VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 27, 2016) – Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) is pleased to provide an exploration update for ongoing work at the Thor Project (the “Project”) in Sonora, Mexico. The Thor Project comprises two mineral concessions that together cover 11,275 hectares, which were previously staked as part of the Company’s past exploration alliance (the “Alliance”) with a wholly owned subsidiary of Antofagasta plc (“Antofagasta”). The Alliance was formed for the purpose of identifying and exploring copper porphyry targets in Northern Mexico.
The Thor Project is being advanced as a Designated Project (“DP”), with Antofagasta, who currently hold a 51% interest, having the opportunity to earn a 65% interest by funding $5,000,000 in exploration over four (4) years (see Riverside’s press release April 13, 2015).
A ground magnetic susceptibility survey covering 18 square kilometers of the Project was recently completed by Riverside personnel on behalf of the joint venture. The survey data were reviewed, processed and interpreted by Reno-based Ellis Geophysical Consulting Inc. (“EGC”). The interpretation work done by EGC has been combined with geological and geochemical data previously obtained from the Project by the Alliance, resulting in the definition of a number of promising porphyry copper drill targets.
An initial diamond drilling campaign has been designed to test three separate target areas. The planned program is to consist of 1,200 meters of core drilling and is now underway. Major Drilling de Mexico S.A. de C.V. has been contracted to perform the program.
Riverside’s President and CEO, John-Mark Staude, stated: “We are pleased to have further partner-funded work and drilling being done at our Thor Project. There is no evidence of previous drilling on the Project and we are excited to gain a better understanding of the geology under gravel cover and test copper targets that have seen little previous exploration before the Project was acquired by Riverside.”
Field work completed to date at Thor has identified Laramide-age intrusive and volcanic rocks with zoned alteration and copper mineralization that is consistent with a porphyry-type mineral system. The surface expression of hydrothermal alteration is recognized along a seven kilometer northwest trend within a down-faulted structural block that preserves the favourable Laramide intrusive-volcanic stratigraphy. Alteration zonation, defined through mapping, rock chip sampling and spectral mineral analysis, will now be reassessed together with magnetics data obtained by the recently completed geophysical survey.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Thor 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.
Samples were taken to Hermosillo, Mexico where ALS Laboratory Group’s mineral division ALS Chemex crushed and pulverized each sample. The rejects remained with ALS Chemex while the pulps were transported to ALS Chemex’s ISO 9001-2008 certified laboratory in North Vancouver, BC, Canada for analysis. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard and blank samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources:
Riverside is a well-funded prospect generation team of focused, proactive precious and base metal discoverers. The Company currently has more than $3,000,000 in the treasury and less than 37,500,000 shares outstanding. The Company’s model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects en route to discovery. Riverside has additional properties available for option with more information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
John-Mark Staude
President, CEO
(778) 327-6671
(778) 327-6675 (FAX)
[email protected]
www.rivres.com
Riverside Resources Inc.
Joness Lang
VP, Corporate Development
(778) 686-6836
(778) 327-6675 (FAX)
[email protected]
www.rivres.com
