Vancouver, BC: Riverside Resources Inc., is pleased to announce an update of the exploration work being done at the Glor Gold Project in Sonora, Mexico.
Positive results obtained by Riverside’s summer program of geological mapping and rock sampling (up to 14.4 g/t Au) have encouraged partner, Centerra Gold Inc. (“Centerra”), to work up additional geophysical and extensive soil geochemistry surveys designed to focus the selection of drill targets in the central part of the Project. Centerra has been funding exploration at Glor since August, 2016, having entered into an option agreement with Riverside to earn a 70% interest in the Project (see press release, July 26, 2016). The ultimate goal of go-forward exploration and drilling programs at Glor is to discover a gold deposit amenable to open-pit mining with heap leach processing; similar in nature to the multi-million ounce deposits being mined in this same part of Sonora at the El Chanate, San Francisco and La Herradura gold operations.
The new exploration work, which has already been initiated, consists of an 850-sample soil geochemistry survey, a detailed ground magnetics survey covering an area of 210 hectares, a second magnetics survey of 80 line-kilometers that adjoins a previously completed survey, and an induced polarization survey of 14 line-kilometers that will be done in the same area as the soil survey and detailed magnetics survey. A full surface and exploration access agreement was recently signed with the leaders of the San Lucas communal lands, or ejido, which covers most of the western part of the Glor Project. In addition, the Project was granted a work permit by the Mexican environmental agency SEMARNAT that allows for drilling and other mechanized exploration work to be done in the targeted areas.
Riverside’s President and CEO, John-Mark Staude, stated: “We are pleased with the expanded exploration programs at our Glor Project with Centerra. The gold targets we are defining have large-scale potential and fit the shear zone model that projects at low angles beneath shallow alluvial cover. Our field teams are working closely with senior Centerra geologists and consultants, and we look forward to a second drill program commencing in the near future.”
Riverside’s most recent mapping and rock sampling program focused on the 3 km by 1.5 km Puerto El Alamo target area in the central part of the Glor Project. Exposed on hillsides in the area is a Jurassic sequence of clastic sedimentary rocks and andesite volcanic formations which is buried under younger sedimentary rocks and extensive alluvial deposits found south of a northwesterly striking regional fault. The volcanic rock is one of the main host-rocks for gold mineralization, and a number of prospector pits were found on shear zones in this lithology. Since mid-July of this year some 396 rock-chip samples were collected and analyzed for gold and 45 other elements. Approximately 9% of these samples returned gold assays greater than 0.3 g/t Au, with 16 samples assaying 1.0-24.0 g/t Au. The sample with the highest gold grade (24.0 g/t Au) was a select sample collected from a 30 cm wide, lead sulphide-bearing quartz vein a few tens of meters in length. A more significant sample that assayed 14.4 g/t Au was chip-channeled across a 1.2 m wide shear zone showing pervasive iron carbonate-sericite alteration cut by quartz veinlets.
The exploration work to-date has developed several target areas and Riverside’s partner remains committed to thoroughly exploring the Project to establish additional high-potential drill targets. Preliminary drill target locations have already been developed and the Company will provide further updates as the next phase of exploration progresses towards a drill campaign.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Glor Project was reviewed and approved by Ron Burk, P. Eng, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic 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.