Riverside Expands into Canada, Stakes New Outcropping of High-Grade Gold Asset in Ontario
Riverside Resources Inc. (“Riverside” or the “Company”)
(TSX-V: RRI) (OTCQB: RVSDF) (FSE: R99), is pleased to report the progression of
prospecting for high quality mineral projects in Canada as the Company expands from Mexico
into other North America jurisdictions. Riverside, building upon its knowledge of Canada has
staked and acquired the Oakes Gold Project (the “Project”) located in northwestern Ontario.
Riverside’s initial sampling at the Oakes Project returned 3 high-grade surface samples from an
area stripped in 2010. Two of the 5 samples taken from this trench returned 19.7 and 31.9 g/t gold.
Another sample 30 m along strike to the east returned 6.9 g/t. These initial results emphasize the
high-grade potential within the area and the discovery potential for the property. Preliminary
prospecting and mapping show the quartz-carbonate vein at the high-grade sample location is
mineralized over a strike length of 400m and may extend over a strike length of 2km based on past
surveys and field observations.
The Oakes Project is located in the Oakes Township just north of Canadian National Highway 11
and about 2km north of the town of Long Lac, Ontario. Access to the project is gained by 2-wheel
drive vehicle on paved and gravel roads and can be accessed year-round for survey and drilling
work. Oakes is part of the well-endowed Beardmore-Geraldton Greenstone Belt region located
northeast of Thunder Bay, Ontario. Riverside’s exploration team is exploring for orogenic gold
mineralization hosted in large shear zones which would be attractive for JV partnerships. The
Geraldton region has a long and rich mining history and has produced 4.1M ounces of gold over
the past 100 years including the combined MacLeod-Cockshutt Mine, which produced 1.5M
ounces of gold. More recently, the Hardrock Project held by Greenstone Gold Mines (jointly
owned by Centerra Gold and Premier Gold Mines) has elevated attention to the area by announcing
their intention to mine their gold resource near Geraldton, Ontario. The Hardrock project mineral
resources includes: 1.4M ounces gold in measured and indicated; and 1.36M ounces gold in the
inferred categories (source Greenstone Gold website).
Riverside’s Exploration Work:
Riverside’s first phase of work included 29 rock samples taken from both outcrop and old trenches.
The recent work confirmed three previously identified areas and three other possible target zones.
There are two predominant target orientations one which trends east-west and is associated with
contact zones that have been delineated by VLF and IP chargeability geophysical surveys; and a
second target zone trend at 340 degrees(NW) and is defined by linear magnetic lows, field geology
and soil geochemistry. The past magnetic surveys conducted by others is also helpful in outlining
diabase dikes and geological contacts were overburden masks the underlying bedrock. Riverside
attempted to locate the past drill holes in order to validate the good results from the past drilling
conducted in 1950 & 1992. While most the old drill collars could not be located exactly sampling
of silicified and mineralized outcrop in the probable area of the old drill collars returned anomalous
(0.5-1.0 g/t gold) results for gold suggesting the geological environment and rationale for the
historical drilling. Riverside’s sampling program focused on the soil anomalies and trenches
conducted by Golden Chalice in 2010-12. Trench #1 in particular showed several shears, the
largest being 3m wide and exposed over an 80m long strike within the trench. Two quartz-carnote
shears were sampled by Riverside in Trench #1. These shears are within mafic with sulphide
mineralization primarily pyrrhotite and pyrite. Two of the 5 samples taken from this trench
returned 19.7 and 31.9 g/t gold. Another sample 30 m to the east returned 6.9 g/t and still another
sample 275m along trend in the forest returned 1 g/t gold. These Riverside samples are on trend
with drill hole GL-93-2, drilled by Greater Lenora Resources Corp. in 1993 which returned >3
grams per ton gold within sheared metavolcanics rocks. Riverside believes this drill intercept and
the trench samples demonstrate a 400m strike length to this target (HG Target) that could extend,
based on interpretation of geology and geophysics for 2.0 km in total strike length (this total strike
length needs to be confirmed with more field studies).
Similar parallel targets were delineated to the south of the HG Target. These zones are oriented
roughly east-west and coincident with VLF, IP chargeability and soil geochemistry anomalies. The
middle zone may align with the historical hole DDH50-01 which intersected anomalous gold (>3
g/t) within mafic volcanics at 7.6m downhole. The third most southern Pipeline Target extends
from the pipeline right-of-way to the southeast corner of the project and is located along the
boundary of mafic volcanic and pillow basalts that also coincides with a VLF and partial soil
anomaly. Two other N-NW trending targets were also identified. One of these targets is identified
by the historical drill holes #1, #3 and #4 which all returned anomalous gold intercepts >3 g/ton,
(reference MNDM, Mining Lands Administration System website). One grab sample south and on
trend from these holes returned anomalous gold (0.7 g/t) and may define another target area. The
trend of this zone is the same as another zone identified near the eastern boundary. This ‘eastern
structure’ target is delineated by a strong linear magnetic low, interpreted as a fault, and a large,
coincident north-south trending gold in soil anomaly.
Riverside’s President and CEO, John-Mark Staude, stated: “The Oakes Project is one of the
initial projects Riverside’s prospect generation team has staked in western Ontario building from
our databases and corporate knowledge. The Company continues to build a strong, high-quality
portfolio of projects for joint venture with companies looking to do flow through exploration
funding. We are pleased with the high-grade > 20 g/t Au results from our initial work at the Oakes
Project and our corporate expansion into Ontario will continue with more news flow to come. We
plan to follow up these positive results with mapping, sampling and survey work in 2019 leading
to partner-funded drilling in the future.”
Figure 1: Oakes Project showing past geophysics, geochemistry and drilling results
The Oakes project is 20 kilometers from the past producing Long Lac Gold Mine and Greenstone
Gold’s Hardrock Deposit, both of which have had high grade gold resources at or above 15 g/t.
Riverside’s focus on high-grade prospects is to ensure discoveries have the potential to be
Past work on the Oakes project includes 2 drill campaigns, more recent VLF, Mag and IP
geophysics in addition to a soil chemistry survey and trenching campaigns. Historical drilling by
Hard Rock Gold Mines includes 7 short, BQ-sized holes drilled between 1949-51. Five of the drill
holes from the 1950s intersected gold grades above 3 grams per imperial ton (reference MNDM,
MLAS website). Only a few rare pieces of core from these past programs are available such that
the old work will need to be confirmed and incorporated into new work being conducted by
Riverside to produce bonified exploration targets. Drill logs report the mineralized zones that were
sampled historically comprised quartz-carbonate veins within sheared mafic volcanics with
sulphide mineralization (pyrite, chalcopyrite and galena). This drilling campaign was conducted
to trace known veins discovered at surface at depth.
The two holes drilled in 1993 by Greater Lenora Resources Corp. where located to test two
coincident VLF and soil geochem anomalies looking for base metals. Drill logs from the historical
reports show the mineralized zones that were sampled comprised meta-basalts (greenschist to
amphibolite facies) and tuffs showing silicification and sulphide mineralization (pyrite,
chalcopyrite and pyrrhotite). Hole GL-93-1 was drilled to a depth of 153m and returned anomalous
results in gold and copper. Hole GL-93-2 (155m) intersected an 8.3 m length of semi-massive
pyrrhotite mineralization starting at 112m down hole with one, 1.5m long sample returning 3.3 g/t
gold. The emphasis of this exploration appears to have been exploring for copper.
More recent work by Golden Chalice (2010-12) includes an IP survey and a trenching campaign.
The trenching campaign identified several mineralized shears coincident with IP chargeability and
VLF geophysical anomalies. The best trench of six, Trench #1, returned three channel samples of
4.77, 4.17 and 3.41 g/t Au within shear-hosted quartz-carbonate veins. In addition, 26% of the 20
samples taken at Trench #1 returned greater than 1 g/t gold. The best composite sample results
from this older work in Trench #1 were 1.3 g/t over 4m and 1.32 g/t over 4m. None of the trench
work has been followed-up on and most of the complimentary geochemical anomalies have not
been drilled. Riverside sees ample opportunity at Oakes to further consolidate the past work and
build on the survey work that has showed positive results for gold so far.
The Beardmore-Geraldton Greenstone Belt (BGGB) has produced about 4.1 million ounces of
gold and retains gold resources of several million ounces. The BGGB in the area of the Project is
located along the boundary between the Wabigoon and Quetico sub-provinces in the Superior
province of the Canadian Shield. These boundaries are often major fault breaks, which can host
large gold resources as is found further to the east in the Abitibi Greenstone Belt. Targeting on the
Oakes Project and in the belt has focused on the steeply dipping, brittle-ductile shear zones which
can comprise various lithologies, metamorphic grades, and alteration styles. The shear zones at
Oakes typically strike east-west along the boundary or parallel to the BGGB similar to other past
producers and identified gold resources in the area.
The host rock in the project area comprises Archean-aged, meta-volcanics known as the northern
volcanic panel part of the larger BGGB and is located where the panel appears to wrap northward
around the Croll Lake Stock similar to structural styles of Abitibi gold camps in Eastern Ontario.
Specifically, the bedrock comprises a suite of felsic, intermediate and mafic volcanics with
gabbroic sills. Volcanic rock types include rhyolitic and andesitic flows, tuffs and breccias, chert,
iron formation, minor metasedimentary and intrusive rocks. The more mafic units include basaltic
and andesitic flows, tuffs and pillow basalts. The Croll Lake Stock comprises diorite through to
granodiorite and syenite. The youngest bedrock includes the northwest tending diabase dikes
which are noted throughout the property and region. The metamorphosed mineralized zones are
marked by silicification and sulphide mineralization including pyrite, pyrrhotite, galena and
arsenopyrite found along contact zones or cross-cutting structures. The mineralized contact zones
have been defined by past VLF/Mag surveys complimented by follow-up IP surveys and trenching.
Riverside’s fieldwork indicates gold mineralization at Oakes is hosted within shear zones along
contacts between mafic volcanics and gabbroic sills or felsic volcanics and less commonly with
diabase dikes. Riverside believes a modern exploration approach could delineate several, large
new discoveries and significantly expand the known gold endowment of this region.
Figure 2: Oakes project with regional geology and distance from large gold deposits
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Oakes Project was
reviewed and approved by Freeman Smith, P.Geo, 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.
The rock samples collected by Riverside's field crew at the Oakes Project included grab samples
of mineralized outcropping rock consisting of composites of bedrock fragments rock-sawed or
hammer-chipped from 0.3 and 1.0-metre-long intervals across rock faces showing evidence of
shearing and silicification. All of Riverside's rock samples were processed in Thunder Bay, Ontario
at AGAT Labs where gold content was determined by fire assay with atomic adsorption finish and
ICP-mass spectrometry for 32 other elements. Add standard approved verbiage on the reliance of
historical data here. May need a comment on our conversion of ounces to grams and the use of
tonnes versus tons.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The
Company has over $3M cash, no debt and fewer than 63M shares outstanding with a strong
portfolio of gold-silver and copper assets in North America. Riverside has extensive experience
and knowledge operating in Mexico 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 additional
properties available for option, with more information available on the Company’s website
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
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financing and exploration activities, the interpretation of exploration results and other geological data, or
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