Riverside Resources Inc. (“Riverside” or the “Company”) is pleased to announce that drilling has commenced on the Peñoles project in Durango, Mexico. The 3,000-metre drilling program is designed to expand on the known silver and gold mineralized areas identified by previous drilling campaigns.
Initial drill holes are planned at Jesus Maria to follow up on high-grade silver results from the 5-hole program that was completed the previous year, which included 320 g/t silver over 11.85 metres (see press release June 10, 2013). Click the following link to view a short video clip of the drilling at the Penoles Project captured three days ago: www.rivres.com/penoles-video
The Peñoles project is located in the Durango silver-gold belt in north-central Mexico and is currently owned 100% by Riverside. The current drilling campaign under way on the property is being conducted pursuant to a commitment by Morro Bay Resources Ltd. (“Morro Bay”) to perform $750,000 of exploration work on the property during the first part of 2014. Morro Bay can complete its option to earn an initial 51-per-cent interest in the property by paying USD$1.35-million in cash to Riverside and paying USD$1.5-million worth of Morro Bay shares (or cash at Morro Bay’s option, provided that if the market value of the Morro Bay shares is less than five cents based on a 30-day volume-weighted average price, such payment must be made in cash) by June 30, 2014. For more information see Riverside press release dated January 23, 2014.
Riverside’s President and CEO, John-Mark Staude stated, “Riverside is pleased to see partner-funded drilling begin at the Peñoles project and looks forward to further results from the historic Jesus Maria silver mine area, the San Rafael vein system, and further drilling on the Capitan Hill zone. Field evaluation exploration work is also being completed on a number of additional targets on the property and Riverside continues to evaluate the big scale potential as the Peñoles Project is advanced.”
The 350 km² Peñoles Project includes concessions staked by Riverside in 2008 and several smaller concessions covering historic mine workings purchased by Riverside from the underlying owners all such concessions being located in the Peñoles Mining District, Durango, Mexico (the “Peñoles Project”). Peñoles is a historic silver mining district in the Durango Silver Belt that has had relatively little modern exploration. Published historical accounts indicate that Compania Minera Industrias Peñoles operated several vein-type, underground silver mines at Peñoles from 1887 to 1908, however production records are limited and potential extensions of the mines have not been systematically explored. The Peñoles Project includes two historic silver mines (Jesus Maria and San Rafael), an oxide gold prospect (referred to as El Capitan) and numerous exploration targets. Please click the following link for more information on the Peñoles Project:www.rivres.com/penoles
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Peñoles 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 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 on route to discovery. Riverside has additional properties available for option with more information available on the Company’s website.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO