Riverstone Resources Inc.

Riverstone Resources Inc.

September 04, 2012 07:00 ET

Riverstone Intersects 3.07 g/t Gold Over 20 Metres at Goulagou I

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 4, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from fourteen diamond drill holes on the 90% owned Goulagou I (the "GGI") Deposit, which forms part of the company's flagship Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"). These holes are part of a program of drilling designed to extend previously intersected high-grade "shoots" of mineralization along strike and to depth, and to bring inferred material into the indicated category (see map on the Riverstone website for the location of the holes: http://www.riverstoneresources.com/i/pdf/120903-100504_GGI_Plan.pdf).

Significant assay intervals in these core holes include:

  • 3.07 g/t Au over 20 m, 2.55 g/t Au over 6 m and 2.17 g/t Au over 8 m in DD-12-100
  • 2.34 g/t Au over 14 m and 1.27 g/t Au over 16 m in DD-12-075
  • 2.11 g/t Au over 10 m, 2.22 g/t Au over 10 m and 1.70 g/t Au over 30 m in DD-12-086
  • 2.94 g/t Au over 6 m in DD-12-094
  • 1.84 g/t Au over 48 m in DD-12-98

Mineralization at GGI extends over 2,100 metres east-west and to as much as 200 metres in depth in localized areas of deeper drilling. Some of the intercepts reported in this release have extended high grade mineralization 30 to 50 metres down dip from previous drill holes and in other instances have confirmed a higher-grade mineralized shoot on an intermediate section. The high grade mineralized shoots remain open to depth and locally along strike.

"Five mineralized zones have been discovered at Karma to date, and all contain significant high grade shoots," commented Dwayne L. Melrose, President and CEO of Riverstone. "Delineation of these shoots could enhance the overall grade of the deposits, which should be reflected in the updated resource estimate due for release in September of 2012."

A more complete summary of significant results in these drill holes is presented in the following table:

Hole number Interval (metres) Intercept Average
From To (metres) Grade (g/t Au)
GLG-DD-12-074 164 168 4 0.71
GLG-DD-12-075 22 32 10 1.00
and 144 158 14 2.34
and 164 180 16 1.27
GLG-DD-12-076 66 82 16 1.01
and 88 98 10 0.82
GLG-DD-12-078 66 98 32 1.14
GLG-DD-12-084 40 48 8 1.58
and 176 184 8 0.99
and 200 250 50 1.32
including 218 238 20 1.78
GLG-DD-12-085 196 202 6 0.82
GLG-DD-12-086 92 102 10 2.11
and 126 138 12 0.99
and 138 168 30 1.70
and 178 188 10 0.74
and 188 198 10 2.22
GLG-DD-12-087 74 102 28 0.87
and 138 148 10 1.11
GLG-DD-12-094 134 156 22 0.77
and 156 162 6 2.94
GLG-DD-12-098 16 20 4 1.97
and 94 142 48 1.84
and 152 160 8 1.18
GLG-DD-12-100 112 122 10 1.22
and 154 174 20 1.65
and 182 184 2 1.62
and 188 208 20 3.07
and 208 218 10 0.71
and 218 224 6 2.55
and 230 238 8 2.17
GLG-DD-12-104 44 60 16 0.78
and 66 70 4 1.50

Notes: Interpreted true thicknesses for these intercepts are between 60 and 70 percent or the reported intersection. Holes GLG-DD-12-064 and 089 had no significant intercepts.

The 90% owned GGI deposit is part of the Company's Karma Project which comprises a NI 43-101 compliant in-pit Whittle indicated resource of 1.6 million ounces of gold in 47.3 million tonnes grading 1.1 g/t gold and an inferred resource of 0.6 million ounces of gold in 18.9 million tonnes grading 0.93 g/t gold (see news release dated January 9, 2012 and NI 43-101 Technical Report titled "Technical Report and Resource Estimate on the Karma Project, Burkina Faso, West Africa" filed on SEDAR (www.sedar.com) February 23, 2012). Since the data cut-off for the resource estimation, the Company has already completed +85,000 metres of drilling on the Karma Project. It is expected that the results of this drilling will add to the overall resources of the Karma Project deposits, when the resource estimate is updated in September of 2012.

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 samples were prepared at the independent Abilab Burkina SARL laboratory in Ouagadougou, Burkina Faso, West Africa (part of the ALS Chemex Group), and assayed using standard fire assay with an atomic absorption finish, with samples grading over one gram per tonne gold re-assayed with a gravimetric finish, either in Burkina Faso or at the ALS Chemex facility in North Vancouver, British Columbia, Canada.

Riverstone is active in Burkina Faso, West Africa, where it holds a portfolio of four high quality exploration projects covering in excess of 2,000 square kilometres. Addition 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.


Dwayne L. Melrose, President & 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 Canadian securities legislation. 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 updated resources estimate, anticipated timing and completion of a definitive feasibility study, mine development schedule, the granting of exploitation permits, the anticipated timing an completion of a NI 43-101 compliant technical report supporting the PEA, the assumptions set forth in this news release and in the Company's news release of January 9, 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.

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
    President & CEO

    Riverstone Resources Inc.
    Don Mosher
    Corporate Development

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations

    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations