Mr. John-Mark Staude reports
RIVERSIDE CONTINUES EXPLORATION TARGETING WORK AT THE GLOR GOLD PROJECT IN SONORA, MEXICO
Riverside Resources Inc. is pleased with recent exploration work at the company's Glor gold project, located approximately eight kilometres west of Alamos Gold's El Chanate gold mine in Sonora, Mexico. Riverside's recent work included geologic mapping, 44 line kilometres of ground magnetics and rock geochemical sampling. Five drill-ready target zones have been identified. The targets include Alamo, Alamo South, Joya, Pitaya, San Pedro and Poblado. The targets have key characteristics similar to other major known gold mines in the region and being adjacent to the active operations at Chanate with similar geologic stratigraphy and structure makes Glor a priority district that warrants additional work.
Gold mineralization at Glor, similar to the Chanate mine, occurs with quartz veins and in quartz-sericite-pyrite (QSP) altered zones spatially associated with major fault zones and secondary splay structures which have been oxidized at the surface. Two principal types of faults are present, a west-northwest-trending, low-angle fault dipping to the southwest, which is interpreted to be a thrust fault complex similar in orientation and style to the La Choya gold mine. A second high-angle north-northwest-trending fault system is also present, similar to controlling structures at Chanate.
Felsic and intermediate composition dikes and small intrusive bodies are spatially associated with both thrust and high-angle faults, and alteration is generally stronger near these dikes and within the fault zones, which is not uncommon at nearby mines in Sonora. At Glor, gold-bearing quartz veins, sheeted veins and quartz vein stockworks occur in both fault settings and assays indicate gold values in the narrow quartz veins range from less than 0.005 gram per tonne to 18.2 g/t gold inside of larger shears. Gold also occurs in QSP altered rocks with only minor quartz veinlets or without quartz veining at all, and these values range from less than 0.005 g/t to 6.63 g/t Au in channel samples up to three metres long.
Currently the most favourable gold targets occur in the north-northwest-trending fault zone and include the Pitaya and Alamo-Hoya areas, a zone which is approximately four kilometres long by three km wide. At Pitaya, the initial mapping with the stratigraphy, geologic setting, alteration, geophysical and geochemical data define a main target area that can be relatively rapidly drill tested. A 44 line km magnetic orientation survey covering the Pitaya and Alamo-Hoya targets has been completed, and data processing and interpretation will be completed during September. The magnetic data are currently being further processed and interpreted in the context of the regional stress fields to work up the additional targets which have gold mineralization and alteration on surface.
Alamos's Chanate mine contained over one million ounces of gold at an average grade of approximately 0.7 g/t Au. The mineralization occurs in the same sedimentary rock package as seen at the Glor project with the same style of alteration and north-northwest structural controls. Gold mineralization at Chanate is associated with QSP style alteration in the hangingwall of northwest-trending major fault zones. Dikes are also associated with the faults, alteration and gold mineralization, very similar to the geologic relationships seen at Glor. Alamos successfully identified mineralized zones associated with favourable structures and alteration utilizing magnetic surveys and follow-up induced polarization geophysical surveys.
Riverside's president and chief executive officer, John-Mark Staude, stated: "We are encouraged by recent fieldwork and look forward to further target refinement work at Glor, which is located within eight km of the active open-pit, heap-leach operations at Chanate. The structure, geochemistry and overall features are quite similar to other major active producing gold mines in the western Sonora gold belt."
Project history and agreement details
The Glor project was previously staked by Pediment Gold, which completed geologic mapping, rock sampling and soil sampling. Pediment's soil sampling showed several gold and trace element anomalies coincident with surface alteration, with rock-chip samples returning assays from lower detection limits up to 15.3 g/t gold. In 2011, Argonaut Gold bought Pediment Gold, acquiring Glor in the process. Riverside acquired the option to earn a 100-per-cent interest in the project from Argonaut Gold as part of the company's Sonora Gold Alliance with Hochschild Mining PLC (see press release March 25, 2015). For further information on Riverside's strategic alliance partnerships please visit the company's website.
Qualified person and quality assurance/quality control
The scientific and technical data contained in this news release pertaining to the recently acquired Glor project were reviewed and prepared under the supervision of Riverside's vice-president, exploration, Dr. Greg Myers, PhD, PGeo, 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.
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