After having acquired the Oakes and Longrose projects last summer, Riverside Resources (RRI.V) has now added a third Canadian project to its asset portfolio. The Pichette gold project is located approximately 60 kilometers west of Geraldton, Ontario and covers a part of the local Beardmore-Geraldton Greenstone Belt which has produced in excess of 4 million ounces of gold and currently hosts the 4.3 million ounce Hardrock gold project owned by Premier Gold Mines (PG.TO) and Centerra Gold (CG.TO) which will be the subject of a new economic study slated for completion in 2020.
Riverside has completed some preliminary work this summer (including mapping and sampling while the company also reviewed old workings and core samples from a 1983 drill program) to help getting a better understanding of the structures that control the gold mineralization. According to Riverside, it’s initial exploration program has indicated ‘similar structures and host rocks to those found at Geraldton might be present at Pichette’ and although historical drilling has predominantly been focusing on the contacts between the meta-volcanics and meta-sediments, Riverside has expanded the geological interpretation to include shear zones, isoclinal folds and other ‘favorable geologic units’ which could host gold mineralization.
Pichette hosts two major trends: an east-west trend with large shears and a second trend in a northnortheast-southsouthwest direction which contains smaller cross-cutting faults.
Now Riverside has acquired the project, it will probably start developing additional exploration programs to develop what it describes as ‘shallow drill-ready gold targets’ at Pichette.
Disclosure: The author has a long position in Riverside Resources. Riverside is a sponsor of the website.