Riverside Resources Expands British Columbia Rare Earth Elements Property Portfolio with Taft Project Acquisition
Riverside Resources Expands British
Columbia Rare Earth Elements Property
Portfolio with Taft Project Acquisition
Vancouver, British Columbia--(Newsfile Corp. - December 9, 2024) -
Riverside Resources
Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"),
is pleased to
announce it has signed an option agreement to acquire a 100% interest in the Taft Project ("Project").
The Project covers a total area of 3,000 hectares (30 km
2
) and is located in the highly prospective
Revelstoke Carbonatite Belt region of British Columbia for Rare Earth Elements (REE) and gold
mineralization. This transaction aligns with Riverside's strategy of targeting high-value mineral assets in
favorable jurisdictions and taking advantage of government support led by technical quality as a focus.
Critical metals, such as rare earth elements (REE), are essential for national security and economic
prosperity and Riverside is actively strengthening its position by acquiring and staking high-potential
critical metals projects. The Company plans to begin a field program on the Project immediately.
"Riverside Resources has a long history of identifying and acquiring high-potential mineral assets in
stable jurisdictions, and the Taft Project is another excellent example of this approach," stated John-
Mark Staude, President and CEO of Riverside Resources. "As the demand for critical minerals
continues to grow, particularly in the fields of renewable energy, electric vehicles, and advanced
technologies, projects like Taft play an essential role in securing North America's access to these vital
resources."
"With governments increasingly emphasizing the importance of developing domestic supply chains for
critical minerals, including recent initiatives by the United States and Canada to support exploration and
production, Riverside is proud to contribute to this strategic imperative. By acquiring and investing in
projects like Taft, we are not only enhancing our portfolio but also progressing the global transition to
cleaner energy and more resilient supply networks."
Project Option Terms:
As per the Agreement, Riverside can earn a 100% interest in the Taft Project by making staged cash
payments totaling CAD $125,000 over five years, as detailed below:
a)
$15,000 upon signing of the Agreement; (paid)
b)
$15,000 on or before the 1st anniversary of the Effective Date;
c)
$20,000 on or before the 2nd anniversary of the Effective Date;
d)
$20,000 on or before the 3rd anniversary of the Effective Date;
e)
$25,000 on or before the 4th anniversary of the Effective Date; and
f)
$30,000 on or before the final anniversary of the Effective Date.
Additionally, Riverside will commit to a minimum of $320,000 in exploration expenditures over the same
period, as detailed below:
a)
$ 60,000.00 on or before the 1st anniversary of the Effective Date;
b)
$ 60,000.00 on or before the 2nd anniversary of the Effective Date;
c)
$ 60,000.00 on or before the 3rd anniversary of the Effective Date;
d)
$ 60,000.00 on or before the 4th anniversary of the Effective Date; and
e)
$ 80,000.00 on or before the final anniversary of the Effective Date.
This transaction involves no royalties, aligning with Riverside's ongoing commitment to maintaining
royalty-free projects. Consistent with its business model over the past 15+ years, Riverside creates
royalties only when optioning or selling projects to third parties in future business transactions.
Exploration Plans
The exploration program will begin with stream geochemistry studies initiated this summer, followed by
soil and rock geochemical prospecting. Fieldwork will include geological mapping and reconnaissance
traverses, building on earlier government studies and prior prospector reports. The focus is to delineate
the Rare Earth Element potential associated with carbonatite intrusions, which are key mineralization
targets for both the property and the company within this belt. Additionally, the program will investigate
gold anomalies identified in initial surveys, building on previous exploration efforts in the area.
Riverside's planned investments include geological mapping, sampling, and targeted drilling to further
define the resource potential of the project.
About the Taft Project
The Taft Project presents a high-potential opportunity to discover critical mineral resources essential to
the increasing demand for renewable energy, technology, and advanced materials. Its favorable
geological setting and strategic location within a supportive jurisdiction highlight its importance in
Riverside's portfolio. Geological mapping of the REE-rich terrane has identified promising areas along
the belt, supported by favorable geochemistry and indicator minerals. Current sampling and exploration
efforts, in collaboration with local prospectors, aim to refine targets through access, sampling, and
mapping. These activities are paving the way for a focused exploration program in 2025, targeting both
REE and gold zones.
Figure 1:
Location map and mineral concession map with tenure under option in red and Riverside
100% owned tenure in yellow.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/232849_36c44faa64bf49eb_003full.jpg
Qualified Person & QA/QC:
The scientific and technical data contained in this news release was reviewed and approved by
Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources who is responsible
for ensuring that the 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 exploration company driven by value generation and discovery. The Company
has over $5M 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
Eric Negraeff
Investor Relations
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.
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