Riverside Resources Inc., is pleased to announce that partner, Centerra Gold Inc., has commenced a 1,200+ metre drill program at the Glor Project. Roadwork and other preparations have been completed to access new drill targets within the Puerto El Alamo target area.
This campaign will focus on gold targets that have been developed in the past 8 months by exploration programs that included detailed mapping, a detailed soil geochemistry survey, two ground magnetics surveys and an induced polarization survey. Centerra has been funding exploration work at the 36 km2 Glor Project since it entered into an option to joint venture agreement with Riverside in 2016 (see RRI news release dated July 26, 2016).
The Glor Project is located approximately 12 km west of Alamos Gold’s El Chanate Mine in Sonora, Mexico, and has five defined gold target areas (see Figure 1), with Puerto El Alamo currently being drilled. Centerra’s senior management completed site visits in November to review the details of the planned drilling and confirmed the targeting concepts that were developed from recent geochemical and geophysical survey data obtained from the Puerto El Alamo target area since July of this year (see Figures 2a and 2b).
A diamond drill rig has been mobilized to the Puerto El Alamo target and drilling of the 1,200+ metre drill campaign has begun. The locations of the first six holes have been selected (see Figures 2a and 2b) and additional holes may be added to the program, depending on results obtained by the initial boreholes.
President and CEO, John-Mark Staude stated: “We are delighted to be drilling again at Glor and testing large open-pit style targets. We look forward to receiving results from the first holes in early 2018 and are pleased with Centerra’s support, as we work closely together to develop and drill-test high-potential gold targets. We are always pleased to deliver discovery exposure to our shareholders, especially at targets close to existing mining operations.”
Figure 1: Glor Project map showing priority gold targets and area of detailed exploration completed in Q4-2017 at the Puerto El Alamo target.
Figure 2a (left): Shows gold results for soil geochemistry survey done over the Puerto El Alamo target area along with coincident induced polarization chargeability and resistivity anomalies detected along three E-W survey lines. Also shown are initial six proposed drill-holes.
Figure 2b (right): Shows soil geochemistry and geophysical anomalies overlain on regional geology.
Riverside would like to report that Joness Lang has joined the Company’s Advisory Committee as he steps down from the Vice President of Corporate Development role to pursue new business directions. Riverside appreciates that Joness will be actively involved going forward with Riverside as a key contributor on the Advisory Committee and continues to be a shareholder.
Staude stated: “We are pleased to have Joness join our Advisory Committee, as his capital markets and corporate development experience will nicely complement the technical expertise of the existing members on the Committee. Joness has made important contributions to Riverside as a senior executive and will continue to support the Company in an advisory capacity going forward.”
The Company recently granted 800,000 incentive stock options to certain Directors, Officers and Consultants. The Options are exercisable at $0.28 for a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director vest in three equal installments over 18 months and Options granted to Officers and Consultants vest in four equal installments over 12 months. The Options were granted pursuant to the Company's shareholder-approved stock option plan. The Options are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods. At the same time, the Company issued 230,000 shares at a deemed price of $0.28 to certain Directors, Officers and Consultants of the Company in accordance with the Company's shareholder approved bonus share plan. Both shares and options are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
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 Ronald 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 acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.