Riverstone Reports 28.61 g/t Au Over 20 Metres on Yaramoko Gold Project, Burkina Faso, West Africa
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/08/11 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(FRANKFURT: 3RV) (the 'Company') is pleased to report the final series assays from its Yaramoko gold concession in western Burkina Faso, West Africa. Assays include data from 19 of the 33 reverse circulation holes (1,468 out of 2,723 metres) drilled in December 2010 and January 2011 (YRM-10-RC023 through YRM-11-RC055) of which 17 targeted Bagassi South mineralization, 7 Bagassi Central targets and 9 Bagassi North targets.
Riverstone entered into an agreement to option a 60% interest in the property to Roxgold Inc. ('Roxgold') in July 2010. Under the terms of the agreement, Roxgold is to incur exploration expenditures of $1.5 million, issue 360,000 shares and make payments totalling $100,000 to earn a 60% interest in the property. The term of the agreement is three years and Riverstone will be the operator for the initial work programs on the property.
NEW GOLD DISCOVERY IN 'BAGASSI CENTRAL'
Drill holes YMR-10-RC035 through YMR-10-RC039 and 048 and 055 have been completed in the Bagassi Central discovery. While additional drilling is needed to better understand the mineralized structure, drill hole YMR-10-RC055, which was collared approximately 80 metres north west of YMR-10-RC036 intersected two zones of significant mineralization including 20 metres of 28.61 GPT and 11 metres grading 4.88 GPT. Significant results from the Bagassi Central drilling are as follows:
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Total
Collar Collar Depth Grade
Drill hole # Northing Easting Az Dip (m) from to intercept (g/t)
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YMR-10-RC035(1) 469324 1299191 220 -55 51 No significant intercepts
- hole lost prior to
target depth
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YMR-10-RC036(1) 469435 1299188 220 -55 90 76 86 10 14.91
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including 82 84 2 70.50
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YMR-10-RC048 469343 1299078 360 -55 59 No significant intercepts
- hole lost prior to
target depth
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YMR-10-RC055 469358 1299163 180 -55 49 6 26 20 28.61
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Including 16 22 6 85.53
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and 38 49 11 4.88
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Including 42 44 2 18.50
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(1) Results were previously released February 28, 2011.
YRM-10-RC037 through YRM-10-RC039 were step outs of 350 metres to 650 metres from YRM-10-RC036 and only intersected weakly anomalous mineralization. YRM-10-RC048 was collared in the general area of YRM-10-RC036, but drilled at an azimuth of 360 degrees.
YRM-10-RC036 encountering intensely silicified and pyritized intrusive rocks below the surface anomaly and the hole was lost at a depth of 90 metres. YRM-10-RC055 intersected similar silicified and pyritized intrusive rocks from 16 to 22 metres. As noted in the February 28, 2011 news release, this zone yielded abundant visible gold when the tailings material was panned. Approximately 16 metres down hole a second intercept was encountered in YMR-10-RC055, just prior to the end of the hole at 49 metres. It is believed that YRM-10-RC036 was lost prior to the expected intersection of this second zone intersected in YMR-10-RC055. A program of metallic assays and cyanide leaching is underway to confirm the high grade tenor of the mineralization encountered.
While YRM-10-RC036 and YRM-10-RC055 were collared approximately 80 metres apart, given Hole YRM-10-RC036 was drilled at an azimuth of 220 degrees while YRM-10-RC055 was drilled at an azimuth of 180 degrees the actual distance between the two intercepts would be less than 80 metres.
RAB drilling is expected to commence shortly to better define the soil geochemistry as extensive artisanal workings in the area have caused surface disturbance precluding the use of standard soil geochemistry techniques. Once this information is available the Bagassi Central discovery will be the focus of additional drilling during Phase 2 work at Yaramoko in the upcoming months, pending drill rig availability.
BAGASSI NORTH DRILLING
An additional nine holes were completed at the Bagassi North target which lies approximately one kilometres north-north west of the Bagassi Central discovery. Results are as follows:
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Total
Collar Collar Depth Grade
Drill hole # Northing Easting Az Dip (m) from to intercept (g/t)
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YRM-11-RC-41 468822 1300170 220 -55 85 48 50 2 1.730
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YRM-11-RC-42 468682 1300774 215 -55 116 92 98 6 0.898
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YRM-11-RC-43 468741 1300533 215 -55 49 38 40 2 1.140
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YRM-11-RC-44 468744 1300533 360 -90 72 58 62 4 0.724
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YRM-11-RC-45 468815 1300398 215 -55 61 34 42 8 0.615
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YRM-11-RC-46 468827 1300411 215 -55 79 No significant intercepts
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YRM-11-RC-47 468839 1300316 215 -55 43 12 20 8 0.506
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YRM-11-RC-48 469343 1299078 360 -55 59 No significant intercepts
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YRM-11-RC-49 469247 1300329 215 -55 83 32 34 2 0.801
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BAGASSI SOUTH DRILLING
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Total
Collar Collar Depth Grade
Drill hole # Northing Easting Az Dip (m) from to intercept (g/t)
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YRM-11-RC-50 470124 1296899 40 -55 80 38 48 10 0.877
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including 40 42 2 1.740
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and including 46 48 2 2.020
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54 79 25 0.592
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including 54 56 2 2.020
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and including 62 66 4 0.879
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including 78 79 1 2.22
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YRM-11-RC-51 470203 1296875 40 -55 60 No significant intercepts
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YRM-11-RC-52 469998 1297022 215 -55 106 58 60 2 3.260
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YRM-11-RC-53 469807 1297285 220 -55 103 No significant intercepts
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YRM-11-RC-54 469785 1297197 200 -55 102 No significant intercepts
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QUALITY ASSURANCE/QUALITY CONTROL
Riverstone Resources Inc. is the operator of the current program and maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. All Yaramoko samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over one gram gold per tonne re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group.
In addition to the normal gold assaying procedures for each drill sample submitted, all 2 metre drill samples from Yaramoko in which visible gold was noted after panning (approximately 40), were assayed for gold using a 2 kg sample and cyanide leaching and these results are pending. A high level of exploration and development activity in the gold sector in Burkina Faso has resulted in an increase in the turnaround time for receiving all gold assays.
Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the Company holds an extensive portfolio of six high quality exploration projects covering 2,300 square kilometres. For further information about the Company and its activities, please refer to the Company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Michael D. McInnis, P.Eng., President & CEO
Paul Anderson, P.Geo., is a Qualified Person for RVS and has reviewed and approved the contents of this release.
Certain statements made and information contained in this news release and elsewhere constitutes 'forward-looking information' within the meaning of the Ontario Securities Act. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Neither 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:
Riverstone Resources Inc. - Vancouver Office
Michael D. McInnis
President
604-801-5020
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
info@riverstoneresources.com
www.riverstoneresources.com