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By: AllPennyStocks.com
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”.
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