BHP And Riverside Resources Extend Sonora Mexico Exploration with Budget of US$1,600,000 in Funding Focused on Four Copper Properties and Llano De Nogal
BHP And Riverside Resources Extend Sonora
Mexico Exploration with Budget of
US$1,600,000 in Funding Focused on Four
Copper Properties and Llano De Nogal
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2022) -
Riverside Resources Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)
("Riverside" or the "Company"),
is pleased to report
that the BHP - Riverside Exploration Funding Agreement ("EFA") will be extended into a
fourth year.
Building on the past three years of BHP fully funded generative exploration work, the EFA will move into
the next exploration phase focusing on five copper projects in Sonora, Mexico (see Figure 1) with a
currently approved US$1,100,000 in exploration funding to work on the Llano de Nogal district and
US$500,000 in ongoing High Value Work programs in the Sonora Projects for a total so far allocated
budget of US$1,600,000 exploration work on the specified properties in the EFA.
The approved next phase of work focuses toward property specific funding to advance the current
priority projects with derisking exploration, geophysics, geology, geochemistry, mineral titles, and other
related mineral exploration aspects to progress towards drilling and drill decisions. Additional expanded
budgets for drilling will be added as projects are moved forward to the Operational Phase for the BHP -
Riverside EFA. To that effect, Riverside has experience in all aspects of the upcoming work, as
Riverside has managed this successfully in earlier exploration alliances with Kinross Gold, Antofagasta,
Cliffs, and Hochschild among others.
Riverside's President and CEO, John-Mark Staude, commented: "
We are pleased to see our
partnership with BHP progress from the generative phase into more focused exploration work across
the portfolio of projects we've acquired and advanced to-date. Now that our partnership with BHP is
focusing on a priority group of copper projects, the extensive data, relationships and additional targets
we've generated within the broader EFA area can also be leveraged and pursued by Riverside. The
solid funding support by BHP builds beyond Riverside's strong balance sheet and other projects. The
Company owns and anticipates catalysts in the coming quarter.
"
This exploration program is coordinating with the technical teams from BHP and Riverside Resources to
work together towards programs which are jointly defined by both companies, while Riverside continues
to be the EFA Operator. The five projects that are moving forward are called collectively the "Sonora
Projects". BHP and Riverside will progress the Sonora Projects exploration for large Tier 1 scale
porphyry Cu targets and work toward drilling where the majority ownership and funds from BHP could
earn a minimum of 80%. Once any of the Sonora Projects are named a Designated Project and moved
to the Operational Phase, the partnership continues through a funding by BHP of at least $4M into each
project, as outlined in earlier news releases, with Riverside retaining an NSR on projects, should BHP
earn an interest and Riverside does not choose to continue as JV partner.
BHP and Riverside will now focus the EFA on Sonora Projects with additional funding to be fully funded
by BHP for this fourth year, with emphasizing on drill targeting, permitting, preparation for future drill
testing of identified assets and expand on the work programs of the five projects noted below.
The Technical Committee, comprised of both BHP and Riverside personnel,
reviewed and visited
prospective areas in Sonora, identified during the Generation Phase of the EFA, and singled out a
portfolio of five priority copper projects, which are inside of two reduced focused zones and specific
property boundaries.
Figure 1: Progressing five projects inside of two focused areas for the BHP - Riverside funded
work extended EFA.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/6101/136027_3ad3038cc48b5a6a_002full.jpg
Additionally, with the thorough evaluations completed by the BHP - Riverside EFA, the Company and
BHP now hold a comprehensive and unique data set on Sonora's porphyry copper potential. Certain
prospective target areas were not selected within the EFA framework for various reasons but still have
significant potential to host large copper deposits, and both parties can now pursue these opportunities
themselves. Moreover, Riverside is also working up four Additional Properties that are mutually agreed
for BHP to consider and could be added to the Sonora Projects. These additional properties have yet to
reach an on-going funding decision and if not, then may become part of the going forward target ideas
that Riverside could pursue as well as the larger exploration region in the coming months.
Options Grant
On September 2
nd
, 2022 the Company granted 1,000,000 incentive stock options (the "Options") to
Directors, Officers and Consultants of the Company. The Options are exercisable at $0.13 per share for
a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director
vest in 3 equal instalments over 18 months and Options granted to Officers and Consultants vest in 4
equal instalments over 12 months. The Options were granted pursuant to the Company's shareholder-
approved stock option plan and are subject to the policies of the TSX Venture Exchange and any
applicable regulatory hold periods.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company
has over $4M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver
and copper assets and royalties 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 properties available for option,
with 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.
Phone:
(778) 327-6671
Fax:
(778) 327-6675
Web:
www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/136027