Riverstone Starts Major Drill Program at Yaramoko and Reports Additional Gold Assays From Bissa West
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/25/11 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) is pleased to announce that it has contracted Boart Longyear to perform 5,000 metres of core drilling on the Yaramoko and Bissa West Concessions, on behalf of its partner, Roxgold Resources. The initial target area will be the Bagassi Central area where previously reported reverse circulation (RC) drilling returned gold intercepts of 28.6 g/t gold over 20 metres and 24.6 g/t gold over 6 metres (see News Releases Feb 28, 2011 and Apr 8, 2011) and the Bagassi South area, which returned gold intercepts of 11.9 g/t gold over 6 metres and 14.8 g/t gold over 2 metres (See News Release Jan 16, 2008).
The Company has also received assays from the final 10 reverse circulation drill holes from its Bissa West Gold Concession in Western Burkina Faso, West Africa. Assay results remain pending for 15 holes drilled during Phase 1 on the Solna Concessions. Both properties, as well as Yaramoko, have been optioned to Roxgold, which has the right to earn a 60% interest, with Riverstone retaining 40%. Highlights of the Bissa West Drilling are:
-- 10 metres grading 2.84 g/t gold at Koala Area, Bissa West
-- 6 metres grading 1.95 g/t gold at Pelgtanga Area, Bissa West
'We are pleased with these additional assay results from Bissa West,' commented M.D. McInnis, CEO of Riverstone Resources Inc. 'For a first pass program to identify four separate zones worthy of follow up drilling speaks to the great potential of this well located property.'
BISSA WEST RESULTS
At Bissa West, significant results (including holes from previous releases) from the 25 RC holes (2,488 metres) drilled in February and March 2011 are presented in the Table below:
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Au
TD Intercept Width Grade
Hole # Az Dip (m) (m) (m) (g/t) Area
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BBL-11-RC-003(i) 320 55 103 24-34 10 1.10 Pelgtanga
including 30-32 2 3.66
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BBL-11-RC-023 140 55 130 54-64 10 0.46 Pelgtanga
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BBL-11-RC-024 320 55 193 38-44 6 1.95 Pelgtanga
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BBL-11-RC-005(i) 120 55 103 60-64 4 1.87 Bouboulou 2
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BBL-11-RC-006(iii) 120 67 115 70-90 20 2.26 Bouboulou 2
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and 100-110 10 1.42
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BBL-11-RC-012(i) 120 50 120 100-108 8 1.21 Rawema 1
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BBL-11-RC-013(ii) 109 50 109 74-86 12 5.46 Rawema 1
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and 86-109 23 0.52
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BBL-11-RC-019 240 55 109 68-78 10 0.50 Koala
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and 96-100 4 0.53
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BBL-11-RC-020 270 55 103 40-50 10 2.84 Koala
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Including 42-44 2 12.45
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BBL-11-RC-021 240 55 130 6-8 2 3.94 Koala
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BBL-11-RC-022 140 55 133 44-48 4 1.63 Koala
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and 80-82 2 0.77
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(i) Previously reported
(ii) Previously reported. Hole bottomed in mineralization. All other holes
returned either geochemically anomalous or no significant results. Hole
BBL-11-RC-15 was lost at 30 metres before reaching the target due to
drilling difficulties.
(iii) Note minor correction from previous report.
Bissa West comprises the Bouboulou permit which is located approximately 75 km northwest of the capital city of Ouagadougou and some 200 km northeast of the Yaramoko Concession. The permit covers an area of about 40 km2. The Phase 1 RC drill program tested five widely spaced anomalous zones within the concession, four of which returned results worthy of follow up core drilling which will occur after the Yaramoko zones have been tested.
YARAMOKO PROGRAM
The Rotary Air Blast (RAB) percussion drill program (324 holes) has been completed on the Yaramoko permit further defining the soil and rock anomalies for core drilling. The initial assays from this program are being received. RAB drilling tests the soil and saprolite above the bedrock and a short distance into the bedrock. The Yaramoko permit is almost entirely covered by a thick (3-50 metres) mantle of this weathered material with exposures of outcrop and veins relatively rare. RAB drilling helps determine the extent of lateral movement of gold within this medium relative to its bedrock source and assists in the positioning of follow up RC and core drill holes.
The Phase 2 program, consisting of a planned 5,000 metres of core drilling will provide important structural and lithological information. This diamond drill program will commence at gold zones previously discovered by the RAB and RC drill programs. The Yaramoko permit lies directly south of, and is contiguous to, the Semafo's Mana Gold Mine.
SOLNA (SOLNA, YANTARA, and TEYANGO)
15 holes of reverse circulation drilling were completed on the Solna permits in Eastern Burkina Faso during April. This program targeted anomalous trench, rock and soil values from previous exploration programs. Assays are pending. The RAB drill will now be sent from Yaramoko to the Teyango and Yantera properties to conduct a 14,000 metre program. The Samira Hills Gold Mine operated by Semafo Inc. is located about 50 km from the eastern boundary of the Teyango Concession.
All holes referenced in this press release were drilled at an angle of 50-67 degrees and mineralized structures appeared to be sub-vertical suggesting that true widths of mineralized zones approximate 75% of reported widths.
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 and Bissa West RC 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 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
info@riverstoneresources.com
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
Riverstone Resources Inc.
Don Mosher
Corporate Development
604-685-6465
www.riverstoneresources.com