Riverside Consolidates Tenure at La Union Project and Reports High-Grade Gold, Including 59.4 g/t and 40 g/t Gold from Recent Sampling
Riverside Consolidates Tenure at La Union
Project and Reports High-Grade Gold,
Including 59.4 g/t and 40 g/t Gold from Recent
Sampling
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2021) -
Riverside Resources Inc.
(TSXV:
RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company")
is pleased to report the
mineral tenure consolidation and expansion of La Union Polymetallic Project in Sonora, Mexico. The
acquisition of these additional concessions provides Riverside with an expanded land position and
further control of the historical mines and old workings across the district. This consolidation through the
acquisition of small internal concessions provides Riverside an option on the high-grade, previous small
scale mine properties, internal to the larger surrounding 100% Riverside owned mineral concessions
and increases the property total area to over 26 km
2
(2,604 hectares). This transaction expands upon
the original property acquired from Millrock's Mexico portfolio in 2019 (see press release of June 26,
2019).
La Union is located in western Sonora and is part of the orogenic gold trend. The old mining areas at La
Union have seen very little drill testing and the broader structures are wide open for further regional
exploration. Riverside is in contact with the local surface owners and knows the region from previous
work with partner Hochschild Mining which allows Riverside to initiate exploration immediately.
Riverside's initial field work included selective rock sampling from abandoned mine workings and
dumps with results returning up to 59.4 g/t Au and 833 g/t Ag (see Table 1). Further exploration work will
begin shortly as the Company is pleased to have completed this expansion step, opening the door to
follow up work.
La Union Polymetallic Project has been previously defined as a manto-chimney style deposit. The
ongoing work has been demonstrating significantly high-grades in gold, silver, lead and zinc across
mineralized areas identified. Near surface, the oxide gossan cap and carbonate replacement are
particularly extensive with strong similarities with the Leadville polymetallic system in Colorado, USA. At
La Union the Paleozoic carbonate stratigraphic section is a composite of over 1,000 m thick regionally
and the mineralization of chimneys and mantos is open in multiple directions.
Table 1: Sample Results from La Union Polymetallic Project
Sample ID
Au (g/t)
Ag (g/t)
Pb (%)
Zn (%)
Cu (%)
Type
Description
RRI7891
59.4
833
5.76
4.16
0.3
rock chip
massive sulfide - dolomitic breccia
RRI7895
40
3.3
0.13
mine dump
massive sulfide and jasperoid
RRI7894
8.3
239
0.17
mine dump
jasperoid
RRI7890
1.367
50
1.63
1.43
mine dump
sulfide-oxide bearing breccia
RRI7893
0.473
12.4
rock chip
brecciated contact - dolomite/quartzite
RRI7889
0.072
76.4
rock chip
brecciated contact - dolomite/limestone
Note: Six of the higher-grade due diligence samples out of eight total are shown in Table 1.
Figure 1: Photo of sample RRI7891 from La Famosa Mine and RRI7895 from Plomito Mine
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6101/98673_78761357c45a0b0c_003full.jpg
Figure 2: Map of Riverside's La Union Polymetallic Project, Sonora, Mexico. Highlights of the
most recent results from rock sampling from Riverside (see Table 1)
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6101/98673_78761357c45a0b0c_004full.jpg
Riverside's President and CEO, John-Mark Staude:
"
We are excited to complete the acquisition of
multiple key pieces of the project area at La Union, including the historic mines of Famosa and
Plomito. Riverside is moving forward with growing projects, and generating exploration results at our
properties, which continue to demonstrate the value of applying the Riverside property database and
local team knowledge to capture and progress excellent mineral projects. The next steps for the La
Union district will consist of field work and geophysics, which are expected to refine drilling targets."
Transaction Details for the Acquisition:
Riverside has optioned over a 4-year term the properties with staged cash payments without any
retained NSR. The terms for each respective property (La Famosa and Plomito) are presented below:
YEAR
PAYMENTS
LA FAMOSA
PLOMITO
0
On Signing
$
-
$
-
1
12 months
$
10,000.00
$
10,000.00
2
24 months
$
15,000.00
$
15,000.00
3
36 months
$
25,000.00
$
25,000.00
4
48 months
$
50,000.00
$
40,000.00
5
60 months
$
75,000.00
$
75,000.00
TOTAL
$
175,000.00
$
165,000.00
Geology and previous work at La Union Polymetallic Project:
Mineralization is primarily located within the Paleozoic sedimentary sequence, known in this area for
reaching up to 1,000 m in thickness and hosting multiple historical workings. The mountain range is
characterized with alternating limestone, dolomite and quartzite, at which contact mineralization has
been observed to grow into a manto-chimney style deposit. These types of deposits tend to have higher
metal grades, making this style of deposition attractive for exploration.
Local historical productions in the 1950's mined high-grades averaging
7-20 g/t Au, 300 g/t Ag, 10-
20% Pb and 5% Zn,
for which mineralized bodies were traced for at least 80 m depth within oxides
(Yantis, 1957). Since then, only small exploration programs followed and including Paget Mineral
Exploration Company and Millrock with sampling programs yielding up to 22.5 g/t Au and multiple high-
grade polymetallic samples over the project area. The presence of many high-grade areas, the thickness
of the host rock and extent of the system across multiple known historic mines are favorable evidence for
an extensive system.
Figure 3: Map representing historical samples including rock chip, and mine dump as stated
above and part of the Millrock and Paget database acquired from 2012 to 2019
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/6101/98673_78761357c45a0b0c_005full.jpg
Figure 4: Photo (left) of the mineralization as seen at La Union, showing quartzite bed
bounded by oxide horizons. La Famosa (right) shows the old working from 1980s
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/6101/98673_78761357c45a0b0c_006full.jpg
Geophysics and sampling will be additional tools deployed by Riverside in advancing the knowledge of
this project, with a view to initiating a drill program that will allow the Project to extend high-grade at
depth and define the limit of the oxide cap.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to La Union Project 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 in this news release is
accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of
Disclosure for Mineral Projects.
Rock samples from the exploration program discussed above at La Union were taken to the Bureau
Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau
Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC,
Canada for 45 element ICP/ES-MS analysis. A QA/QC program was implemented as part of the
sampling procedures for the exploration program. Standard samples were randomly inserted into the
sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company
has no debt and approximately 71M shares outstanding with a strong portfolio of gold-silver and copper
assets 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 additional properties available for option, with more 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
Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671 x312
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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