Riverside Stakes the Duc Project in the Porcupine Mining District, Ontario
Riverside Stakes the Duc Project in the
Porcupine Mining District, Ontario
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2023) -
Riverside Resources Inc.
(TSXV:
RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company"),
is pleased to announce it has
staked additional claims in northwestern Ontario and acquired the Duc Project ("the Project"), located
south of the town of Kapuskasing, part of the Porcupine Mining District. The Project is roughly 600
hectares in size and located west of the past producing Agrium Ltd. carbonatite phosphate mine, within
the Wawa Subprovince, which hosts several rare earth element occurrences and orogenic gold
deposits. Gold typically occurs in older folded rocks associated with larger northeast trending structures
related to Kapuskasing Structural Zone ("KSZ"). The Wawa Subprovince is host to multi-million-ounce
large gold mines that include Alamos Gold's Island Gold Deposit and Argonaut's Magino Gold Deposit
amongst others.
Riverside's President and CEO, John-Mark Staude stated: "We are excited to pick up more prospective
ground in Ontario within the fertile Wawa Subprovince, which is host to many present and past producing
mines in Ontario and Minnesota. Using the company's prospect generator approach, experience in the
belt and industry presence, we plan to add value to the Duc Project through additional exploration and
joint-venture partner-funded programs."
The Project area has excellent infrastructure, with road access from the Trans-Canada Highway and only
10km from the producing Agrium Ltd. Mine. The Project also has nearby existing power and within a 40-
minute drive from the town of Kapuskasing (pop. 8,300). Interest in Ontario's critical minerals sector has
attracted new explorers to this region, which in our opinion can open this area further to development for
the rare earth element potential, along with the known gold endowment.
The Project is underlain by an Archean-aged metavolcanic and metasedimentary suite consisting of
greywacke, arkose, and iron formation similar to the rocks known to host both the carbonatite and gold
deposits. To the west and north, the terrain is underlain by east-west striking metasedimentary schists
and mafic metavolcanic flows belonging to the Quetico Subprovince. The south and east areas of the
Project are underlain by hornblende-quartz feldspar gneiss and granite bodies belonging to the Wawa
Subprovince. The Project also lies within the LePage Fault System. This system is part of the western
margin of the KSZ and consists of a series of parallel northeast trending fault structures, which include
the Rufus Lake and Opasatika Lake faults. Both faults cross the property and are easily identifiable on
the regional government airborne magnetic survey sheets. Given the structural feeders and tectonic
evolution the Company sees high prospectivity for discoveries of potential large bodies associated with
dynamic tectonic- magmatic evolution.
Figure 1:
Geology on regional airborne mag
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Figure 2: Simplified Cross Section
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The next phase of proposed exploration includes ground-based geophysics building upon previous work
to further refine the larger structures likely responsible for gold mineralization in the area. Past work
included sonic drilling and basal till sampling which may be needed in areas of thick cover.
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 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 $8M 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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