Dec 1 2015
Riverside Resources Inc. is pleased to announce that exploration work has commenced with partner Centerra Gold Inc. at the Company's Tajitos Gold Project in Sonora, Mexico.
This first phase of work is already expanding the target size and documenting high quality future drill targets. The initial $300,000 USD exploration program funded by Centerra Gold includes extensive continuous channel rock chip trenching and stream sediment sampling to test the surface expression of grade and continuity of the gold target, which is interpreted to be at shallow depths based upon previous mapping and exploration work completed by Riverside.
Areas of exposed rocks in the Tajitos zone are being chip-channel sampled and trenching will explore gravel covered areas along the northeast trending sample lines. The sample lines generally run perpendicular to the strike of the several kilometre long shear zone with features similar to producing mines in the area including Herradura Mine of Fresnillo, San Francisco Mine of Timmins Gold and the Chanate Mine of Alamos Gold. The sampling on northeast trending traverses will evaluate approximately 4,000 metres of sheared and altered rock along 6 sample lines in an area 2 km wide. Strongly silicified rhyolitic volcanic rocks and quartz monzonite with well-developed sericite and oxidized pyrite were encountered in the first 2 lines, which is similar to mineralization style known at Fresnillo's Noche Buena Mine located 35 kilometres to the NW along the major shear zone trend. The strongly altered zone on some of the Tajitos hills is exposed along a continuous length of nearly 300 metres with a vertically exposed apparent thickness of at least 60 metres in outcrops. Assays and results from the initial sampling work are expected in early 2016.
Riverside's President and CEO, John-Mark Staude, stated: "The exploration team at Riverside is quickly into action with the partnership funding from Centerra as they begin their potential $6,000,000 work investment into Riverside's 100% owned property. The sampling and mapping will expand upon previous work and the regional scale Tejo area, which covers more than 50 square kilometres within the prolific megashear gold trend of Sonora. We look forward to initial results and continued collaboration with Centerra at Tajitos in 2016. Riverside continues to carefully focus using our cash position of over $3,000,000 to acquire additional high quality projects at deep industry discounts to position and grow the business."
Riverside's consulting geophysicist reprocessed the high resolution aeromagnetic survey data collected by the Mexican Government's Servicio Geologico Mexicano (SGM). Northwest trending magnetic low and paired magnetic high linear features interpreted to be major fault system zones, believed to be related to magnetite destructive alteration, were identified in the Tejo area of the project. These features will be more fully explored with stream sediment sampling programs in the gravel covered valleys. This work builds upon Riverside's earlier ground magnetic and sampling work, which documented these features allowing now a broader more comprehensive program to be undertaken with the partner funding.