Riverside Acquires and Significantly Expands the Elly Gold Project in Greenwood Mining Area Along the Canadian Extension of the Republic Graben of Southern British Columbia
- Riverside Resources expands gold program and acquires mineral concessions, potentially leading to increased gold production. Prospective geology and known gold occurrences offer positive outlook. Assays from field program indicate potential for mineralization. Option agreement allows for acquisition of 100% interest in Elly-Anika and Chilco projects, providing further growth opportunities.
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2023) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), Riverside is pleased to announce that it has signed an option agreement with private owners to acquire
The Company has staked the prospective geology to include over 107 kilometers square that includes key locations of known gold occurrences and now significantly expanding and finding new showings of mineralization through the field programs. This prospective geology in southern BC extends northward from the historic Kinross Gold's Knob Hill (~4M Oz Au Produced)1,2 and Buckhorn Gold (~1.3M Oz Au)1,2 mines in Washington State. The Riverside tenure in British Columbia is prospective for low sulfidation epithermal style gold-silver mineralization. Riverside's work includes building upon previous generative work including BC Government databases, fieldwork, and Geoscience BC research data bases to create a structural interpretation of the district and has led to the discovery of several prospective vein targets inside the tenures controlled by Riverside.
Property Description and Program Actions:
The Elly Project is a series of mineral tenures that Riverside Resources (BC) Inc. staked and includes some core claims optioned from private owners that the Company sees have gold potential within a region that hosts historic gold and base metal producers and many mineral prospects. The Elly Project is within the Christian and Granby valleys of Grand Forks and Greenwood, BC. The project has excellent road access through major highways and secondary highways and a network of logging roads. Recent logging has exposed many new areas for mineral exploration and opened up access in the area.
Elly program for Riverside is an example of the generative mineral exploration approach: working with historic data and following up with stream sediment sampling, rock sampling, and active prospecting to expand our understanding of the known mineral locations. The field program during 2023 has located the Bunch Grass Target as one of several priority zones as work continues into the autumn as assays continue to come in.
Figure 1: Blue graben faults trending northward into southernmost BC with the Franklin and Greenwood Camps being key locations for the Elly Project.
To view an enhanced version of this graphic, please visit:
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Modified from https://adamera.com/projects/overview/.
The Republic and Toroda Grabens comprise structural features that bound Paleogene-age alkalic volcanics (Sanpoil Volcanics) and siliciclastic (O'Brien Creek Formation, Klondike Mountain Formation) rocks. Gravity and structural trends suggest that the Republic and Toroda Grabens and other analogous extensional basins extend northward into Canada. Sedimentary and volcanic fill in the Republic Graben exceeds 3000 m and gold and silver, with lesser Pb, Zn, Te mineralization occurs in various levels of the Paleogene units.
Figure 2: Simplified diagram showing extensional tectonic environment in a Horst-Graben terrain and the gold mineralization at Elly is along the Normal fault structures as the primary control for the Eocene epithermal gold in the Republic Graben and its extension northward from northernmost Washington State, USA up into the Grand Forks region of British Columbia.
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At Elly as in the Republic Gold Mining District to the south the graben faults are a major structural control where Paleogene-age gold mineralization is deposited adjacent to the more favorable reactive host rock stratigraphy in the paleo-near surface environment. At Elly, the Company has begun to integrate the structural geology and reconstruction of the basins for targeting.
Riverside has completed a first phase of generative exploration starting with stream sediment sampling prospecting and rock sampling. These samples have been shipped to ALS Laboratories in North Vancouver and the company awaits the results.
The Company signed a Letter Agreement (LA) wherein the Company may acquire up to
| Due date | Cash | Exploration expenditures |
| Upon the date of LA (May 3, 2023) | - | |
| On the first anniversary of the LA date (May 3, 2024) | 20,000 | |
| On the second anniversary of the LA date (May 3, 2025) | 20,000 |
Qualified Person:
This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
1. Kinross Annual Report, 2012. 2. https://adamera.com/projects/overview/
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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