BHP and Riverside Complete Second Year Targeting Phase on 5 Porphyry Cu District Projects and Progressing Toward Drilling in near Future in Sonora, Mexico
Vancouver, British Columbia--(Newsfile Corp. - June 21, 2021) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company") is pleased to announce that significant exploration progress has been made on five (5) copper projects acquired as part of the BHP-Riverside Exploration Funding Agreement ("EFA" or "Alliance") program. BHP has allocated US$1,300,000 in generative funding towards the EFA over two years with an additional US$1,000,000 in property specific High Value Work Programs (HVWP). Riverside and BHP are presently evaluating the targets that were defined across this 5-project portfolio in the coming weeks and Riverside anticipates that a maiden drill campaign will be completed at 1-2 of these projects during H2 2021.
The HVWP's focus has been on gravity and Magento-Telluric geophysics, which helps to image depth to targets and potential large conductive bodies of potential new porphyry Cu discoveries for some of these five properties. While surface geologic mapping and geochemistry that has been done on these five district properties is generally lateral and distal from the main target, the results continue to be promising. Grades of over 1% copper and 500 ppm molybdenum have been noted, along with favorable geochemical results in margin vectoring elemental associations as well (Green Rock Vectoring). These positive exploration results are providing a strong case for advancing the projects toward the drilling stage. As such, an additional HVWP funding for these next exploration phases will be assessed in the coming 4 weeks.
Riverside's President and CEO, John-Mark Staude: "We are on track with BHP moving toward drill testing and continue progressing a strong pipeline of copper properties that have giant scale exploration discovery potential. As properties move along, some will no longer fit for BHP and these become 100% Riverside so over time Riverside's sole ownership portfolio will also be growing. We are pleased to build upon our knowledge in the region and get our teams into the field doing primary exploration work and interacting with communities and local surface ranch and mineral title owners."
Three weeks ago, Riverside and BHP announced the extension of the EFA into its 3rd year, where BHP will fund approximately US$1,300,000 towards additional generative exploration (see press release, May 27, 2021) for the coming 12 months. Today's news provides an update on the HVWP work that has made strong progress in district scale porphyry Cu targeting with geochemistry, field mapping and geophysics. Riverside and BHP have filtered through over fifty (50) copper districts with a current focus on 5 priority BHP-Riverside owned projects. The HVWP portion of the BHP-Riverside copper portfolio is shown on the map below (See Figure 1) consisting, in order of priority, of: Chuin, Palofierro, Sinoquipe, Penitas and Montosa as five (5) of the districts with concession property holdings from the first two years of intensive field work.
To view an enhanced version of this graphic, please visit:
The Chuin Project is a top priority drill project arising from the staking of highly prospective copper prospectively areas using BHP's Machine Learning, Artificial Intelligence-style data integration along with Riverside's extensive generative databases. Together, these efforts provided context from previous Riverside work combined with recent field exploration to move ahead on this large +100 km2 project. The EFA has also completed 1 km spaced Magneto-teluric (MT) geophysics, which has defined a series of interpreted Laramide age porphyry Cu targets which can now be evaluated now with vectored drilling.
A second priority drill project is the Palofierro Project with environmental drill permits currently being processed following the completion of field geochemistry vectoring using propyltic alteration, whole rock, mineral prospect sampling plus gravity geophysics. These tools are being used for modeling the post-mineral gravel cover over the top of regional magnetic low geophysics defining a series of target areas that have porphyry Cu possibilities and for which the drill program will continue our vectoring and district evaluations.
Finally, the remaining three priority districts - Sinoquipe, Penitas, and Montosa - are progressing along with geophysics, with plans for additional funding and continued field work on these projects in the coming weeks. The Company anticipates a second half of 2021 with MT exploration, building upon the over $400,000 in gravity and other exploration work on these three districts over the past 12 months.
In summary, the overall strategy of the EFA is to prioritize the highest potential segments and well-endowed areas within Sonora and to progress them rapidly with a pipeline of prospective copper districts heading toward drill permitting and potential discovery during this calendar year.
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.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
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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