Riverside Resources Receives Additional $300,000 in Target Definition Funding from Alliance Partner Hochschild Mining to Advance Riverside's Clemente Project, Sonora, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 9, 2013) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI) (RVSDF) (R99.F),
is pleased to announce that an additional $300,000 has been received from its alliance partner, Hochschild Mining Plc ("Hochschild"), for target definition at the Company's Clemente project in Sonora, Mexico. The additional funds will be used to carry out further mapping, geochemistry and trenching work this fall to refine targets ahead of potential drill testing in early 2014. Target Definition funding will provide Riverside and Hochschild an opportunity to further evaluate and advance Alliance properties as potential Designated Projects (DP's) before entering the earn-in stage of the agreement. Once a project is selected as a DP, Hochschild can earn a 65% interest by spending $5M in exploration over four years and making a one-time cash payment to Riverside of $3M.
Riverside's President and CEO, John-Mark Staude stated, "Riverside is pleased to be forwarding the Clemente Project and following up on initial exploration work previously completed by Riverside geologists. Previous work identified strong gold and silver values and we are confident that this current target definition program will outline quality drill targets for future testing. This area of Sonora has good surface access, is readily workable year round, and is in sight of open pit gold mines."
Exploration Program Details:
There are several important structural intersections at Clemente which require detailed attention from mapping and sampling to understand the structural controls on mineralization. The current field program will include detailed mapping and rock chip sampling, which will quickly identify areas for soil sampling lines and ground mag geophysics. These will guide the placement of trenches to expose mineralized zones of interest. Detailed mapping of surface and trench exposures will include lithological, structural and alteration mapping to understand the character, distribution, and controls on mineralization. Drill targets will be developed based on the resulting data.
An image is available at the following address: http://media3.marketwire.com/docs/896985_1.pdf
About the Clemente Project:
The 100% Riverside-owned Clemente Project was identified and acquired using Riverside's 66,000 mineral location proprietary database. The Project is located in the heart of the Sonora Megashear and only 7 km from the Cerro Colorado Mine. Previous field work completed by Riverside discovered high-grade silver exceeding 2 kg/t (58 oz/t) in outcrops.
The previous work program (News release September, 28, 2010) consisted of 152 rock chip samples and returned silver assay values from
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Clemente 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.
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has more than $5,000,000 in the treasury and 37,000,000 shares outstanding. The Company's model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery. Riverside has additional properties available for option with more information available on the Company's website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
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.
Riverside Resources Inc.
President & CEO
Riverside Resources Inc.
Manager, Corporate Development