Riverstone Reports 12 Metres Grading 5.46 g/t Gold and 20 Metres Grading 2.20 g/t Gold at Bissa West Concession, Burkina Faso, West Africa
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/27/11 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) -
HIGHLIGHTS
-- 12 Metres grading 5.46 g/t gold at Rawema 1 Area
-- 20 Metres grading 2.20 g/t gold at Bouboulou 2 Area
-- Phase 1 of 2,909 Metres of RC drilling in 25 holes completed - assays
for 10 holes pending
-- Intercepts are from separate zones located 800 Metres apart at Bissa
West Concession
Riverstone Resources Inc. ('the Company') announces that it has received assays from 15 drill holes from its Bissa West Gold Concession in Central Burkina Faso, West Africa. Assay results are pending for an additional 10 holes drilled during Phase 1 on Bissa West and for 15 holes drilled on the Solna Concessions, which are located in eastern Burkina Faso.
Riverstone entered into an agreement to option a 60% interest in the Bissa West 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.
BISSA WEST CONCESSION RESULTS
At Bissa West results presented are from the initial 15 of 25 holes drilled in February and March 2011. A total of 2,909 metres of Reverse Circulation ('RC') drilling was completed at Bissa West. Significant results are presented in the Table below:
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Inter- Au
TD cepts Width Grade
Hole # Az Dip (m) (m) (m) (g/t) Area
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BBL-11-RC-003 320 55 103 24-34 10 1.10 Pelgtanga
including 30-32 2 3.66
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BBL-11-RC-005 120 55 103 60-64 4 1.87 Bouboulou 2
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BBL-11-RC-006 120 67 115 70-90 20 2.20 Bouboulou 2
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And 100-110 10 1.42
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BBL-11-RC-012 120 50 300 100-108 8 1.21 Rawema 1
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BBL-11-RC-013(i) 109 50 300 74-86 12 5.46 Rawema 1
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And 86-109 23 0.52
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(i) Hole bottomed in mineralization. All other holes returned either
geochemically anomalous or no significant results. Hole BBL-11-RC-15 was
lost at 30 meters due to drilling difficulties.
Bissa West comprises the Bouboulou exploration permit, which is located approximately 75 km northwest of Ouagadougou, and approximately 40 kilometres southwest of the producing Kalsaka gold mine. The permit covers an area of about 40 km2. The centre of the permit is occupied by a northeast to east-northeast trending band of mafic volcanic rocks, surrounded by clastic sedimentary rocks. The mafic volcanic rocks are bordered by distinctive bands of siliceous sediments, and similar zones also occur within the sediments.
The northeast trending Sabce shear zone, which hosts numerous artisanal gold zones over its 120 kilometre length plus the advanced stage Bissa Hill gold project, cuts across this permit, and a number of subsidiary structures are associated with it. Most of the artisanal gold workings on Bouboulou are shallow in nature, and generally border the northern contact of the mafic volcanic belt. The largest artisanal gold zone covers 0.86 km2, although the Bouda artisanal gold site just northeast of the permit covers 0.34 km2 and its shafts reach a depth of 80 m.
Bouboulou was held by Boliden in 1997 as part of a much larger permit. Boliden completed regional RAB drilling over the entire permit, comprising 25,400 metres, initially at 500 m centres. Included in this total was infill drilling concentrated over what is now the Company's permit, which defined a northeast trending gold anomaly measuring 13 km by 2 to 6 km wide. The mineralization was described as disseminated sulphides in tuffs and dacites.
The Company completed several programs of regional and detailed geological mapping and sampling prior to optioning the property to Roxgold. Rock sampling and trenching within the Boliden anomaly returned gold grades from 1.09 to 19.16 g/t gold. An IP geophysical survey was completed over the area with the highest gold values, and the Company has now drill tested a number of these targets in the current program.
SOLNA CONCESSIONS
1793 meters of RC drilling in 15 holes have been completed on the Solna Concession in Eastern Burkina Faso. This program targeted anomalous trench, rock and soil values from previous exploration programs conducted by Riverstone. Assays are pending.
YARAMOKO PROGRESS
The RAB percussion drill program continues on the Yaramoko Concession to detail the existing high grade mineralization at Bagassi Central (28.6 g/t gold over 20 metres and 24.6 g/t gold over 6 metres) and Bagassi South (11.9 g/t gold over 6 metres and 14.8 g/t gold over 2 metres) (See News Release dated April 8, 2011) and to define soil and rock anomalies for core drilling in the following months.
All holes referenced in this press release were drilled at an angle of 50-67 degrees and mineralized structures appear to be subvertical suggesting that true widths of mineralized zones approximate 75% of reported widths.
QUALITY ASSURANCE/QUALITY CONTROL
Riverstone 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 Bissa West 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. 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 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
info@riverstoneresources.com
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
www.riverstoneresources.com