Riverstone Discovers New Mineralized Zone at Kao
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/01/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) ("Riverstone" or the "Company") is pleased to report results from seventy-one reverse circulation ("RC") drill holes adjacent to the 100% owned Kao exploration permit ("Kao") deposit, which forms part of the Company's flagship Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"). These holes were drilled to explore for new mineralized zones similar to that discovered at Kao, and lying to the north, north-east and south of the main deposit area (see map on the Riverstone website for the location of the holes: http://www.riverstoneresources.com/i/maps/120920R3-120713_Kao_PortPlan.jpg).
Significant assay intervals in these RC holes include:
For the south extension area:
-- 1.80 g/t Au over 8 m in RC-325
-- 1.58 g/t Au over 10 m in RC-336
-- 1.20 g/t Au over 26 m in RC-265
-- 1.05 g/t Au over 14 m in RC-269
-- 16.0 g/t Au over 2 m in RC-282
-- 3.94 g/t Au over 2 m in RC-279
For the north-east reconnaissance area:
-- 3.67 g/t Au over 2 m and 1.16 g/t over 2 m in RC-297
-- 1.38 g/t Au over 2 m and 0.90 g/t over 10 m in RC-308
-- 0.96 g/t Au over 6 m including 1.72 g/t over 2 m in RC-216
-- 0.75 g/t Au over 10 m including 1.48 g/t over 4 m in RC-215
Mineralization in the main Kao deposit now extends over 1,500 metres in a northeast-southwest direction and at least 900 metres down-dip to the east. The recent drilling to the south has extended the mineralized zone by about 100 metres. The Kao deposit is remains open in all directions.
Drilling to the north and north-east of the main deposit was widely spaced, and was more reconnaissance in nature. A newly defined zone of mineralization occurs some 500 metres east of the northern extent of the main Kao deposit as presently understood. Several of the holes within this 300 metre by 300 metre area returned shallow intersections of material in excess of the presently projected cut-off grade for oxide material. Further drilling will be completed to expand and define this new zone.
"We are very pleased with the discovery of the new mineralized zone as the size of the Kao deposit continues to grow," commented Dwayne L. Melrose, President and CEO of Riverstone. "We have not yet found the limits of the Kao deposit and there is very good potential to expand the mineralization to the north as the gold in soil anomaly extends 4 kilometres further to the north. We expect to have these results reflected in the upcoming resource update, slated to be available for released this quarter."
A more complete summary of results in these drill holes is presented in the following table:
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Average
Interval (metres) Intercept Grade
Hole number From To (metres) (g/t Au)
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Holes drilled within and to the south of the main Kao deposit:
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KAO-12-RC-265 132 158 26 1.20
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KAO-12-RC-269 70 84 14 1.05
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KAO-12-RC-270 148 150 2 2.84
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and 202 206 4 1.00
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KAO-12-RC-271 18 20 2 0.69
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KAO-12-RC-272 36 38 2 1.14
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and 154 156 2 1.21
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KAO-12-RC-274 164 166 2 0.51
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KAO-12-RC-275 140 146 6 0.44
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KAO-12-RC-276 132 134 2 0.73
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KAO-12-RC-277 58 60 2 1.10
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KAO-12-RC-279 64 66 2 3.94
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KAO-12-RC-280 14 18 4 2.56
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and 116 122 6 1.01
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and 162 172 10 0.85
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KAO-12-RC-282 182 184 2 16.0
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KAO-12-RC-284 32 42 10 1.15
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and 102 114 12 0.67
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and 144 158 14 0.70
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KAO-12-RC-285 116 122 6 1.25
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KAO-12-RC-312 56 58 2 3.03
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KAO-12-RC-314 102 114 12 0.56
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KAO-12-RC-316 82 116 34 0.50
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KAO-12-RC-317 82 86 4 0.93
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KAO-12-RC-320 102 104 2 0.58
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KAO-12-RC-322 48 50 2 1.92
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and 148 162 14 0.69
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KAO-12-RC-323 74 90 16 0.57
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and 156 168 12 0.53
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and 174 176 2 1.33
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KAO-12-RC-325 116 124 8 1.80
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and 124 130 6 0.57
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KAO-12-RC-332 42 44 2 0.72
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KAO-12-RC-333 16 18 2 1.81
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KAO-12-RC-336 90 100 10 1.58
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KAO-12-RC-340 106 112 6 0.85
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KAO-12-RC-341 106 110 4 0.70
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KAO-12-RC-344 20 24 4 0.56
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and 112 116 4 0.53
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KAO-12-RC-345 46 52 6 0.82
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KAO-12-RC-371 0 2 2 2.96
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KAO-12-RC-372 166 186 10 0.68
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KAO-12-RC-374 150 152 2 2.51
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KAO-12-RC-377 102 104 2 1.54
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Holes drilled north and north-east of the main Kao deposit:
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KAO-10-RC-215 42 52 10 0.75
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including 48 52 4 1.48
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KAO-10-RC-216 116 122 6 0.96
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including 116 118 2 1.72
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KAO-10-RC-218 24 30 6 0.68
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KAO-10-RC-219 114 116 2 0.84
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KAO-12-RC-292 26 30 4 1.62
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KAO-12-RC-293 64 70 6 0.54
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KAO-12-RC-294 44 54 10 0.55
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KAO-12-RC-295 44 46 2 0.83
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KAO-12-RC-296 24 32 8 0.48
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KAO-12-RC-297 66 68 2 1.16
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and 118 120 2 3.67
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KAO-12-RC-298 86 90 4 0.48
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KAO-12-RC-299 22 24 2 0.64
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and 72 76 4 0.53
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KAO-12-RC-300 34 38 4 0.58
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KAO-12-RC-301 102 108 6 0.73
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and 128 130 2 1.18
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KAO-12-RC-304 34 36 2 0.66
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KAO-12-RC-305 52 54 2 0.58
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KAO-12-RC-308 96 100 4 0.59
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and 130 140 10 0.90
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and 146 148 2 1.38
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Notes: Interpreted true thicknesses for these intercepts are between 90 and
100 percent, based on the geometry of the main deposit. The following drill
holes returned no significant intercepts: RC-273, 286, 287, 306, 309, 328,
329, 337, 369, 370, 373, 375, 376, 378, and 387, RC-217, 221, 252, 302, 303,
and 307.
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 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.
Riverstone maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. All samples were prepared at the independent Abilab Burkina SARL laboratory in Ouagadougou, Burkina Faso, West Africa (part of the ALS Chemex Group), and assayed using standard fire assay with an atomic absorption finish, with samples grading over one gram per tonne gold re-assayed with a gravimetric finish, either in Burkina Faso or at the ALS Chemex facility in North Vancouver, British Columbia, Canada.
Addition 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 G. 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 Melrose
President
604-801-5020
info@riverstoneresources.com
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
www.riverstoneresources.com
