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The Karma Project

The Karma project is currently the most advanced of Riverstone's projects and comprises four contiguous permits - Goulagou, Rounga, Kao and Rambo - in the north-central region of Burkina Faso, approximately 100 km north-northwest of Ouagadougou.


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In May 2009 Wardrop Engineering, a division of Tetra Tech Inc., completed an initial independent resource estimate for the Karma Project with a combined indicated resource of 820,500 ounces of gold and a further inferred resource of 320,300 ounces of gold with additional gold exploration potential. The gold resources are shallow and near-surface with the bulk in oxide material above a depth of 100 metres.

The resources are located in four nearby deposits and future operations would envisage a centralized processing facility treating material from all nearby deposits. The deposits are open to expansion and there are also additional attractive gold targets close to the existing resources.


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The Goulagou Property

The Goulagou property was acquired in October of 2007 under an Option to Purchase agreement with Golden Star Resources Ltd. The Goulagou property consists of the Goulagou and Rounga permits which collectively comprise an area of 487 square kilometres.


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Riverstone's May 2009 independent resource estimate shows an indicated resource of 390,500 ounces of gold at a grade of 1.83 g/t in the GG2 deposit and a further 48,600 ounces of inferred resource at a grade of 1.10 g/t. On the nearby GG1 deposit there is an inferred resource of 140,400 ounces of gold at a grade of 0.63 g/t.

Historically, the property was explored by Channel Resources from 1994-1999 and St. Jude Resources in 2002-2005. Together, the two companies drilled 51,000 metres in 717 holes and initial gold resources were established at Goulagou. Golden Star Resources acquired the Goulagou property when it completed acquisition of St. Jude Resources in 2005. Riverstone has undertaken additional drilling at Goulagou and will undertake further drilling to further expand the resource and test new targets on the permits.


 
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Significant drill intersections on Goulagou are presented in the table below.


HOLE # FROM TO INTERVAL ASSAY
(metres) (metres) (metres) (g/t)
GLG-08-RC-001 42 44 2 6.02
GLG-08-RC-003 90 150 60 2.45
including 116 148 32 3.81
GLG-08-RC-004 38 48 10 3.62
GLG-08-RC-011 80 90 10 3.62
GLG-08-RC-013 64 90 26 3.34
GLG-08-RC-014 116 144 28 4.21
GLG-08-RC-015 102 138 36 1.18
including 102 110 8 2.25
and 124 130 6 2.95
GLG-08-RC-016 82 92 10 1.01
and 120 140 20 1.99
GLG-08-RC-019 2 52 50 2.24
including 8 24 16 3.88
GLG-08-RC-020 26 110 84 2.00
including 26 62 36 3.70
including 36 50 14 6.29
and 90 110 20 1.02
GLG-08-RC-025 142 150 8 3.14
GLG-08-RC-026 118 134 16 1.56
including 124 132 8 2.51
and 158 160 42 1.55
(hole stopped at 160 metres; last sample 1.19 g/t)
GLG-08-RC-027 18 60 42 1.55
including 30 42 12 3.13
GLG-08-RC-028 146 160 14 1.05
GLG-08-RC-034 16 42 26 0.42
and 42 70 28 2.30

Rambo and Kao Permits

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The Rambo and Kao permits are contiguous and cover a combined area of 400 square kilometres. They are also contiguous with the Goulagou property. The Kao permit hosts a separate gold zone at least 1100 m long by 350 m wide defined by RC (Reverse Circulation) drilling, within a much larger geochemical gold anomaly.

At Kao, Riverstone's initial independent resource estimate in May 2009 showed an indicated resource of 430,000 ounces of gold at a grade of 0.91 g/t with a further inferred resource of 76,400 ounces of gold at a grade of 0.65 g/t.

Both Kao and Rambo also show many coincident geochemical and geophysical targets that warrant further testing and there is significant potential for expanding the gold resources.

The Kao permit has undergone soil geochemistry, geological mapping and sampling and limited ground geophysics since 2005 plus 7,058 m of RAB and over 17,000 m of RC drilling in 166 holes.


 
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Most of the drilling to date has been concentrated at the Kao Main Zone, an area of flat lying, near surface mineralization that has been traced over a 800 m by 400 m area so far. Shallow 100 m RC holes, together with a few deeper holes, were drilled on a grid at 60 degrees and an initial resource estimate prepared in May 2009. The gold mineralized zone remains open in all directions, and limited additional drilling has traced this zone along an 1100 m strike length as shown in the figures.


 
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The RC drill results to date are shown in the table.

HOLE NO. FROM TO CORE INTERVAL GRADE
(metres) (metres) (metres) (g/t gold)
KAO-07-RC-001 0 126 126 0.33
including 40 42 2 1.10
and 58 66 8 1.20
and 82 88 6 1.08
KAO-07-RC-002 0 102 102 0.54
including 2 6 4 1.52
and 18 30 12 1.69
and 36 42 6 0.90
and 72 74 2 1.11
and 82 84 2 1.08
KAO-07-RC-003 No significant intercepts
KAO-07-RC-004 0 96 96 0.59
including 14 38 24 1.36
and 54 64 10 1.26
KAO-07-RC-005 0 138 138 0.29
including 14 26 12 0.86
and 14 16 2 1.30
and 22 26 4 1.09
and 62 64 2 1.30
KAO-07-RC-006 0 102 102 0.45
including 0 30 30 1.22
or 2 18 16 1.62
KAO-07-RC-007 0 108 108 0.38
including 10 12 2 1.14
and 28 30 2 1.48
and 84 92 8 1.26
KAO-07-RC-008 10 12 2 21.46
KAO-07-RC-009 50 70 20 0.55
KAO-07-RC-012 0 138 138 0.50
including 56 66 10 3.55
and including 96 98 2 1.11
and including 126 132 6 1.05
KAO-07-RC-013 14 16 2 1.13
KAO-07-RC-014 30 32 2 2.83
and 54 66 12 1.03
or 60 66 6 1.53
and 78 80 2 1.90
KAO-07-RC-016 32 40 8 2.20
KAO-07-RC-017 16 18 2 1.01
and 60 64 4 6.77
KAO-07-RC-019 48 56 8 1.07
and 116 118 2 1.18
KAO-07-RC-020 58 60 2 1.28
KAO-07-RC-027 18 36 18 0.92
including 34 36 2 30.1
and 68 70 2 1.13
KAO-07-RC-028 52 54 2 1.63
and 76 88 12 0.78
including 78 80 2 1.95
KAO-07-RC-029 24 44 20 0.95
including 30 44 14 1.18
and 56 62 6 1.27
and 70 72 2 1.87
KAO-07-RC-030 48 50 2 1.68
and 72 106 34 1.08
including 72 80 8 1.60
and including 96 104 8 2.20
KAO-07-RC-031 48 82 34 1.08
including 52 72 20 2.23
KAO-07-RC-032 22 70 48 1.18
including 22 28 6 2.53
KAO-07-RC-033 0 50 50 1.47
including 10 32 22 2.61
and including 42 48 6 1.36
KAO-07-RC-034 34 36 2 1.05
KAO-07-RC-035 122 124 2 1.78
KAO-07-RC-037 22 40 18 0.45
KAO-07-RC-039 0 2 2 2.24
KAO-07-RC-042 34 44 10 0.55
including 40 42 2 1.56
KAO-07-RC-044 48 56 8 1.25
KAO-07-RC-047 2 26 26 0.58
or including 12 24 12 1.04
or including 20 22 2 2.74
KAO-07-RC-049 0 32 32 0.62
or including 8 14 6 1.38
KAO-07-RC-050 4 6 2 1.03
and 24 34 10 0.58
including 24 26 2 1.17
KAO-07-RC-051 26 28 2 1.67
KAO-07-RC-052 64 70 6 1.03
KAO-07-RC-053 56 58 2 2.17
and 66 74 8 0.54
and 86 100 14 0.69
KAO-07-RC-054 42 44 2 1.40
KAO-07-RC-055 62 96 32 0.48
including 64 70 6 1.29
KAO-07-RC-056 40 62 22 0.83
including 42 44 2 1.12
and including 54 62 8 1.34
KAO-07-RC-057 26 28 2 1.81
and 34 44 10 1.30
KAO-07-RC-059 8 16 8 1.06
KAO-07-RC-061 0 96 96 0.52
including 14 32 18 0.91
and including 46 56 10 1.04
KAO-07-RC-062 0 100 100 1.36
including 6 70 64 2.00
including 8 18 10 2.86
or including 26 56 30 2.26
KAO-07-RC-063 0 108 108 0.55
including 44 70 26 1.77
including 52 70 18 2.35
KAO-07-RC-068 0 102 102 0.72
including 50 96 46 1.45
including 70 96 26 2.05
including 72 86 14 2.68
KAO-07-RC-069 0 96 96 0.60
including 38 74 36 1.33
including 46 68 22 1.79
KAO-07-RC-070 0 96 96 0.75
including 14 38 24 1.73
and including 74 92 18 1.02
KAO-07-RC-071 76 94 18 1.04
including 78 84 6 1.93
KAO-07-RC-072 2 6 4 1.14
and 18 22 4 1.32
and 44 48 4 1.89
KAO-07-RC-075 12 22 10 2.80
and 56 64 8 2.23
KAO-07-RC-076 18 42 24 1.84
including 22 40 18 2.22
KAO-07-RC-077 26 54 28 1.51
including 40 54 14 2.03
KAO-07-RC-078 64 78 14 1.39
KAO-07-RC-079 88 98 10 7.82
including 94 96 2 31.86
KAO-07-RC-080 24 28 4 1.25
and 48 50 2 1.37
and 60 72 12 0.93
including 66 70 4 1.37
KAO-07-RC-081 40 52 12 0.96
including 46 52 6 1.24
KAO-07-RC-082 58 64 6 1.29
KAO-07-RC-083 20 26 6 1.49
KAO-07-RC-084 72 86 14 1.04
KAO-07-RC-087 30 38 8 1.13
and 82 86 4 1.13
KAO-07-RC-088 54 64 10 1.93
and 68 70 2 1.57
KAO-07-RC-089 16 22 6 1.07
KAO-07-RC-090 88 90 2 1.42
KAO-07-RC-092 12 40 28 1.42
or including 24 28 4 2.78
KAO-07-RC-093 24 28 4 1.29
and 46 50 4 2.07
KAO-07-RC-094 24 34 10 1.62
and 50 68 18 1.15
or including 62 68 6 1.61
KAO-07-RC-095 60 68 8 1.51
KAO-07-RC-098 60 66 6 1.19
KAO-07-RC-099 34 36 2 1.08
KAO-08-RC-100 8 10 2 2.58
KAO-08-RC-101 0 2 2 1.69
KAO-08-RC-108 64 70 6 0.96
KAO-08-RC-112 28 30 2 1.85
and 48 56 8 1.05
KAO-08-RC-113 6 40 34 1.01
including 16 28 12 2.00
KAO-08-RC-114 18 28 10 0.62
and 60 82 22 0.78
including 60 68 8 1.05
KAO-08-RC-115 32 46 14 0.69
and 52 58 6 1.05
KAO-08-RC-116 16 36 20 0.86
including 16 24 8 1.07
or including 30 36 6 1.36
and 72 92 20 0.71
KAO-08-RC-118 0 100 100 0.70
including 0 22 22 2.75
or including 8 18 10 5.47
KAO-08-RC-120 0 10 10 0.92
and 56 76 20 1.28
KAO-08-RC-121 10 14 4 1.74
and 34 38 4 1.08
and 72 98 26 1.18
including 72 78 6 2.35
KAO-08-RC-122 66 68 2 1.03
and 84 88 4 2.04
KAO-08-RC-123 94 106 12 1.88
KAO-08-RC-124 100 114 14 2.22
KAO-08-RC-125 92 103 11 1.30
KAO-08-RC-127 88 90 2 1.11
KAO-08-RC-129 98 104 6 1.02
KAO-08-RC-131 80 82 2 1.01
KAO-08-RC-136 38 42 4 2.30
and 92 104 12 16.70
KAO-08-RC-137 106 108 2 2.94
KAO-08-RC-138 54 90 36 1.52
including 74 90 16 2.15
KAO-08-RC-142 14 18 4 1.22
KAO-08-RC-144 20 26 6 1.31
KAO-08-RC-145 72 86 14 0.98
KAO-08-RC-146 20 22 2 1.05
KAO-08-RC-147 12 14 2 1.05
and 34 44 10 1.31
and 58 64 6 1.06
KAO-08-RC-148 20 22 2 1.05
and 76 82 6 1.20
and 88 90 2 1.39
and 98 108 10 0.73
KAO-08-RC-150 36 44 8 0.83
KAO-08-RC-151 96 124 28 1.48
KAO-08-RC-152 64 74 10 1.06
KAO-08-RC-153 118 138 20 1.36
KAO-08-RC-154
including
or including
86
86
102
108
90
108
22
4
6
0.66
1.20
1.32
KAO-08-RC-155 80 112 32 0.86
KAO-08-RC-158
including
and
including
16
22
116
116
34
26
126
120
18
4
10
4
0.83
1.97
2.56
5.67
KAO-08-RC-160
and
including
6
18
34
8
44
40
2
26
6
1.99
1.04
2.37
KAO-08-RC-161
and
and
18
38
94
22
46
108
4
8
14
1.17
11.18
1.51
KAO-08-RC-162 76 84 8 1.43
KAO-08-RC-163
and
32
76
36
78
4
2
1.21
1.05
KAO-08-RC-165
and
10
52
18
62
8
10
1.16
0.85
KAO-08-RC-173 58 68 10 1.99
and including 92 98 6 1.01

The gold zones delineated by drilling remain open in all directions. They occur within a larger gold-in-soils geochemical anomaly, which can be traced along strike for over 4 kilometres.


 
Kao RAB Drill Program   Kao RAB Drilling
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Local Villagers "Wind Panning" on Kao   Recent Artisanal Gold Mining Shafts on Kao
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Rambo was the first permit acquired in the country by Riverstone, partly due to of a number of artisanal workings, the largest of which measures 60 m by 40 m by 15 m deep. Riverstone has completed soil geochemistry, geological mapping and sampling, limited ground geophysics and 2,089 m of RC and 2,003 m of diamond drilling since 2004 with very encouraging results.

Drilling on Rambo has defined a 350 m long gold zone, which has been traced for 170 m down dip and which remains open in all directions. Riverstone's 2009 initial independent resource estimate for Karma included 56,900 ounces of gold at Rambo with a grade of 7.02 ounces of gold.


 
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Significant drill intersections on Rambo are presented in the table below. Two holes (97-01 and 97-11), which were drilled oblique to the zone by a previous operator, are also included.

HOLE # FROM TO INTERVAL ASSAY
(metres) (metres) (metres) (g/t)
RA-04-01 48.0 64.5 16.5 4.5
Including 60.0 63.0 3.0 11.1
And 73.5 75.0 1.5 13.9
RA-04-02 63.0 84.0 21.0 1.2
Including 99.0 114.0 15.0 1.0
RA-04-04 63.0 70.5 7.5 4.2
Including 67.5 70.5 3.0 7.7
RA-04-05 87.0 99.0 12.0 7.0
Including 87.0 93.0 6.0 13.3
And 123.0 132.0 9.0 1.7
RA-04-06 13.5 18.0 4.5 1.2
Including 36.0 37.5 1.5 1.0
RA-04-07 73.5 79.5 6.0 16.4
Including 73.5 75.0 1.5 62.3
RA-04-08 46.5 48.0 1.5 7.1
97-01 91.0 130.48 39.46 9.1
97-11 123.5 141.5 18.0 4.29
RA-08-17 106 120 14 3.02


 
Gold Panning in Riverstone Trench, Rambo Permit   Gold Panning Inside Rambo Pit
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