VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 13, 2013) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") reports that 13 of 15 widely spaced reverse circulation ("RC") drill holes designed to test the main 13-kilometre-long target at its 100% owned Liguidi property ("Liguidi") intersected highly anomalous to potentially economically significant bedrock gold mineralization.
Cumulative results to date at Liguidi - from current and previous RC drilling, historic rotary air blast ("RAB") drilling and extensive rock and soil sampling - indicate a widespread, in situ gold system that is one of the most compelling early-stage regional exploration targets in Burkina Faso, West Africa.
Significant gold intercepts from RC drilling in Q4 2012 at Liguidi include:
- 3.12 g/t gold over 6 m in LMG-RC-022
- 0.77 g/t gold over 18 m in LMG-RC-021
- 1.64 g/t gold over 6 m in LMG-RC-032
- 0.61 g/t gold over 10 m in LMG-RC-025
- 1.54 g/t gold over 4 m in LMG-RC-023
(All intercepts occur within 100 metres of surface.)
"This first-of-its-kind scout drill program gives us confidence in the continuity and strength of this mineralized system and clearly demonstrates that the Liguidi target has excellent potential to contribute significantly to Riverstone's organic growth in 2013 and beyond," said Dwayne Melrose, President and CEO, Riverstone. "Importantly, these drilling results demonstrate that the extensive geochemical gold footprint at Liguidi has an underlying bedrock source and persists from surface down to depths of at least 100 meters. The target is open in all directions, and warrants a comprehensive drilling campaign to identify and delineate the high grade segments of this mineralized structure."
(See map on the Riverstone Website for the location of the holes, or click on this link: http://riverstoneresources.com/i/maps/LiguidiDrillMap1303.jpg. For a full table of assay results from the RC drilling conducted at Liguidi, please click on this link: http://riverstoneresources.com/i/pdf/LiguidiDrillResults1303.pdf)
The Liguidi target stretches for at least 13 kilometres along a splay of the Markoye Fault Zone. The Markoye Fault Zone and associated structures transect the country (NNE-SSW) and host estimated resources of more than 16.5 million ounces of gold in Burkina Faso alone1.
Riverstone plans to undertake a multi-phase drilling campaign at the 225-square-kilometre Liguidi property as part of its 2013 exploration program. Drilling at Liguidi is expected to start by March 2013 after four weeks of detailed mapping and targeting.
The strength and continuity of the Liguidi target increases with each successive drilling and sampling campaign. It is underpinned by a high-intensity gold-in-soil anomaly that stretches for at least 13 kilometres. Limited trenching and drilling carried out in 2005 provided encouraging results, including 0.63 g/t gold over an entire 111-metre trench length, including 18 metres of 1.45 g/t gold and 18 metres of 1.53 g/t gold. Drill results included 16.5 metres of 1.25 g/t gold, including 9 metres of 1.88 g/t gold. In 2008, Riverstone announced a rock-sampling program had returned encouraging results, with values as high as 15.81 g/t gold. Over 20% of the samples ranged between 1.01 g/t and 6.88 g/t gold.
The target was further defined by strong and consistent RAB results released in 2012. Significant intercepts included: 1.43 g/t gold over 24 metres, including 2.78 g/t gold over 12 metres; 1.69 g/t gold over 11 metres; and 1.46 g/t gold over 12 metres. (See Riverstone news releases dated September 18, 2012 and September 20, 2012.)
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 density and spacing of drilling to date does not allow an exact orientation of the 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 ALS Chemex in Ouagadougou, Burkina Faso. Assays were by 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 10 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 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 releases 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 The Markoye Structural Trend includes the following projects: Iamgold's Essakane project with 4,262,000 oz Au indicated (140Mt at 1.1g/t), and 797,000 oz Au inferred (24Mt at 1.1g/t); High River Gold's Taparko-Bouroum project, with 756,000 oz Au measured and indicated (9.5 Mt at 2.48 g/t) and 520,000 oz Au inferred (8.7Mt at 1.87g/t); Orezone Gold Corp.'s Bomboré project, with 4,100,000 oz Au measured and indicated (125Mt at 1.03g/t) and 1,000,000 oz Au inferred (32Mt at 1.00 g/t); and Volta Resources Inc.'s Kiaka Project, with 4,029,000 oz Au measured and indicated (117Mt at 1.07g/t) and 1,000,000 oz Au inferred (30Mt at 1.0g/t). The four companies' combined reported resources for the Markoye Structural Trend total 16,464,000 oz Au (13,147,000 oz Au indicated, 3,317,000 oz Au inferred). The companies report that all resource estimates are NI 43-101 compliant. *Resources and Reserves source: company websites. Although believed to be reliable, management of the Company has not independently verified such information.
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.