Riverside Resources Announces the Launch of Blue Jay Resources and Its Ontario Gold Project Portfolio Intention to Spinout Blue Jay in 2025
Riverside Resources Announces the Launch of
Blue Jay Resources and Its Ontario Gold
Project Portfolio
Intention to Spinout Blue Jay in 2025
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2024) -
Riverside Resources
Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company")
, is pleased to
announce the completed transfer of its three key Ontario gold properties: Pichette, Oakes, and Duc to its
wholly-owned subsidiary, Blue Jay Resources Inc ("Blue Jay"). This move lays the groundwork for
Riverside's strategic plan to advance its Ontario portfolio by establishing Blue Jay as a standalone
exploration company. Blue Jay can fully focus on the exploration, discovery, and value-creation potential
that these assets deserve. This structure provides Riverside shareholders with exposure to potential
gains, while also paving the way for capital investment aimed at unlocking value in these properties.
This approach is similar to Riverside's past strategy with Capitan Silver Corp. ("CAPT"), where
Riverside shareholders received shares of CAPT, which gained value as exploration progressed
successfully. Now, Blue Jay offers another opportunity to further unlock shareholder value, while
Riverside retains a 2% NSR on each project.
Blue Jay is led by Geordie Mark as Chief Executive Officer, with the company in the final stages of
appointing its Chairman, John-Mark Staude, along with a strong lineup of board of directors.
Geordie
brings extensive experience in the mining industry, with leadership roles spanning exploration,
academia, and financial markets. He has spent over 15 years as a mining analyst on both the buy and
sell sides in North American equity markets. Under Geordie's leadership, Blue Jay will leverage
Riverside's Ontario-based gold assets and is already working on an exploration strategy, with plans to
initiate a targeted drill campaign during H1 2025.
"We are excited to see Blue Jay Resources rapidly progress towards becoming a focused exploration
company, dedicated to advancing this quality portfolio of Ontario gold assets. This spinout provides our
shareholders with exposure to a new vehicle for value creation, while Riverside retains upside through a
2% net smelter royalty (NSR) on the projects," said Dr. John-Mark Staude, CEO of Riverside Resources.
"Our goal is to unlock the inherent value of these properties for our shareholders through the potential
share spinout."
Geordie Mark, CEO of Blue Jay Resources, stated, "I'm thrilled by the opportunity to lead Blue Jay as we
explore Ontario's well-established Beardmore-Geraldton greenstone belt, especially in such a proactive
mining jurisdiction. Both the Pichette and Oakes projects are strategically positioned near the Equinox
Gold Greenstone Gold project, Canada's 4
th
largest open pit gold mine, which emphasizes the potential
of this area. Our team is committed to realizing the value of these assets through a focused exploration
strategy, and we're eager to expand our work."
The proposed spinout structure includes Riverside potentially issuing shares of Blue Jay to Riverside
shareholders, allowing them direct ownership in the new exploration-focused entity. While terms of the
spinout are under consideration and have not been finalized, Riverside's intention is to ensure
shareholders can benefit from the success of both Riverside and Blue Jay Resources and provide
positive upside for the growth of both companies.
About the Projects:
Pichette Project
The Pichette Gold Project, covering approximately 1190 hectares, is situated in the prolific Geraldton-
Beardmore Greenstone Belt of Northwestern Ontario, a renowned gold-producing region in Canada.
This 100%-owned project is strategically positioned near Equinox Gold's Greenstone Gold Project,
Canada's newest large-scale mine and immediately east of Beardmore mining camp that produced
from high grade veins similar to some of the targets found at Pichette.
Historical drilling at Pichette, primarily conducted in the 1950s, intersected shallow high-grade gold
mineralization, including notable intercepts such as 3.4 meters at 16.7 g/t Au and 3.2 meters at 4.8 g/t
Au, associated with banded iron formations ("BIF"). These BIF structures, which span over 15 kilometers
of interpreted trend across the project, remain largely untested at depth, with gold mineralization open
along strike. Positioned for efficient exploration, Pichette has road access via the Trans-Canada
Highway and benefits from existing regional infrastructure. The assay information is historic in nature and
will be retested as part of the planned work for Blue Jay to carry out in 2025.
Oakes Project
The Oakes Gold Project, located within the productive Geraldton-Beardmore Greenstone Belt in
Northwestern Ontario, sits 20km east of the Equinox Gold's Greenstone Gold Mine. The project is
approximately 5200 hectares in size and hosts a series of parallel favorable geology and shear zones
with gold mineralization identified along its length. Historical drilling and recent surface sampling have
returned high-grade gold values, with drill intercepts of up to 8 g/t Au and surface assays over 30 g/t Au.
Geophysical surveys, including magnetics and induced polarization, have mapped several fault zones
and structural features aligned with known geological units, offering significant exploration potential.
The project is accessible with robust local infrastructure, including roads, train line and power, which
supports low-cost exploration efforts. The future exploration program could expand on previous findings
by further testing mineralized zones along strike and at depth, positioning Oakes as a strong candidate
for additional high-grade gold discoveries in a historically productive district.
Duc Project
The Duc Project is located in the Porcupine Mining Division, approximately 50 km southwest of
Kapuskasing, Ontario. Covering 580 hectares, it sits within the highly prospective Kapuskasing
Structural Zone, near the open-pit phosphate mine of Agrium Ltd. The property is underlain by a mix of
metasedimentary and metavolcanic rocks, with potential for gold and rare earth element (REE)
mineralization. Recent exploration, including a 2023 helicopter magnetics survey, has confirmed key
structural elements and identified promising areas for follow-up targeting work.
The Company is leading exploration efforts at Duc, focusing on gold mineralization and potential
platinum group metals (PGMs). Historical drilling and geophysical data suggest significant gold and
nickel potential, while current geophysical surveys have highlighted new targets. Planned work includes
further integration of the new geophysical surveys, geochemical analysis, and then drilling to refine these
targets and advance the project towards more detailed exploration.
Qualified Person & QA/QC:
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 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.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company
has over $5M 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
Eric Negraeff
Investor Relations
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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https://www.newsfilecorp.com/release/229857