Riverstone Announces Liguidi RAB Drilling Results-Confirmation of 13 km Long Gold Soil Anomaly
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/20/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) ("Riverstone" or the "Company") is pleased to report results from a Rotary Air Blast ("RAB") drilling program completed on the Liguidi Exploration Permit ("Liguidi"). The RAB drilling confirms a gold soil anomaly in excess of 13 kms long and also confirms the results of a quartz boulder sampling program previously undertaken over a broad area known as the Quartz Float Zone (see map on Company's website illustrating the RAB intercepts: http://www.riverstoneresources.com/i/maps/2012-09-20_Liguidi.jpg).
The RAB drilling totaled 13,002 m in 876 holes, along lines spaced at 200 m intervals, with holes every 50 m along the lines. Most holes were vertical but a small number were angled where structure was evident. Significant intercepts include:
-- 1.43 g/t gold over 24 m, including 2.78 g/t gold over 12 m in LMG-RAB-
523
-- 1.69 g/t gold over 11 m in LMG-RAB-436
-- 1.46 g/t gold over 12 m in LMG-RAB-538
-- 1.24 g/t gold over 15.5 m, including 5.07 g/t gold over 3 m in LMG-RAB-
042
-- 1.28 g/t gold over 12 m in LMG-RAB-869
-- 1.02 g/t gold over 18 m in LMG-RAB-499
-- 4.14 g/t gold over 3 m in LMG-RAB-590
-- 2.80 g/t gold over 3 m in LMG-RAB-613
-- 1.98 g/t gold over 6 m in LMG-RAB-864
-- 1.00 g/t gold over 11 m, including 3.27 g/t gold over 3 m in LMG-RAB-232
"Riverstone is very pleased with the results of the RAB drilling as the drilling confirms the longest gold soil anomaly in Burkina Faso," commented Dwayne L. Melrose, President and CEO of Riverstone. "Riverstone has always considered the Liguidi property to be very prospective for hosting a gold deposit."
The Liguidi property is situated along the Markoye Structural Trend, which currently has numerous gold deposits which combined contain reported resources in excess of 15 million ounces.
The RAB drilling targeted the most prospective areas of the Liguidi property, which included the Quartz Float Zone, Three Hills, Lagare's Zone and Dassoui. The gold soil anomaly represents one of the largest and strongest reported continuously mineralized gold anomalies in Burkina Faso, and which is characterized by highly anomalous gold values in excess of 100 ppb gold. The gold soil anomaly remains open to the southwest.
Lagare's Zone is defined by mapping along the southern portion of the 13 km long gold soil anomaly. The RAB drilling concentrated on a 6 km strike length of the 8 km long zone. Lagare's Zone is characterized by a linear series of historic artisanal workings, along a shear zone that exposes interbanded volcanic and sedimentary rocks, felsic dykes and quartz veins. The Dassoui is a parallel trend to the south of Lagare, contains at least four anomalous zones from 200 to 800 m long.
The Quartz Float Zone is located in the north-central part of the Liguidi property where grid based rock sampling over the gold soil anomaly defined four large anomalies grading greater than 1.0 g/t, with the largest measuring 1,000 m by 150 m. Over 20% of the samples collected ranged in grade between 1.01 and 6.88 g/t gold, with values as high as 15.81 g/t gold. The RAB drilling program confirmed the size and extent of the anomalies of the Quartz Float Zone.
Work previously completed on the Wayalguin and the Three Hills areas located in the far northern portion of the gold soil anomaly zone returned trench results of 0.63 g/t gold over 111 m, including 18 m of 1.45 g/t gold and 18 m of 1.53 g/t gold. Follow up RC drill results of 16.5 m of 1.25 g/t gold, including 9 m of 1.88 g/t gold, were obtained at Wayalguin and Three Hills.
A more complete summary of significant results in these RAB drill holes is presented in the following table:
Hole From To Interval Au
Number (m) (m) (m) (ppb)
LMG-RAB-008 3 6 3 745
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LMG-RAB-016 12 15 3 733
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LMG-RAB-024 6 12 6 591
and 9 12 3 713
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LMG-RAB-037 9 17 8 1175
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LMG-RAB-042 0 15.5 15.5 1242
including 3 6 3 759
and 6 9 3 5071
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LMG-RAB-066 3 9 6 615
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LMG-RAB-070 0 3 3 740
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LMG-RAB-090 0 3 3 892
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LMG-RAB-094 0 3 3 714
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LMG-RAB-095 3 4 1 2347
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LMG-RAB-113 0 13 13 612
including 0 6 6 1282
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LMG-RAB-124 3 6 3 683
---------------------------------------------------------------------------
LMG-RAB-125 9 15 6 548
---------------------------------------------------------------------------
LMG-RAB-133 3 9 6 1694
including 3 6 3 2580
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LMG-RAB-180 3 6 3 760
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LMG-RAB-185 0 8 8 781
including 6 8 2 2885
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LMG-RAB-188 0 7.5 7.5 723
including 0 3 3 1644
---------------------------------------------------------------------------
LMG-RAB-232 0 11 11 1002
including 6 9 3 3269
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LMG-RAB-256 0 3 3 1063
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LMG-RAB-382 0 9 9 554
---------------------------------------------------------------------------
LMG-RAB-394 0 4 4 679
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LMG-RAB-430 0 3 3 960
---------------------------------------------------------------------------
LMG-RAB-436 0 26 26 757
including 15 26 11 1690
---------------------------------------------------------------------------
LMG-RAB-437 12 15 3 606
---------------------------------------------------------------------------
LMG-RAB-497 12 18 6 602
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LMG-RAB-499 0 23 23 819
including 0 18 18 1023
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LMG-RAB-515 27 30 3 1435
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LMG-RAB-523 0 24 24 1425
including 12 24 12 2784
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LMG-RAB-527 0 27 27 431
including 15 24 9 798
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LMG-RAB-538 0 23 23 882
including 3 15 12 1461
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LMG-RAB-585 9 27 18 729
---------------------------------------------------------------------------
LMG-RAB-590 42 45 3 4143
---------------------------------------------------------------------------
LMG-RAB-613 3 6 3 2796
---------------------------------------------------------------------------
LMG-RAB-630 3 9 6 846
---------------------------------------------------------------------------
LMG-RAB-702 27 30 3 1001
---------------------------------------------------------------------------
LMG-RAB-703 15 21 6 992
---------------------------------------------------------------------------
LMG-RAB-711 0 12 12 587
---------------------------------------------------------------------------
LMG-RAB-713 3 12 9 577
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LMG-RAB-718 9 12 3 872
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LMG-RAB-735 0 22 22 795
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LMG-RAB-736 15 20 5 835
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LMG-RAB-802 6 19 13 611
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LMG-RAB-864 0 46 46 450
including 6 33 27 677
or including 24 30 6 1977
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LMG-RAB-869 0 46 46 465
including 24 36 12 1283
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LMG-RAB-870 36 40 4 1228
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LMG-RAB-872 0 16 16 607
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Riverstone is active in Burkina Faso, West Africa, where it holds a portfolio of four high quality exploration projects covering in excess of 2,000 square kilometres. The Company's flagship project is the Karma Gold Project (the "Karma Project"), which comprises a NI 43-101 compliant in-pit Whittle indicated resource of 1.6 million ounces of gold in 47.3 million tonnes grading 1.1 g/t gold and an inferred resource of 0.6 million ounces of gold in 18.9 million tonnes grading 0.93 g/t gold (see Company's news release dated January 9, 2012 and NI 43-101 Technical Report titled, "Technical Report and Resource Estimate on the Karma Project, Burkina Faso, West Africa" filed on SEDAR (www.sedar.com) February 23, 2012). Since the data cut-off for the resource estimation, the Company has completed in excess of an additional 85,000 metres of drilling on the Karma Project, and it is expected that the results of this drilling will add to the overall resource of the Karma Project deposits for which a new resource estimate is expected to be released this quarter. The results of a Preliminary Economic Assessment have recently been released (see Company news release dated August 20, 2012 and NI 43-101 Technical Report titled, "Preliminary Economic Assessment Report for the Karma Project, Burkina Faso, West Africa", with an effective date of August 2, 2012, filed on SEDAR (www.sedar.com) September 17, 2012), highlighting the Karma Project to be a robust project.
Additional information about the Company and its activities may be found on the Company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Dwayne L. Melrose, President & CEO
Paul Anderson, M.Sc., P.Geo., the Company's Vice-President, Exploration, is the Company's Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the technical contents of this release.
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the updated resources estimate, the assumptions set forth in this news release and in the Company's news releases of January 9, 2012, August 20, 2012 and 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, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. 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.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43.101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.
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
Dwayne L. Melrose
604-801-5020
Riverstone Resources Inc.
Don Mosher
Corporate Development
604-685-6465
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
info@riverstoneresources.com
www.riverstoneresources.com
