Vancouver, British Columbia–(Newsfile Corp. – September 11, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) announces that pursuant to the Company’s Stock Option Plan, incentive stock options (the “Options“) to purchase an aggregate of 1,464,000 common shares, exercisable at a price of C$2.55 per share for a period of five years, has been granted to officers, directors, employees and consultants of the Company.
In addition, the Company has granted an aggregate of 562,000 restricted shares units (“RSU“) with a 3-year cliff vesting provision to officers, directors, and key employees, subject to any applicable stock exchange approvals and vesting requirements. Each RSU will entitle the holder to acquire, for nil cost, between zero and 1.5 common shares of the Company, subject to the achievement of performance conditions relating to the Company’s total shareholder return, and certain operational milestones.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The excavated terrain of the Veliki Krivelj open pit copper mine, operated by Zijin Mining Group Co., in the Bor Region, Serbia. Photographer: Oliver Bunic/Bloomberg , Bloomberg
(Bloomberg) — China’s Zijin Mining Group Co. is developing plans to expand its copper mine in eastern Serbia due to demand for the metal considered vital to the global energy transition — an effort that could cost billions of dollars.
The company opened the Cukaru Peki copper and gold mine almost two years ago, with a $678 million investment allowing it to reach reserves a few hundred meters deep. Now it wants to drill down almost 2 kilometers (1.25 miles) to make the most of assets acquired in a takeover spree.
“These are vast reserves, which require additional infrastructure, additional investment of around $3.5 billion to $3.8 billion,” said Branko Rakocevic, the top Serbian official at the mine, whom the Chinese company authorized to speak with reporters.
Across the globe, companies and governments are racing to produce materials considered key to the shift toward a greener economy. Copper in particular is used in wind turbines, power grids and electric vehicles. China is the world’s top-supplier of so-called critical minerals, but the European Union and US are seeking to boost domestic supplies to ensure that they don’t fall further behind in the transition.
Read more: Why the Fight for ‘Critical Minerals’ Is Heating Up: QuickTake
Serbia, a candidate for EU membership, has embraced foreign investors including China as it looks to revitalize an ailing sector of its economy. Australia-based BHP Group, the world’s biggest mining company, is also looking more closely, signing an agreement earlier this year to explore for new copper deposits in the country.
Cukaru Peki is located in the town of Bor, where copper, gold and silver have been mined for over a century. The mine’s lower zone, at depths of more than 460 meters (1,508 feet), is believed to hold 2.2 million tons of copper, more than in the upper zone. Its gold content is thought to be lower at the deeper depths.
The upper zone may be exhausted of its deposits around 2034, while deeper operations could start in 7 to 10 years, according to Rakocevic. Zijin’s long-term plans for the site include building roads, and expanding power supply and flotation facilities, he said.
Zijin’s Expansion
Zijin bought Serbia’s sole copper and gold complex in 2018, when the government auctioned off the debt-laden business in an effort to save thousands of jobs in an impoverished mining region. Following a string of takeovers, the Chinese company developed full control of what is now Cukaru Peki.
The acquisition — and further investments to expand mines in Congo and Tibet — are helping to transform Zijin into one of the world’s largest copper miners, leapfrogging western producers like Rio Tinto, Anglo American and Antofagasta. By 2025, it expects to produce about 1.2 million tons of copper, a six-fold increase over levels seen in 2017.
Zijin now runs two units in Serbia. One produces copper cathodes, gold, silver and sulfuric acid at facilities co-owned with the government. The other, Serbia Zijin Mining — which operates the Cukaru Peki mine — exports copper concentrate to China, Canada, Bulgaria, Spain and Korea.
The companies have been among Serbia’s top exporters for the last two years, riding a wave of demand for metals. Benchmark copper futures soared earlier this year, though prices have cooled in recent months, largely over concerns about the health of China’s economy.
“Still, copper is in demand always and everywhere” which justifies the long-term investment, Rakocevic said. “The market is stable enough. Prices declined from last year, but we don’t expect much volatility.”
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce the staking of an additional one hundred and forty-one (“141”) Bureau of Land Management (“BLM“) lode claims (2,913 acres) at the Big Blue project (“Big Blue” or “Project”) in Elko County, Nevada. Big Blue now comprises 502 contiguous lode claims totaling 10,168 acres or 41 square kilometers (“km”) (Figure 1), and is 100% owned by the Company with no underlying work commitments or royalty obligations. The property includes the past producing Delker Mine and Skarn Hill Adit, which collectively produced a reported 94,434 pounds of copper (“Cu”) at an average grade of 6.2% Cu between 1916-19171 (Figure 1). The Project has not seen a sustained exploration effort in decades and exhibits excellent potential to make new porphyry copper and Carbonate Replacement (“CRD”) style polymetallic discoveries.
The property expansion followed the Company’s recently announced acquisition of an extensive historical database for Big Bluesee (August 24, 2023 press release HERE), which has highlighted additional geophysical targets located to the northwest of the original claim block. This kilometer-scale target exhibits overlapping gravity and magnetic geophysics anomalies and is interpreted as a potential porphyry signature that may be the deeper source to the known Cu-skarn mineralization outcropping at the historical Delker Mine (Figure 2). As a result, Ridgeline staked all open and locatable claims surrounding the porphyry target and will continue advancing Big Blue towards a maiden drill program in 2024.
Chad Peters, President & CEO, commented, “Big Blue continues to be a rapidly evolving project in our exploration pipeline. Our team is very encouraged by the scale of the geophysical anomaly’s located on our new claim block, which suggests potential for a blind porphyry copper target at depth and distal CRD targets along strike. Until now, the Delker area has never been explored as a consolidated porphyry district and with this expansion we now control a target-rich land position with a robust geologic dataset to support our exploration model. We will continue to advance low-cost targeting and permitting initiatives through the remainder of this year while we prepare for a maiden drill campaign in 2024.”
Big Blue Project
Big Blue is located in Elko County, Nevada, approximately seventy-five kilometers (“km”) southeast of the city of Elko, NV. The Project includes the past producing Delker Mine, which produced a reported 94,434 pounds of copper at an average grade of 6.2% Cu between 1916-19171 and shares its southern boundary with Reyna Silver’s Medicine Springs Ag-Pb-Zn Carbonate Replacement (“CRD”) project. Mineralization occurs as outcropping, high-grade Cu occurrences located proximal to northeast trending felsic dikes that are interpreted as the zoned manifestations off a potential porphyry source, located in the northwest corner of the Big Blue property. Importantly, this target has never been drill-tested. The primary target at Big Blue is porphyry-skarn Cu ± Au-Ag mineralization, with potential to discover polymetallic, carbonate replacement deposit (CRD) style mineralization as the system zones outward over 6 kilometers of strike towards the Medicine Springs project. This target model is analogous to the Butte Valley porphyry Cu-Au system, which is inferred to be the source of CRD mineralization at the Company’s nearby Selena project. Big Blue is 100% owned by the Company and is comprised of a total of 41 square kilometers of highly prospective exploration ground that has seen limited exploration since the early 1900’s and will benefit from Ridgeline’s systematic approach to discovery (view Ridgeline’s Corporate Deck HERE).
Figure 1: Plan view map showing the location of the 141 new claims (shaded blue) staked by Ridgeline to increase claims by ~33% to 502 contiguous lode claims.
Figure 2: Plan view map on the left showing reduced to pole (“RTP”) airborne magnetics highlighting kilometer scale magnetic “highs” at both the Delker Mineand to the northwest on Ridgeline’s new claims. The map on the right shows Residual Gravity with a coincident high over proposed porphyry centers. Gravity also highlights a lower amplitude anomaly interpreted as a northeast trending structural corridor that trends southwest to the historical Golden Pipe mine (Ag-Pb-Zn) owned by Reyna Silver.
To view X-Section A-A’ showing magnetics anomaly beneath the Delker Mine, click HERE.
To view plan view maps showing Total Horizontal Gradient Magnetics and Residual gravity, click HERE.
QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Ridgeline’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed by the Company’s Qualified Person, Michael T. Harp, Vice President, Exploration.
Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 204km² exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.
On behalf of the Board “Chad Peters” President & CEO
Further Information: Chad Peters, P.Geo. President & CEO Ridgeline Minerals Corp. (775) 304-9773 | info@ridgelineminerals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Sources
1Delker Mine Historic Production (Page 57): Smith, R.M., 1976, Mineral resources of Elko County, Nevada: U.S. Geological Survey Open-File Report 76-56, 201 p.
Vancouver, British Columbia–(Newsfile Corp. – August 8, 2023) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce the execution of an agreement (the “Agreement”) to add its Mjövattnet and Njuggträskliden nickel-copper-PGE-cobalt projects in Sweden (the “Swedish Projects”) to an existing arrangement with Kendrick Resources PLC (“Kendrick”), a current EMX partner. Mjövattnet and Njuggträskliden battery metals projects will follow the same schedule of work commitments, advance royalty payments and milestone payments as the Espedalen battery metals project in Norway, another EMX royalty property being advanced by Kendrick. EMX will retain a 3% NSR royalty on the Swedish Projects along with other considerations summarized below. Kendrick is a Scandinavian focused energy metal exploration and development company currently listed on the London Stock Exchange (“LSE”) under the trading symbol “KEN”. See Figure 1 for project locations.
Each of the Swedish Projects contain nickel-copper-cobalt-PGE (Ni-Cu-Co-PGE) sulfide deposits associated with mafic-ultramafic intrusive complexes in the Skellefteå region of north-central Sweden, and both contain historical mineral resources. The Skellefteå area is known for its mining culture and heritage and is home to multiple actives mines, processing facilities and Boliden AB’s Rönnskär smelting complex.
The addition of the Swedish Projects follows Kendrick’s recent announcement of compelling drill results from the Espedalen battery metals project in Norway, a key EMX royalty property. Kendrick recently announced drill reported but Espedalen, including 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08, drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections)1. Please see www.EMXroyalty.com for more information on these and other battery metal projects in EMX’s portfolio.
Commercial Terms Overview. In accordance with the Agreement, Kendrick will issue to EMX 15,000,000 options exercisable at a strike price of 1.3 pence (GBX) for 60 months. EMX currently holds an 8.8% equity stake in Kendrick, and the options will allow EMX to maintain its equity position for the foreseeable future. Additional provisions include:
A 3% NSR royalty in favor of EMX, 1% of which can be bought down by Kendrick by paying EMX $1,000,000 by the fifth anniversary of the agreement (leaving EMX with a minimum 2% NSR royalty).
Annual work commitments of 1,000 meters of drilling on each of the Swedish Projects.
Annual Advance Royalty Payments (“AAR’s”) on each of the Swedish Projects beginning at $30,000 in 2024 and escalating by $5,000 per year.
Overview of the Swedish Projects. Regional nickel exploration became a focus of the Swedish Geological Survey (“SGU”) and other state-run mining concerns in the 1970’s and early 1980’s, leading to the discoveries of the Mjövattnet and Njuggträskliden nickel-copper-cobalt-PGE deposits along what became known as the “Nickel Line” in north central Sweden. The Nickel Line is broadly coincident with a belt of similar aged volcanogenic massive sulfide (“VMS”) type deposits and orogenic gold deposits that comprise the greater Skellefteå Mining Region.
Mjövattnet Project. The translation of Mjövattnet is “mead water” in English, which was one of the first nickel sulfide discoveries made along the Nickel Line. Discovered in 1971, the Mjövattnet nickel sulfide deposit occurs along a structural corridor of similar mineralized bodies, including the Lappvattnet Brannorna, and Lappbacken zones to the southwest, each of which have drill defined zones of mineralization, with the latter two also lying within the EMX license (See Figure 2; note that Lappvattnet is currently held by a third party). Notes from the Swedish Geological Company (“NSG”) in 1987 state that Mjövattnet has only been partly explored and its depth potential remains unknown2. Likewise, several clusters of nickel sulfide bearing boulders lie to the northeast and southeast (the Frangsmyran, Holmsvattnet, Långbacken and Vallen occurrences), the bedrock sources of which have yet to be identified.
This combination of known, drilled defined nickel sulfide mineralization which remains open in multiple directions, and the upside potential in the vicinities of the clusters of mineralized boulders makes the Mjövattnet project particularly attractive for further exploration.
Njuggträskliden Project. This deposit was discovered in the early 1970’s via boulder tracing, which led to the identification of several mineralized outcrops. Multiple drill defined zones of nickel sulfide mineralization were delineated in the early 1980’s, many of which were recognized as being enriched in PGE’s, but only some of the collected drill core samples were analyzed for PGE’s.
The drill defined zones of mineralization at Njuggträskliden remain open at depth, and the NSG noted in their summary report that a 10 kilometer corridor of similar boulder clusters with nickel sulfide mineralization remains to be explored at Njuggträskliden (see Figure 3)3. These occurrences all lie within the EMX license and represent considerable upside exploration potential. Since being drilled by the NSG, a few smaller companies have conducted limited exploration in the area, including twinning of some of the historic holes and reanalyzing the historic drill core for PGE’s. However, little to no systematic exploration has taken place.
Recent exploration programs conducted by EMX have identified numerous new copper and nickel soil anomalies on the Njuggträskliden project. Some of these newly recognized anomalies coincide with clusters of mineralized glacially transported boulders, the source(s) of which have not yet been discovered.
Exploration Plans for 2023. Permitting for drill testing has already begun, and Kendrick expects to commence a maiden drill program at Mjövattnet in later 2023 or early 2024.
Comments on Nearby and Adjacent Properties. The mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt Exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
1 See Kendrick Resources PLC News Release dated May 4, 2023: “Stormyra Second Batch Assay Results Maiden Diamond Drill Programme”. EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant. 2 Information from the Geological Survey of Sweden archives in Malå., Sweden. 3 Information from the Geological Survey of Sweden archives in Malå., Sweden., including report BRAP 81007, 1981, Nickelmineraliseringarna i Njuggtraskliden.
Vancouver, British Columbia–(Newsfile Corp. – July 24, 2023) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce it has acquired part of P.A.T. Gold Mine inside of the larger Pichette Project west of Geraldton, Ontario. The P.A.T Mine project was drilled extensively in the 1950s and then had test mining conducted in the 1970s with an initial bulk sample extracted during that period. The historical work (non NI43-101) includes geophysics, geochemistry, geology, and drilling, which delivered strong gold intercepts at shallow depths including 16.65 g/t Au over 3.81m and 34.28 g/t Au over 1.1m both intervals at less than 80m depth (see Figure 1). This historical work at Pichette was located on recently reverted mineral leases that Riverside acquired through staking as the Company had surrounded strategic area with mineral claims.
Highlights:
100% Riverside owned, no underlying royalty.
>1 Oz/ton Au in historical core intercepts for 1m+ intervals at 30m depth, thus shallow and open at depth.
Close to past producing 1M oz Au Leitch Mine with associated iron formation host rocks.
Within Greenstone Gold Mines, Hard Rock deposit >10M Oz Au so far.
Riverside magnetics survey has defined banded iron formation targets that fit with surface gold showings make this exciting and highly prospective for drilling gold.
“Riverside is very excited to have acquired this new area of gold mineralization, which is on trend with the previously identified Banded Iron Formation (BIF) gold mineralization at Pichette and appears to have continuity to the west with Leitch Gold Mine BIF host rock sequence . The BIF unit extends across the project outlining a multi-kilometer target in this district of significant past gold production. The historical work comprising geophysics and drilling gives us a solid focus for advanced drilling in this part of the Geraldton Gold Belt,” states Riverside’s President and CEO, John-Mark Staude who has been on site and notes the similarities to the Leitch Mine geology 15 kilometers to the west of Pichette.
The Pichette Project is well located with excellent road infrastructure immediately south of the Trans-Canada Highway with drive up targets within the Beardmore-Geraldton Greenstone Belt. The Pichette targets are underlain by the east-west trending Archean-aged metavolcanic and metasedimentary suite consisting of greywacke and iron formation, which is the same geologic
Figure 1: Drone magnetics survey completed recently by Riverside with historical drill holes plotted. Dashed black line subterrane boundary discussed in text.
sequence that hosts the <1M Oz Brookbank deposit1 opposite the highway from the project. Multiple banded ironstone units are interbedded with the metavolcanics throughout the sequence making stratigraphic traps for gold. BIF hosted gold deposits occur in many major Canadian mining camps and are a significant target on the Pichette Project seen as red and blue areas in the northern portion of the Figure 1. The BIF layers consist of recrystallized chert alternating with magnetite with small amounts of pyrite, chalcopyrite and other indicator minerals. There is favorable structural preparation for gold with major fractures acting as conduits for mineralizing fluids and minor intrusions. The veins and fractures contain secondary quartz, carrying gold which becomes a second habit of gold on the project. The ironstones have been traced across the project and were better defined by the recent drone magnetic survey. Medium-grained, quartz-porphyry sills, 0.5-1.5 m wide, intrude some of the ironstones and provide a third host for gold and in crossing structures for targeting gold bearing fluid flow.
Much of the historical exploration and mining work was conducted during the 1950s with Tombill Mines Ltd. carrying out a program of surface work and diamond-drilling. Tombill conducted VLF-EM geophysics and then a soil survey of the anomalous zones defining very shallow drill targets. Later during the 1974 and 1975 field seasons, P.A.T. Mines completed thirty-two core drill holes (see figure 2). The P.A.T. drilling returned high grade intercepts at shallow depths, leaving the system open at depth.
Mineralization In 1952 Tombill Mines Ltd. outlined 4 mineralized zones in the area of the claims. The drilling conducted by P.A.T. Mines on the Pichette property recorded gold mineralization associated with two persistent subparallel chert-magnetite-carbonate ironstones (see figure 3). The ironstones are 40 m apart and strike 75 and dip 85 north. Surface prospecting and historical diamond drilling have traced the ironstones 600 m along strike, and they average 2.0-2.5 m wide. Up to 20% magnetite has been noted in the ironstones and can contain up to 2% arsenopyrite.
Table 1: Some of the best intercepts from the historical drilling on the Pichette Project.
Drill Hole ID
From (m)
To (m)
Interval (m)
Grade Au g/t
201
16.76
20.57
3.81
16.65
202
35.91
37.03
1.13
34.28
202
56.97
58.46
1.49
7.20
204
61.87
65.07
3.20
4.80
209
32.46
35.05
2.59
4.51
210
31.88
35.81
3.93
2.31
213
48.95
49.65
0.70
6.51
216
42.31
45.78
3.47
3.37
217
35.69
37.58
1.89
7.37
220
42.82
45.08
2.26
5.31
Note: P.A.T. Mines drilled 26 holes on the Pichette Project as part of a larger drilling campaign in 1952. The original certificates for the assays are not available. The values here are extracted from drilling logs that were filed as part of assessment work. The work was conducted prior to the implementation of National Instrument 43-101 and as such should not be relied upon. Subsequent drilling in this area may not duplicate these results.
The gold is commonly enriched in intensely altered rocks adjacent to or within quartz-carbonate veins and veinlets as found in orogenic gold deposits. Several of the holes show high grade intercepts similar to those documented at the Leitch Gold Mine to the west at Beardmore. The bulk of the historical information described above was recovered from the Ontario Geological Survey (OGS) databases and the provincial government’s Mineral Deposit Inventory (MDI) records. These sites have been verified by government geologists and reviewed in the field by Riverside geologists and are believed to be reliable in their geological detail. However, the original assay certificates from the historical drilling are no longer available and therefore cannot be verified.
Figure 2: Plan view of the historical drilling with the best intercepts highlighted.
Qualified Person: This news release was reviewed and approved 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 $7M 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
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.
1The Brookbank Deposit is reported to include open-pit Measured and Indicated Resources of 2.64 million tonnes averaging 2.02 g/t Au and containing 172,000 ounces. Underground resources are reported to include Measured and Indicated Resources of 1.86 million tonnes averaging 7.21 g/t Au and containing 430,000 ounces of gold (www.premiergoldmines.com).
Vancouver, British Columbia–(Newsfile Corp. – July 18, 2023) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to provide a summary of its ongoing strategic activities over the past six months and an outlook for the second half of the year. During this time, the Company has actively expanded in Canada, acquiring new projects and conducting target definition exploration work across its Canadian portfolio. These steps taken in the past six months have strengthened the Company’s move beyond Mexico, which has been progressing for the past two years. Riverside anticipates numerous new Canadian catalysts in the next half-year. With a commitment to advancing its diverse portfolio of mineral assets and leveraging strategic partnerships. To that effect, Riverside has made significant progress in its exploration endeavors, diversifying its commodity mix and expanding into new jurisdictions. In the coming six months, the Company plans to expand its projects beyond precious and base metals, incorporating more critical metal assets and royalties. The key mid-year developments are outlined below:
Ontario Canada additional projects and expansion at Pichette with high grade gold drill results.
Geophysics exploration funded through Riverside is advancing projects to drill and partnering stage at Duc project with targets expanded in scale by more than 4X.
Property consolidation at the high-grade Union Project in Sonora, Mexico and delivering up to 1 oz/ton Au assays in the now controlled mine area.
Royalty on Tajitos gold asset, and funds have been received from Fresnillo, who is advancing the asset.
Progress toward catalysts now lined up for second half of 2023 with partner deals, exploration results, quality project acquisitions, having strong cash position.
Continued Expansion in Ontario’s Geraldton and Porcupine Mining Districts
Riverside Resources continued to expand and advance its Canadian portfolio during the first half of 2023 by acquiring additional claims at the Pichette Project west of the Hardrock Gold Mine complex of Equinox Gold near Geraldton, Ontario. The Company also acquired the Duc Project in the Porcupine Mining District of northwestern Ontario. The Duc Project, spanning over 600 hectares, is strategically positioned west of the past producing Agrium Ltd. carbonatite phosphate mine with critical metal concentrations and within the highly prospective Wawa Subprovince for Rare Earth Elements (REE) and gold deposits. Riverside’s generative exploration approach using historic data, proprietary databases, and field experience, coupled with personal historic knowledge of the area, aims to unlock the full potential of the Duc Project through additional exploration and joint-venture partnerships. The presence of rare earth element occurrences and orogenic gold deposits within the Wawa Subprovince further enhances the prospectivity of the region as Riverside continues the strategy of generating and owning quality projects in Canada.
Completing a Helicopter Magnetics Survey in Northwestern Ontario
Riverside Resources completed an airborne geophysical helicopter magnetics survey on the Duc Project in northwestern Ontario, which provided greater context for existing data Riverside already defined multi-kilometer structural target prospective for gold and REE -critical metals that can now be progressed during the second half of 2023. This survey employed SHA Geophysics’ Heli-3G technology, offering cost-effective and high-quality results. The magnetic data interpretation revealed two major parallel shears that traverse the central part of the Duc Project, providing important geological boundary information and identifying direct structural zones which are consistent with the style of feature that hosts major gold deposits.
Union District, Sonora, Mexico Consolidation and Advancement
In a strategic move to consolidate the Union Project area, Riverside Resources signed an Option Agreement to acquire the past-producing Union Mine, situated within the Union District of Sonora, Mexico. This district boasts a rich history of high-grade zinc, gold, and silver production from carbonate replacement mines. By securing a 100% undivided right, title, and interest in the Union Mine, Riverside expands its district wide mineral concession coverage and a foothold in the region and establishes a clear path towards advancing exploration targets within this prospective land package.
Rule Symposium July 24-27
Riverside has been selected by Mr. Rick Rule to participate in the Rule Resources Symposium convention in Boca Raton, Florida starting on July 24th, 2023. The Rule Symposium is a sector leading natural resource investing event and an exhibitor by invitation only conference that Riverside has been chosen for again this year. Riverside’s CEO and VP Corporate Communications will attend in person to give presentations and meet investors. To that effect, please view Dr. John-Mark Staude’s (our CEO) pre-conference interview with Rick Rule at the following link: https://www.youtube.com/watch?v=NDj43hCJwgo&t=117s
Looking Ahead: Riverside’s Plans for the Next Six Months
Building on the accomplishments of the past six months, Riverside Resources is progressing a targeted agenda for the remainder of 2023. The Company plans to have catalysts on the following key initiatives:
Expand the generative portfolio with a low cost but high value in British Columbia, Canada quality projects in precious and critical metals. Assay results, mineral claims, mineralization zones all to be progressed during coming half year.
Progress exploration in Ontario including work up targets in the field and completing technical reports and documentation of the value so far created and now moving toward transactions.
Exploration and Joint-Venture Partnerships: Riverside’s robust portfolio of mineral assets and royalties in North America presents significant opportunities for strategic partnerships. The Company continues developing and progressing joint-venture and spin-out collaborations to accelerate the advancement of multiple assets simultaneously, fostering a greater chance of discovery leading to added shareholder value.
Royalty assets engage in potential value catalyst steps with the portfolio and now with Fresnillo progressing their development of the Tajitos district toward future open pit heap leach gold mining where Riverside has the 2% NSR on Tajitos and Tejo mineral concessions.
Continued Financial Prudence and Value Generation: Riverside Resources remains financially strong, with well over $7 million in cash and zero debt. The Company’s prudent financial management ensures sustainable exploration programs and underscores its commitment to generating value for shareholders.
Investor Engagement and Communication: Riverside Resources recognizes the importance of transparent and effective communication with its valued shareholders and the investment community. The Company will continue to provide timely updates, reports, and engagement opportunities to foster a strong and supportive investor base.
Riverside Resources remains focused on its mission to generate value and continue work towards mineral discoveries while adhering to very thorough environmental standards and social responsibility. Riverside has a strong upcoming set of catalysts with results from Canada and Mexico. To that effect, with its current sector leading gold portfolio in Ontario and now expanding into strong projects in British Columbia, the Company believes that it’s on the right path in progressing towards an exciting second half of 2023.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a strong cash position, no debt and less than 75M shares outstanding with a quality portfolio of gold-silver and copper assets, along with royalties in North America. Riverside has extensive experience and knowledge in operating in Canada and Mexico, while leveraging its large databases 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
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.
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