Riverside Signs Definitive Agreement and Outlines Exploration Plans at the Swift Katie Project in British Columbia, Canada
03 April 2014 - 11:00PM
Marketwired
Riverside Signs Definitive Agreement and Outlines Exploration Plans
at the Swift Katie Project in British Columbia, Canada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 3, 2014) -
Riverside Resources Inc. ("Riverside" or the "Company")
(TSX-VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99) is pleased to
announce that Riverside Resources (BC) Inc., a wholly owned
subsidiary of Riverside, has signed a Definitive Agreement with
Valterra Resource Corporation ("Valterra"), for the exclusive right
and option to acquire an undivided 80% interest in the Swift Katie
Property (the "Property"). This agreement will be undertaken as
part of Riverside's exploration alliance with a wholly-owned
subsidiary of Antofagasta plc ("Antofagasta"). Swift Katie is an
80kmĀ² copper-gold-silver porphyry property located seven kilometres
southwest of the town of Salmo, BC, in the Nelson Mining District.
The Property has approximately 80 drill holes, completed between
1987 and 2010, of which the majority were drilled to define the
Katie copper-gold porphyry deposit; the Katie deposit to date has
been tested over a 2.5km by 1.5km area but remains open in several
directions. (See Project Details below for more information.)
Antofagasta has approved an initial Year 1 budget of $600,000
for a summer 2014 exploration program which will include mapping,
prospecting, soil sampling and follow-up diamond drill testing of
highly prospective areas within a 3km by 11km corridor of
favourable geology, geochemistry and geophysics. The program will
be designed to evaluate, delineate and test copper-gold porphyry
targets outboard of historically defined zones. Encouraging results
obtained from due diligence work completed by Riverside in the fall
of 2013 identified a new, high priority target 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 forested area has limited outcrop but porphyritic
intrusive rocks and altered volcanic rocks were recognized by
Riverside geologists within and adjacent to the target area. The
program will aim to discover new areas of copper-porphyry
mineralization through drilling and geochemistry moving towards an
aggressive Year 2 exploration program in 2015.
President and CEO of Riverside Resources, John-Mark Staude,
commented: "We look forward to working up and refining drill
targets along the highly prospective porphyry corridor at Swift
Katie. We anticipate the program to commence in late spring and
progress towards drill testing during the summer months."
For complete agreement details please view Riverside's press
release dated October 31, 2013.
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 mineral showings are located within the Property and
for many years were explored separately in claims with different
ownership; the claims were amalgamated into a single property for
the first time under Valterra. 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 upside and 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,
extensive road networks allow for low-cost exploration, and is
situated in a favourable region of the province that has a strong
community of experienced people on which to draw.
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 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
$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 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.
Riverside Resources Inc.John-Mark StaudePresident & CEO(778)
327-6671(778) 327-6675info@rivres.comwww.rivres.comRiverside
Resources Inc.Joness LangManager, Corporate Development(800)
RIV-RES1(778) 327-6675jlang@rivres.comwww.rivres.com
Riverside Res (QB) (USOTC:RVSDF)
Historical Stock Chart
From Oct 2024 to Nov 2024
Riverside Res (QB) (USOTC:RVSDF)
Historical Stock Chart
From Nov 2023 to Nov 2024