente Gold - Silver project (Sept 28, 2010) where Riverside announced silver results up to 2 kg/t from outcrops, and is now following up. A second property in the Sonora Megashear Gold Belt is the 100% Riverside owned Tajitos project. The nearly 155 km2 Tajitos property has strong upside for more gold discoveries and provides the Company with an extensive controlling land position in mineralized districts in western Sonora, Mexico. These properties offer upside and growth potential for the Company moving forward.
About the Project:
The Libertad project is located 250 km north-west of Hermosillo, Mexico. The completed 2,000 meters of diamond drilling represents the first drill program commenced at Libertad. Riverside acquired the property, staked more ground and developed targets then, as a Prospect-Generator company, brought in Geologix as a partner to move forward with the exploration program.
Geologix named Resource Geologist, Andrew Hamilton, B.Sc., P. Geo., as their 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators for the information in their news release dated November 8, 2010. For Riverside the 'qualified person' for this project is Locke Goldsmith, P. Eng., P. Geo., an independent qualified person to Riverside Resources Inc.
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 approximately $3,000,000 in the treasury and fewer than 25,000,000 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. The Company is currently working towards finalizing several important events that fit within the Company's model of growth through partnerships and exploration. Additional property information on the Company's projects 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
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.
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