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Riverside Resources and Alliance Partner Antofagasta Commence Exploration in Preparation for Drilling at the Swift Katie Porphyry Copper Project in British Columbia, Canada
|By Marketwired .
|May 27, 2014 08:30 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/14 -- Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE: RRI)(PINKSHEETS: RVSDF)(FRANKFURT: R99), is pleased to announce that spring exploration work has now begun at the Swift Katie Project (the "Project") located in south-eastern BC, with drilling to follow later in the summer. The first phase of the program has been designed with the goal of identifying new targets, as well as to advance known targets generated through the 2013 exploration program within the 11km x 3km target corridor of favourable geology, geochemistry and geophysics. Of particular focus for the 2014 program is a newly identified, high priority target located 2km south of the historically defined Katie copper-gold porphyry deposit. The newly identified "Swift" porphyry target is characterized by a 2km by 2km multi-element soil anomaly underlain by a favourable geophysical signature. This area has limited outcrop but porphyritic intrusive rocks and altered volcanic rocks were recognized by Riverside geologists within and adjacent to the target area.
This initial phase of 2014 exploration work will include the expansion of the soil grid started in October 2013, and will consist of approximately 300 additional soil samples covering the remaining 5km of strike length of the prospective corridor. Soil sampling will be coupled with prospecting and mapping at the Swift target and at regional targets along the trend. Historic drill core from the Swift and Katie showings will also be relogged as Riverside and Antofagasta work together to refine and rank targets for drill testing.
Riverside's President and CEO, John-Mark Staude, stated: "We are excited to get going with exploration in British Columbia (BC) and look forward to expanding on historic and known mineralization at the Swift Katie Cu-Au-Mo district. We believe there is plenty of exploration upside in the prospective corridor at Swift Katie. Progressing with our alliance partner, Antofagasta, funding the work, provides shareholders with low-cost potential for discovering and owning a major Cu-Au asset in BC."
Riverside Resources (BC) Inc., a wholly owned subsidiary of Riverside, signed an Earn-in Agreement with Valterra Resource Corporation ("Valterra"), for the exclusive right and option to acquire an undivided 80% interest in the Swift Katie Project by incurring cumulative exploration expenditures of $5 million over four (4) years. This agreement is undertaken as part of Riverside's exploration alliance with a wholly-owned subsidiary of Antofagasta plc ("Antofagasta"). For more information on the agreement or Riverside's strategic partnerships please visit the Company website at www.rivres.com.
Swift Katie Property Details:
The Property is located within the well-mineralized Quesnel Terrane, in a geologically favourable area of south-eastern British Columbia that historically has hosted several important mining camps. Three main outcropping mineralized areas have been delineated on the Property and for many years they were each explored separately in claims with different ownership. The claims were amalgamated into a single property for the first time by Valterra, and Riverside was then able to work with Antofagasta to complete an option on the consolidated land package. There have been numerous geological, geochemical and geophysical surveys completed on the Property with some of the most significant work funded by subsidiaries of Noranda and Falconbridge in the 1980s-90s. These programs identified several exploration targets, with the most advanced prospect being the Katie deposit, an alkalic copper-gold porphyry deposit which has been tested by 71 drillholes to date and remains open in several directions. Historic drilling at the Katie occurrence covers an approximately 2.5km x 1.5km area with several untested soil, IP, magnetic and resistivity anomalies in close proximity to known mineralization.
At a district-scale, the Property covers an 11km by 3km trend - as seen in airborne magnetics - that remains virtually unexplored (outside of the Katie occurrence) for copper-porphyry targets to date and hosts significant exploration potential for new discoveries. The Property is located in an infrastructure-rich area of southern BC (roads, rail, power, and proximity to the Trail smelter), where a milder climate allows for a long field season, and extensive road networks allow for low-cost exploration. Furthermore, the Property is situated in a favourable region of the Province that has a strong community of experienced people on which to draw. Soil geochemistry and other prospecting work underway along this trend should provide additional targets for the summer drilling program.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Swift Katie Project was reviewed by Paola Chadwick, P.Geo - BC Exploration Manager, 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 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 prospect generation team of focused, proactive precious and base metal discoverers with the breadth of knowledge to dig much deeper. The Company currently has more than $4,500,000 in the treasury and approximately 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 en 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.
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