Riverside Makes Strategic Acquisition of High Grade Gold at the Pichette Gold Project, NW Ontario
Riverside Makes Strategic Acquisition of High
Grade Gold at the Pichette Gold Project, NW
Ontario
Vancouver, British Columbia--(Newsfile Corp. - July 24, 2023) -
Riverside Resources Inc.
(TSXV:
RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company")
,
is pleased to announce it has
acquired part of
P.A.T. Gold Mine inside of the larger Pichette Project west of Geraldton, Ontario. The
P.A.T Mine project was drilled extensively in the 1950s and then had test mining conducted in the 1970s
with an initial bulk sample extracted during that period. The historical work (non NI43-101) includes
geophysics, geochemistry, geology, and drilling, which delivered strong gold intercepts at shallow depths
including
16.65 g/t Au over 3.81m
and
34.28 g/t Au over 1.1m
both intervals at less than 80m depth
(see Figure 1). This historical work at Pichette was located on recently reverted mineral leases that
Riverside acquired through staking as the Company had surrounded strategic area with mineral claims.
Highlights:
100% Riverside owned, no underlying royalty.
>1 Oz/ton Au in historical core intercepts for 1m+ intervals at 30m depth, thus shallow and open at
depth.
Close to past producing 1M oz Au Leitch Mine with associated iron formation host rocks.
Within Greenstone Gold Mines, Hard Rock deposit >10M Oz Au so far.
Riverside magnetics survey has defined banded iron formation targets that fit with surface gold
showings make this exciting and highly prospective for drilling gold.
"Riverside is very excited to have acquired this new area of gold mineralization, which is on trend with
the previously identified Banded Iron Formation (BIF) gold mineralization at Pichette and appears to
have continuity to the west with Leitch Gold Mine BIF host rock sequence . The BIF unit extends across
the project outlining a multi-kilometer target in this district of significant past gold production. The
historical work comprising geophysics and drilling gives us a solid focus for advanced drilling in this part
of the Geraldton Gold Belt," states Riverside's President and CEO, John-Mark Staude who has been on
site and notes the similarities to the Leitch Mine geology 15 kilometers to the west of Pichette.
The Pichette Project is well located with excellent road infrastructure immediately south of the Trans-
Canada Highway with drive up targets within the Beardmore-Geraldton Greenstone Belt.
The Pichette
targets are underlain by the east-west trending Archean-aged metavolcanic and metasedimentary suite
consisting of greywacke and iron formation, which is the same geologic
Figure 1: Drone magnetics survey completed recently by Riverside with historical drill holes plotted.
Dashed black line subterrane boundary discussed in text.
To view an enhanced version of this graphic, please visit:
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sequence that hosts the <1M Oz Brookbank deposit
1
opposite the highway from the project. Multiple
banded ironstone units are interbedded with the metavolcanics throughout the sequence making
stratigraphic traps for gold. BIF hosted gold deposits occur in many major Canadian mining camps and
are a significant target on the Pichette Project seen as red and blue areas in the northern portion of the
Figure 1. The BIF layers consist of recrystallized chert alternating with magnetite with small amounts of
pyrite, chalcopyrite and other indicator minerals. There is favorable structural preparation for gold with
major fractures acting as conduits for mineralizing fluids and minor intrusions.
The veins and fractures
contain secondary quartz, carrying gold which becomes a second habit of gold on the project. The
ironstones have been traced across the project and were better defined by the recent drone magnetic
survey. Medium-grained, quartz-porphyry sills, 0.5-1.5 m wide, intrude some of the ironstones and
provide a third host for gold and in crossing structures for targeting gold bearing fluid flow.
Much of the historical exploration and mining work was conducted during the 1950s with Tombill Mines
Ltd. carrying out a program of surface work and diamond-drilling. Tombill conducted VLF-EM
geophysics and then a soil survey of the anomalous zones defining very shallow drill targets. Later during
the 1974 and 1975 field seasons, P.A.T. Mines completed thirty-two core drill holes (see figure 2). The
P.A.T. drilling returned high grade intercepts at shallow depths, leaving the system open at depth.
Mineralization
In 1952 Tombill Mines Ltd. outlined 4 mineralized zones in the area of the claims. The drilling conducted
by P.A.T. Mines on the Pichette property recorded gold mineralization associated with two persistent
subparallel chert-magnetite-carbonate ironstones (see figure 3). The ironstones are 40 m apart and
strike 75 and dip 85 north. Surface prospecting and historical diamond drilling have traced the
ironstones 600 m along strike, and they average 2.0-2.5 m wide. Up to 20% magnetite has been noted
in the ironstones and can contain up to 2% arsenopyrite.
Table 1: Some of the best intercepts from the historical drilling on the Pichette Project.
Drill Hole ID
From (m)
To (m)
Interval (m)
Grade Au g/t
201
16.76
20.57
3.81
16.65
202
35.91
37.03
1.13
34.28
202
56.97
58.46
1.49
7.20
204
61.87
65.07
3.20
4.80
209
32.46
35.05
2.59
4.51
210
31.88
35.81
3.93
2.31
213
48.95
49.65
0.70
6.51
216
42.31
45.78
3.47
3.37
217
35.69
37.58
1.89
7.37
220
42.82
45.08
2.26
5.31
Note: P.A.T. Mines drilled 26 holes on the Pichette Project as part of a larger drilling campaign in 1952. The original certificates for the assays are not
available.
The values here are extracted from drilling logs that were filed as part of assessment work. The work was conducted prior to the
implementation of National Instrument 43-101 and as such should not be relied upon. Subsequent drilling in this area may not duplicate these results.
The gold is commonly enriched in intensely altered rocks adjacent to or within quartz-carbonate veins
and veinlets as found in orogenic gold deposits. Several of the holes show high grade intercepts similar
to those documented at the Leitch Gold Mine to the west at Beardmore. The bulk of the historical
information described above was recovered from the Ontario Geological Survey (OGS) databases and
the provincial government's Mineral Deposit Inventory (MDI) records. These sites have been verified by
government geologists and reviewed in the field by Riverside geologists and are believed to be reliable
in their geological detail. However, the original assay certificates from the historical drilling are no longer
available and therefore cannot be verified.
Figure 2: Plan view of the historical drilling with the best intercepts highlighted.
To view an enhanced version of this graphic, please visit:
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Figure 3: Drill Section looking west showing the parallel veins noted on surface and in drill core.
To view an enhanced version of this graphic, please visit:
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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 $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.
1
The Brookbank Deposit is reported to include open-pit Measured and Indicated Resources of 2.64
million tonnes averaging 2.02 g/t Au and containing 172,000 ounces. Underground resources are
reported to include Measured and Indicated Resources of 1.86 million tonnes averaging 7.21 g/t Au and
containing 430,000 ounces of gold (
www.premiergoldmines.com
).
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