Riverside Resources and Partner Sierra Madre Report Positive Drill Results Including 33.5 Metres of 1.7 g/t Gold at the Penoles Project in Durango, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/24/11 -- Riverside Resources Inc. ('Riverside' or the 'Company') (TSX VENTURE: RRI)(PINK SHEETS: RVSDF)(FRANKFURT: R99) and its partner, Sierra Madre Developments (TSX VENTURE: SMG), are pleased to announce positive drill results including 33.50 metres of 1.7 g/t gold (CDDH-11-17) and 33.85 metres of 1.4 g/t gold (CDDH-11-18) which are some of the best drill results ever reported from the Penoles Project in Durango, Mexico. The grade and thickness of mineralization encountered at the El Capitan target in the central and northwestern part of the 'Main Zone' showed considerable improvement over previously reported drilling results. Several of the drill holes encountered near surface mineralized intervals with potentially economic grades in excess of 70 meters in thickness.
A total of 2,220 meters of HQ core drilling was completed in 18 drill holes. Several of the drill holes encountered mineralized intervals with potentially economic grades in excess of 70 meters in thickness. The results of this recent program have advanced the Project another step closer towards delineating a potential resource and the recently announced metallurgy was also favorable with greater than 60% leachable gold results (Sierra Madre News Release, October 12, 2011).
The El Capitan Target is considered an advanced, bulk tonnage oxide gold prospect. Previous widely spaced drilling at El Capitan (3 holes completed by Aurcana in 2004 and 5 holes completed by Riverside in 2008) intersected a 30 to 70 meter wide zone of low grade, oxide gold mineralization that appears to be traceable laterally for more than a kilometer along a shallow, south dipping volcanic - sedimentary contact. Preliminary geological work by Riverside indicated potential for a bulk tonnage, low grade deposit and this recent drill program has validated the conceptual model. A total of 22 drill holes (fifteen drill holes in 2011 and seven historic drill holes) have now been completed within the Main Zone. This zone has been traced by drilling over a strike length of approximately 700 meters and appears to be open for expansion down dip and along strike to the west of the area that has been drill tested.
Based on the assay results from the 2011 drill holes and the reported results from the 2004 and 2008 drill programs, the El Capitan target warrants expanded drill testing. The tables below list all 2011 and historic drill results for the Main Zone.
Table 1: Main Zone 2011 Drill Hole Summary
From To Interval
Drill hole (m) (m) (m) Au g/t
CDDH-11-01 90.35 122.50 32.15 0.478
includes 105.20 108.90 3.70 1.036
CDDH-11-02 45.45 96.20 50.75 0.509
includes 62.60 77.00 14.40 1.084
includes 71.00 75.60 4.60 2.411
CDDH-11-04 Abandoned, Poor Ground Conditions
CDDH-11-03 35.35 126.00 90.65 0.603
includes 78.75 116.25 37.50 1.030
includes 91.50 97.90 6.40 1.902
CDDH-11-05 2.30 68.80 66.50 0.203
includes 14.80 31.75 16.95 0.448
CDDH-11-06 28.35 79.85 51.50 0.141
CDDH-11-06 110.75 155.50 44.75 0.182
From To Interval
Drill hole (m) (m) (m) Au g/t
CDDH-11-07 57.20 165.55 108.35 0.410
includes 57.20 71.15 13.95 0.619
includes 90.65 103.70 13.05 0.788
CDDH-11-11 Abandoned, Poor Ground Conditions
CDDH-11-12 13.28 74.2 60.92 0.154
CDDH-11-12 170.15 194.4 24.25 0.236
CDDH-11-13 63.15 92.05 28.90 0.469
includes 64.85 85.70 20.85 0.502
includes 64.85 68.10 3.25 0.918
CDDH-11-14 77.70 114.80 37.10 0.694
includes 90.35 103.00 12.65 1.389
includes 94.55 99.60 5.05 2.088
CDDH-11-15 46.55 74.15 27.60 0.202
CDDH-11-15 91.80 131.15 39.35 0.217
CDDH-11-16 42.70 104.00 61.30 0.680
includes 61.70 76.10 14.40 1.521
includes 69.60 74.00 4.40 2.429
CDDH-11-17 43.40 131.80 88.40 0.816
includes 80.50 114.00 33.50 1.687
includes 95.95 104.00 8.05 2.405
includes 99.85 104.00 4.15 3.098
CDDH-11-18 64.05 97.90 33.85 1.399
includes 82.35 97.90 15.55 2.096
Table 2: Main Zone Historic 2008 Drill Hole Summary (Riverside)
From To Interval
Drill hole (m) (m) (m) Au g/t
CDDH-08-01 33.75 35.20 1.45 2.510
CDDH-08-01 47.00 76.18 29.18 0.530
includes 61.90 71.70 9.80 1.067
CDDH-08-02 89.94 122.25 32.31 0.659
includes 102.25 105.30 3.05 1.844
includes 102.25 111.80 9.55 1.114
CDDH-08-03 31.05 35.05 4.00 0.860
CDDH-08-03 74.60 78.90 4.30 0.724
CDDH-08-03 84.80 111.00 26.20 0.275
CDDH-08-03 183.05 190.30 7.25 0.443
From To Interval
Drill hole (m) (m) (m) Au g/t
CDDH-08-04 182.65 189.50 6.85 0.265
includes 184.10 188.30 4.20 0.343
CDDH-08-05 71.13 72.65 1.52 0.992
176.50 217.00 40.50 0.215
includes 180.25 188.00 7.75 0.358
Note: Gold grade was originally reported by Riverside in ppb (parts per
billion). The grade in g/t was calculated by dividing the reported grade
in ppb by a factor of 1000. Widths quoted are drilled width. Calculation
of true widths are pending.
Table 3: Main Zone Historic 2004 Drill Hole Summary (Aurcana)
From To Interval
Drill hole (m) (m) (m) Au g/t
PE04-01 31.85 93.27 61.42 0.813
includes 76.20 80.77 4.57 6.400
PE04-02 125.0 190.50 65.5 0.172
PE04-04 78.0 147.52 69.52 0.309
Drill Program and Property Details:
The objective of the 2011 drill program was to validate the conceptual deposit model, increase the density of pierce points within the Main Zone and test for potential strike extensions of the Main Zone. The recently completed drilling program included 15 additional holes drilled from 9 separate stations within the Main Zone. Two drill holes, CDDH 11-04 and CDDH 11-11, encountered poor ground conditions and were stopped before reaching the target zone. Drill stations were spaced at 50 to 100 meters and most of the holes were drilled at an inclination of 50 degrees along an azimuth of 30 degrees (parallel to the Riverside and Aurcana holes). Two of the 2011 drill stations were historic drill sites and three of the 2011 drill holes were vertical holes. Please visit www.rivres.com to view a drill hole location map along with more information on the property.
The Penoles Project is located 70 kilometers to the south of Argonaut's Castillo Mine, which is currently producing over 50,000 ounces a year. In addition to El Capitan, the Penoles Project hosts two historic silver mines that were operated in the late 1800's and a highly prospective 35,000 hectare land package. There is very little technical data available regarding the mines but it appears they have never been drill tested. Concurrent with the drilling program at El Capitan, extensive backhoe trenching was carried out at one of the historic mines (Jesus Maria) to assess the thickness and grades encountered in the historic mining operations. On completion of the drilling program at El Capitan a single drill hole was completed to test if mineralization continues at depth below the historic mine workings. Results of the trenching and drilling 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 Sierra Madre's 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 industry certified Au standards and blanks within the sample stream in addition to field duplicates as part of the QA/QC program.
The scientific and technical data contained in this news release were prepared under the supervision of Mark J. Pryor, Pr.Sci.Nat, 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.
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. 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 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
