Sep 7 2015
Riverside Resources Inc. is pleased with recent exploration work at the Company's Glor Gold Project, located approximately 8 km west of Alamos Gold's El Chanate Gold Mine in Sonora, Mexico.
Riverside's recent work included geologic mapping, 44-line kilometers of ground magnetics and rock geochemical sampling. Five drill-ready target zones have been identified. The targets include Alamo, Alamo South, Joya, Pitaya, San Pedro, and Poblado. The targets have key characteristics similar to other major known gold mines in the region and being adjacent to the active operations at Chanate with similar geologic stratigraphy and structure makes Glor a priority district that warrants additional work.
Gold mineralization at Glor, similar to the Chanate Mine, occurs with quartz veins and in quartz-sericite-pyrite (QSP) altered zones spatially associated with major fault zones and secondary splay structures which have been oxidized at the surface. Two principal types of faults are present, a west-northwest trending, low-angle fault dipping to the southwest, which is interpreted to be a thrust fault complex similar in orientation and style to the La Choya Gold Mine. A second high-angle north-northwest trending fault system is also present, similar to controlling structures at Chanate.
Felsic and intermediate composition dikes and small intrusive bodies are spatially associated with both thrust and high-angle faults and alteration is generally stronger near these dikes and within the fault zones, which is not uncommon at nearby mines in Sonora. At Glor, gold bearing quartz veins, sheeted veins, and quartz vein stockworks occur in both fault settings and assays indicate gold values in the narrow quartz veins range from <0.005 g/t to 18.2 g/t Au inside of larger shears. Gold also occurs in QSP altered rocks with only minor quartz veinlets or without quartz veining at all, and these values range from <0.005 g/t to 6.63 g/t Au in channel samples up to 3 metres long.
Currently the most favorable gold targets occur in the north-northwest trending fault zone and include the Pitaya and Alamo - Hoya areas, a zone which is approximately 4 km long by 3 km wide. At Pitaya, the initial mapping with the stratigraphy, geologic setting, alteration, geophysical, and geochemical data defines a main target area that can be relatively rapidly drill tested. A 44-line km magnetic orientation survey covering the Pitaya and Alamo-Hoya targets has been completed and data processing and interpretation will be completed during September. The magnetic data is currently being further processed and interpreted in the context of the regional stress fields to work up the additional targets which have gold mineralization and alteration on surface.
Alamos' Chanate Mine contained over one million ounces of gold at an average grade of approximately 0.7 g/t Au. The mineralization occurs in the same sedimentary rock package as seen at the Glor project with the same style of alteration and north-northwest structural controls. Gold mineralization at Chanate is associated with QSP style alteration in the hanging wall of northwest trending major fault zones. Dikes are also associated with the faults, alteration, and gold mineralization, very similar to the geologic relationships seen at Glor. Alamos successfully identified mineralized zones associated with favorable structures and alteration utilizing magnetic surveys and follow up IP geophysical surveys.
Riverside's President and CEO, John-Mark Staude, stated: "We are encouraged by recent field work and look forward to further target refinement work at Glor, which is located within 8 km of the active open-pit, heap leach operations at Chanate. The structure, geochemistry, and overall features are quite similar to other major active producing gold mines in the western Sonora gold belt."