Vancouver, British Columbia–(Newsfile Corp. – January 23, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce it has staked additional claims in northwestern Ontario and acquired the Duc Project (“the Project”), located south of the town of Kapuskasing, part of the Porcupine Mining District. The Project is roughly 600 hectares in size and located west of the past producing Agrium Ltd. carbonatite phosphate mine, within the Wawa Subprovince, which hosts several rare earth element occurrences and orogenic gold deposits. Gold typically occurs in older folded rocks associated with larger northeast trending structures related to Kapuskasing Structural Zone (“KSZ”). The Wawa Subprovince is host to multi-million-ounce large gold mines that include Alamos Gold’s Island Gold Deposit and Argonaut’s Magino Gold Deposit amongst others.
Riverside’s President and CEO, John-Mark Staude stated: “We are excited to pick up more prospective ground in Ontario within the fertile Wawa Subprovince, which is host to many present and past producing mines in Ontario and Minnesota. Using the company’s prospect generator approach, experience in the belt and industry presence, we plan to add value to the Duc Project through additional exploration and joint-venture partner-funded programs.”
The Project area has excellent infrastructure, with road access from the Trans-Canada Highway and only 10km from the producing Agrium Ltd. Mine. The Project also has nearby existing power and within a 40-minute drive from the town of Kapuskasing (pop. 8,300). Interest in Ontario’s critical minerals sector has attracted new explorers to this region, which in our opinion can open this area further to development for the rare earth element potential, along with the known gold endowment.
The Project is underlain by an Archean-aged metavolcanic and metasedimentary suite consisting of greywacke, arkose, and iron formation similar to the rocks known to host both the carbonatite and gold deposits. To the west and north, the terrain is underlain by east-west striking metasedimentary schists and mafic metavolcanic flows belonging to the Quetico Subprovince. The south and east areas of the Project are underlain by hornblende-quartz feldspar gneiss and granite bodies belonging to the Wawa Subprovince. The Project also lies within the LePage Fault System. This system is part of the western margin of the KSZ and consists of a series of parallel northeast trending fault structures, which include the Rufus Lake and Opasatika Lake faults. Both faults cross the property and are easily identifiable on the regional government airborne magnetic survey sheets. Given the structural feeders and tectonic evolution the Company sees high prospectivity for discoveries of potential large bodies associated with dynamic tectonic- magmatic evolution.
Figure 1:Geology on regional airborne mag
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Figure 2: Simplified Cross Section
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The next phase of proposed exploration includes ground-based geophysics building upon previous work to further refine the larger structures likely responsible for gold mineralization in the area. Past work included sonic drilling and basal till sampling which may be needed in areas of thick cover.
Qualified Person & QA/QC:
The scientific and technical data contained in 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 $8M 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.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
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.
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