Geologix Explorations (TSXV: GIX) appears to like the potential of Riverside Resources (TSXV: RRI) Libertad Gold Project, Sonora, Mexico.
Geologix has signed a binding letter of intent (LOI) to earn up to 60% in the Libertad Gold Project by investing $3 million over four years and paying $0.4 million to Riverside. Geologix will also take over all underlying property payments and claim maintenance fees.
Once the initial option is complete Geologix has a second option to earn an additional 25% by spending another $2 million on the Libertad property and making payments totalling $0.5 million to Riverside within an additional two years.
The Libertad Property is located 20 kilometres south of the La Fortuna Del Cobre porphyry copper district and 15 kilometres south-west of the Gulf of California deep water port town of Puerto Libertad. The city of Hermosillo is located 250 kilometres to the south-east. The property includes 160 square kilometres of Libertad concessions and the central 485 hectare Destierro property.
Previous exploration at the Destierro property, including geochemical surface samples, returned both gold and silver mineralisation and highlighted a potential 1.8 kilometre strike.
“The Libertad property has tremendous potential, and we look forward to working with Geologix in order to progress the project," stated Dr. John-Mark Staude, President & CEO Riverside Resources.”