Riverside Acquires the Deer Park and Sunrise Gold Projects near Castlegar British Columbia
Riverside Acquires the Deer Park and Sunrise
Gold Projects near Castlegar British Columbia
Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) -
Riverside Resources Inc. (TSXV:
RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company"),
is pleased to announce that it
has successfully acquired two new gold projects in the Castlegar, British Columbia area.
This region is
known for hosting significant gold and base metals mineral systems.
The Company has entered a simple
option to acquire the Deer Park and Sunrise projects, which are prospective for precious and base
metals and have been explored for gold via diamond drilling and the sinking of adits and shafts.
The
Projects can be 100% owned by Riverside, free from any underlying royalties or encumbrances by
making three cash payments over two years, as outlined below. The Company is actively expanding its
presence in British Columbia by adding these prospective gold projects to its portfolio. This endeavour
is part of Riverside's 2023-2024 generative field exploration program.
Key Highlights:
Two main targets have been identified through Riverside's work and activities, building upon
earlier exploration and small scale mining work: the Viking Horde, and Cougar Ridge targets.
These targets have been defined through geochemical and geophysical surveys showing trends of
greater than >1.2 km in length.
55 rock samples were collected this fall returning assays of up to 7.07 and 3.92 g/t Au, in the
Viking and Cougar targets respectively.
John-Mark Staude, President and CEO, commented on the recent acquisition: "We are excited to be
acquiring an area with mineralization similar to the near by former operating mining camp of Rossland,
BC. The historical work on property that Riverside has now optioned is demonstrating favorable
conditions for extensive mineralization and provide excellent high-quality gold and base metal targets.
These new Projects compliment Riverside's developing portfolio in southern British Columbia."
Project Option Terms:
The Deer Park (and Sunrise) projects can be acquired via a simple property option agreement that
requires Riverside to make 3 cash payments over 2 years: $25,000 on signing (paid); $30,000 on year
one and $35,000 on year two. Riverside is also required to complete $20,000 in exploration
expenditures per year over the life of the option. No NSR or other conditions apply. A single option
agreement and payment is done for both properties combined of which Riverside has made payments
and property is all in good standing.
Deer Park Project Geology
The geology in the vicinity of the Deer Park property comprises mainly Paleozoic metasedimentary
(Pass, Pss, and Pm) and metavolcanic (Pv) rocks that are intruded by granodiorites and granites that
are tentatively assigned to the middle Jurassic Nelson plutonic and syenites and monzonites of the
Eocene Coryell intrusive suite (Figure 1). Two regional structural trends occur throughout the area. North-
trending faults and shear zones are steep to shallow which are related to Eocene extension. The Valkyr
shear zone forms the western contact of the Valhalla complex (Carr et al, 1987) while the Kettle River
fault, a similar north trending Eocene age fault, defines the eastern margin of the Grand Forks complex
(Preto, 1970). On the property north and northwest trending faults cut these rocks, with vein quartz-gold
mineralization occurring dominantly along the north trending structures. Mineralization as shown on the
stratigraphic column is hosted in key units which are now being targeted in the 2024 exploration
program. As well the high-grade mineralization found in veins is being outlined as the Company begins
to discuss the property with potential partners.
Figure 1: Schematic stratigraphic column for the Deer Park Project, with hostbeing in younger intrusive
rocks as shown.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/195093_6bfa95c324a05b1f_002full.jpg
Deer Park Project History
Historical workings are limited however old mineral workings are scattered through out the area, with
many prospecting pits and test adits. Several small exploration pits, with unknown production, occur
along a mineralized structural zone that extends north-south through the length of the property parallel to
other major mineralized trends in southern BC and northeastern Washington state, USA. One vertical
shaft has been developed on a pyrrhotite-chalcopyrite vein on the eastern side of the claim showing
alteration styles similar to that found in Rossland and Kettle River Mining Camps. Previous work includes
geological mapping and sampling, AeroTEM Electromagnetic & Magnetic Survey (2007), soil
geochemistry, trenching and 570m of diamond drilling (2010). This work has been compiled by
Riverside and now being used to work-up targets for potential drill testing in 2024.
Deer Park Project Targets
Riverside spent time during the fall of 2023 mapping, sampling, and reviewing the old showings and
areas of mineralization. Riverside took 55 rock samples with the best samples found in the areas of the
Cougar Ridge and Viking showings and a new area TK Hill (Table 1).
Riverside used a portable XRF
unit as a precursor to geochemistry on many areas to outline several exploration targets supported by
geochemistry and geology.
Table 1 below shows some assay results from the first round of prospecting.
Sample
Au (g/t)
Zone
Comments
RRI-14997
7.07
Viking Horde
Mesothermal mineralization with chalcopyrite, pyrrhotite,
and pyrite hosted along the contact. Historic gold data
indicates 2.9 g/t, 36.4 g/t, and 1.5 g/t Au in surface samples
(Kootenay Gold, 2008)
DP-05-23
2.69
Viking Horde
DP-06-23
0.80
Viking Horde
RRI-14837
0.29
Viking Horde
RRI-14989
3.12
Cougar Ridge
The quartz and sulphide mineralogy shows mesothermal
characteristics; crystalline quartz and high pyrrhotite
content.
DC19-12
3.92
TK Hill
Series of milky to crystalline quartz veins in foliated gabbro
with iron staining -100/75
DC19-15
2.06
TK Hill
Zone of vuggy quartz veining with actinolite and iron
stained.
RRI-14845
0.24
Cougar Ridge
N-NW quartz vein with quartz, pyrrhotite, and pyrite with
silica alteration.
The Viking Target:
This target is a shear-related gold bearing quartz vein with gold and a strong Cu-As
chemical signature. Showings demonstrate a 600-700-meter strike and the geophysical response spans
at least 1300 meters along strike. Kootenay Gold sampled outcrops from this area that returned values
up to 36.4 g/tonne gold (Hoy, 2009).
Next phase work of mapping and drilling is ready to be progressed.
The Cougar Ridge Target:
This target is a pyrrhotite-chalcopyrite massive sulphide vein system and
breccia with gold being associated with Pb-Zn-Ag. The pit at Cougar Ridge was sampled by Kootenay
Gold in 2009 and returned values up to 23.2 g/tonne gold. Here, mineralized quartz veinlets trend more
westerly suggesting that they may be extensional veins developed in response to right-lateral motion on
the shears. In 2009, Kootenay Gold took 31 samples from this area with the best sample assayed at
10.68 g/t Au and 15.32 g/t Ag (Hoy, 2009). Riverside using XRF and full assay geochemistry confirmed
the presence and extends the scale as the target is worked up toward a drill target.
TK Hill:
This new area is to the east of the Viking Horde and a contact zone between sediments and
intrusive rock but is not skarn. The veins here are similar to those noted elsewhere and are believed to
be the same mineralizing event but will require more work to confirm. Samples from this area show
elevated copper, arsenic and lead.
The veins found in the Deer Park Project have similarities to the massive sulphide veins that form the
"Main" veins of the Rossland gold-copper camp. Both are associated with or occur within mafic phases
of the Nelson plutonic suite and comprise massive pyrrhotite and chalcopyrite. Mineralization is
structurally controlled and occurs between two major units. It is believed these are a product of Mid-
Jurassic intrusion of the Nelson Pluton. Possibly like the 163 Ma Monzonite observed in the Rossland
Deposit 40km to the south where the presence of gold occurrence seems to be intricately linked to
sulphides within breccias and veins over 500 meters.
Figure 2: Geology of the Deer Park Project after Hoy (2012) showing Riverside sampling in white and
historical samples in gray.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/195093_6bfa95c324a05b1f_003full.jpg
Stock Option Grant:
On January 17th, 2024, the Company granted 1,725,000 incentive stock options (the "Options") to
Directors, Officers and Consultants of the Company. The Options are exercisable at $0.12 per share for
a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director
vest in 3 equal instalments over 18 months. Options granted to Officers and Consultants vest in 4 equal
instalments over 12 months. The Options were granted pursuant to the Company's shareholder
approved stock option plan and are subject to the policies of the TSX Venture Exchange and any
applicable regulatory hold periods.
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.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company
has over $6M 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. The option agreement for the above project was
signed on September 29, 2023. 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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