Mar 27 2013
Riverside Resources Inc. ("Riverside" or the "Company") is pleased to announce that partner-funded drilling has now commenced at the Company's 100-percent-owned Penoles Project (the "Project") in Durango, Mexico. Riverside's partner, Sierra Madre Developments Inc. ("Sierra Madre"), is starting a minimum 1,500-meter drill program and is planning to test various parts of the high-grade Jesus Maria silver-gold vein system.
The proposed diamond drill program will initially test beneath and adjacent to surface-sampled trench areas and along the structural trend of the vein system, and targets shallow intercepts along strike from high-grade Ag-Pb-Zn historic mine workings. This drilling is on less than 1 square kilometer of the >300 km² land package, which has more than 10 additional target areas controlled by Riverside in the historic Penoles District in northern Durango state, Mexico.
The Penoles Project is in one of the lesser known historic silver mining districts in the Durango Silver Belt and this program aims to help highlight some of the potential. Previous drilling by Riverside, Aurcana, and Sierra Madre has delineated a hot-spring style epithermal gold body. This new drilling will now begin to test various silver areas on the property. Published historical accounts indicate that Compania Minera Industrias Penoles operated several underground silver mines in the Penoles District from 1887 to 1908, however, production records are limited and potential extensions of the mines have never been systematically drill tested. Old shafts were sunk along different portions of the veins and these areas can now be explored in detail.
Trenching and sampling in 2011 by Sierra Madre following up on earlier work by Riverside showed that the mineralized zones exploited by the historic silver mines are up to 20 meters in thickness. A single drill hole by Sierra Madre was completed at one of the trench targets along the Jesus Maria vein. This drill hole intersected three high-grade silver intervals over a combined length of more than 8 meters (news release, November 16, 2011). For diagrams and more information: http://rivres.com/projects/joint-venture-projects/item/penoles?category_id=4
John-Mark Staude, President and CEO of Riverside Resources Inc., stated, "We are pleased to have drilling begin again as we believe there is potential for significant silver discoveries. The two initial target areas of Jesus Maria and San Rafael show potential for discovery at depth and we look forward to drill results and expanded exploration. Riverside is a significant shareholder of Sierra Madre and is delighted to continue testing targets and unlocking potential."
The Penoles Project covers more than half of the historic Penoles Mining District including two of the larger historic silver mines (Jesus Maria and San Rafael) in the overall district. A partially defined oxide gold prospect (referred to as El Capitan) and numerous other early-stage targets are present on the Riverside-controlled property with no underlying owner. The drilling now underway will test for extensions below the historic mine workings and results will be announced as they become available through Sierra Madre as the operator. Riverside has been paid approximately 5,000,000 shares thus far in 2013, and additional share payments are pending shareholder approvals.
Qualified Person:
The scientific and technical data contained in this news release pertaining to the Peñoles Project was reviewed by Riverside's Chief Geologist, David S. Smith, MS, MBA, CPG, 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 acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.