Riverside Acquires and Significantly Expands the Elly Gold Project in Greenwood Mining Area Along the Canadian Extension of the Republic Graben of Southern British Columbia
Riverside Acquires and Significantly Expands
the Elly Gold Project in Greenwood Mining
Area Along the Canadian Extension of the
Republic Graben of Southern British Columbia
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) -
Riverside Resources
Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company"),
Riverside is
pleased to announce that it has signed an option agreement with private owners to acquire 100% in
several mineral concessions in the Boundary District of Southern British Columbia in an area that is
traced northward as the geologic and structural extension of the Republic and Toroda grabens which are
well-endowed gold districts to the immediate south in northernmost Washington State across the USA
border.
The Republic District has produced over 3M ounces in gold over the past several decades and
is a well-established gold camp; however, the Canadian side has not seen much epithermal gold
development and Riverside, over the current summer 2023, has made a number of mineralization finds
and acquired key tenures as the start of a new gold program in southern BC.
The Company has staked the prospective geology to include over 107 kilometers square that includes
key locations of known gold occurrences and now significantly expanding and finding new showings of
mineralization through the field programs.
This prospective geology in southern BC extends northward
from the historic Kinross Gold's Knob Hill (~4M Oz Au Produced)
1,
2
and Buckhorn Gold (~1.3M Oz
Au)
1,2
mines in Washington State.
The Riverside tenure in British Columbia is prospective for low
sulfidation epithermal style gold-silver mineralization.
Riverside's work includes building upon previous
generative work including BC Government databases, fieldwork, and Geoscience BC research data
bases to create a structural interpretation of the district and has led to the discovery of several
prospective vein targets inside the tenures controlled by Riverside.
Property Description and Program Actions:
The Elly Project is a series of mineral tenures that Riverside Resources (BC) Inc. staked and includes
some core claims optioned from private owners that the Company sees have gold potential within a
region that hosts historic gold and base metal producers and many mineral prospects.
The Elly Project is
within the Christian and Granby valleys of Grand Forks and Greenwood, BC.
The project has excellent
road access through major highways and secondary highways and a network of logging roads. Recent
logging has exposed many new areas for mineral exploration and opened up access in the area.
Elly program for Riverside is an example of the generative mineral exploration approach: working with
historic data and following up with stream sediment sampling, rock sampling, and active prospecting to
expand our understanding of the known mineral locations. The field program during 2023 has located the
Bunch Grass Target
as one of several priority zones as work continues into the autumn as assays
continue to come in.
Figure 1: Blue graben faults trending northward into southernmost BC with the Franklin and
Greenwood Camps being key locations for the Elly Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/180196_b365ad54f44adb05_002full.jpg
Modified from
https://adamera.com/projects/overview/.
The Republic and Toroda Grabens comprise structural features that bound Paleogene-age alkalic
volcanics (Sanpoil Volcanics) and siliciclastic (O'Brien Creek Formation, Klondike Mountain Formation)
rocks. Gravity and structural trends suggest that the Republic and Toroda Grabens and other analogous
extensional basins extend northward into Canada. Sedimentary and volcanic fill in the Republic Graben
exceeds 3000 m and gold and silver, with lesser Pb, Zn, Te mineralization occurs in various levels of the
Paleogene units.
Figure 2: Simplified diagram showing extensional tectonic environment in a Horst-Graben terrain and
the gold mineralization at Elly is along the Normal fault structures as the primary control for the
Eocene epithermal gold in the Republic Graben and its extension northward from northernmost
Washington State, USA up into the Grand Forks region of British Columbia.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/180196_b365ad54f44adb05_003full.jpg
At Elly as in the Republic Gold Mining District to the south the graben faults are a major structural control
where Paleogene-age gold mineralization is deposited adjacent to the more favorable reactive host rock
stratigraphy in the paleo-near surface environment. At Elly, the Company has begun to integrate the
structural geology and reconstruction of the basins for targeting.
Riverside has completed a first phase of generative exploration starting with stream sediment sampling
prospecting and rock sampling. These samples have been shipped to ALS Laboratories in North
Vancouver and the company awaits the results.
The Company signed a Letter Agreement (LA) wherein the Company may acquire up to 100% interest in
the Elly-Anika and Chilco projects located in British Columbia, Canada.
Under the LA, the Company is
granted a sole and exclusive right and option to acquire up to 100% interest in the said property by
making the following cash payments and incurring the following exploration expenditures as follows:
Due date
Cash
Exploration expenditures
Upon the date of LA (May 3, 2023)
$10,000 (paid)
-
On the first anniversary of the LA date (May 3,
2024)
$15,000
20,000
On the second anniversary of the LA date (May
3, 2025)
$30,000
20,000
Qualified Person:
This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified
person to Riverside Resources, who is responsible for ensuring that the geologic information provided
within this news release is accurate and who acts as a "qualified person" under National Instrument 43-
101 Standards of Disclosure for Mineral Projects.
1
. Kinross Annual Report, 2012.
2
.
https://adamera.com/projects/overview/
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company
has over $7M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver
and copper assets and royalties in North America. Riverside has extensive experience and knowledge
operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective
mineral properties. In addition to Riverside's own exploration spending, the Company also strives to
diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets
simultaneously and create more chances for discovery. Riverside has properties available for option,
with information available on the Company's website at
www.rivres.com
.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
Phone:
(778) 327-6671
Fax:
(778) 327-6675
Web:
www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web:
www.rivres.com
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.
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