Riverside and Partner Morro Bay Resources Begin Drilling New Target Areas at the Penoles Gold-Silver Project in Durango, Mexico
August 25, 2014 (Source: Marketwired) — Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99), is pleased to announce the initiation of the 2014 drilling program to explore the San Rafael silver-gold system and outlying early stage gold-silver zones, which were recently delineated during regional reconnaissance mineral exploration. Approximately nine drill holes totalling roughly 1,900 metres are planned, with drilling now underway at the San Rafael vein target area. Previous drill programs have focused on the Jesus Maria silver vein system and the Capitan gold zone, so the drilling of new, untested target areas during the current program has the potential to expand on the known mineralization and add significant value to the Peñoles Project.
The San Rafael zone is an historic underground silver mine which was in production in the early 1900’s. The mine reportedly had significant underground workings supported by an old production shaft and multiple mine levels. Production records from the mine are not available and the San Rafael zone has not had any modern exploration drilling. The vein system hosts silver with gold, lead, and zinc which is a possible continuation of the high-grade Jesus Maria Silver vein system (please refer to Riversides June 23, 2014 press release for further details of those drilling results). The San Rafael zone represents a 1,200 metre step out from the eastern most drilling of the Jesus Maria vein. Surface sampling and surface exposures define the San Rafael vein to be at least 1,400 metres long and consists of multiple parallel veins sets. The Company believes that the San Rafael zone could represent a significant expansion of the Peñoles district silver and gold mineralization.
Additional targets which will also be tested include the Pinchanzo gold target, where mineralized quartz vein material has been outlined in valley fill sediments over an area approximately 3,000 metres long to the south of the Capitan gold zone (please refer to Riverside’s July 19, 2012 press release for further details) and additional zones of silicified rhyolite volcanic units approximately 3,200 metres to the northwest of the Capitan gold zone along a trend of altered rhyolite volcanic domes, plugs, and flows.
About the Peñoles Project:
The Peñoles Project is located in the Durango silver-gold belt in north-central Mexico and includes two past-producing silver mines (referred to as Jesus Maria and San Rafael) and an oxide gold deposit (referred to as El Capitan, or the Capitan gold zone). The Capitan and Jesus Maria regions of the Peñoles Project were previously the focus of several drill programs with results and figures available on the Company’s website, www.rivres.com. The Project also includes multiple (11) early stage exploration targets which have not yet been drill tested.
Riverside currently owns 100% of the Peñoles Project. Morro Bay can complete its option to earn an initial 51-per-cent interest in the Project by completing an additional $500,000 in exploration (the “Additional Work Program”) by October 31, 2014, and paying USD$1.35-million in cash to Riverside and paying a further USD$750,000 worth of Morro Bay shares (or cash at Morro Bay’s option, provided that if the market value of the Morro Bay shares is less than five cents based on a 30-day volume-weighted average price, such payment must be made in cash) by the later of November 30, 2014 and the date which is 75 days after the completion of the Additional Work Program, but in any event not later than December 31, 2014. (See press release dated July 7, 2014 for further details on the Option Extension).
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Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Peñoles Project was reviewed by Greg Myers Ph.D. P. Geo., VP, Exploration, 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 who 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 precious and base metal discoverers with the breadth of knowledge to dig much deeper. The Company currently has more than $4,000,000 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 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
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.
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