Riverstone Resources Inc. (TSXV: RVS, Frankfurt: 3RV) is pleased to announce the results of an independent, NI 43-101 compliant resource estimation for the Karma Project in Burkina Faso, West Africa. The resource estimate was calculated by Wardrop Engineering and a full report will be filed with SEDAR within 45 days.
Category
|
Tonnage (million tonnes) |
Grade (g/t Au) |
Contained Gold (ounces) |
INDICATED
|
21.4
|
1.20
|
820,500
|
INFERRED
|
12.2
|
0.82
|
320,300
|
1Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.Michael D. McInnis, President of Riverstone, commented, "We are extremely pleased with the results of our first resource estimate for the Karma project. We believe that there is excellent potential to significantly expand the resource and establish Karma as one of the premier gold projects in West Africa".
The Karma Project consists of four separate deposits - Kao, Rambo, GG1 and GG2. GG1 and GG2 are 8 kilometres west of Rambo, and Kao is 7 kilometres south of Rambo, allowing the company to envision the establishment of a central processing facility (see accompanying map Figure 1). In addition, there are numerous other gold occurrences and artisanal workings in the immediate vicinity of each of the deposits which require evaluation. The Kao deposit, in particular, has demonstrable potential to significantly increase in size based on RAB drilling results and adjacent gold-in-soil geochemical anomalies (see accompanying map Figure 2).
GG2 DepositThe Goulagou 2 (GG2) deposit is an east-west trending, steeply-dipping lens or series of lenses which has been traced over a strike length of 2.1 kilometres and is up to 140 metres wide. The deposit thickens in the middle where the oxidation extends up to 100 metres in depth. It is hosted by a mixed sequence of sediments containing fine quartz stringers between two large intrusive masses. It has been drilled by 169
Diamond and 86 RC drill holes, and the deposit remains open along strike and at depth. The deposit along with GG1 was discovered by Channel Resources and Placer Dome in the late 1990's and then expanded by St Jude Resources before its takeover by Golden Star Resources. An independent resource estimate report on GG1 and GG2 dated January 16, 2007 was previously prepared on behalf of Golden Star by SRK Consulting (UK) Ltd. and is available on SEDAR. Riverstone's work was successful in converting most of the inferred ounces in the SRK estimate to the indicated category.
TABLE 2 - SUMMARY OF GG2 RESOURCE1
Category
|
Tonnage (million tonnes)
|
Grade (g/t Au)
|
Contained Gold (ounces)
|
INDICATED
|
6.7
|
1.83
|
390,500
|
INFERRED
|
1.4
|
1.10
|
48,600
|
1 Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.GG1 DepositThe Goulagou 1 (GG1) deposit lies approximately 2 kilometres northwest of Goulagou 1. It is northeast trending and has similar geology. Like Goulagou 2, it comprises a series of lenses, traceable over 1.1 kilometres with a width up to 175 metres. It has been tested by 52
Diamond and 15 RC drill holes, mainly in the oxide zone, and it remains virtually untested at depth.
TABLE 3 - SUMMARY OF GG1 RESOURCE1
Category
|
Tonnage (million tonnes)
|
Grade (g/t Au)
|
Contained Gold (ounces)
|
INFERRED
|
6.9
|
0.63
|
140,400
|
1 Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.Resources at Goulagou were estimated by inverse distance weighted to the second power using Gems software version 6.2. Resources were classified as indicated if at least three holes were found within a 75m search radius. All other blocks within the modeled wireframe were classified as inferred.
Kao DepositThe Kao deposit is a near-surface, gently-dipping tabular zone that has been defined over an area of approximately 800m by 400m. The deposit remains open in most directions, particularly to the north and below a depth of 85 metres. Shallow RAB drilling on the northern edge of the deposit indicates that the deposit may continue in this direction for at least another 750 metres, but at a slightly greater depth. The Kao deposit is hosted entirely in intrusive rock and it lies near the southern end of a six kilometre long soil anomaly. This same intrusive is exposed throughout the soil anomaly where gold values have been confirmed in numerous locations by rock chip sampling and RAB drilling. RAB drilling approximately 3 kilometres northeast of the Kao deposit intersected 1.54 g/t gold over 12m, with RAB holes 1 kilometre further northeast grading 1.68 g/t gold over 3m, 1.86 g/t gold over 12m and 6.73 g/t gold over 3m. The chances of expanding the Kao deposit and of finding other gold deposits within this six-kilometre long soil anomaly are considered to be very high.
TABLE 4 - SUMMARY OF KAO RESOURCE1
Category
|
Tonnage (million tonnes)
|
Grade (g/t Au)
|
Contained Gold (ounces)
|
INDICATED
|
14.7
|
0.91
|
430,000
|
INFERRED
|
3.7
|
0.65
|
76,400
|
1 Resources are reported at a cut-off of 0.3g/t for oxide and 0.5 g/t for fresh rock Ounces are calculated assuming 100% recoveries.Resources at Kao were estimated by ordinary kriging using Gems software version 6.2. Resources were classified as indicated if at least three holes were found within a 70m search radius. All other blocks within the modeled wireframe were classified as inferred.
Rambo DepositThe Rambo deposit is a steeply dipping gold zone that has been traced for 300 metres along strike and to a depth of 100 metres. It is hosted in mixed sediments and volcanics along the southern margin of a major intrusive. The deposit remains open at depth and along strike. The possibility of discovering separate gold zones is highlighted by vertical RAB holes grading 1.9 g/t gold over 36 metres (including 2.59 g/t gold over 21m) located 750 metres northwest of the Rambo pit, and 1.24 g/t gold over 9 metres located 400 metres northeast of Rambo.
TABLE 5 - SUMMARY OF RAMBO RESOURCE 1
Category
|
Tonnage (million tonnes)
|
Grade (g/t Au)
|
Contained Gold (ounces)
|
INFERRED
|
0.3
|
7.02
|
56,900
|
1 Resources are reported at a cut-off of 2g/t. Ounces are calculated assuming 100% recoveries.
Resources at Rambo were estimated by inverse distance weighted to the second power using Gems software version 6.2. All blocks within the modeled wireframe were classified as inferred.
The Kao, Rambo, GG1 and GG2 resource estimate was prepared under the supervision of Dr. Gilles Arseneau, P. Geo. of Wardrop Engineering, who is a qualified person as defined under National Instrument 43-101, using computer-generated wireframe models, based on 52
Diamond (4,755m) and 15 RC (1,367m) drill holes at GG1, 169
Diamond (17,951m) and 86 RC (7,086m) drill holes at GG2, 173 RC (17,741m) drill holes at Kao, and 14
Diamond (2,477m) and 17 RC (2,268m) holes at Rambo.
The RC drill programs and sampling conducted by Riverstone were supervised by Paul G. Anderson, P. Geo., a qualified person and Exploration Manager for the Company. The Company maintains a rigorous quality control program involving the use of repeat assays, check assays at independent labs, inserted blanks, and the use of verifiable standards from an accredited Canadian laboratory. All RC samples were assayed using standard fire assay with atomic absorption techniques, with samples grading in excess of 2.00 g/t gold re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group. All assay results were reviewed by Dr. Giles Peatfield, P. Eng., an independent consulting engineer, in order to verify that quality control protocols were honoured.
Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the company holds an extensive portfolio of high quality exploration permits covering 2,610 square kilometres. For further information about the company and its activities, please refer to the company's website at
www.riverstoneresources.com and under the Company's profile at
www.sedar.com.
"Michael D. McInnis"
Michael D. McInnis, P.Eng., CEO & President