Riverstone Intersects 69.4 g/t Au over 10 Metres Within Kao Oxide Mineralization
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/24/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) ("Riverstone" or the "Company") is pleased to report results from thirty-nine reverse circulation ("RC") drill holes on the 100% owned Kao ("Kao") Deposit, which forms part of the company's flagship Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"). These holes are part of a program of drilling within the main oxide mineralization of the Kao deposit, designed to enhance the quality of data for the up-coming resource estimate by increasing the density of drilling in this area (See Map on the Riverstone Website for the location of the holes: http://www.riverstoneresources.com/i/maps/120920R1-120713_Kao_PortPlan.jpg).
Significant assay intervals in these RC holes include:
-- 69.4 g/t Au over 10 m in RC-343
-- 62.5 g/t Au over 6 m and 1.28 g/t over 8 m in RC-326
-- 35.6 g/t Au over 6 m and 1.63 g/t over 6 m in RC-342
-- 2.22 g/t Au over 52 m including 3.07 g/t over 28 m in RC-349
-- 2.25 g/t Au over 20 m and 1.76 g/t Au over 8 m in RC-381
-- 2.56 g/t Au over 8 m and 1.20 g/t over 10 m in RC-365
-- 2.27 g/t Au over 10 m in RC-363
-- 1.49 g/t Au over 20 m in RC-354
-- 1.86 g/t Au over 16 m in RC-358
Mineralization at Kao extends over 1,400 metres in a northeast-southwest direction and at least 900 metres down-dip to the east, and the deposit remains open in all directions. These latest drill holes confirm and enhance the oxide intersections received in previous drilling within the presently modelled pit shells. The oxide gold assays reported in this release are much higher grade than the average resource grade of this deposit.
"These latest results from Kao continue to confirm that high gold grades are present within the oxide zone," commented Dwayne L. Melrose, President and CEO of Riverstone. "These higher than average grade results are expected to favourably impact the new resource estimate, specifically the oxide resources, which will be released this quarter."
A more complete summary of results of the drill holes is presented in the following table:
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Hole number Interval (metres) Intercept Average
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From To (metres) Grade (g/t Au)
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KAO-12-RC-324 48 58 10 0.69
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and 78 86 8 0.59
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and 108 114 6 1.21
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KAO-12-RC-326 22 28 6 62.5
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and 54 62 8 1.28
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KAO-12-RC-327 40 56 16 0.75
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KAO-12-RC-330 16 26 10 0.63
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and 34 42 8 1.37
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and 54 64 10 1.59
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KAO-12-RC-331 64 66 2 0.56
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KAO-12-RC-342 50 52 2 1.49
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and 74 80 6 35.6
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and 100 106 6 1.63
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KAO-12-RC-343 56 66 10 69.4
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KAO-12-RC-346 10 20 10 1.55
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and 28 38 10 1.73
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and 72 74 2 1.11
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KAO-12-RC-347 40 46 6 0.49
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KAO-12-RC-348 82 86 4 0.60
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KAO-12-RC-349 22 74 52 2.22
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including 22 50 28 3.07
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KAO-12-RC-350 0 8 8 1.02
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and 50 58 8 1.05
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and 64 70 6 0.93
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KAO-12-RC-351 82 100 18 1.42
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KAO-12-RC-352 0 10 10 1.10
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and 10 20 10 0.63
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and 26 52 26 0.51
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KAO-12-RC-353 64 72 8 1.42
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and 106 116 10 0.57
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KAO-12-RC-354 38 58 20 1.49
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and 80 82 2 87.0
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KAO-12-RC-355 0 6 6 0.80
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and 24 30 6 0.68
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and 106 112 6 0.60
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KAO-12-RC-356 24 32 8 0.57
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KAO-12-RC-358 28 30 2 1.49
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And 48 64 16 1.86
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KAO-12-RC-359 78 92 14 1.49
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KAO-12-RC-360 12 18 6 1.04
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and 18 26 8 0.53
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and 34 40 6 0.65
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and 58 64 6 0.69
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KAO-12-RC-361 4 12 8 1.06
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and 64 68 4 1.15
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KAO-12-RC-362 2 8 6 1.18
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KAO-12-RC-363 22 28 6 1.15
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and 62 64 2 2.04
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and 86 96 10 2.27
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and 106 110 4 1.80
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KAO-12-RC-364 26 32 6 0.57
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and 50 54 4 1.69
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KAO-12-RC-365 8 16 8 2.56
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and 36 46 10 1.20
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and 86 92 6 0.74
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and 116 120 4 2.17
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KAO-12-RC-366 14 16 2 1.71
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and 30 34 4 1.27
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and 108 110 2 1.05
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KAO-12-RC-368 40 44 4 0.53
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and 78 80 2 1.61
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KAO-12-RC-379 88 94 6 0.82
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KAO-12-RC-380 56 64 8 0.67
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and 68 92 24 0.82
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KAO-12-RC-381 30 38 8 1.76
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and 42 62 20 2.25
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and 62 98 36 0.93
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KAO-12-RC-382 12 18 6 0.85
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and 32 36 4 2.48
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and 40 44 4 1.15
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and 54 58 4 1.53
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and 78 80 2 1.25
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KAO-12-RC-383 30 34 4 0.73
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and 44 52 8 0.89
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and 58 68 10 0.68
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KAO-12-RC-384 72 78 6 1.09
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KAO-12-RC-385 18 28 10 0.55
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and 48 54 6 0.59
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and 64 68 4 1.04
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KAO-12-RC-386 36 40 4 2.08
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and 48 52 4 0.81
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and 74 80 6 1.10
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Notes: Interpreted true thicknesses for these intercepts are between 90 and
100 percent, except for short high-grade sections in holes 326, 342
and 343, which may represent steep structures of uncertain
orientation.
Drill holes Kao-12-RC-357, and Kao-12-RC-367 had no significant
values.
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
