Riverstone Resources Inc.

Riverstone Resources Inc.

April 21, 2010 10:31 ET

Riverstone Intersects High Grade Gold at Nami

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS) is pleased to report the results from the first 30 holes of the drilling program currently underway on its Karma gold project in Burkina Faso, West Africa. The holes were drilled on the Company's promising Nami artisanal gold discovery (see map on Company's website: http://www.riverstoneresources.com/i/maps/2010-04-21-Map1.jpg). The highlights of the gold intercepts are as follows:

  • 24 metres grading 5.00 g/t, including 12 metres grading 9.45 g/t in Hole 056
  • 12 metres grading 4.67 g/t, including 6 metres grading 7.73 g/t in Hole 049
  • 12 metres grading 2.31 g/t, including 2.0 metres grading 9.54 g/t in Hole 045
  • 34 metres grading 1.17 g/t in Hole 046
  • 10 metres grading 1.73 g/t, including 6.0 metres grading 2.45 g/t in Hole 039
  • 7 metres grading 2.47 g/t, including 4.0 metres grading 4.03 g/t in Hole 044

The key conclusions derived from the initial drilling of the site are:

  • 26 out of 30 holes returned significant intercepts of gold mineralization confirming a mineralized footprint of 450 metres by 200 metres and open to the west, north and south
  • Gold mineralization is confined to quartz-rich zones within a breccia body and a fractured granodiorite
  • The breccia increases in thickness to the north (see cross-sections on Company's website: http://media3.marketwire.com/r/cross-sections)
  • Both gold grades and the thickness of the mineralized intercepts appear to be increasing down-dip to the west

"We are very pleased with our initial results from the Nami Site," commented M.D. McInnis, President and CEO of Riverstone. "We have confirmed a large mineralized system with significant high grade intercepts that clearly warrant additional drilling. Nami is an important discovery and any ounces that are developed at Nami will be accretive to the NI 43-101 gold resource at the Company's adjacent Rambo, Goulagou and Kao deposits." 

The program on the Karma project comprising 9,000 metres of RC drilling in approximately 70 holes commenced on March 15, 2010. The initial 30 holes were completed on the Nami site. Results confirm the previous interpretation of the geology of Nami (see NR dated Feb. 23 and Mar. 16, 2010), with a northerly to northwesterly trending breccia containing widespread quartz veins. The breccia zone is dipping gently to the west, and it can be traced consistently from hole to hole and section to section. The breccia appears to be increasing in thickness to the north. The shallowly dipping geometry of the gold zone will allow it to be drilled down-dip at reasonably shallow depths.

One and possibly two additional gold mineralized zones appear to be present on some sections, although they have not been fully defined. There are also indications that the gold grade may increase with depth to the west, and that the gold zone widens in this direction. Additional drilling will be undertaken to test this interpretation.

It is possible that the RC drilling may understate the gold grades in drill holes due to incomplete sample recoveries within some of the mineralized intercepts. Sample recovery averages 58% within all assay intervals grading at least 0.5 g/t gold, but it drops as low as 44% in one of the best mineralized intercepts in RC-049, which graded 4.67 g/t gold over 12 m.

This can possibly be attributed to two factors. Firstly, the mineralized zone is brecciated and oxidized, making for generally poor sample recovery using an RC drill. Secondly, the fact that most drilling has concentrated where the artisanal miners have been most active means that in some cases, the mineralized zone has been partially removed prior to drilling. The drill logs note that several holes intersected the underground workings, which essentially means zero recovery in those parts of the zone.

Significant mineralized intercepts are presented in the following table. Most holes were drilled towards the east, although several scissor holes were oriented towards the west to test the interpreted orientation of the zone. All holes were drilled at either -55º or -60º.

Nami Intercepts - 2010 - Phase 1 RC
Hole number Interval (m) Intercept Average
  From To (metres) (g/t Au)
RMB-10-RC-034 * 66 76 10.0 0.876
including 72 74 2.0 3.000
RMB-10-RC-035 56 66 10.0 0.674
and 70 82 12.0 0.475
RMB-10-RC-036 64 72 8.0 0.507
RMB-10-RC-037 46 60 14.0 0.487
including 58 60 2.0 1.800
RMB-10-RC-039 22 32 10.0 1.734
including 24 30 6.0 2.448
and 128 132 4.0 1.253
and 146 150 4.0 1.673
including 146 148 2.0 2.930
RMB-10-RC-041 38 40 2.0 1.400
and 82 94 12.0 0.506
including 92 94 2.0 1.585
RMB-10-RC-042 34 40 6.0 2.048
and 52 76 24.0 0.751
including 52 56 4.0 1.950
and including 62 72 10.0 0.706
and 92 100 8.0 0.941
including 96 100 4.0 1.595
RMB-10-RC-044 * 15 22 7.0 2.469
including 18 22 4.0 4.033
RMB-10-RC-045 * 18 30 12.0 2.309
including 28 30 2.0 9.540
RMB-10-RC-046 28 62 34.0 1.172
including 30 38 8.0 1.527
and including 56 62 6.0 2.479
RMB-10-RC-048 * 28 60 32.0 0.689
including 30 38 8.0 1.201
RMB-10-RC-049 * 34 46 12.0 4.666
including 34 40 6.0 7.730
and 74 76 2.0 1.200
RMB-10-RC-050 * 9 20 11.0 0.669
including 12 16 4.0 1.102
RMB-10-RC-053 * 54 74 20.0 0.981
including 58 64 6.0 1.907
RMB-10-RC-054 * 64 68 4.0 8.070
RMB-10-RC-055 * 8 72 64.0 0.446
including 16 24 8.0 0.525
and including 46 50 4.0 1.134
RMB-10-RC-056 34 58 24.0 0.372
including 40 46 6.0 0.745
and 66 90 24.0 4.997
including 68 70 2.0 2.070
and including 78 90 12.0 9.453
RMB-10-RC-057 112 114 2.0 3.890
RMB-10-RC-058 14 34 20.0 0.325
and 38 44 6.0 0.602
RMB-10-RC-062 16 50 34.0 0.654
including 28 50 22.0 0.843
RMB-10-RC-063 16 26 10.0 1.261
including 22 24 2.0 5.370
and 48 52 4.0 0.566
and 58 62 4.0 0.634
and 104 110 6.0 0.750
* Hole intercepted one or more artisanal shafts

The drill rig has now been mobilized to the Company's nearby Rambo Main and Goulagou gold deposits to drill approximately 2,000 metres of in-fill and step-out drilling. The drill will then be re-mobilized to the Nami site to continue the RC drilling program. A contract has also been signed for a second drill rig, which will be used for diamond core drilling on Nami as well as on the Rambo Main and Goulagou gold deposits. It will be used to improve the sample recovery at Nami, test the zone down-dip and collect samples for metallurgical and geotechnical work. 

Riverstone maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. All rock samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over two grams gold per tonne 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.

Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the company holds an extensive portfolio of six high quality exploration permits covering 2,300 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, P. Eng., President & CEO

Paul G. Anderson, P. Geo. is a Qualified Person for RVS and has reviewed and approved the contents of this release.

Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of the Ontario Securities Act. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, 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, title matters and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis. In addition, 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.

Neither 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.

Contact Information

  • Riverstone Resources Inc. - Vancouver Office
    Michael D. McInnis
    Riverstone Resources Inc.
    Raju Wani
    Investor Relations
    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations