VANCOUVER, March 3 /PRNewswire/ - Riva Gold Corporation (TSX-V: RIV) ("Riva" or "the Company") announces that it has commenced a diamond drill program on its Nine Mile Property ("Nine Mile"), a trenching/mapping program on its Honey Camp Property ("Honey Camp") and airborne geophysics on both its Nine Mile and Honey Camp Properties (together the "Properties") located in Guyana.
"We are excited about initiating an extensive exploration program at our Nine Mile and Honey Camp Properties," said Richard Warke, Riva's chairman and CEO. "We will be focusing our exploration efforts on these Properties as we believe that they demonstrate high grade potential. We will take a staged approach toward our exploration programs on these Properties, whereby each step is subject to the results of previous steps."
Nine Mile Diamond Drill Program
Diamond drilling has begun at Nine Mile with one drill rig on site. The initial drill program consists of ten to fourteen drill holes targeting the area of the historic open pit mine. Drilling will be focused on investigating multiple veining in at least four vein orientations recognized from mapping of the upper pit walls.
The historic open pit is currently being drained of water to map and sample the pit walls and in order to provide future drill locations. The water level in the pit has been lowered by six metres after one month of continuous pumping and it is estimated that the old mining face will be exposed after one more month of pumping allowing access to the main ore zone, which was mined by the Pereira family.
Surface sampling and mapping continues in the area surrounding the historic pit to determine vein orientations and frequency of veining in order to develop additional drill targets. Assay results from grab samples taken from quartz vein orientations previously mined by the Pereira family are demonstrating high grades, ranging from 2.20 grams per tonne gold to 41.99 grams per tonne gold, with ten assays averaging 14.80 grams per tonne gold. Samples taken from other quartz vein orientations so far have assayed 2.09 grams per tonne gold or less. Other samples have assayed positive for gold with no observable quartz veining. The samples were delivered to the preparation lab of Activation Laboratories Ltd. ("Act Labs") in Georgetown, Guyana. The prepared pulps for fire assay were shipped to Act Labs' facility in Tumeremo, Venezuela where a standard fire assay with AA finish was completed on 30 grams of prepared pulp.
Personnel and equipment including the diamond drill, bulldozer and excavator have been mobilized from Georgetown over the last month to the existing 100 person mine camp at Nine Mile. The camp will serve as the base of exploration operations for the Nine Mile and Honey Camp exploration programs and has been rehabilitated over the last month.
Riva expects to conclude shortly an agreement for a reverse circulation drill to work on the Properties. The drill is planned to be on site and commence in April and will augment the current diamond drill program.
Honey Camp Trenching/Mapping Program
Exploration mapping and sampling is now underway at Honey Camp. Trenching has begun using the hydraulic excavator to dig exposures across known quartz veins. Crews are mapping and sampling the trenches as well as carrying out wide ranging prospecting based on artisanal mining, previous government reports, and known prospective geology and structures. The Company expects this work will rapidly identify drill targets at Honey Camp
Airborne Geophysics Program
Approval was granted in late February by the Government of Guyana for an airborne magnetic and radiometric geophysics program over the Properties. The survey was completed on February 27, 2010 and the data collected will be interpreted and is expected to form an important addition to the geological framework being developed on the Properties.
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. 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.
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".
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