Riverside expands Pichette gold target near Geraldton
"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 4th largest open pit gold producer in Canada of a scale similar to Detour Gold," said Riverside's President and CEO, John-Mark Staude.
Riverside Resources Inc. 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.
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.
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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.
Tags: Northern Ontario / Exploration / Gold / All Articles