VANCOUVER, May 30, 2011 /PRNewswire/ - Riva Gold Corporation (TSX-V: RIV) ("Riva" or "the Company") provides an update on exploration activities at its Honey Camp and Nine Mile properties in Guyana.
"We continue to focus our exploration efforts on our Honey Camp and Nine Mile Properties, with a concentration on the Honey Camp Property." said Richard Warke, Riva's chairman and CEO. "With the successful dewatering of the open pit at Nine Mile and as our efforts have progressed at Honey Camp, the Properties are beginning to more clearly demonstrate their potential. However, as we have stated previously, we will take a staged approach toward our exploration programs on both these Properties, whereby each step is subject to the results of previous steps. We are eager to receive assay results from the lab and trust that they will provide them in an as expeditious manner as possible."
Honey Camp
Exploration efforts at the Honey Camp Property have been focused on examining five of the historical vein systems (Rainbow, Alma, Sobers Hill, Brian & Brenda and Camp Vein zones) by mapping, trenching, and drilling. These areas of historic vein exposures are all hosted in sheared, quartz-carbonate alteration zones, cross-cutting lavas and tuffs. This setting has been investigated by 19 trenches.
Three of the historical vein systems on the Honey Camp Property (Rainbow, Alma and Camp Vein zones) were examined by diamond drilling. There were 16 diamond drill holes totalling 2,886 metres completed (of which two holes were abandoned due to poor ground conditions).
The majority of Honey Camp trench sample assays are currently pending due to a large back log at the preparation lab in Guyana. The Company has been informed by the lab to expect variable delays in receiving assay results until additional equipment arrives which will increase the preparation lab's capacity.
In addition to the trench samples, the Company is currently awaiting the assay results from diamond drilling on Honey Camp which will form the basis for the next steps in the Company's exploration program. These results are expected to be received over the course of the next month.
Further to the historical vein systems which were the original targets, reconnaissance mapping, grab sampling and five trenches have tested new targets identified from the airborne geophysical survey. Some of these targets consist of wide alteration zones and quartz veining, adjacent to artisanal workings. Assay results from these samples also remain pending at this time.
All of the samples from the work on the Honey Camp property were delivered to the preparation lab of Acme Analytical Laboratories Ltd. ("Acme Labs") in Georgetown, Guyana. QA/QC procedures entailing at least one prepared standard sample, one duplicate and a blank per 32 samples submitted. The prepared pulps for fire assay were shipped to Acme Labs' facilities either in Vancouver, Canada or Santiago, Chilewhere a standard fire assay with AA finish is completed on 30 grams of prepared pulp. Samples analysing over 3.0 grams per tonne are re-run using 30g standard fire assay with a gravimetric finish. All three of these Acme Labs facilities are registered under ISO 9001.
Nine Mile
Riva focused its initial exploration efforts in the immediate vicinity of the historic dewatered open pit at Nine Mile, which presented the most advanced target within the Nine Mile and Honey Camp property package. The Company has completed thirteen HQ/NQ diamond drill holes (two of which were abandoned) totalling 2,243 metres adjacent to the pit, and also performed mapping, grab and channel sampling.
Drilling focused on the Nine Mile open pit where a prominent east-west structure crosses a series of granite dykes. Five styles of mineralization were identified and each style of mineralization is defined by a characteristic quartz vein orientation. The quartz vein orientations are:
| (a) | sub-horizontal, high-grade quartz vein (from which historical mining has
a recorded production of 71,113 ounces from 1987 to 2000); |
| (b) | a 210 metre long east-west quartz vein system coincident with a
prominent geophysical anomaly that spans the property. |
| (c) | northeast-southwest quartz veins; |
| (d) | northwest-southeast quartz veins; and, |
| (e) | 2 to 3 millimetre irregular stockwork style mineralization. |
Positive assay intersections from diamond drilling are generally narrow and widely spaced except for the sub-horizontal veins. The sub-horizontal quartz vein system (a) and its alteration zone were intersected by four drill holes. The best intersections were from DDH 9M-11-01 and 9M-11-09 with weighted assay values of 2.73 g/t gold over 11.3 metres and 1.47 g/t gold over 10.0 metres, respectively. The direction of the mineralized chute intersected by these drill holes was initially interpreted to be south-southeast but now appears to be more easterly.
The 210 metre long east-west quartz vein system (b) cross-cuts all rock types. Weighted assay values are 0.79 g/t gold over 10.2 metres including 5.94 g/t gold over 1.0 metre. The northeast-southwest (c) and northwest-southeast (d) vein systems occur most frequently adjacent to the east-west vein system. These veins assayed from 1.66 g/t gold over 1.4 metres to 5.51 g/t gold over 1.5 metres. The narrow quartz stockwork veins and adjacent en echelon veins (e) were not intersected by diamond drilling. Channel sample results are pending.
All of the samples from Nine Mile were delivered to the preparation lab of Activation Laboratories Ltd. ("Act Labs") in Georgetown, Guyana. QA/QC procedures entailing at least one prepared standard sample, one duplicate and a blank per 32 samples submitted. The prepared pulps for fire assay were shipped to Act Labs' facility in Tumeremo, Venezuelawhere a standard fire assay with AA finish is completed on 30 grams of prepared pulp. Samples with greater than 3.0 grams per tonne are re-assayed by fire assay using a 30g sample and a gravimetric finish.
The Company has determined that Nine Mile requires more detailed work to follow the mineralization to the west and east of the open pit in order to identify possible drill targets along strike and on geophysical targets.
Review by Qualified Person, Quality Control and Reports
All technical information discussed in this press release has been
reviewed, verified and compiled by Hendrik Veldhuyzen, P.Geo., a
qualified person as defined by National Instrument 43-101 of the
Canadian Securities Administrators (NI 43-101). Mr. Veldhuyzen is a
consulting geologist retained by the Company. He is a member of APEGBC
and OGQ and has a B.Sc. and M.Sc. in geology.
About Riva
Riva is a Canadian mineral exploration company focusing on opportunities
in Guyana and controls a total of 125,799 acres of land which includes
the newly acquired and prospective Nine Mile and Honey Camp Properties.
Guyana's under-explored and under-developed mining sector represents a
unique opportunity for Riva to identify and develop new gold
discoveries. Riva trades on the TSX Venture Exchange under the symbol
"RIV".
FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include, but are not limited to, statements or information
with respect to: the exploration and development of the mineral
properties being acquired by the Company; the Company's future business
and strategies; and expectations regarding the ability of the Company
to close the acquisition.
Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, that no significant adverse changes will occur to our planned exploration expenditures, that there will be no significant delays of the completion of our planned exploration programs; as to the continuing availability of capital resources to fund our exploration programs; and that the Company will not experience any adverse legislative or regulatory changes. Although our management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that any forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks, uncertainties and other factors include, among other things: general economic, market and business conditions; land use rights; adverse industry events; the ability of the Company to acquire additional mineral properties of merit; seasonality and weather conditions; and currency fluctuations.
Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update any forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information herein are qualified by this cautionary statement.
Riva Gold Corporation
On behalf of the Board of Directors for Riva:
Richard Warke, Chairman and Chief Executive Officer
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.
SOURCE Riva Gold Corporation
