Riverside Resources (RRI.V) now no longer is a purely Mexico focused prospect and project generator as the company has now staked its first claims in Canada. Riverside called its new project the Oakes Gold Project, and the claims are located in northwestern Ontario in the Geraldton region. Although the Geraldton region may not immediately ring a bell, there are some past producing mines in the area (including the MacLeod-Cockshutt mine which produced approximately 1.5 million ounces of gold) and the attention was recently drawn to the area when Premier Gold Mines (PG.TO) announced a joint venture with Centerra Gold (CG.TO) to jointly develop the so-called Greenstone gold project which currently contains 1.41 million ounces gold (at 2.15 g/t) in the measured and indicated categories and an additional 1.36 million ounces of gold at 3.09 g/t in the inferred resource category.
The majority of those ounces (1.08Moz in the M&I resource categories and 1.27Moz in the inferred resource categories) at the Greenstone gold project are classified as ‘underground’ ounces. Surprisingly, Riverside’s initial exploration program at Oakes was (obviously) focusing on soil sampling, and the initial assay results taken from an area that was subject to a trenching program in 2010 returned high-grade gold values (up to 19.7 g/t gold). Definitely interesting enough to follow up on as although it’s still very early days, we would imagine the Greenstone joint venture between Premier and Centerra would be interested in potential (open pit) satellite deposits that could add value to the Greenstone project.
We will soon have a more in-depth look at the Oakes gold project and Riverside’s ventures into Canada.