Riverside Resources and Partner Sierra Madre Continue Drilling Out Capitan Gold Body With New Results Including 48.7 Meters of 1.01 g/t Gold at the Penoles Project in Durango, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/12/12 -- Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE: RRI)(PINKSHEETS: RVSDF)(FRANKFURT: R99) and its partner, Sierra Madre Developments (TSX VENTURE: SMG) are pleased to announce additional drill results from the 2012 drill program at the El Capitan Target (a near surface, shallow dipping, oxide gold deposit), which forms part of the Company's Penoles Project in Durango, Mexico. Highlighted results include drill-hole CDDH 12-08 which returned 124.5 meters of 0.606 g/t gold, including a 48.70 meter interval averaging 1.013 g/t gold. Drill-hole CDDH 12-11 returned 154.43 meters averaging 0.452 g/t gold and included 28.63 meters averaging 1.119 g/t gold. These hole locations are shown on the new drill-hole map presented on Riverside and Sierra Madre's websites. These mineralized intervals are wider than anticipated and are open for expansion down-dip. The current program (funded by Sierra Madre) consists of an additional 20 holes designed to test the down-dip extent of mineralization and provide sufficient drill-hole density for an initial resource calculation.
The results of the current drill program have confirmed the presence of the "upper mineralized zone" (see press release June 27, 2012). The new drilling indicates that the upper contact of the El Capitan mineralized zone may be horizontal rather than earlier drilling, which seemed to indicate an inclined upper contact to mineralization. Assay results for the recently completed holes are listed in the following table. The mineralized intervals reported for vertical and inclined holes drilled at an azimuth of 030 degrees are believed to represent approximately 90% of actual thicknesses. The steeply inclined holes drilled at an azimuth of 210 degrees are believed to represent approximately 80% of true widths. Actual thicknesses have not yet been determined.
The recently completed holes were drilled from several pads in the west-central, central and eastern parts of the El Capitan project. The 2012 program consists of vertical and/or steeply inclined holes (drilled at an azimuth of 210 degrees) completed from existing pads and several inclined holes (drilled at an azimuth of 030 degrees) completed from new drill stations on the opposite side of the ridge from exposed mineralization. Further drill results will be released as they are received.
Table 1: Assay Results for Recently Completed Drill-holes
(CDDH 12-05 - CDDH 12-11)
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Interval
Drill Hole Inclination From (m) To (m) (m) Au (g/t)
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CDDH 12 - 05(i) -75 124.10 190.85 66.75 0.319
Including 128.10 147.30 19.20 0.589
CDDH 12 - 06 90 68.75 127.05 58.30 0.360
Including 88.00 98.80 10.80 0.556
Including 107.05 127.05 20.00 0.366
CDDH 12 - 07(i) -65 110.20 190.69 80.49 0.377
Including 117.50 138.83 21.33 0.551
Including 142.83 154.83 12.00 0.634
CDDH 12 - 08(i) -75 41.55 165.85 124.30 0.606
Including 117.15 165.85 48.70 1.013
Including 131.99 146.85 14.86 1.556
CDDH 12 - 09(i) -70 18.20 51.90 33.70 0.413
Including 40.20 51.90 11.70 0.983
also 111.90 179.35 67.45 0.575
Including 133.90 171.90 38.00 0.749
CDDH 12 - 10 -60 54.05 96.87 42.82 0.406
Including 76.87 94.87 18.00 0.596
Including 76.87 84.87 8.00 0.816
CDDH 12 - 11 -85 32.97 187.40 154.43 0.452
Including 54.97 153.65 98.68 0.566
Including 54.97 83.60 28.63 1.119
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(Note: holes completed from existing pads at azimuth of 210 degrees are
marked with an (i))
Drilling results from El Capitan are considered significant because El Capitan appears broadly similar to Argonaut Gold's El Castillo Mine located approximately 90 kilometers south of El Capitan. Argonaut Gold is successfully heap-leach mining El Castillo at an average grade of 0.32 g/t Au with a cut-off grade of 0.15 g/t Au.
To determine optimal leaching procedures at El Capitan, Inspectorate Exploration and Mining Services of Richmond, BC has initiated systematic column leach testing with an initial 11 columns being run for over 60 days to look at size crush fraction and other parameters utilizing approximately 1,200 kilograms of core from the 2011 drill program.
Extensive surface sampling has also been completed on several of the gold targets located near El Capitan, including the Pinchanzo Zone (see press release dated May 23, 2012), and results will be announced as they become available.
Assaying and Qualified Person:
According to Sierra Madre, all drill-core was placed in numbered boxes and transported to secure core facilities by the drill contractor. Following detailed core logging all core was split using a diamond bladed core saw under the direct supervision of Sierra Madre's geologic staff. Half of the core was kept on site in the original core boxes, the second half was placed in labeled and sealed sample bags which were transported directly to the custody of Inspectorate, a laboratory certified for the provision of assays and geochemical analysis (ISO: 9001-2008). Samples were transported to Inspectorate's facilities in Durango, Mexico for prep work and analyzed at their facilities in Reno, Nevada. All samples were prepared using standard industry prep methods followed by fire assay analysis and aqua regia digest for trace elements. All samples with greater than 10 g/t Au were additionally tested by fire assay with a gravimetric finish. Sierra Madre has included 10% industry certified Au standards and blanks within the sample stream in addition to field duplicates as part of the QA/QC program. All quality-control sample results were within acceptable control limits.
The scientific and technical data contained in this news release pertaining to the Penoles Project were prepared under the supervision of Carl Von Einsiedel, PGeo, a qualified person to Sierra Madre, 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.
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 $9,000,000 in the treasury and 35,000,000 shares issued. The Company'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 about Penoles and other assets that are available for partnership can be found on 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.
John-Mark Staude
President & CEO
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com
Riverside Resources Inc.
Joness Lang
Manager, Corporate Development
(800) RIV-RES1
(778) 327-6675 (FAX)
jlang@rivres.com
www.rivres.com