Riverside and Alliance Partner, Hochschild Mining Plc., Acquire 100 Percent
Interest in Three Gold Projects in Sonora Megashear Gold
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/06/13 -- Riverside
Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(PINK
SHEETS:RVSDF)(FRANKFURT:R99), is pleased to announce that Riverside
Resources Inc. has signed a binding Letter Agreement with Argonaut
Gold Inc. ("Argonaut"), to acquire an undivided 100% interest in the
Bohemia, Texson, and Cien gold projects (the "Properties") located in
the prolific Sonora Megashear Gold Belt. The Bohemia project is of
particular interest as high-grade gold has been observed in veins,
stockwork, and wall rocks, with 27% of Riverside's 142 field-check
rock chip samples grading greater than 1 g/t Au and up to 20.3 g/t
Au. Bohemia is located 15 km northwest of the past producing La Choya
Mine, which is now being redeveloped by Penoles, and in the same
mineralized belt as the multi-million-ounce deposits in the
Herradura, Noche Buena, and Soledad-Dipolos Mines operated by
Penoles-Newmont. Further information on all of the acquired
Properties can be found in the Property Details section below.
Riverside and its alliance partner (the "Alliance") have committed to
cover the outstanding 2013 second semester tax payments
(approximately $40,000) and once titles are transferred Argonaut will
retain a 1% Net Smelter Return (NSR) royalty, of which half (0.5%)
can be purchased for $500,000 at any time.
President and CEO of Riverside Resources, John-Mark Staude,
commented: "We are pleased to have cost-effectively acquired quality
ground with open-pit gold potential in the highly prospective
Megashear Gold Belt of Sonora. Riverside will now look forward to
further evaluation as the company progresses these opportunities
towards potential drill testing in the future with our alliance
partner Hochschild Mining."
Bohemia is the lead project, with Texson and Cien included in the
deal as strategic, low-cost acquisitions that will undergo further
evaluation by Riverside in the coming months.
The project consists of five mineral concessions covering 19,177
hectares. The property borders Silver Scott Mines' Quitovac project
to the south, which hosts the past-producing Quitovac Mine and
contains a historic and non-43-101-compliant gold resource. Recently,
Argonaut completed geological mapping and sampling work on the
Bohemia project, conducted by the consulting company SPM. Riverside's
recent evaluation of the project shows that mineralization on the
property carries high grades, with 27% of the Riverside samples taken
to date assaying over 1 g/t Au. Sample results included 20.3 g/t Au
across a 0.5-m thick quartz vein; 5.20 g/t Au weighted average over
2.5 meters of quartz vein and surrounding mineralized wallrock; 11.40
g/t Au and 10.00 g/t Au in grab samples from historic mine dumps; and
9.75, 8.87, and 7.26 g/t Au, all from 1-m samples in wall rock
adjacent to quartz veins. These results indicate that the project
hosts both high-grade veins and disseminated mineralization in
adjacent host rocks.
The project appears to have substantial exploration upside and
displays characteristics of the mineralization at the nearby La Choya
and Quitovac mines, as well as the large Herradura Mine. Importantly,
many of the high-grade samples on the Bohemia project are in wall
rock adjacent to veins, indicating excellent potential for
disseminated mineralization and bulk tonnage targets.
The Texson project consists of two mineral concessions covering 2,615
hectares southeast of the Cerro Colorado mine in an area of placer
gold production, past drilling by Penoles, and numerous other
projects and gold showings. Prospective structures are thrust faults
and shear zones in the Precambrian crystalline basement host rock and
the sedimentary cover. The Texson project will undergo further
evaluation to better define mineralization potential and targets.
The Cien project consists of one small concession (425 hectares)
acquired as a strategic low-cost holding in a source area of major
placer mining and previous drilling by Penoles. The best assay
results obtained during Riverside's field visits were from a
low-angle vein in the southern part of the claim (0.974 g/t Au over
0.5 m), with adjacent wall-rock samples returning 0.638 g/t Au over
0.8 m from the hangingwall and 0.555 g/t Au from the footwall.
Residual gravel concentrates from local miners at this site yielded
assays of 2.14 g/t Au in the coarse fraction and 7.37 g/t Au in the
fine fraction, suggesting coarse-grained gold. Further evaluation in
the coming months will determine exploration plans at Cien.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release
pertaining to the newly acquired Properties was reviewed and prepared
under the supervision of Riverside's Chief Geologist, David S. Smith,
MS, MBA, CPG, 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.
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 more than $5,000,000 in the
treasury and approximately 37,000,000 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 on 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
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.
Riverside Resources Inc.
President & CEO
(778) 327-6675 (FAX)
Riverside Resources Inc.
Manager, Corporate Development
(778) 327-6675 (FAX)
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