Riverside Resources Sells Its High Lake Greenstone Belt Canadian Portfolio to Golden Retriever Minerals for Cash and 2% NSR
Riverside Resources Sells Its High Lake
Greenstone Belt Canadian Portfolio to Golden
Retriever Minerals for Cash and 2% NSR
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2021) -
Riverside Resources Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company"),
is pleased to
announce the sale of the Company's High Lake Greenstone Belt project portfolio in western Ontario to
Golden Retriever Minerals Ltd. ("Golden Retriever") for C$125,000, and a 2% NSR.
The High Lake Greenstone Belt Property 100% owned by Riverside covers over 230km
2
of mineral
claims from east of the Manitoba provincial border to near Kenora, Ontario. Riverside staked this
greenstone belt in August 2020 (see press release August 17, 2020) as an early stage grassroot
exploration project from Riverside's generative efforts. In August 2021, exploration was refined over the
area defining 3 zones of priority interests now called: the Royal Project, the Canoe Project, and the
Electrum Project. The claims block is roughly 20 km in length and immediately south and parallel to the
Trans-Canada Highway providing good exploration access and infrastructure. The province of Ontario is
well-known for its world-class gold deposits hosted in greenstone belts that are synonymous with high-
grade gold production. Riverside has been focused on building value in Ontario by targeting greenstone
belts that show abundant mineralization occurrences with opportunities for future discoveries.
Highlights from the three Riverside projects include:
The Royal Project contains copper, gold and silver on 6,150 hectares and has defined many base
metal occurrences with characteristics suggestive of volcanogenic massive sulfide (VMS)
mineralization.
The Canoe Project is 4,260 hectares located along the edge of the main pluton near the known
Shoal Lake gold deposit which hosts over 350,000 ounces of gold (Inferred and Indicated; 2008,
NI 43-101
[1]
of the KPM total). The area shows noted anomalies at surface and in drill holes of Cu-
Zn-Au especially at the contact between the pluton and the metavolcanics.
The Electrum Project of 1,800 hectares has shown drill evidence of mineralization including historic
high-grade surface and soil sampling as well as drill results yielding 0.9 m at 9 g/t Au (2005). This
drill core interval was re-assayed and confirmed by Riverside (2020) returning identical results
which highlights the gold, silver and copper mineralization along faults hosted in intrusive and
metavolcanics units.
Riverside's President and CEO, John-Mark Staude:
"We are pleased to see our High Lake
Greenstone Belt portfolio is moving ahead. This will allow Riverside to continue to focus on and further
prospect generation in Canada, while receiving cash and retaining royalties on all three projects. We
are actively building our royalty portfolio and this transaction provides additional exposure to new
discoveries in central Canada."
Transaction Details: Purchase & Sale of 100% interest of the High Lake Greenstone Belt
Projects
Golden Retriever is optioning from Riverside, a 100% right, title, and interest in and to the claims, free
and clear of any encumbrances in consideration of a cash payment in the aggregate amount of
C$125,000 and 2% uncapped Net Smelter Royalty to Riverside as follows:
a)
C$50,000 to be paid to Riverside on closing date of October 28, 2021 (Paid).
b)
C$75,000 to be paid to Riverside before the 28
th
of March 2022. Riverside will file the work it has
so far completed with the Ontario Ministry and Regulatory Mineral Claims Authority.
c)
Riverside will be granted a 2% NSR on each of the Royal, Canoe and Electrum Projects. Each of
the royalty granted on each project can be bought down to 1% for a total of CAD $2M for a
determined period of time. Once the final Option payment is made to Riverside and should the Option
not be completed then the properties are fully returned to Riverside in good standing.
Riverside's staking program focused on an underexplored greenstone belt south of Highway 17 west of
Kenora. The project area has been subject to gold exploration since the 1800's and hosts a number of
known showings and past drill programs. Additionally, the project hosts 16 Mineral Deposit Inventory
(MDI) locations indicating a wide belt of mineralization has been recognized in the literature. While most
of the historical work appears to have focused on shear-hosted gold there are known showings of
volcanogenic massive sulfide (VMS) style mineralization in the belt as is typical in the other well
endowed, greenstone gold belts. Riverside's field work relocated the past work and found new
showings, additional geologically intriguing areas and put the larger structural features into broader
regional context. Riverside's work extending beyond known deposits and mineralization centers finds the
broad east-west structural grain to be favorable with second order shear structures looking particularly
prospective for the next round of drilling.
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 geologic 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.
Figure 1: High-Lake Greenstone Belt Region staked by Riverside Resources and the 3 projects
on which
2% NSR is applied for each project.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6101/104581_23185d7b84834b5c_002full.jpg
.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company with over C$5M cash in the bank and is driven by value
generation and discovery. The Company has no debt and approximately 71M shares outstanding with a
strong portfolio of gold-silver and copper assets 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 while retaining royalties on projects it farms out to others. 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 additional properties available for option, with more 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
Raffi Elmajian
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]
Publication
- Technical Report on the Shoal Lake West Project, Northwestern Ontario, Canada
Publication Number:
2008 43-101
Date:
2008
Author:
Valliant, W.W. and Chamois, P.,
Publisher Name:
Scott Wilson Mining for Hays Lake Gold Inc.,
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/104581