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IRW-Press: Riverstone Discovers New Mineralized Zone At Kao



Published on 01 October 2012



by Press Office

(IRW-PRESS and WireNews)

Vienna, Austria


Riverstone Resources Inc. (TSX-V; RVS) (“Riverstone” or the “Company”) is pleased to report results from seventy-one reverse circulation (“RC”) drill holes adjacent to the 100% owned Kao exploration permit (“Kao”) deposit, which forms part of the Company’s flagship Karma Gold Project in Burkina Faso, West Africa (the “Karma Project”). These holes were drilled to explore for new mineralized zones similar to that discovered at Kao, and lying to the north, north-east and south of the main deposit area. (See Map on the Riverstone Website for the location of the holes).

Significant assay intervals in these RC holes include:

For the south extension area:

• 1.80 g/t Au over 8 m in RC-325
• 1.58 g/t Au over 10 m in RC-336
• 1.20 g/t Au over 26 m in RC-265
• 1.05 g/t Au over 14 m in RC-269
• 16.0 g/t Au over 2 m in RC-282
• 3.94 g/t Au over 2 m in RC-279

For the north-east reconnaissance area:

• 3.67 g/t Au over 2 m and 1.16 g/t over 2 m in RC-297
• 1.38 g/t Au over 2 m and 0.90 g/t over 10 m in RC-308
• 0.96 g/t Au over 6 m including 1.72 g/t over 2 m in RC-216
• 0.75 g/t Au over 10 m including 1.48 g/t over 4 m in RC-215

Mineralization in the main Kao deposit now extends over 1,500 metres in a northeast-southwest direction and at least 900 metres down-dip to the east. The recent drilling to the south has extended the mineralized zone by about 100 metres. The Kao deposit is remains open in all directions.

Drilling to the north and north-east of the main deposit was widely spaced, and was more reconnaissance in nature. A newly defined zone of mineralization occurs some 500 metres east of the northern extent of the main Kao deposit as presently understood. Several of the holes within this 300 metre by 300 metre area returned shallow intersections of material in excess of the presently projected cut-off grade for oxide material. Further drilling will be completed to expand and define this new zone.

“We are very pleased with the discovery of the new mineralized zone as the size of the Kao deposit continues to grow”, commented Dwayne L. Melrose, President and CEO of Riverstone. “We have not yet found the limits of the Kao deposit and there is very good potential to expand the mineralization to the north as the gold in soil anomaly extends 4 kilometres further to the north. We expect to have these results reflected in the upcoming resource update, slated to be available for released this quarter.”

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. The Company’s flagship project is the 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 Company's 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 completed in excess of an additional 85,000 metres of drilling on the Karma Project, and it is expected that the results of this drilling will add to the overall resource of the Karma Project deposits for which a new resource estimate is expected to be released this quarter. The results of a Preliminary Economic Assessment have recently been released (see Company news release dated August 20, 2012 and NI 43-101 Technical Report titled, “Preliminary Economic Assessment Report for the Karma Project, Burkina Faso, West Africa”, with an effective date of August 2, 2012, filed on SEDAR (www.sedar.com) September 17, 2012), highlighting the Karma Project to be a robust project.

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.

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.

ON BEHALF OF THE BOARD
“Dwayne L. Melrose”
---------------------------------------
Dwayne L. Melrose, President & CEO

For further information contact:
Vancouver Office:
Dwayne L. Melrose 604-801-5020 Don Mosher, Corporate Development 604-685-6465
Email: info@riverstoneresources.com Raju Wani, Investor Relations 403-240-0555
Ron Cooper, Investor Relations 604-986-0112

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.

Paul G. Anderson, M.Sc., P. Geo., the Company’s Vice-President, Exploration, is the Company’s Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the technical 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, the assumptions set forth in this news release and in the Company's news releases of January 9, 2012, August 20, 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.


Contacts

  •  
  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
  •  
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Posted 2012-10-01 08:12:00