Riverside advances on Ontario gold drilling news
Riverside Resources Inc [RRI-TSXV, RVSDF-OTCQB, 5YY-FSE] has released assay results for the first five of a 12-hole, 1,700-metre drill program completed at the Oakes gold project in northwestern Ontario.
Riverside shares advanced on the news, rising 3.7% to 14 cents, and currently trade in a 52-week range of 20 cents and 12.5 cents.
The primary focus is the HG Target, which was identified by field geology and Mag-VLF, and further refined with follow up IP geophysics and trenching exploration programs compiled and expanded through Riverside work.
All five holes intersected anomalous gold in the anticipated target zone with the widest drilled interval so far being 5.0 metres estimated true thickness with 2.1 g/t gold in hole DDH2022-02. The highest assay value being 8.4 g/t gold over 1.0 metre with visible gold.
All 12 holes were drilled to a depth of between 126 metres and 146 metres. One of the holes was terminated at a depth of 115 metres where it intersected a fault zone and could not continue.
The Oakes Project is located in Oakes Twp. just north of Canadian National Highway 11 and about 2.0 kilometres north of the town of Lang Lac. Oakes Twp. is part of the well-endowed Beardmore-Geraldton Greenstone Belt region located northeast of Thunder Bay.
The Geraldton region has a long and rich mining history and has produced over 4.1 million ounces of gold over the past 100 years, including the combined MacLeod-Cockshutt Mine, which produced 1.5 million ounces of gold.
The Oakes project is also located 25 kilometres northeast of Equinox Gold Corp.’s [EQX-TSXV] Hardrock Deposit, which is expected to produce 400,000 ounces of gold annually and has estimated resources of 5.0 million ounces, making it a major Canadian gold deposit. Riverside seeks this as a target analogue for the Oakes Property.
Drilling at Oakes is the first drilling for Riverside’s self-funded work to advance the project beyond the IP and surface work that was completed in the last two years.
“The Oakes Project had previously only seen two drill holes so we are very encouraged to see our first set of shallow holes include multi-gram gold intercepts that demonstrate the interpreted vertical gold-bearing structures continue at modest depths,” said Riverside President and CEO John-Mark Staude.
“We will be compiling these five holes with assays from the remaining seven holes with our IP-inversion work to continue vectoring towards larger gold accumulated zones at the HG Target and across the target-rich property,” he said.
Riverside recently optioned its 100%-owned La Union gold-silver project in Sonora Mexico to a unit of Hochschild Mining PLC, a move that enables the project to immediately move ahead with a robust exploration program.
Hochschild can early a 51% interest in the project by spending US$8.0 million on exploration over five years.