Riverside Resources and Guerrero Exploration Report Initial Drill Results Including Three Metres of 11.6 g/t Gold at the Chapalota Project in Sinaloa, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/17/11 -- Riverside Resources Inc. ('Riverside' or the 'Company') (TSX VENTURE: RRI)(PINK SHEETS: RVSDF)(FRANKFURT: R99) is pleased to report positive drill results including 3.0 metres of 11.6 g/t gold (CH-11-07) and 70.2 metres of 11.0 g/t silver (CH-11-08) received from the 2011 drill program at the Chapalota Project in Sinaloa, Mexico. Gold and silver mineralization was intersected in five out of the nine drillholes of the program with intervals highlighted in the table below. Gold was intersected at and along strike of both the Leonas and Habas zones tested by this first ever drill campaign. The nature of the gold and silver mineralization, as observed from geological logging of the drillcore and from associated trace element alteration geochemistry, is consistent with that of an orogenic gold system.
At the Leonas target, gold was intersected in quartz veining and fault breccia at depth below and along strike 125 m to the south of the outcrop previously reported as returning rock chip assays up to 32.1 g/t Au. A further 900 m to the southeast along the structural corridor drillhole CH-11-07 returned a 30 cm interval @ 101.5 g/t Au from 165.5 m downhole. At the Habas target zone, located 2 kilometers south of Leonas, an interval of deeply weathered, silicified brecciated intrusive returned 70.2 m @ 11.0 g/t Ag with low level Au associated with it.
'This initial phase of drilling and positive results point toward a shallow discovery, intersected in different spots along strike and remaining wide open for expansion,' stated John-Mark Staude, President and CEO of Riverside Resources Inc. 'The initial interpretation of an orogenic shear zone gold model is standing up and could be leading toward a large gold-(silver) system. The Prospect Generator model applied by Riverside is working well as we partner with Guerrero Exploration to carry out drilling on this project. This first drill phase tested mainly the Leonas target and there remains significant drilling potential for Habas and another four target areas identified through recent soil survey and IP work by Riverside,' added Staude.
Highlighted Intervals include:
Drillhole CH-11-02: 1.6 m @ 4.02 g/t Au, 1.5 g/t Ag from 20.3 m, incl. 0.4 m @ 11.4 g/t Au.
Drillhole CH-11-07: 3.0 m @ 11.6 g/t Au, 3.3 g/t Ag from 164.8 m, incl. 0.3 m @ 101.5 g/t Au.
Drillhole CH-11-08: 70.2 m @ 0.05 g/t Au, 11.0 g/t Ag from 0.0 m, incl. 2.6 m @ 52.0 g/t Ag.
Some higher valued Au and Ag mineralized intervals from this first drill campaign are presented in the following table.
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Drillhole Location Mineralized Interval (not true width)
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CH-11-01 Leonas 13.0 m @ 0.089 g/t Au, 11.7 g/t Ag from 3.1 m
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1.6 m @ 4.02 g/t Au, 1.5 g/t Ag from 20.3 m, incl. 0.4
CH-11-02 Leonas m @ 11.4 g/t Au
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2.1 m @ 0.83 g/t Au, 1.6 g/t Ag from 47.9 m, incl. 0.4
CH-11-02 Leonas m @ 2.7 g/t Au
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5.5 m @ 0.74 g/t Au, 1.5 g/t Ag from 78.0 m, incl. 1.7
CH-11-06 Leonas m @ 2.0 g/t Au
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10.1 m @ 0.69 g/t Au, 0.3 g/t Ag from 131.7 m, incl.
CH-11-06 Leonas 0.3 m @ 4.2 g/t Au
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8.6 m @ 0.97 g/t Au, 0.4 g/t Ag from 241.5 m, incl. 1.4
CH-11-06 Leonas m @ 3.4 g/t Au
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3.0 m @ 11.6 g/t Au, 3.3 g/t Ag from 164.8 m, incl. 0.3
CH-11-07 Leonas m @ 101.5 g/t Au
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70.2 m @ 0.05 g/t Au, 11.0 g/t Ag from 0.0 m, incl. 2.6
CH-11-08 Habas m @ 52.0 g/t Ag
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CH-11-08 Habas 1.6 m @ 1.6 g/t Au, 0.4 g/t Ag from 117.4 m
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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 were 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.
Property Overview:
The 91 km2 Chapalota Property is located on the western margin of the Sierra Madre Occidental Region approximately 50 km northeast of the city of Mazatlan in south-central Sinaloa, Mexico. The Chapalota Property is located near several past producing mines that are now being redeveloped and expanded. The Property is 50 km to the south of Silvermex's Rosario deposit, 70 km to the north of Oro Mining's La Trinidad deposit and 200 km south of US Gold's Majistral deposit in an abundantly rich mining region of Mexico. Recent work with Guerrero Exploration including IP and soil surveys refined six target areas, two of which have now been drilled. There remain at least four drill target areas and three former mining areas that have not been drill tested on the property.
About Riverside Resources:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has approximately $10,000,000 in the treasury and fewer than 35,000,000 shares issued. Riverside's model of growth through partnerships and exploration looks to use the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery. 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
Manager, 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