Riverside Expands Pichette Gold Project Target, Progressing Discovery in NW Ontario

Rhea-AI Summary

Riverside Resources Inc. expands the targeting area at the Pichette Gold Project in NW Ontario, progressing the discovery with structural geology and geochemistry. The company locates new mineralized areas, samples high-grade gold, and refines targeting for gold mineralization. Riverside aims to replicate the success of nearby gold mines and is well-positioned with a strong balance sheet and experienced team.

Positive

• Riverside expands targeting area at the Pichette Project in NW Ontario.
• Structural geology and geochemistry progress targeting of new mineralized areas.
• High-grade gold samples taken from mineralized banded iron formation units.
• Company refines targeting for gold mineralization in NW Ontario.
• Riverside aims to replicate success of nearby gold mines like Leitch and Sand River.
• Strong balance sheet with over C$6,000,000 in cash and fewer than 75M shares outstanding.
• Experienced team with over 17 years of public trading history.
• Company working on amicable discussions with traditional territorial groups.
• Riverside to sponsor and attend Rick Rule Prospect Generator Bootcamp on April 20th.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - April 17, 2024) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce it has expanded the targeting area at the Pichette Project 60 km west of Greenstone Gold's open pit mining operations in Geraldton, Ontario. Riverside's work with structural geology and geochemistry has progressed the targeting of two new areas. At Pichette, structural geologic intersections of favorable lithology particularly with banded iron formation (BIF) are key to hosting mineralization as was noted in the nearby, past-producing Leitch and Sand River mines, where operations produced at or above 2/3 ounce per ton gold commonly producing at over 1 oz Au per ton (OGS, OFR 5538).

Structures associated with banded iron formation units were well defined by the recent drone magnetic survey. Working with this data with field information, Riverside was able to locate and sample key new outcrops of mineralized banded iron formation believed to be the PAT veins which have been drilled in the past. Several samples were taken from the vein along a 50m exposed section that returned 1m chip samples of 13g/t and 21 g/t gold within banded iron formation units (see NR, February 29, 2024). Recent logging has exposed a lot of outcrops for examination which will hopefully allow the Company to locate some of the historic drill pads or collars.

"Riverside is progressing work in NW Ontario along the Geraldton-Beardmore Greenstone Gold Belt and continues to refine and improve the Company's targeting for gold in the three main target environments similar to those at Greenstone Gold where open pit production is beginning this year and will be the 4^th largest open pit gold producer in Canada of a scale similar to Detour Gold" states Riverside's President and CEO, John-Mark Staude.

The Pichette Project has excellent road access and infrastructure being located immediately south of the Trans-Canada Highway. The project is underlain by an east-west trending panel of Archean-aged metavolcanic and metasedimentary rocks intruded by gabbros and porphyries. Metamorphism and tectonics have in most cases upgraded the tenor of gold mineralization in the belt between Beardmore and Geraldton. The Company analysis interprets the first phase of deformation resulted in folding of the Banded Iron Formations and north-south shortening of intrusions with most of the vein mineralization occurring during a second sinistral shearing event. These rocks were again subjected to a third dextral shearing event which resulted in some remobilization in metals.

Figure 1: Location of the Pichette Project within the Beardmore-Geraldton Greenstone Belt showing the new open pit gold operations at Geraldton 60 km east of Pichette. Historic Production values from Ontario Geological Survey, OFR 5538.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/205812_60cc21b964bb2b3f_003full.jpg

Riverside is also working to progress amicable discussions with the traditional territorial groups and has filed work plans that are consistent with the collective vision of what could be worked on and progressed. Riverside welcomes this approach and looks forward to further discussions with the related parties.

Rick Rule Online Conference:

The Company is a sponsor and will be meeting investors on April 20th at the Rick Rule Prospect Generator Bootcamp. Investors and interested parties can register and attend all day, online event at the following link: https://events.ringcentral.com/events/rick-rule-2024-spring-bootcamp/registration. This bootcamp will highlight some of the leading Prospect Generator companies and go over the unique business and investing opportunities these companies provide. Riverside has a strong balance sheet, with over C$6,000,000 in cash, fewer than 75M shares outstanding and no warrants, while being a publicly traded company for over 17 years, which has been achieved by adhering to its Prospect Generator model.

Qualified Person:

This news release was reviewed 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.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $6M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company's website at www.rivres.com.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205812

FAQ

What project did Riverside Resources Inc. expand targeting at in NW Ontario?

Riverside expanded targeting at the Pichette Gold Project in NW Ontario.

What key geological features are associated with mineralization at the Pichette Project?

Structural geologic intersections of favorable lithology, particularly with banded iron formation (BIF), are key to hosting mineralization at the Pichette Project.

What are some recent findings at the Pichette Project?

Recent findings include high-grade gold samples of 13g/t and 21g/t within banded iron formation units.

Where is the Pichette Project located in relation to Greenstone Gold's operations?

The Pichette Project is located 60 km west of Greenstone Gold's open pit mining operations in Geraldton, Ontario.

What event is Riverside Resources Inc. sponsoring on April 20th?

Riverside is sponsoring and attending the Rick Rule Prospect Generator Bootcamp on April 20th.