BHP and Riverside Resources Extend Exploration Funding Agreement for Third Year for Copper Exploration in Sonora, Mexico
Riverside and BHP have established a strong working relationship and foundation for ongoing generative work with a growing pipeline of copper prospects within the Laramide Copper Belt.
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2021) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce that BHP and Riverside have agreed on moving forward with a third year of generative funding for copper exploration in Sonora, Mexico. Riverside and BHP have established a strong working relationship and foundation for ongoing generative work with a growing pipeline of copper prospects within the Laramide Copper Belt. This month the BHP Exploration Funding Agreement ("EFA" or "Alliance") commences its third year with a budget of US$1,300,000 for additional generative exploration.
Generative budgets have increased from US$600,000 in year one, to US$1.3M in the second year and now a third year. This funding is part of a larger overall funding package relating to the portfolio of copper assets that the BHP-Riverside Program has generated by completing extensive exploration work over five district areas. The generative program aims to secure and consolidate additional prospective ground in high potential copper districts in Sonora.
Riverside's President and CEO, John-Mark Staude: "Riverside is very pleased to be advancing the copper exploration program with BHP. The global demand for copper continues to increase and securing this additional year of increased funding puts Riverside in a great position to pursue copper opportunities more aggressively with our funding partner. We have a number of projects within the program advancing towards the drill stage and this added generative funding will allow us to grow the portfolio concurrently."
Figure 1: BHP Riverside Exploration area for copper and portfolio of projects owned by Riverside and part of the BHP/Riverside Program.
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The Sonora Region is a prolific area for porphyry copper deposits and includes some of the world's larger copper mines such as the Cananea mining district and La Caridad mine complex. These types of giant porphyry mineral systems are found in specific geological environments for which Sonora has shown significant endowment and the potential for new exploration discoveries.
The Company has successfully identified conductors with geophysical programs, developed gravity cover thickness models (see photo below) and initiated the drill permitting process in preparation for more advanced exploration work expected during H2 2021. Additional updates on specific projects of interest will be released in the coming weeks.
Photo: Geophysical Gravity survey for thickness of gravel cover modeling.
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Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Sonora Copper projects was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded with over C$4M in cash and is an exploration company driven by value generation and discovery including owning royalties on most of the portfolio. The Company has no debt and less than 71M shares outstanding with a strong portfolio of copper, gold and silver assets in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside's own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has additional properties available for option, with more information available on the Company's website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
[email protected]
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
[email protected]
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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