Riverside Resources and Partner Choice Gold Corp. Intersect 9.91 Metres of 1.76 g/t Gold in Newly Discovered Oxide Zone At the Sugarloaf Peak Gold Project in Arizona, USA
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Companies:RIVERSIDE RESOURCESRiverside Resources, Inc.RIVERSIDE RES INC
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Press Release Source: Riverside Resources Inc. On Thursday October 6, 2011, 9:05 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2011) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI - News; PINK SHEETS:RVSDF - News; FRANKFURT:R99 - News) is pleased to announce with its partner, Choice Gold Corp. ("Choice") the discovery of a new oxide gold zone at the Sugarloaf Peak Project ("Sugarloaf"), near Quartzsite, Arizona. Diamond drill hole SLG-11-04 returned a 9.91 metre intercept of 1.76 g/t gold between a depth of 5.3 and 15.24 metres. The discovery hole is located approximately 1 kilometer northeast from the core of the historically known mineralized zone.
"The shallow oxide portion at Sugarloaf Peak has identified favourable near surface mineralization and has expanded the potential for the Project moving forward," stated John-Mark Staude, President and CEO of Riverside Resources Inc. "The results from Sugarloaf are the first reported from four partner funded drill programs that were undertaken during the summer, and shareholders can now expect a steady flow of drill results throughout the fall," added Staude.
Riverside currently holds 8.6M shares of Choice Gold (News Release, May 5, 2011), and stand to receive an additional 5M shares over the course of the option agreement pursuant to the deal terms. For more information on Riverside's projects or its partnership network please visit www.rivres.com.
Note: To view the figure associated with this release, please click the following link: media3.marketwire.com.
Gold in drill hole SGL-11-04 occurs in a strongly oxidized interval of faulting and tectonic brecciation. Iron oxides are dominated by hematite and jarosite; no sulphides are observed. Some scattered quartz crystals observed along the interval suggest that the host rock could be a strongly altered felsic volcanic rock, the dominant lithology present on the property. Drill holes SGL-11-01 and SGL-11-02 returned anomalous gold values in the top 200 meters with grades averaging 125 ppb hosted by a series of sericitized felsic volcanic units. These values show the strength of the mineralizing system. Sporadic gold values reach 0.78 g/t in hole SGL-11-01 and 0.53 g/t in hole SGL-11-02. The discovery of gold associated with hematite alteration, not previously described on the property, creates a new type of exploration target and will influence the next phase of proposed drilling.
Assaying and Qualified Person:
The scientific and technical data contained in this news release were 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. All the samples were analyzed for Au using fire assay (FA-Pb30) by American Assays Labs, an independent laboratory based in Reno, NV. All the results were checked by a strict QAQC protocol using, blanks, standards and duplicates. Results for the other drilled holes are pending.
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has approximately $10,000,000 in the treasury and fewer than 35,000,000 shares issued. Riverside`s model of growth through partnerships and exploration looks to use the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery. Additional property information on the Company's projects can be found on the Riverside Resources Inc. website at www.rivres.com. |
