Riverside Resources Commences Drilling at Cecilia Project with Partner Fortuna Mining
Riverside Resources Commences Drilling at
Cecilia Project with Partner Fortuna Mining
Vancouver, British Columbia--(Newsfile Corp. - September 10, 2024) -
Riverside Resources Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"),
is pleased to
announce the core drilling company and related equipment has arrived at the Cecilia Project ("Project")
in Sonora, Mexico. Drilling will commence for the planned 2,500m, 8 drill hole program and will initially
test 3 target areas at the Project. All funding with partner Fortuna Mining is in place and permits are in
hand to carry forward this next phase of gold - silver exploration.
Drill Program Highlights
2,500m planned drill program for a total of 8 holes
Drilling Cerro Magallanes breccia and dome margin with the potential to drill through the dome if
warranted
Drilling East target where former small scale mine workings and adits move along 4 sub-parallel
vein structures of quartz containing silver grades up to over 250 g/t Ag (June 6, 2017 press
release)
Myra vein targets will be the first of several Mesa targets to be drilled and tested beneath an area
that returned surface channel vein samples of up to 3 g/t Au (October 2, 2018 press release)
If meters allow, to drill the Mesa Fault target along the southeast portion of the Cecilia district
tenure where past chip sampling has returned gold values up to 4 g/t Au (September 21, 2020
press release)
Budget of USD$800,000 for this phase of drilling
"We are excited to begin the drill program at the Cecilia project with our partner Fortuna Mining," stated
John-Mark Stude, CEO of Riverside Resources. "We announced the agreement with Fortuna Mining in
March and have spent the past six months incorporating the results from a recent airborne magnetic
survey and extensive geochemistry and mapping into our past project databases and have designed an
initial drill program to test three of the highly prospective targets for the project. Concurrent to the
commencement of this drill campaign, our teams will collaborate on a plan to define at least four other
targets in anticipation of a follow-on drill campaign as well as potential follow up drilling on these initial
three. The team at Riverside has spent several years methodically advancing exploration programs at
the Cecilia Project and working with a strong partner like Fortuna Mining helps take this project through
the next stage of exploration and hopefully towards a major discovery."
During the recent summer field season the exploration targets were advanced with the results from a
broader property-wide airborne magnetic survey which covered the complete property being integrated
with an earlier detailed magnetic survey of the central Cerro Magallanes putting it into context with the full
80 km² project area.
The drill program will begin with core drill testing of the Agua Prieta Breccia target
on the east side of the Magallanes Dome along the contact zone of the rhyodacite dome and volcanic
tuffs. The plan is to drill an angle hole up to 800m to cross the breccia features where surface gold
mineralization has returned up to > 1 ounce / ton gold (September 21, 2020 press release) and shallow
drill holes of 24.2m @ 1.51 g/t Au (April 15, 2021 press release) (Riverside, CED-21-005, 2021) have
been intersected.
Figure 1:
Geologic map with targets for Cecilia Project
Figure 2:
Assay samples from this current summer 2024 field program with purple >1g up to 13 g/t
Au. Labeled samples selected higher grade assays clustering in target areas shown on geologic map
Figure 1.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/222749_dc60da2a64dfeb82_0001full.jpg
About the Cecilia Project:
Riverside Resources has undertaken comprehensive exploration efforts at the property, including drilling
activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface
promising intercepts such as 24.2m @ 1.51 g/t Au (April 15, 2021 press release) within the rhyodacite
dome, showcasing the property's gold at shallow depths which also has been mined in over a dozen
locations including some substantial small scale underground prospect mining. Further drill planning will
look to explore for potential larger high grade targets at depths along these intercepts.
One distinguishing aspect of this project is the potential to preserve a fertile dome system. The
Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and
NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style
mineralization and breccias at the margin of the dome and potentially inside feeder structures as breccia
pipes in the dome.
This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite
systems, like the La Pitarrilla Ag-Pb-Zn project (
~
800M oz AgEq*) and Fresnillo's San Julian Ag-Au
Mine (
~
350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic
Province to Cecilia.
*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023.
**Obtained from Fresnillo public presentation, Hermosillo, October, 2016.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was
reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside
Resources focusing on the work in Sonora, Mexico, 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. The resource information for SSR Mining and
Fresnillo is from their corporate public disclosure and has not been reviewed by Riverside Qualified
Person.
Samples from the exploration program discussed above at the Cecilia Project 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 using 4-acid digestion methods. 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 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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