Riverside and Partner Choice Gold Report Initial Results From Phase 1B Drill Program at Sugarloaf Peak, Arizona
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/12 -- Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE: RRI)(PINKSHEETS: RVSDF)(FRANKFURT: R99) reports initial results from the phase 1B drilling program at the Sugarloaf Peak Gold Project in southwest Arizona. Highlights include hole SGR-12-09 and SGR-12-10 that intersected a thick sequence of mineralized felsic tuffs returning respectively 93.0 metres at 0.44 g/t Au (including 21.3 m at 0.53 g/t Au and 33.5 m at 0.51 g/t Au) and 114.0 metres at 0.41 g/t Au (including 59.5 m at 0.54 g/t Au). With these results the mineralized central zone now extends over 1.1 km along a NE strike between SGR-12-09 and SGR-12-11. Results for four of the five holes that were drilled in the historically known mineralized area have now been received (SGR-12-9, SGR-12-10, SGR-12-11 & SGR-12-12; results from hole SGR-12-13 are still pending). Results from all four holes that targeted the historic central target area were mineralized from top to bottom, and in each case were still open to depth.
Riverside and Choice Gold ("Choice") have now received initial results from six holes (SGR-12-7 to SGR-12-12), with assays for the remaining seven holes and multi-element results still pending. The drill program consisted of 13 reverse circulation holes testing the historically known mineralized central area, as well as new areas to the west, south and southeast presenting gold anomalies at the surface.
Hole SGR-12-09 was drilled to test the northeastern extension of the mineralized zone as defined by the available historical information. This hole successfully demonstrates the potential to expand upon the large footprint of the Sugarloaf Peak property along strike and at depth by intersecting continuous mineralization through the entire hole. SGR-12-09 bottoms in mineralization at a vertical depth of 117 meters.
Hole SGR-12-10 was drilled to corroborate the historical information of hole CS-7, which reflected the highest grade-thickness ratio amongst the historical drill holes. The new results confirm the higher grade intervals at similar and greater depths than historical hole CS-7 with a broad mineralized intersection and grades reaching 3.3 g/t Au.
The calculated intervals for initial results from the 2012 1B drill program are listed in the table below. All intervals were calculated using a 0.15 g/t Au cut-off and a mineral thickness of 25 feet or 7.6 metres and the dilution limited to 3.0 metres.
----------------------------------------------------------------------------
From To Interval Grade
RC Hole No m m m g/t Au
----------------------------------------------------------------------------
SGR-12-07 33.5 41.2 7.6 0.66
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SGR-12-08 None
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SGR-12-09 0.0 93.0 93.0 0.44
----------------------------------------------------------------------------
including 4.6 25.9 21.3 0.53
----------------------------------------------------------------------------
including 53.4 86.9 33.5 0.51
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SGR-12-10 0 114.0 114.0 0.41
----------------------------------------------------------------------------
including 4.6 64.0 59.5 0.54
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SGR-12-11 7.6 44.2 35.1 0.33
----------------------------------------------------------------------------
including 28.9 39.6 10.7 0.52
----------------------------------------------------------------------------
83.8 99.1 15.2 0.27
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SGR-12-12 6.1 44.2 38.1 0.21
----------------------------------------------------------------------------
57.9 85.4 27.5 0.22
----------------------------------------------------------------------------
(i)Interval lengths are down-hole core lengths; true widths unknown
Hole SGR-12-07 tested the extension of hole SGL-11-04 and intersected, at a shallow depth of 33.5 meters, 0.664 g/t Au over 7.62 meters in a clay rich fault zone, including 1.36 g/t Au over 3 meters. Hole SGR-12-11 was drilled to test the Western extension of the historical information and returned 0.334 g/t Au over 35 meters.
Strong structural controls on gold mineralization have been one of the focuses of the current drill program. Shallowly dipping faults through the central zone of mineralization are believed to control disseminated gold mineralization by acting as conduits to transport the mineralizing fluids through porous tuffaceous host units. Combined with structural mapping, aeromagnetics and Titan 24 surveys performed in 2011, the development of this model has helped define a variety of targets throughout the entire 24 km2 Sugarloaf Peak property. Structural controls on gold mineralization have been recognized in several adjacent low grade, large tonnage gold deposits of the northern Sonora desert such as Herradura, El Chanate and Mesquite. Further work on the Sugarloaf Peak property will focus on the recognition and targeting of these controlling faults with the aim of advancing the property towards an NI 43-101 compliant mineral resource.
Agreement Details:
In order for Choice Gold to acquire a 100% interest in the Sugarloaf Peak Project they must issue Riverside an aggregate 13,600,000 Choice Gold shares, make total cash payments of $1,750,000 to Riverside, and incur $5,500,000 in exploration expenditures on the Property within 36 months of the agreement (News Release, February 28, 2011).
Assaying and Qualified Person:
According to Choice Gold all of the RC holes were sampled successively from the top to the bottom of each hole following rigorous QAQC procedures. These QAQC procedures include the insertion of blanks, standards, and duplicates. All the samples were shipped to American Assay Lab, Reno, NV, to be pulverised and analyzed for Au by the fire assay method and for a suite of trace elements using the ICP method.
The scientific and technical data contained in this news release relating to the initial drill results at the Sugarloaf Peak Project was prepared by Choice Gold's qualified person Brigitte Dejou, and reviewed by David S. Smith, MS, MBA, CPG, a 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.
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