Riverside and Alliance Partner, Hochschild Mining Plc., Acquire 100 Percent Interest in Three Gold Projects in Sonora Megashear
Riverside and Alliance Partner, Hochschild Mining Plc., Acquire 100 Percent Interest in Three Gold Projects in Sonora Megashear Gold Belt, Mexico
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. Contacts: Riverside Resources Inc. John-Mark Staude President & CEO (778) 327-6671 (778) 327-6675 (FAX) email@example.com www.rivres.com
Riverside Resources Inc. Joness Lang Manager, Corporate Development (800) RIV-RES1 (778) 327-6675 (FAX) firstname.lastname@example.org www.rivres.com