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Shallow, High-Grade Gold Mineralisation Intersected at Barimaia Gold Project
Key Points:
- Significant results received from the second phase of shallow Reverse Circulation (RC) drilling at the McNabs East Prospect at the Barimaia Gold Project in Western Australia, including:
- 2Gm @ 2.52g/t Au from 81m 24BARC083
- Including 1m @ 47.5g/t Au from 107m (visible gold present)
- 4m @ G.62g/t Au from 5Gm 24BARC102
- Including 1m @ 32.7g/t Au from 60m
- 25m @ 1.50g/t Au from 56m 24BARC087
- 5m @ 4.61g/t Au from 61m 24BARC104
- Including 1m @ 1G.6g/t Au from 64m
- 16m @ 1.23g/t Au from 5m 24BARC103
- 15m @ 1.24g/t Au from 30m 24BARC07G
- 2m @ 6.62g/t Au from 42m 24BARC0G7
- 7m @ 1.6Gg/t Au from 73m 24BARC07G
- 2Gm @ 2.52g/t Au from 81m 24BARC083
- Extensive zone of gold mineralisation now defined at McNabs East at shallow depths (typically <80m vertical) over a strike length of +1,000m and remains open along strike and untested at depth.
- The recent shallow drilling at McNabs East was completed on ~100m-spaced sections to continue the first-pass test of the Barimaia felsic intrusion.
- Primary mineralisation in the McNabs East area is associated with an interpreted granodiorite intrusion, strongly supporting the potential for Eridanus-style deposits at Barimaia.
- Diamond drilling planned for November to obtain structural and lithological data at McNabs East, which will be followed by extensional and in-fill RC drilling in the March 2025 Ǫuarter.
The RC drilling program was completed in September and October 2024 as the second phase of a larger, ongoing program to systematically test at shallow depths (typically < 80m vertical) the currently defined 2.5km strike extent of gold mineralisation at Barimaia.
Results from the program continue to confirm shallow, open pit potential, with coherent zones of gold mineralisation starting to be defined within an extensive gold system that remains untested at depth and remains open along strike.
Drilling completed on section 585,640E (see Figures 1 and 2) returned significant high-grade gold mineralisation in 24BARC083 (2Gm @ 2.52g/t Au from 81m) to the end of the hole (EOH) at 110m.
Visible gold was panned in the interval from 107m to 108m, which returned an intercept of 1m @ 47.5g/t Au.
Strong gold mineralisation was also returned from 24BARC087 (25m @ 1.50g/t Au from 56m) on section 585,550E (see Figures 1 and 3), adjacent to where a robust zone of gold mineralisation was intersected in drilling completed in August 2024 in 24BARC056 (21m @ 1.60g/t Au from 62m) and 24BARC057 (36m @ 0.85g/t Au from 50m). This interpreted flat-lying zone of gold mineralisation is over 80m wide on section.
Drilling completed on the eastern limit of the Phase 2 program on section 586,300E (see Figures 1 and 5) returned high-grade gold mineralisation in two separate zones, including 4m @ G.62g/t Au from 5Gm in 24BARC102 including 1m @ 32.7g/t Au from 60m; and 5m @ 4.61g/t Au from 61m in 24BARC104 including 1m @ 1G.6g/t Au from 64m. Importantly, no RC drilling has been completed east of this line along the interpreted strike of the mineralisation.
Management Comment
Commenting on the results, Ordell’s Managing Director, Michael Fowler, said:
“Our second drill program at Barimaia has delivered some great results, with wide zones of shallow gold mineralisation intersected within the targeted felsic intrusion host rock. Importantly, a number of high- grade gold results were returned from the program which are open at depth and along strike.
“This shows the potential of the mineralised system, which is beginning to take shape, pointing to significant future growth opportunities as our drilling programs advance.
“We have now completed over 5,000m since we listed on the ASX in July, with the results from this drilling showing clear potential for shallow open pits at Barimaia.
“Our next step is to complete a diamond drilling program in November to help confirm the orientation, lithologies and geometry of the significant mineralisation centred on section 585,550E. This drilling will be followed up by further extensional and in-fill drilling in the coming months.”
Figure 1. Results from RC drilling at the McNabs East Prospect at Barimaia. September to October 2024 intercepts are highlighted in dark yellow boxes. The location of section lines for Figures 2 to 5 are shown in blue.
Ordell’s exploration at Barimaia is targeting new discoveries of a similar style to the Eridanus deposit, which forms part of Ramelius Resources’ (ASX: RMS) Mount Magnet gold mining operations (Figure 6).
Eridanus lies approximately 6km north-west of Barimaia and hosts a current Mineral Resource Estimate of 21Mt @ 1.7g/t Au for 1,200,000oz of contained gold1, with an additional +300,000 ounces of gold already mined from the open pit.
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Riverside Resources
Investor Insight
Despite its extensive portfolio and numerous exploration successes, Riverside Resources remains significantly undervalued compared to its peers. With a market capitalization of approximately C$10 million and no debt, the company offers a compelling investment opportunity for those looking to gain exposure to the mining sector.
Overview
Riverside Resources (TSXV:RRI) is a Vancouver-based exploration and project generation company focused on precious and base metals, with a unique business model designed to minimize financial risk while maximizing exploration opportunities.
Founded in 2007, the company has established a strong portfolio of properties across North America, particularly in Canada and Mexico. With more than 17 years in the industry, Riverside Resources leverages its "Data First" strategy, which uses data analytics and historical mining information to identify and acquire high-potential mineral properties. This methodical approach is complemented by a business model that relies heavily on joint ventures and partnerships, allowing the company to explore multiple projects simultaneously with minimal shareholder dilution. Riverside Resources has successfully advanced over 80 projects using more than $85 million in partner-funded exploration, showcasing its expertise in exploration and project development.
One of Riverside's key strengths is its diversified portfolio, which spans different geographies and commodities, including gold, silver, copper and rare earth elements (REE). The company's projects are located in Ontario and British Columbia in Canada, and across Mexico, focusing on areas with known mineralization and existing infrastructure. Riverside is well-capitalized, with over $5 million in cash on hand, no debt, and a well-established royalty portfolio. This strong financial position allows the company to continue exploring new opportunities while reducing operational risks.
Riverside has a proven track record of creating value for its shareholders through spin-outs and royalty transactions, having completed seven such deals since its inception. The company continues to seek out new opportunities for joint ventures, partnerships and royalty agreements, which will help to unlock further value from its portfolio. With several key exploration programs underway in 2024, Riverside is poised for a breakout year.
Company Highlights
- Riverside Resources has successfully advanced over 80 exploration projects using more than $85 million in partner-funded exploration.
- Riverside’s Ontario gold projects are strategically located near Equinox Gold’s Greenstone Mine, offering significant potential for future development or acquisition.
- The Cecilia gold-silver project in Sonora, Mexico, is advancing through a partner-funded drilling program with Fortuna Silver Mines, offering significant discovery potential.
- With over C$5 million in cash and no debt, Riverside Resources is financially strong, ensuring sustained exploration activity.
- The company has completed seven successful spinouts and royalty transactions over its 17 year history, creating substantial value for shareholders.
- The company’s business model minimizes financial risk by partnering with larger companies, enabling multiple simultaneous exploration projects.
Key Projects
Ontario Gold Projects
Riverside Resources operates its Ontario-based gold projects through its wholly-owned subsidiary, Blue Jay Resources. These projects are located in the Western Abitibi region, one of Canada's most prolific gold-producing areas. The company's assets are situated near Equinox Gold's Greenstone gold mine, one of the country's largest open-pit gold mines. This strategic location provides significant potential for future development or acquisition, as the Greenstone mine is expected to produce more than 390,000 ounces of gold annually for the first five years of its 15+-year mine life. As this mine nears the end of its life, Riverside's nearby properties could provide valuable ore, potentially making them attractive targets for acquisition by Equinox or other major players in the region.
The Ontario portfolio includes three significant gold assets: the Pichette, Oakes and Duc projects. The Pichette project, located near the Greenstone gold mine, has similar geological units and structures to the Hardrock deposit at Geraldton, one of the most significant gold deposits in the region. Pichette has already seen historical drilling that intercepted gold mineralization, with additional targets identified through recent drone magnetics surveys and field prospecting.
The Oakes gold project lies in the Archean Greenstone Belt of the eastern Wabigoon terrane that hosts several large-scale gold deposits. The project has yielded promising results from recent drilling, with gold assays up to 8 grams per tonne (g/t) and surface samples showing greater than 30 g/t gold. This project also benefits from significant past exploration, with over $5 million invested to date.
The Duc gold and critical metals project rounds out Riverside's Ontario portfolio. Situated in a highly prospective area which has been previously explored for nickel and PGM’s, this project has excellent infrastructure, with road access from the Trans-Canada Highway and proximity to past-producing mines. The Duc project offers both gold and critical metals potential, making it a valuable asset in Riverside's growing portfolio.
Mexico Gold and Silver Projects
Riverside Resources also has a strong presence in Mexico, particularly in the state of Sonora, where it operates several gold and silver projects. The Cecilia project is a district-scale gold and silver low-sulfidation epithermal system, located near the town of Agua Prieta. This project is one of Riverside's flagship assets, featuring over 60 square kilometers of exploration territory with multiple high-priority targets. Riverside has partnered with Fortuna Silver Mines to advance exploration at Cecilia, with a drilling campaign which began in the fall of 2024. Fortuna's option agreement with Riverside includes a significant work commitment, with planned expenditures of $3.75 million to earn a 51 percent interest in the project, and the potential to earn up to 80 percent by spending $6 million. This partnership represents a significant catalyst for Riverside, as a major discovery at Cecilia could add further value to the company’s shareholders.
The Union project, also in Sonora, is another promising gold and silver asset. Situated in close proximity to several major mines, including Noche Buena, La Herradura and Cerro Colorado, the Union project has already yielded high-grade rock chip samples, with results as high as 59.8 g/t gold and 833 g/t silver. Historical production from the area averaged between 7 and 20 g/t gold and 300 g/t silver, highlighting the project's potential for future exploration success. Riverside continues to explore joint-venture and partnership opportunities to advance this project, making it a key component of the company's Mexican portfolio.
Rare Earth Element and Copper Projects
In addition to its gold and silver assets, Riverside Resources has expanded into rare earth elements (REE) and copper exploration. The company holds several REE projects in British Columbia, Canada, including the Revel and Taft projects, both of which are located in highly prospective carbonatite belts. These projects are part of Canada's Critical Minerals Strategy, which aims to secure the supply of minerals essential to the country's energy transition. REEs are crucial for the production of renewable energy technologies, such as wind turbines and solar panels, as well as advanced batteries and semiconductors. Riverside's exploration programs at Revel and Taft are ongoing, with results expected in the near future.
Riverside is also pursuing copper exploration in Mexico, with the Ariel copper-gold project being one of the most promising assets. This project is located in a highly prospective porphyry copper district, within sight of Mexico's second-largest copper mine, La Caridad. The Ariel project spans over 16 square kilometers and is fully permitted for drilling, making it a turnkey exploration opportunity. Copper is a key metal in the global energy transition, with demand expected to rise significantly in the coming years due to its use in electric vehicles, renewable energy infrastructure, and power transmission.
Undervalued and Well-positioned for Growth
Riverside Resources remains significantly undervalued compared to its peers, given its extensive portfolio and exploration successes. With a market capitalization of approximately C$10 million and no debt, the company offers a compelling investment opportunity for those looking to gain exposure to the mining sector. Riverside's Project generator model, which minimizes financial risk by partnering with larger companies to fund exploration, provides shareholders with significant upside potential. The company's strong balance sheet, combined with its diversified portfolio of assets in stable mining jurisdictions, makes it well-positioned for future growth.
Board and Management
John-Mark Staude – President and CEO
John-Mark Staude holds a PhD in economic geology and has over 20 years of diverse mining and exploration experience in precious and base metals. He earned a Masters of Science from Harvard University in 1989 and a PhD in Economic Geology from the University of Arizona in 1995. Held positions at Kennecott, BHP-Billiton, and most recently Teck Cominco. His technical and managerial experience spans more than 30 countries in diverse geologic environments. John-Mark is also a director and chairman of Capitan Mining.
Freeman Smith – Vice President, Exploration
Freeman Smith has 18 years of experience in the minerals industry focused on generating and evaluating exploration properties primarily in the Americas. Freeman has worked primarily with prospect generators and worked in Mexico with the prospect generator (Oro Gold). Freeman brings experience in Latin America, Northern Canada and Ontario-Quebec (Integra).
Rob Scott – CFO
Rob Scott is an accomplished professional with more than 20 years of experience In accounting and corporate compliance, corporate finance, and merchant and commercial banking. He is a CPA, CA and a CFA charterholder and has spent the last 15 years as a senior officer and director of a number of issuers listed on the TSX Venture Exchange. In that time he has helped raise in excess of $200 million in equity and has gained extensive experience in initial public offerings, reverse takeovers, corporate restructuring and mergers, and acquisitions, as well as cost-effective management of operations.
Ben Connor – COO and Data Strategist
Ben Connor received an honors degree in geographic science from the University of Western Ontario, followed by an advanced diploma in Geographic Information Systems from the British Columbia Institute of Technology. Connor further developed his technical and managerial expertise at companies such as BHP Billiton and Golder Associates before joining Riverside as a consultant in 2007. Connor has kept Riverside at the forefront of technology and data compilation; and has played an integral role in assisting and advising senior management on asset acquisitions, strategic partnering and asset divestments that have contributed to the company’s overall success.
Cruz Paez – Chief Geoscientist
Cruz Paez has more than 17 years’ experience in exploration and mining geology in Mexico and has been involved with the discovery and delineation of several mineral deposits that were developed into operating mines. Paez held the position of vice-president of exploration for Azure Minerals and more recently exploration manager at Gold Candle.
Pinnacle Silver and Gold: District-Scale Silver-Gold Exploration and Development in the Americas
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
Company Highlights
- Pinnacle Silver and Gold is a Canada-based exploration and development company dedicated to building long-term shareholder value with its silver- and gold-focused assets in North and South America.
- The company has built an asset portfolio entirely within mining-friendly jurisdictions with clear legal requirements and regulations that provide confidence in the future of each project.
- Both the Argosy Gold Mine and North Birch Project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production.
- The company's expansion to Mexico, through a recent agreement, gives it access to the prolific and resource-rich Sierra Madre Trend and further diversifies its portfolio of high-grade assets.
- The company is led by an impressive management team with decades of experience managing mining companies that operate in the Americas.
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