Riverstone Resources Inc.

Riverstone Resources Inc.

December 07, 2011 09:10 ET

Riverstone Intersects 1.33 g/t Au over 52 Metres on the Karma Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2011) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) is pleased to report results from a further 21 Reverse Circulation ("RC") drill holes on the Goulagou I Zone, which forms part of the Company's flagship Karma Gold project in Burkina Faso, West Africa. (See Map at www.riverstoneresources.com/i/maps/111206-100504_GGI_Plan.jpg). This drilling was designed to infill the deposit at 50 metre spacing and also to expand the mineralized zone along strike. These latest results have extended the Goulagou I deposit a further 150 metres to the west, and the deposit remains open along strike in both directions and at depth. Mineralization has been extended to a distance in excess of 2,100 metres on this deposit and the width of the mineralized zone varies from 50 metres at the east end up to 300 metres in the west.

Significant assay intervals are as follows:

  • 1.33 g/t Au over 52 m, including 2.38 g/t Au over 12 m, in RC-254
  • 1.10 g/t Au over 16 m in RC-252
  • 1.05 g/t Au over 12 m, 2.37 g/t Au over 6 m and 1.39 g/t Au over 10 m in RC-234
  • 1.55 g/t Au over 10 m and 0.79 g/t Au over 18 m in RC-237
  • 1.40 g/t Au over 8 m in RC-244

"We are impressed to see higher grade gold mineralization that extends the overall strike length of the Goulagou I deposit which continues to be expanded and it is still open along strike," commented Dwayne Melrose, President of Riverstone. "Riverstone is systematically expanding and defining the deposit for the upcoming future resource estimation."

Significant results are presented in the following table:

Interval (m) Intercept Average
Hole number From To (metres) (g/t Au)
GLG-11-RC-234 56 68 12 1.05
and 108 114 6 2.37
including 108 110 2 5.87
and 128 134 6 0.54
and 154 188 34 0.76
including 164 174 10 1.39
GLG-11-RC-235 194 210 16 0.62
GLG-11-RC-236 100 118 18 0.79
GLG-11-RC-237 164 174 10 1.55
and 188 204 16 0.77
GLG-11-RC-242 84 88 4 0.91
and 200 206 6 0.61
GLG-11-RC-243 196 206 10 0.53
GLG-11-RC-244 94 96 2 0.72
and 116 124 8 1.40
GLG-11-RC-247 80 82 2 3.50
GLG-11-RC-250 18 20 2 0.99
GLG-11-RC-251 6 8 2 3.01
and 72 74 2 3.13
and 180 192 12 0.65
and 200 202 2 0.93
GLG-11-RC-252 72 84 12 0.71
and 104 128 24 0.63
and 134 150 16 1.10
GLG-11-RC-254 26 78 52 1.33
including 36 48 12 2.38
and 90 106 16 0.60
and 132 136 4 0.51
Note: Drill holes RC-238, RC-239, RC-240, RC-241, RC-245, RC-246, RC-248, RC-249 and 253 reported either low grade values or no significant results. Interpreted true widths for RC-234 to RC-237, RC-250 and RC-251 are between 90 and 100 percent, for RC-252 and RC-254 are between 70 and 80 percent, and for RC-242 and RC-247 are uncertain but probably between 50 and 60 percent.

The Goulagou I deposit is part of the Karma Project which comprises six contiguous permits. The Company has a 100% interest in two of the permits and has an option to acquire an indirect 90% interest in the remaining four permits. The Karma Project has a NI 43-101 compliant gold resource of 810,600 ounces of gold in 22,845,000 tonnes grading 1.10 g/t gold in the indicated category and 1,119,100 ounces of gold in 44,100,000 tonnes grading 0.79 g/t gold in the inferred category. (See news release dated February 28, 2011). Since the resource was calculated in February 2011, the Company has drilled in excess of an additional 40,000 metres at Karma, and it is expected that the results of this drilling will add to the resource. The Goulagou property is subject to an Option to Purchase agreement with Golden Star Resources Ltd.

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 RC samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over one gram 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 three high quality exploration projects covering 1,452 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., CEO

Giles R. Peatfield, Ph.D., P. Eng,. is the 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
    Dwayne L. Melrose

    Riverstone Resources Inc. - Vancouver Office
    Don Mosher
    Corporate Development

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations

    Riverstone Resources Inc. - Vancouver Office
    Ron Cooper
    Investor Relations