Riverside Hits Gold in 8 of 12 Holes at the Oakes Gold Project in the Geraldton Gold Belt,
Riverside Hits Gold in 8 of 12 Holes at the
Oakes Gold Project in the Geraldton Gold Belt,
Ontario, Canada
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2022) -
Riverside Resources Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company")
is pleased to report
assay results for the remaining 7 drillholes of its twelve-hole, 1700-meter diamond drill program
completed at the Oakes Gold Project (the "Project") in northwestern Ontario, Canada. The primary focus
of the first drill program at Oakes was to test the
'
HG' Target identified by geophysics and trenching
programs for gold grades and continuity. The results came back favorable with
hole 22-11 returning 5
intervals of gold over a total interval of 55 meters and
hole 22-06 returning 4m @ 1.7 g/t Au
.
The
Induced Polarization (IP) work conducted by Riverside in the summer of 2021 showed the HG IP Target
extended westward beyond the area of trenching and sampling. Drilling this year has now confirmed the
gold continuity of over 1.2 kilometer strike, hitting the mineralized structure and further open in both east
and west.
The drill results announced here fit with the orogenic gold model and further drilling can be
progressed with confidence as all the holes of this program were shallow, with intercepts at less than
120m for most cases, while the system is wide open at depth.
This drill campaign has now successfully expanded the known gold mineralization well beyond the
outcrops and laid the groundwork for the next drill campaign to continue expanding the Oakes gold
camp. IP data provided strong conductivity and complimentary resistivity anomaly trending roughly east-
west parallel to the geological units with greater confidence. The 7 holes announced here intercepted
favorable geology of metavolcanics, "greenstone", consistent with the geology noted in the first five holes
and further geological constraints. As this part of Oakes has never been drilled, the first drill program
comprised of shallow holes with the intent of intercepting the target at 100 m vertical below surface. The
mineralized zone on surface is known to pinch and swell and averages about 5 m in width. The best hole
in the second batch of reporting was
DDH-22-06 which returned 1.7 g/t over 4 m
with one sample
being almost 5 g/t gold. The best intercept in the program was
8.4 g/t over 1 m in Hole #2
.
Table 1: Spring 2022 Drill Program Highlights at Oakes (holes 6-12)
Hole No.
from (m)
to (m)
length (m)
Au (g/t)
OAKES-22-06
72
76
4
1.7
including
72
73
1
4.9
OAKES-22-06
85
88
3
1.0
OAKES-22-07
98
100
2
0.9
OAKES-22-08
9
10.5
1.5
0.4
OAKES-22-09
18
18.5
0.5
1.0
OAKES-22-11
22
23
1
2.2
OAKES-22-11
96.5
98
1.5
1.0
OAKES-22-11
113.5
115
1.5
1.1
OAKES-22-11
125.5
127
1.5
2.3
OAKES-22-11
151
152
1
0.9
OAKES-22-12
106.5
108
1.5
2.4
OAKES-22-12
130
131
1
0.4
All samples comprised half-core, saw-cut samples with QA/QC described below and further at
www.rivres.com
. Samples are generally considered to be 90-95% to true width.
Technical Interpretations & Observations
DDH-22-06 & 07
were designed to intercept the HG Zone beneath Trench 1 at about 100 m depth. The
target zone comprises strongly foliated, fine grained, metavolcanic rocks showing strong silicified zones
with narrow bleached sections. Alteration comprises abundant biotite and chlorite bands, the top of the
unit shows quartz veining with semi-massive pyrite-pyrrhotite and trace chalcopyrite which generally
described the mineralized environment at Oakes. Quartz carbonate veinlets and stringers are more
frequent from 80 m to 110 m down the hole consistent with the drill target gold bearing area. The overall
25-30m mineralization halo and main zone which is near vertical, now demonstrates strong consistency
and provides the Company confidence of a significant gold system at Oakes.
DDH-22-08
hit a fault and
could not reach the target.
DDH-22-09
was the setback collared to drill the Brinklow IP anomaly south of
HG Zone, while
DDH-22-10
was collared on the Crib Road with the intent to test the IP anomaly
associated with the metasediment/metavolcanic contact boundary mapped at this location. Holes 8, 9
and 10 were not intended to evaluate the HG target and were instead testing parallel features. Holes 6,
7, 11, 12 provide technical data specific to the HG trend and give positive results for further exploration
at Oakes which lies 25 km east of the Hard Rock Mine currently being constructed by Greenstone Gold
(Equinox Gold) with a Proven & Probable Reserves of 5.5Moz at 1.27 g/t Au.
[1]
Figure 1: Collars and projected drill holes for 12 holes plotted on IP Chargeability Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/136913_da0d27ece44d68d1_002full.jpg
DDH-22-11
was targeting an IP conductivity anomaly associated with the HG Zone on trend with the
mineralization defined on surface (and in drill core) at Hole 6 located 600 m to the east along what is
believed to be the same structure. Assays returned gold results associated with veining throughout the
hole and as high as 2.3 g/t gold.
Hole 11 was collared in metasedimentary rocks and drilled northward
into metavolcanic rocks. Bedding and the contact between the two units was measured at 50 degrees to
the core axis whereas foliation and shearing is at about 45 degrees. Alteration comprises moderately to
strong biotitic and weak to strong chlorite zones sometimes associated with carbonate zones. Quartz
veining and silica content increases starting at 80 m downhole. Sulphides are associated with quartz
veins and comprise 2-5% disseminated Pyrite-Pyrrhotite seen within local fracture fillings and stringers.
Figure 2: Interpreted North - South Cross Section DDH-22-11 demonstrating the progression
from brittle down into brittle-ductile
deformation as the targeting model having found gold over
55m drill width zone in hole 11
To view an enhanced version of this graphic, please visit:
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DDH-22-12
was collared in gabbro and drilled north through metasedimentary rock into metavolcanics.
Mineralization is noted within similar altered rock but only within shears in the mafic volcanics and does
not appear to be associated with the contact zones. Sheared zones commonly a focus for gold
mineralization in orogenic systems like this one are expressed as altered, fine-grained, metavolcanics
with moderate to strong chlorite-biotite alteration with quartz-carbonate veins and stringers with 1-2%
disseminated pyrite and pyrrhotite.
Conclusions
The HG Zone at Oakes has been proven to extend well beyond the strike extent defined by trenching and
has now been drill proven to at least 1.1 km in length. To date the drilling has only tested the upper 100 m
of the structure where mineralization appears associated with quartz veins that show visible gold within
pyrite rich veins. The gold mineralization is associated with quartz and quartz-carbonate veins in shear
zones within metavolcanic rocks often (near-vertical which can bode well for potential future mining and
predicting the next round of drilling). Quartz veins that are subparallel to foliation appear to be the veins
that carry gold and are cut by later quartz carbonate veins that do not have sulfides. The quartz veins are
mostly associated with brittle type fracturing with lesser semi-ductile type, potentially indicating that
drilling was approaching the upper brittle-ductile transition which can be highly favorable in large
orogenic gold deposits. The nature of the fracturing suggests that the shallow drilling is primarily within
the upper brittle deformation zone as shown in Figure 2. The fact that the gold veins can now be traced in
drill holes more than 3x beyond the previous surface trenching expands the Oakes project potential
greatly.
The Oakes property is located along the general metallogenic boundary of the Wabigoon and Quetico
sub-provinces and this boundary is commonly a major fault breaks, and large gold resources are
associated with these breaks generally in secondary shear zones in the Canadian shield geologic
provinces. The Hemlo Gold Mine to the south is hosted in a brittle fracture environment and the Black
Fox gold mine to the east in Matheson is hosted in a semi-ductile fracture system at depth and more
brittle near the surface. Riverside sees the potential for brittle fracture zones progress into semi ductile
and ductile zones at depth in general becoming wider and potentially richer as has commonly been
found and further drilling is warranted.
Riverside's President and CEO, John-Mark Staude:
"Riverside has expanded the gold zone at
Oakes along strike over 1 km and begun showing the continuity on surface and to depth, consistent
with the goals for the 2022 drill program. Next steps will include more geophysics to map the structural
features to trace the HG Zone and gold mineralization. We are very encouraged by these good results
covered in this and the prior news release and are pleased to see how effective the geophysical
surveys were at finding mineralization and predicting extensions. Moreover, we remain very cautiously
optimistic to see our first program of shallow drilling demonstrate continuity of mineralization along
strike and at depth. Riverside continues to pursue the Prospect Generator hybrid model, by providing
shareholders with the upside for discovery on multiple projects, and with different partners, along with
the current self-funded value adding project."
Qualified Person & QA/QC:
As part of the quality control Riverside inserted blanks, duplicates and two different standards, into the
sample stream prior to delivery at Activation Laboratories in Thunder Bay. Logged core was delivered
from site to a core cutting facility in Thunder Bay by Riverside and trucked to Activation Laboratories
from this facility typically in batches of 2 to 4 holes at a time. Multi-Element Analysis using Aqua Regia
Extraction and (40 element) Inductively Coupled Plasma Atomic Emission Spectrometry Analytical and
fire assay for gold methods where used.
Activation Laboratories is an ISO/IEC accredited laboratory.
The scientific and technical data contained in 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 $4M in cash, no debt and less than 80M 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.
_______________________________
[1]
https://www.equinoxgold.com/_resources/projects/technical_reports/2021-Hardrock.pdf
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/136913