Riverstone intersects 3.48 g/t Au over 12 m at Kao
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 24, 2012) – Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from 38 drill holes (28 diamond core ("DD") and 10 reverse circulation ("RC")) on the 100% owned Kao Deposit ("Kao"), 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 the Kao Deposit along strike to the north and down dip (see map on the Riverstone website for the location of the holes: http://www.riverstoneresources.com/i/maps/120723-120713_Kao_PortPlan.jpg).
Significant assay intervals in these drill holes include:
- 3.48 g/t Au over 12 m in DD-12-114
- 2.79 g/t Au over 8 m in DD-12-107
- 2.16 g/t Au over 12 m in DD-12-119
- 2.94 g/t Au over 12 m in DD-12-121
- 2.50 g/t Au over 8 m in DD-12-122
- 2.52 g/t Au over 10 m in DD-12-144
- 2.90 g/t Au over 12 m in DD-12-145
- 11.46 g/t Au over 4 m and 2.54 g/t Au over 6 m in 11-RC-254
- 2.56 g/t Au over 8 m and 1.45 g/t Au over 8 m in 11-RC-255
- 2.54 g/t Au over 6 m and 1.38 g/t Au over 16 m in 11-RC-256
- 1.76 g/t Au over 14 m in DD-12-109
- 1.57 g/t Au over 24 m in DD-12-151
Mineralization at Kao now extends over 1,400 metres northeast-southwest and at least 900 metres down-dip to the east. These latest drill holes demonstrate the presence of zones of above average grade in near surface oxide material, as well as numerous down dip intersections of above average grade material. This drilling has extended the known zone by at least 100 metres down dip on some sections. A large number of drill holes have been completed at Kao; assays are pending for this drilling and should be available for release in August 2012.
"We are very encouraged by these above average grade assays from drilling at Kao," commented Dwayne L. Melrose, President and CEO of Riverstone. "We still have not found the limits of the Kao Deposit. We continue to expand Kao along strike and down dip, and the results will be included in the upcoming resource estimate scheduled for release in September 2012. The Preliminary Economic Assessment currently being conducted for the Karma Project is progressing on schedule and is expected to be released in August 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)|
Notes: Interpreted true thicknesses for these intercepts are between 90 and 100 percent. Hole RC-249 did not contain any significant gold values.
The 100% owned Kao 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 January 9th, 2012 resource estimation, the Company has already completed an additional +85,000 metres of drilling on the Karma Project, including approximately 54,000 metres at Kao. It is expected that the results of this drilling will add to the overall resources of the Karma Project deposits.
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, (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.
ON BEHALF OF THE BOARD
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, 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 activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, 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.
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.
Riverstone Resources Inc. – Vancouver Office
Dwayne L. Melrose
President & CEO
Riverstone Resources Inc.
Riverstone Resources Inc.
Riverstone Resources Inc.