Riverstone Dramatically Expands Goulagou I Deposit at Karma
Riverstone Resources Inc. (TSX-V: RVS)
is pleased to announce that an interpretation of the results from the recently completed drill program
on the Goulagou I gold deposit has significantly increased the size of the mineralized footprint. Based
on the recently completed Reverse Circulation (RC) drill program, the deposit is now in excess of 1.7
kilometres long and reaches a width of at least 300 metres over the western 900 metres of the zone. The
zone remains open to the west and to depth. The Company is currently updating the gold resource estimate
on this zone and on the other three deposits which comprise the Karma resource, and anticipates
completing a new resource estimate by the end of this year. The Karma project currently comprises a NI
43-101 compliant gold resource of 820,500 ounces of gold in the indicated category and 322,300 ounces of
gold in the inferred category in the Rambo Main, Kao, Goulagou I and Goulagou II deposits.
The
attached maps illustrate how the Goulagou I deposit has expanded in comparison to Goulagou II, which
lies approximately 2 kilometres to the southeast. Goulagou II is in excess of 2.0 kilometres long and
hosts a NI 43-101 compliant gold resource of 390,500 ounces of gold in the indicated category and 48,600
ounces of gold in the inferred category. Recent RC drilling has extended this zone a further 150 metres
to the west.
Map 1 (see link: http://www.riverstoneresources.com/i/misc/NR100504_GG1.jpg) illustrates
the NI 43-101 compliant gold resource of 140,400 ounces of gold in the inferred category as calculated
in 2009, within a 1.3 kilometre long deposit. This resource was placed in the inferred category because
the majority of the drilling up to 2009 had been widely spaced, often on 200 metre wide lines.
Map 2
(see link: http://www.riverstoneresources.com/i/maps/101018-100504-GG1-Cartoon.jpg) illustrates the new
interpretation of the gold zones at Goulagou I, and it is evident that the footprint of Goulagou I is
now larger than Goulagou II. The long linear gold zone in the east becomes a series of very wide zones
west of an interpreted fault. All gold zones are open, especially to the west and at depth. The deposit
has been drilled to an average vertical depth of 100 metres, at which point the deep oxide zone has
transitioned into fresh rock.
In addition, a newly discovered zone is present 200 metres south of
GGI (see News Release dated October 6, 2010:
http://www.riverstoneresources.com/s/NewsReleases.asp?ReportID=422198&_Type=News-Releases&_Title=Riverstone-Intersects-15.0-gt-Gold-Over-6-Metres-in-New-Discovery-at-Goulag...)
which assayed 15.17 g/t gold over 6 metres. This raises the possibility that more zones may be present
in the 2 kilometres between the Goulagou I and Goulagou II deposits.
The Company has just begun a new
a 25,000 metre drill program on Karma which will consist of at least 15,000 metres of Reverse
Circulation (RC) and 10,000 metres of diamond drilling. The bulk of the RC drilling will be infill lines
at Goulagou I in an effort to both expand the resource and to move it into the Indicated category. The
Goulagou property is subject to an Option to Purchase agreement with Golden Star Resources Ltd. The
majority of the diamond drilling will be carried out at the Company’s prospective Nami gold zone.
Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the
company holds an extensive portfolio of six high quality exploration projects covering 2,300 square
kilometres. For further information about the company and its activities, please refer to the company’s
website at www.riverstoneresources.com and under the Company’s profile at www.sedar.com.
ON BEHALF OF
THE BOARD
“Michael D. McInnis”
______________________________________
Michael D. McInnis, P. Eng.,
President & CEO
For further information contact:
Vancouver Office:
Michael D. McInnis,
President 604-801-5020 Raju Wani, Investor Relations 403-240-0555
Email: info@riverstoneresources.com
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, P. Geo. is a 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 the Ontario Securities Act. Forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation, 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, title matters and surface
access, labour disputes, the potential for delays in exploration activities, the potential for
unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain
adequate financing on a timely basis and other risks and uncertainties, including those described under
Risk Factors in each management discussion and analysis. In addition, 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.
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