Riverside Samples 21 g/t Gold at PAT Target on the Pichette Gold Project, NW Ontario
Riverside Samples 21 g/t Gold at PAT Target
on the Pichette Gold Project, NW Ontario
Vancouver, British Columbia--(Newsfile Corp. - February 29, 2024) -
Riverside Resources Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"),
is pleased to
announce it has located and sampled the PAT Vein showings inside its Pichette Project west of
Geraldton, Ontario. As previously reported, P.A.T Mines drilled extensively a series of veins near the
southern boundary in the 1950s. The company was also able to locate what it believes to be the PAT
Veins where they outcrop on surface. Several samples were taken from the vein along a 50m exposed
section that returned 1m chip samples of 13g/t and
21 g/t gold within
banded iron formation units.
These high-grade veins are similar to those mined at the Leitch and Sand River mines where the
average grade was around 1 ounce/ton gold with silver.
The Pichette Project has excellent road access and infrastructure being located immediately south of the
Trans-Canada Highway.
The project is underlain by an east-west trending panel of Archean-aged
metavolcanic and metasedimentary rocks intruded by gabbros and latter porphyries. Metamorphism and
tectonics have in most cases upgraded the tenor of gold mineralization in the belt between Beardmore
and Geraldton.
In addition to the surface sampling Riverside completed a geological interpretation of the project to
evaluate the timing and relationships of structural events and gold mineralization. As at the Greenstone
Mine gold mineralization largely occurred in the first deformational events and was later remobilized or
deformed by subsequent deformational events. The Greenstone Gold Mine has been studied by many
experts and a complicated evolution of events has been documented as is common in Archean gold
belts. The Greenstone Gold Mine will produce over 200,000 ounces of gold per year beginning this year.
"Riverside is very excited to have found high grade gold on surface at the PAT Veins. While the veins
are mostly covered by the forest organics, the banded iron formations associated with the veins and
mineralized shears are easy to locate using the magnetic survey completed in 2022. The BIF unit
extends across the project outlining a multi-kilometer" states Riverside's President and CEO, John-Mark
Staude.
Figure 1: Location of the Pichette Project within the Beardmore-Geraldton Greenstone Belt.
To view an enhanced version of this graphic, please visit:
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This fall the Company completed a structural analysis of the geology and timing of mineralization at
Pichette in order provide some context of the structures within the property and how they relate to the
evolution of larger greenstone belt and nearby past producers and known gold occurrences. This
analysis interprets the first phase of deformation resulted in folding of the Banded Iron Formations and
north-south shortening of intrusions with most of the vein mineralization occurring during a second
sinistral shearing event. These rocks were again subjected to a third dextral shearing event which
resulted in some remobilization in metals.
Table 1: Selected prospecting samples from Riverside most recent field programs.
Sample #
Au ppb
Sample type
Comments
1192286
1,500
grab
Cherty, Banded Iron Formation, weakly magnetic
1192287
200
grab
Rusty orange, quartz vein, with <1% pyrite in fractures
P2023-1
13,400
chip
Rusty, quartz carbonate vein striking east-west, 1m continuous sampling across
P2023-2
13
chip
Iron oxide-stained quartz vein material in road cut
472703
21,900
chip
1.75m shear zone with rusty quartz-carbonate veins striking at 070, dipping at 80 N
472704
22
chip
Metasediments, shear zone, 1.5m continuous sampling across.
472705
22
chip
Narrow Quartz-carbonate vein, 12cm wide, no sulfides, following the structure
472706
553
chip
Fine grained Metaseds, sheared, siliceous, west of the 13 g/t sample
Figure 2: Riverside bedrock sampling sites from recent site visits on Aeromagnetic map.
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On surface the mineralized zone consists of sugary and banded quartz with massive pyrrhotite and
lesser arsenopyrite and pyrite with chlorite The average width of the altered and mineralized zone is 30m
consisting primarily of pyritized and silicified mafic metavolcanics and BIF. Historical drill logs suggest a
sharp contact between geological units that include mafic metavolcanics, metasediments, gabbros and
quartz porphyries.
Gold is commonly enriched in intensely altered rocks adjacent to or within quartz-carbonate veins and
veinlets as is found in orogenic deposits. Several of the historical drill logs document high grade
intercepts similar to those documented at the Leitch Gold Mine to the west at Beardmore.
The alteration comprises a sequence of well fractured greenstone containing occasional small stringers
of hard, reddish, siliceous material, with slight pyritization. The rock changes northward into a light green
or tanned rock described in logs as "carbonate". On surface more siliceous phases are noted with hard,
black cherty material often found with the quartz veins. Moving further away from the zone a sericitic
phase dominates.
Figure 3: Riverside Surface samples in relation to mineralized zones as defined by historical drilling.
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Rock samples from the exploration program discussed above at Pichette were driven from site to
Activation Laboratories in Thunder Bay for analysis. Analysis was completed using total digestion and
Multi-Element Analysis (40 element) via Inductively Coupled Plasma Atomic Emission Spectrometry and
fire assay for gold. The QA/QC program implemented as part of the sampling procedures included
inserting one standard and one blank inserted by Riverside every 20 batch of samples. Activation
Laboratories is an ISO/IEC accredited laboratory.
Bonus Share Issuance:
On January 17, 2024, the Company issued 335,000 common shares to certain individuals in recognition
of their contribution to the Company over the past year. The shares were issued pursuant to the
Company's shareholder-approved bonus share plan and are subject to the policies of the TSX Venture
Exchange and will include a hold period expiring May 18
th
2024.
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 $6M 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.
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