www.rivres.com
Riverside is a well-funded proven exploration team of focused proactive gold discoverers possessing a unique ability to dig much deeper. Leveraging its in-house technical knowledge, Riverside’s geologists use the Company's proprietary Mexican database—a vast treasury of field knowledge and experience spanning decades of research—when it ventures to uncover opportunities that might otherwise be overlooked. The Company's hybrid Prospect Generator/Drill Discoverer model allows Riverside to mitigate risk and conserve capital while exposing shareholders to discoveries through focused drill programs. Riverside's expertise lay in the Americas focusing on Mexico and Arizona.
Website: www.rivres.com
Riverside acquires three iron oxide-copper-gold properties in Mexico, begins airborne surveys
Riverside Resources (CVE:RRI) announced Monday it acquired three iron oxide-copper-gold (IOCG) properties in Jalisco state, Mexico, and has begun an exploration program, including an airborne magnetic survey over the area.
The three properties, La Huerta, El Naranjo, and La Robleda, cover a combined 430 square kilometres, and are located in a primary IOCG belt that hosts producing mines owned by companies such as Arcelor Mittal and Hercules Mining, Riverside said.
The surveys will be interpreted for large, shallow IOCG systems to quickly advance to drill testing. The surveys will consist of 2,300 line kilometres, distributed according to the size of each property.
Riverside president and CEO, John-Mark Staude said: "Riverside is delighted with the team’s exploration progress working safely and focused on strong targets that can make a potential giant mine."
"The three properties are giving favorable indicators such as alteration, geophysical signature, and are in positive exploration areas, such that Riverside is able to advance quickly."
Regional stream sampling, remote sensing, and geological mapping already completed on the properties indicates the presence of IOCG deposits in the area.
The exploration program will be conducted under Riverside's current strategic alliance with Cliffs Natural Resources Exploration (NYSE:CLF). The alliance focuses on the discovery and acquisition of IOCG properties in Mexico.
Under the terms of the agreement, Cliff can choose to earn a 70% interest in these properties by investing $4.0 million into the project over four years.
In other news, Riverside has announced that it has granted 880,000 options, subject to TSX-Venture approval, to it certain directors, officers, and consultants of the company. Each option entitles the holder to purchase a common share of the company for $0.94, for a five year period.
Based in Vancouver, B.C., Riverside's stock rose 1% as of 11:30 am EDT, to trade at $1.01.
