Riverside Resources and Partner Morro Bay Resources Drill 388.4 g/t
Silver Over 22.7 Metres at the Penoles Gold-Silver Project in
Durango, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 9, 2014) -
Riverside Resources Inc. ("Riverside" or the "Company")
(TSX-VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99), is pleased to
announce new drill results from the Jesus Maria Silver Mine area at
the Peñoles Project (the "Project") in Durango, Mexico, which is
being funded by Morro Bay Resources. Twenty three (23) HQ sized
core holes were drilled on the property, for a total of 2,143
metres during the most recent drill program with results still
pending for 6 holes. The recent program discovered a new zone of
mineralization and structural preparation (referred to as the
"Jesus Maria South Zone") intersecting and trending southwest from
the Jesus Maria Vein. The Jesus Maria South Zone had not been
systematically tested and apparently never worked by previous
mining. The first two drill holes that intersected the new zone,
(JM DDH 14-10 and JM DDH 14-24) returned the best near surface
intervals of silver mineralization intersected at the Peñoles
Property since Riverside acquired the property in 2007.
The first hole drilled (JM DDH 14-10) was a 30 metre step out,
south from the final hole (JM DDH 13-9 "Hole 9") of the 2013
program (view www.rivres.com for maps and images). This drill hole,
(JM DDH 14-10) intersected an approximately 41 metre wide
near-surface mineralized interval averaging 123.9 g/t silver and
more than 0.5 g/t gold, including a 4.25 metre interval that
assayed 732.2 g/t silver and 1.20 g/t gold. The second hole, JM DDH
14-24, confirmed significant widths of mineralization, with 70.8 m
interval averaging 147.8 g/t silver including a 22.7 m interval
that returned 388.4 g/t silver.
Assay results for the drill holes received to date from the
Jesus Maria South Zone, JM DDH 14-10 and JM DDH 14-24, are
summarized below:
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppm) |
Ag (ppm) |
Pb (%) |
Zn (%) |
JM DDH 14-10 |
18.9 |
59.5 |
40.60 |
0.540 |
123.9 |
0.07 |
0.14 |
|
Including |
4.25 |
1.201 |
732.2 |
0.13 |
0.35 |
|
Including |
2.30 |
1.291 |
194.8 |
0.42 |
0.31 |
|
Including |
6.70 |
1.082 |
122.9 |
0.05 |
0.12 |
JM DDH 14-24 |
52.65 |
123.45 |
70.80 |
0.37 |
147.8 |
0.03 |
0.08 |
|
Including |
22.70 |
0.629 |
388.4 |
0.07 |
0.12 |
|
Including |
5.45 |
1.474 |
144.2 |
0.11 |
0.06 |
(All reported intervals are core lengths, true widths have not
yet been determined)
Six additional holes (JM DDH 14-25 through JM DDH 14-30) have
been drilled to investigate the potential continuity of
mineralization at Jesus Maria South Zone to the east of the JM DDH
14-24 location. Assay results for these six holes will be released
as soon as they become available and have been interpreted.
Riverside's President and CEO, John-Mark Staude stated,
"Riverside is pleased with the drilling and discovery of the
Jesus Maria South Zone and looks forward to receiving further
assays from the remaining six holes. Collectively this zone so far
has a strike extent of drilling of over 250 meters. The expanded
mineralization found at Jesus Maria combined with the Capitan Gold
Zone, untested San Rafael Mine area and numerous other prospective
targets provide plenty of upside as the Peñoles Project continues
to move forward."
Other assayed holes from the current campaign include drill
holes JM DDH 14-11 through JM DDH 14-23, a series of vertical and
inclined holes spaced at approximately 50 to 100 metre intervals
along the Jesus Maria Vein which provide near surface extension to
the shallow mined area. The Jesus Maria Vein holes (view
www.rivres.com for maps) were designed to test for potential
lateral extensions of the mineralized zone developed in the
historical Jesus Maria mine region and to some extent began to
extend the depth which remains wide open. The drilling successfully
extended the confirmed strike length of the Jesus Maria Vein
approximately 500 meters westwards, and intersected the vein at the
expected depths, showing good continuity. The vein remains open at
depth and along strike. The drill holes encountered encouraging
mineralization zones as tabulated below. These results are
currently being integrated into the Jesus Maria geological model,
and will be commented on in more detail as the analysis is
completed.
Hole ID |
From (m) |
To (m) |
Interval (m) |
Au (ppm) |
Ag (ppm) |
Pb (%) |
Zn (%) |
JM DDH 14-11 |
81.30 |
93.30 |
12.00 |
0.284 |
42.6 |
0.61 |
1.13 |
JM DDH 14-12 |
Hole was abandoned before reaching target depth |
JM DDH 14-13 |
100.90 |
113.30 |
12.40 |
0.226 |
55.9 |
0.04 |
0.11 |
and |
146.30 |
157.80 |
11.50 |
0.280 |
36.7 |
0.16 |
0.34 |
JM DDH 14-14 |
41.00 |
58.65 |
17.65 |
0.122 |
123.3 |
0.94 |
0.78 |
JM DDH 14-15 |
29.00 |
36.05 |
7.05 |
0.233 |
34.7 |
0.53 |
0.57 |
JM DDH 14-16 |
36.05 |
38.40 |
2.35 |
0.187 |
53.9 |
1.16 |
1.02 |
JM DDH 14-17 |
74.50 |
76.80 |
2.30 |
0.149 |
56.6 |
2.22 |
1.76 |
JM DDH 14-18 |
56.3 |
60.8 |
4.50 |
0.064 |
50.9 |
0.78 |
0.72 |
JM DDH 14-19 |
Did not encounter any significant mineralization |
JM DDH 14-20 |
Did not encounter any significant mineralization |
JM DDH 14-21 |
37.95 |
39.85 |
1.90 |
0.254 |
251.4 |
0.01 |
0.02 |
and |
113.20 |
129.35 |
16.15 |
0.100 |
39.4 |
0.25 |
0.38 |
JM DDH 14-22 |
28.9 |
59.55 |
30.65 |
0.178 |
41.4 |
0.03 |
0.11 |
|
Including |
2.25 |
0.128 |
179.2 |
0.09 |
0.16 |
|
Including |
2.95 |
0.938 |
138.4 |
0.14 |
0.29 |
And |
70.45 |
93.05 |
22.60 |
0.346 |
26.4 |
0.40 |
0.61 |
JM DDH 14-23 |
25.3 |
56.5 |
31.20 |
0.112 |
55.7 |
0.17 |
0.33 |
(All reported intervals are core lengths, true widths have not
yet been determined)
Two drill holes (CDDH-14-49 and CDDH-14-50) were designed to
test the Capitan Hill Zone target but were terminated early without
reaching target depth due to local ground conditions and were not
submitted for assay.
Results of previous drill programs completed at the Penoles
Project are summarized in a recent N.I. 43-101 completed by Morro
Bay Resources filed on SEDAR (www.sedar.com).
About the Peñoles Project:
The Peñoles Project is located in the Durango silver-gold belt
in north-central Mexico and is currently owned 100% by Riverside.
The recently completed drill program was conducted pursuant to a
commitment by Morro Bay Resources Ltd. ("Morro Bay") to perform
$750,000 of exploration work on the property during the first part
of 2014. Morro Bay can complete its option to earn an initial
51-per-cent interest in the property by paying USD$1.35-million in
cash to Riverside and paying USD$1.5-million worth of Morro Bay
shares by June 30, 2014. For more information see Riverside press
release dated January 23, 2014.
There are approximately eleven targets on the Peñoles Project,
including the Capitan Gold Zone, the Pinchanzo Zone (see Riverside
press release dated May 23, 2012), potential west extensions of El
Capitan (referred to as the West Extension), a new target area
located to the northwest of El Capitan (referred to as Santa
Theresa) and the previously mined Jesus Maria and San Rafael Ag-
Au-Pb-Zn mines. The district is highly prospective with active
mining operations nearby and has proven to be a cost effective
region where projects can be efficiently developed towards
production.
The Capitan Gold Zone is an advanced epithermal prospect with 45
drill holes and 6,945 metres of total drilling so far, with
geological work to-date indicating potential for a bulk tonnage
gold style system at El Capitan, with the geologic interpretation
indicating vectors for expansion with further drilling.
The 23 drill holes and 2,143 metres of recently completed
drilling bring the aggregate drill figures to 31 drill holes over
3,000 metres at Jesus Maria. The 2013 drilling intercepted a
semi-parallel sequence of upper silver-carbonate veining as well as
the main quartz-rich Ag-Au-Pb-Zn Jesus Maria vein zone. Underground
exploration and sampling of the old workings also found silver
bearing carbonate veins, which prior to this recent work was not
known and demonstrates larger potential for the Jesus Maria vein
system than previously recognized. The 2014 drilling has
encountered some of the widest and strongest silver mineralization
to-date and builds on previous work with significant exploration
upside still remaining at Jesus Maria and surrounding targets.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release
pertaining to the Peñoles Project was reviewed by Howard Davies,
MAIG - VP Exploration, 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.
According to Morro Bay, all drill cores were placed in numbered
boxes and transported to Morro Bay's secure core facilities by the
drill contractor. Following detailed core logging all core was cut
using a diamond bladed core saw under the direct supervision of
Morro Bay's geologic staff with half of the core kept on site in
the original core boxes. All drill samples were sealed in numbered
plastic bags and transported to Inspectorate America Assay labs
facility in Durango City for prep work and analyzed at their
facilities in Reno, NV, USA. Inspectorate America is certified for
the provision of assays and geochemical analysis (ISO:9001-2008).
All samples were prepared using standard industry preparation
methods followed by fire assay analysis and aqua regia digest for
trace elements. All samples with greater than 10 g/t Au or 100 g/t
silver were additionally tested by fire assay with a gravimetric
finish. Morro Bay has included appropriate industry certified
standards and blanks within the drill core sample stream in
addition to the standards and duplicates included as part of the
Inspectorate QA/QC program.
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused,
proactive precious and base metal discoverers with the breadth of
knowledge to dig much deeper. The Company currently has more than
$4,500,000 in the treasury and approximately 37,000,000 shares
outstanding. The Company's model of growth through partnerships and
exploration uses the prospect generation business approach to own
resources, while partners share in de-risking projects en route to
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.
Dr. John-Mark Staude, President & CEO
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.
John-Mark StaudePresident & CEORiverside Resources Inc.(778)
327-6671(778) 327-6675info@rivres.comwww.rivres.comJoness
LangManager, Corporate DevelopmentRiverside Resources Inc.(877)
RIV-RES1(778) 327-6675jlang@rivres.comwww.rivres.com
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