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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) - Riverstone Resources Inc. (News - Market indicators)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") reports that initial rotary air blast ("RAB") drilling over a 180-square-kilometre area north of the Karma Gold Project ("Karma Project") has intersected extensive near-surface oxide gold mineralization, highlighted by 2.15 grams per tonne gold (g/t Au) over 30.0 metres in hole RAB-414.
The RAB program confirms six distinct areas of anomalous gold mineralization, and demonstrates that oxide surface mineralization extends to depths of at least 39 metres and remains open in all directions. Riverstone will conduct an aggressive reverse circulation ("RC") drill program in 2013 to follow up on these encouraging results.
"We are very excited that the first meaningful exploration program in the northern portion of Karma has confirmed six drill-ready targets," said Dwayne Melrose, President and CEO, Riverstone Resources. "These RAB results indicate strong potential for additional gold mineralization over a wide area, and reinforce our belief that we can add near-surface oxide resources within potential trucking distance of our proposed Karma Project processing facility."
Significant assay intervals from these RAB holes include:
- 2.15 g/t Au over 30.0 m in RAB-414
- 79.10 g/t Au over 3.0 m in RAB-004
- 0.89 g/t Au over 24.0 m in RAB-316
- 2.27 g/t Au over 3.0 m in RAB-020
- 1.00 g/t Au over 6.0 m in RAB-282
- 0.55 g/t Au over 19.0 m in RAB-283
Riverstone conducted RAB drilling in the north Karma area up to 28 kilometres from the proposed Karma Project processing facility. The program consisted of 11,039 metres of RAB drilling in 449 vertical holes (drilled to an average depth of 30 metres) at sites selected based on historical workings and anomalous geochemical sampling. Riverstone has previously conducted limited mapping and rock-sampling programs in the north Karma area since 2008, as until recently, the major focus of Riverstone's Karma work was further south.
"Blue Gold merged with Riverstone based on the Karma Project's near-term production profile and our firm belief that Karma holds tremendous potential for further near-surface resource growth," said Mark O'Dea, Riverstone Executive Chair and former Chair and CEO of Blue Gold. "These results support our view, and will help us design an effective exploration program for 2013."
The Karma Project consists of five nearby deposits and a proposed central heap-leach processing facility. The project is undergoing a definitive feasibility study, based on a 1.03 million ounce, in-pit indicated leachable resource averaging 0.94 g/t Au (34.2 million tonnes)1. The feasibility study and 2013 exploration plans for high-priority targets, such as north Karma, are fully funded.
(See map on the Riverstone Website for the location of highlighted RAB holes, or click on this link: http://riverstoneresources.com/i/maps/130128-121010_Rounga_Port-Plan.jpg).
(For a table of highlighted RAB results related to gold mineralization, please click on this link: http://riverstoneresources.com/i/pdf/RAB-Result-Highlights-for-130129-NR-Summary.pdf).
Ian Cunningham-Dunlop, P.Eng., Senior Vice President Exploration, is the Company's designated Qualified Person for this news release within the meaning of NI 43-101, and has reviewed and verified that the information contained in this release is accurate and approves of the written disclosure of same. The nature and spacing of the RAB drilling to date does not allow for the exact orientation of the gold zones to be determined, and their true widths are unknown. As a result, there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource. Samples were assayed by BIGS Global Laboratories in Ouagadougou, Burkina Faso, with a limited number of check assays by ALS Chemex, also in Ouagadougou, Burkina Faso. BIGS Global assays were by Fire Assay of a 30 gram (1 assay ton) charge with AAS finish. ALS Chemex assays were also Fire Assay with AAS finish and repeats of all AAS assays over 1.0 g/t by Fire Assay with gravimetric finish. Control samples (accredited standards, blanks and duplicate samples at the rig and preparation stage) were inserted on a regular basis every ten samples. Results were monitored on receipt of assays.
Riverstone Resources Inc. is a growth-oriented gold exploration and development company offering near-term production at the Company's flagship Karma Project in Burkina Faso, West Africa. The Company's board, management and technical teams have proven track records in the capital markets and gold exploration, development, operations and production worldwide.
Additional information about the Company and its activities may be found on the Company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Dwayne Melrose, President and CEO
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the potential increase to mineral resources, the assumptions set forth in this news release and in the Company's news release of October 3, 2012 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.
1 See Riverstone's news release dated October 3, 2012 and independent NI 43-101 compliant Technical Report titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.