Sep 13 2016
Riverside Resources Inc. ("Riverside" or the "Company"), is pleased to announce that exploration work is now underway with partner Centerra Gold Inc. ("Centerra") at the Glor Gold Project (the "Project"), located approximately 8 km west of Alamos' El Chanate Mine in Sonora, Mexico. The budget for this first phase of exploration is $250,000 USD, with Centerra having the opportunity to earn a 70% interest in the Project by funding $3,500,000 USD in exploration within four years (see Riverside's press release July 26, 2016).
The current program will start with further mapping focused on geology definition within previously generated target concepts, with 1,000 soil samples and 136 line-km of ground magnetics surveying planned for the target zones. The magnetics data will be followed up with 20 line-kms of induced polarization (IP) surveying and 1,800 metres of channel sampling (3m long samples) for a total of approximately 600 rock samples. Specific drilling targets will be defined at the conclusion of the planned program, with drill testing of these targets to potentially be carried out during a second phase of exploration.
Riverside's President and CEO, John-Mark Staude, stated: "We are pleased to get going in the field again at Glor and look forward to exploration results this fall. Our Glor Project is less than 10km from the operating El Chanate Mine, with results to-date indicating potential at Glor for both high-grade and bulk-tonnage type gold discoveries. This next phase of work should help us focus in on the higher priority drill targets."
Project Details:
Gold mineralization on the Glor Project is widespread with evidence of broad zones of low-grade mineralization as well as quartz lodes with high-grade gold. Initial field-check rock sampling returned assays from <0.005 g/t Au up to 18.9 g/t Au. A total of 155 rock chip samples have been collected to-date, returning an average grade of 0.51 g/t Au. Six prospective targets have already been identified on the Project through Riverside's generative exploration work and now can be advanced with the exploration program now underway. The Project is accessed by paved highway and a network of gravel roads that make reaching the various targets cost-effective to explore. Please visit the Glor Project Page for further information.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Glor Project was reviewed and prepared under the supervision of Locke Goldsmith, P. Eng., P. Geo., 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.
Source: http://www.rivres.com/