Riverside Expands Pichette Gold Project Target, Progressing Discovery in NW Ontario
Riverside Expands Pichette Gold Project
Target, Progressing Discovery in NW Ontario
Vancouver, British Columbia--(Newsfile Corp. - April 17, 2024) -
Riverside Resources Inc.
(TSXV:
RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"),
is pleased to announce it has
expanded the targeting area at the Pichette Project 60 km west of Greenstone Gold's open pit mining
operations in Geraldton, Ontario. Riverside's work with structural geology and geochemistry has
progressed the targeting of two new areas.
At Pichette, structural geologic intersections of favorable
lithology particularly with banded iron formation (BIF) are key to hosting mineralization as was noted in
the nearby, past-producing Leitch and Sand River mines, where operations produced at or above 2/3
ounce per ton gold commonly producing at over 1 oz Au per ton (OGS, OFR 5538).
Structures associated with banded iron formation units were well defined by the recent drone magnetic
survey. Working with this data with field information, Riverside was able to locate and sample key new
outcrops of mineralized banded iron formation believed to be the PAT veins which have been drilled in
the past. Several samples were taken from the vein along a 50m exposed section that returned 1m chip
samples of 13g/t and
21 g/t gold
within banded iron formation units (see NR, February 29, 2024).
Recent logging has exposed a lot of outcrops for examination which will hopefully allow the Company to
locate some of the historic drill pads or collars.
"Riverside is progressing work in NW Ontario along the Geraldton-Beardmore Greenstone Gold Belt
and continues to refine and improve the Company's targeting for gold in the three main target
environments similar to those at Greenstone Gold where open pit production is beginning this year and
will be the 4
th
largest open pit gold producer in Canada of a scale similar to Detour Gold" states
Riverside's President and CEO, John-Mark Staude.
The Pichette Project has excellent road access and infrastructure being located immediately south of the
Trans-Canada Highway.
The project is underlain by an east-west trending panel of Archean-aged
metavolcanic and metasedimentary rocks intruded by gabbros and porphyries. Metamorphism and
tectonics have in most cases upgraded the tenor of gold mineralization in the belt between Beardmore
and Geraldton. The Company analysis interprets the first phase of deformation resulted in folding of the
Banded Iron Formations and north-south shortening of intrusions with most of the vein mineralization
occurring during a second sinistral shearing event. These rocks were again subjected to a third dextral
shearing event which resulted in some remobilization in metals.
Figure 1: Location of the Pichette Project within the Beardmore-Geraldton Greenstone Belt showing
the new open pit gold operations at Geraldton 60 km east of Pichette. Historic Production values from
Ontario Geological Survey, OFR 5538.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/205812_60cc21b964bb2b3f_003full.jpg
Riverside is also working to progress amicable discussions with the traditional territorial groups and has
filed work plans that are consistent with the collective vision of what could be worked on and progressed.
Riverside welcomes this approach and looks forward to further discussions with the related parties.
Rick Rule Online Conference:
The Company is a sponsor and will be meeting investors on April 20th at the Rick Rule Prospect
Generator Bootcamp.
Investors and interested parties can register and attend all day, online event at the
following link:
https://events.ringcentral.com/events/rick-rule-2024-spring-bootcamp/registration
.
This
bootcamp will highlight some of the leading Prospect Generator companies and go over the unique
business and investing opportunities these companies provide. Riverside has a strong balance sheet,
with over C$6,000,000 in cash, fewer than 75M shares outstanding and no warrants, while being a
publicly traded company for over 17 years, which has been achieved by adhering to its Prospect
Generator model.
Qualified Person:
This news release was reviewed 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. 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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