Riverside Resources and Choice Gold have announced a new oxide gold zone discovery at the Sugarloaf Peak project in Arizona.
Recent and historical drill hole locations at Sugarloaf Peak Gold Project
The company has intersected 1.76 g/t gold over 9.91 m in the drill hole SLG-11-04. The location of the discovery hole is around 1 km to the northeast part from the previous prominent mineralized zone’s core structure.
The CEO and President of Riverside, has commented that the project’s near surface oxide section has discovered positive shallow mineralization and has extended the project’s prospective towards progress and also added that these Sugarloaf project results are primarily reported from the summer drilling campaigns, which is financially supported by four partners, and currently, shareholders can anticipate stable drill results all through the fall.
The company has Choice Gold’s 8.6 M shares, and will get further 5 M shares during the period of the option contract consequent to the deal conditions.
Gold exists in the tectonic and faulting brecciation, which has strongly oxidized interval, in the hole SGL-11-04. Jarosite and hematite are present more than iron oxides and sulphides were not found. The company has identified several quartz crystals dispersed along the intervals, signifying that the host rock may possibly be a strongly changed felsic volcanic rock. It has encountered values of anomalous gold in the first 200 m in the hole SGL-11-01 and SGL-11-02, with grades of 125 ppb gold present in the sericitized felsic volcanic units, and also intersected 0.78 g/t gold in hole SGL-11-01 and 0.53 g/t gold in hole SGL-11-02 as irregular values. Gold finding along with the hematite variation has formed a fresh exploration target type and will manipulate the subsequent planned drill phase.