Two new gold projects near Castlegar
Riverside Resources Inc. has successfully acquired two new gold projects in the Castlegar area. This region is known for hosting significant gold and base metals mineral systems. The Company has entered a simple option to acquire the Deer Park and Sunrise projects, which are prospective for precious and base metals and have been explored for gold via diamond drilling and the sinking of adits and shafts. The Projects can be 100-per-cent owned by Riverside, free from any underlying royalties or encumbrances by making three cash payments over two years, as outlined below. The company is actively expanding its presence in British Columbia by adding these prospective gold projects to its portfolio. This endeavour is part of Riverside’s 2023-2024 generative field exploration program.
- Two main targets have been identified through Riverside’s work and activities, building upon earlier exploration and small scale mining work: the Viking Horde, and Cougar Ridge targets. These targets have been defined through geochemical and geophysical surveys showing trends of greater than >1.2 km in length.
- 55 rock samples were collected this fall returning assays of up to 7.07 and 3.92 g/t Au, in the Viking and Cougar targets respectively.
“We are excited to be acquiring an area with mineralization similar to the nearby former operating mining camp of Rossland,” said John-Mark Staude, President and CEO. “The historical work on property that Riverside has now optioned is demonstrating favorable conditions for extensive mineralization and provide excellent high-quality gold and base metal targets. These new Projects compliment Riverside’s developing portfolio in southern British Columbia.”
Project Option Terms
The Deer Park (and Sunrise) projects can be acquired via a simple property option agreement that requires Riverside to make three cash payments over two years: $25,000 on signing (paid); $30,000 on year one and $35,000 on year two. Riverside is also required to complete $20,000 in exploration expenditures per year over the life of the option. No NSR or other conditions apply. A single option agreement and payment is done for both properties combined of which Riverside has made payments and property is all in good standing.
Deer Park Project Geology
The geology in the vicinity of the Deer Park property comprises mainly Paleozoic metasedimentary (Pass, Pss, and Pm) and metavolcanic (Pv) rocks that are intruded by granodiorites and granites that are tentatively assigned to the middle Jurassic Nelson plutonic and syenites and monzonites of the Eocene Coryell intrusive suite (Figure 1). Two regional structural trends occur throughout the area. North-trending faults and shear zones are steep to shallow which are related to Eocene extension. The Valkyr shear zone forms the western contact of the Valhalla complex (Carr et al, 1987) while the Kettle River fault, a similar north trending Eocene age fault, defines the eastern margin of the Grand Forks complex (Preto, 1970). On the property north and northwest trending faults cut these rocks, with vein quartz-gold mineralization occurring dominantly along the north trending structures. Mineralization as shown on the stratigraphic column is hosted in key units which are now being targeted in the 2024 exploration program. As well the high-grade mineralization found in veins is being outlined as the Company begins to discuss the property with potential partners.