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Jan. 6, 2010 (Baystreet.ca) --
With thoughts of gold on the minds of most Canadians -- what with the Vancouver Winter Games only weeks away -- it is only fitting that our first company focus of 2010 should be on one of the competitors in the gold field. Appropriately, Vancouver-based Riverside Resources Inc. (TSX-Venture:RRI) announced exciting news soon after the New Year's champagne corks popped, news aimed at cutting through the gloom of an otherwise typical gray, cold Canadian winter.
RRI told potential investors it had acquired the Tajitos Gold Project in Sonora, Mexico. Riverside's Sonora-based technical team identified and acquired the greater than 58-square-kilometre Tajitos project by combining the Company's Mexico Database, local geologic knowledge, historic production data, and extensive personal networks.
The potential for this mine must have gold industry watchers licking their chops. Previous mining produced an estimated 50,000 ounces of high-grade gold from veins by producing more than 200,000 tons of ore. Recent drilling by rival Penmont Mining Company intersected gold quartz veins and found mineralization extending beyond the veins into the wall rock zones on ground now optioned by Riverside from a private claim owner.
RRI operates under a joint-venture, shared-risk business model that capitalizes on the company's in-house technical knowledge and its vast experience in the field. By strategically acquiring early-stage projects with significant potential, the company has been successful at developing a diversified mineral property portfolio in Mexico and the U.S. The Company has optioned three of its gold properties in Mexico and is operating an exploration alliance with Kinross Gold Corporation (TSX:K).
Among those American holdings is the Sugarloaf Peak Gold project in Arizona, where, in the last week of December, RRI announced it had completed drilling and gotten assay results from all five holes. Drilling targeted the southern portion of the four-square-kilometre surface gold anomaly and was not focused on duplicating previous work by twinning historic drill holes. Drilling identified continuous mineralization in all five holes, confirming the presence of an extensive mineralized body to a depth greater than more than double the depth of that previously recorded in historic gold assay drill data.
The stock price felt around for the bruises in the early portion of 2009, when it experienced a gully of 29 cents in late January. The stock has been on the march ever since, cresting at 77 cents just before New Year's Eve, before settling back to about 70 cents in the early days of 2010. Small cap investors who look on this stock within the next few weeks could soon find themselves "golden".