VANCOUVER, May 30, 2011 /CNW/ - Riva Gold Corporation (TSX-V: RIV) ("Riva" or "the Company") provides an update on exploration activities
at its Honey Camp and Nine Mile properties in Guyana.
"We continue to focus our exploration efforts on our Honey Camp and Nine
Mile Properties, with a concentration on the Honey Camp Property." said
Richard Warke, Riva's chairman and CEO. "With the successful dewatering
of the open pit at Nine Mile and as our efforts have progressed at
Honey Camp, the Properties are beginning to more clearly demonstrate
their potential. However, as we have stated previously, we will take a
staged approach toward our exploration programs on both these
Properties, whereby each step is subject to the results of previous
steps. We are eager to receive assay results from the lab and trust
that they will provide them in an as expeditious manner as possible."
Exploration efforts at the Honey Camp Property have been focused on
examining five of the historical vein systems (Rainbow, Alma, Sobers
Hill, Brian & Brenda and Camp Vein zones) by mapping, trenching, and
drilling. These areas of historic vein exposures are all hosted in
sheared, quartz-carbonate alteration zones, cross-cutting lavas and
tuffs. This setting has been investigated by 19 trenches.
Three of the historical vein systems on the Honey Camp Property
(Rainbow, Alma and Camp Vein zones) were examined by diamond drilling.
There were 16 diamond drill holes totalling 2,886 metres completed (of
which two holes were abandoned due to poor ground conditions).
The majority of Honey Camp trench sample assays are currently pending
due to a large back log at the preparation lab in Guyana. The Company
has been informed by the lab to expect variable delays in receiving
assay results until additional equipment arrives which will increase
the preparation lab's capacity.
In addition to the trench samples, the Company is currently awaiting the
assay results from diamond drilling on Honey Camp which will form the
basis for the next steps in the Company's exploration program. These
results are expected to be received over the course of the next month.
Further to the historical vein systems which were the original targets,
reconnaissance mapping, grab sampling and five trenches have tested new
targets identified from the airborne geophysical survey. Some of these
targets consist of wide alteration zones and quartz veining, adjacent
to artisanal workings. Assay results from these samples also remain
pending at this time.
All of the samples from the work on the Honey Camp property were
delivered to the preparation lab of Acme Analytical Laboratories Ltd.
("Acme Labs") in Georgetown, Guyana. QA/QC procedures entailing at
least one prepared standard sample, one duplicate and a blank per 32
samples submitted. The prepared pulps for fire assay were shipped to
Acme Labs' facilities either in Vancouver, Canada or Santiago, Chile
where a standard fire assay with AA finish is completed on 30 grams of
prepared pulp. Samples analysing over 3.0 grams per tonne are re-run
using 30g standard fire assay with a gravimetric finish. All three of
these Acme Labs facilities are registered under ISO 9001.
Riva focused its initial exploration efforts in the immediate vicinity
of the historic dewatered open pit at Nine Mile, which presented the
most advanced target within the Nine Mile and Honey Camp property
package. The Company has completed thirteen HQ/NQ diamond drill holes
(two of which were abandoned) totalling 2,243 metres adjacent to the
pit, and also performed mapping, grab and channel sampling.
Drilling focused on the Nine Mile open pit where a prominent east-west
structure crosses a series of granite dykes. Five styles of
mineralization were identified and each style of mineralization is
defined by a characteristic quartz vein orientation. The quartz vein
sub-horizontal, high-grade quartz vein (from which historical mining has
a recorded production of 71,113 ounces from 1987 to 2000);
a 210 metre long east-west quartz vein system coincident with a
prominent geophysical anomaly that
spans the property.
northeast-southwest quartz veins;
northwest-southeast quartz veins; and,
2 to 3 millimetre irregular stockwork style mineralization.
Positive assay intersections from diamond drilling are generally narrow
and widely spaced except for the sub-horizontal veins. The
sub-horizontal quartz vein system (a) and its alteration zone were
intersected by four drill holes. The best intersections were from DDH
9M-11-01 and 9M-11-09 with weighted assay values of 2.73 g/t gold over
11.3 metres and 1.47 g/t gold over 10.0 metres, respectively. The
direction of the mineralized chute intersected by these drill holes was
initially interpreted to be south-southeast but now appears to be more
The 210 metre long east-west quartz vein system (b) cross-cuts all rock
types. Weighted assay values are 0.79 g/t gold over 10.2 metres
including 5.94 g/t gold over 1.0 metre. The northeast-southwest (c)
and northwest-southeast (d) vein systems occur most frequently adjacent
to the east-west vein system. These veins assayed from 1.66 g/t gold
over 1.4 metres to 5.51 g/t gold over 1.5 metres. The narrow quartz
stockwork veins and adjacent en echelon veins (e) were not intersected
by diamond drilling. Channel sample results are pending.
All of the samples from Nine Mile were delivered to the preparation lab
of Activation Laboratories Ltd. ("Act Labs") in Georgetown, Guyana.
QA/QC procedures entailing at least one prepared standard sample, one
duplicate and a blank per 32 samples submitted. The prepared pulps for
fire assay were shipped to Act Labs' facility in Tumeremo, Venezuela
where a standard fire assay with AA finish is completed on 30 grams of
prepared pulp. Samples with greater than 3.0 grams per tonne are
re-assayed by fire assay using a 30g sample and a gravimetric finish.
The Company has determined that Nine Mile requires more detailed work to
follow the mineralization to the west and east of the open pit in order
to identify possible drill targets along strike and on geophysical
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 (NI 43-101). 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
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
For further information:
please visit www.rivagoldcorp.com or contact:
Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications
Tel: +1 416 860 6310