Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce the core drilling company and related equipment has arrived at the Cecilia Project ("Project") in Sonora, Mexico. Drilling will commence for the planned 2,500m, 8 drill hole program and will initially test 3 target areas at the Project. All funding with partner Fortuna Mining is in place and permits are in hand to carry forward this next phase of gold - silver exploration.
Drill Program Highlights
2,500m planned drill program for a total of 8 holes
Drilling Cerro Magallanes breccia and dome margin with the potential to drill through the dome if warranted
Drilling East target where former small scale mine workings and adits move along 4 sub-parallel vein structures of quartz containing silver grades up to over 250 g/t Ag (June 6, 2017 press release)
Myra vein targets will be the first of several Mesa targets to be drilled and tested beneath an area that returned surface channel vein samples of up to 3 g/t Au (October 2, 2018 press release)
If meters allow, to drill the Mesa Fault target along the southeast portion of the Cecilia district tenure where past chip sampling has returned gold values up to 4 g/t Au (September 21, 2020 press release)
Budget of USD$800,000 for this phase of drilling
"We are excited to begin the drill program at the Cecilia project with our partner Fortuna Mining," stated John-Mark Stude, CEO of Riverside Resources. "We announced the agreement with Fortuna Mining in March and have spent the past six months incorporating the results from a recent airborne magnetic survey and extensive geochemistry and mapping into our past project databases and have designed an initial drill program to test three of the highly prospective targets for the project. Concurrent to the commencement of this drill campaign, our teams will collaborate on a plan to define at least four other targets in anticipation of a follow-on drill campaign as well as potential follow up drilling on these initial three. The team at Riverside has spent several years methodically advancing exploration programs at the Cecilia Project and working with a strong partner like Fortuna Mining helps take this project through the next stage of exploration and hopefully towards a major discovery."
During the recent summer field season the exploration targets were advanced with the results from a broader property-wide airborne magnetic survey which covered the complete property being integrated with an earlier detailed magnetic survey of the central Cerro Magallanes putting it into context with the full 80 km2 project area. The drill program will begin with core drill testing of the Agua Prieta Breccia target on the east side of the Magallanes Dome along the contact zone of the rhyodacite dome and volcanic tuffs. The plan is to drill an angle hole up to 800m to cross the breccia features where surface gold mineralization has returned up to > 1 ounce / ton gold (September 21, 2020 press release) and shallow drill holes of 24.2m @ 1.51 g/t Au (April 15, 2021 press release) (Riverside, CED-21-005, 2021) have been intersected.
Figure 1: Geologic map with targets for Cecilia Project
Figure 2:Assay samples from this current summer 2024 field program with purple >1g up to 13 g/t Au. Labeled samples selected higher grade assays clustering in target areas shown on geologic map Figure 1.
Riverside Resources has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 24.2m @ 1.51 g/t Au (April 15, 2021 press release) within the rhyodacite dome, showcasing the property's gold at shallow depths which also has been mined in over a dozen locations including some substantial small scale underground prospect mining. Further drill planning will look to explore for potential larger high grade targets at depths along these intercepts.
One distinguishing aspect of this project is the potential to preserve a fertile dome system. The Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style mineralization and breccias at the margin of the dome and potentially inside feeder structures as breccia pipes in the dome. This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite systems, like the La Pitarrilla Ag-Pb-Zn project (~800M oz AgEq*) and Fresnillo's San Julian Ag-Au Mine (~350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic Province to Cecilia.
*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023. **Obtained from Fresnillo public presentation, Hermosillo, October, 2016.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource information for SSR Mining and Fresnillo is from their corporate public disclosure and has not been reviewed by Riverside Qualified Person.
Samples from the exploration program discussed above at the Cecilia Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company's website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. [email protected] Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
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.
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