Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)("Riverside" or the "Company"), is pleased to announce it has completed acquisition and title transfer of the Maria Luisa Copper Property immediately north of Riverside's Ariel Property thus consolidating another 30% and direct drill target for the full Ariel project. With this acquisition Riverside has now fully consolidated the highly prospective Laramide age porphyry Cu-(Au, Mo) district and now controls an area of 16 sq km. The Ariel project has had mineral exploration by Riverside including mapping, sampling, geochemistry, mineral chemistry, remote sensing, geophysical interpretations and is fully permitted for drilling. It represents a turnkey, undrilled, high quality drill target 18 kms immediately east and within sight of Mexico's 2nd largest copper mine, the La Caridad Copper Mining Complex, operated for the past 40 years by Grupo Mexico Mining.
Concessions and Transaction The Ariel project is now consolidated into five concessions that in total cover an area of 1,640 hectares (16 sq km).
CONCESSION
OWNER
TITLE
HAS
VALIDITY
ARIEL
RRM Exploracion SAPI de CV
245325
1,241.98
23/11/2016
22/11/2066
MARIA LUISA
RRM Exploracion SAPI de CV
237383
100.00
09/12/2010
08/12/2060
MARIA LUISA
RRM Exploracion SAPI de CV
237384
99.49
09/12/2010
08/12/2060
MARIA LUISA
RRM Exploracion SAPI de CV
237385
99.63
09/12/2010
08/12/2060
MARIA LUISA
RRM Exploracion SAPI de CV
237386
99.63
09/12/2010
08/12/2060
The transaction to acquire the Maria Luisa Copper Property was finalized this quarter.and has now been officially registered with the Mexican Direction of Mines and titles transferred to Riverside. The title registration was completed in May 2024 under Riverside SAPI, the company based in Mexico as now the full title holder of the Maria Luisa concessions. Riverside resolved outstanding tax issues for the previously private owner, completed required filings and then reimbursed the property owner minus those costs with a total payment of USD$200,000 with no royalty or retained interest, giving Riverside 100% control. All concessions are now in good standing with data available. The Company has now also completed the updating of the drill permitting to cover both the Maria Luisa and Ariel drill targets with drill permit in hand which sets up Riverside for a strong H2 2024 for this property. The mineral title map is shown below with the acquired tenures, the color loops indicate favorable target criteria which are now able to be drill tested.
Riverside's President and CEO, John-Mark Staude, stated: "We are delighted to consolidate Maria Luisa into the larger Ariel project as this has been a goal for several years and was able to be completed on highly favorable terms for Riverside. This now provides the opportunity to move forward with drilling at both Ariel and Maria Luisa. Riverside will look to partner this large, fully titled, easily accessible and proximal to La Caridad copper mine location. We appreciate the excellent work of the Riverside local Mexico exploration team who worked with lawyers and private owners to complete this for the benefit of all stakeholders."
Ariel Project:
The Ariel Project is strategically located within sight of the world-class La Caridad Cu-Mo porphyry mine operation (~10 Mt of Cu metal reserves), and 24 km SE of the Los Alisos Cu porphyry prospect. The property has seen relatively little if any drill testing and has extensive exposed and under shallow post-mineral cover targets. The project, originally staked by Riverside in late 2015 and then titled in 2016, was developed out of a strong reconnaissance regional prospecting program in the area when Riverside was working in partnership with Antofagasta Mining. Access to the property is good being less than 30 km on dirt roads from paved highways, some of which are used for servicing the nearby La Caridad mine and mill complex operated by Grupo Mexico Mining.
The Ariel project's exploration results have included high-grade copper findings and strong geochemical vectors. Positive field exploration, along with the integration of regional geophysics, has led to the definition of two high-quality target areas: Ariel and Maria Luisa. The copper system is dated as Laramide age and is part of the major Arizona-Sonora copper belt which has over 10 mines of large copper operation, and significant new copper discoveries coming along currently as well. The geologic mapping, alteration analysis and sampling has helped focus targeting toward high priority drill exploration targets which have been permitted and title in hand for Riverside. The project stands out for its color anomaly aligning with favorable geology caused from oxidizing of outcropping pyritic sulfide system with quartz-sericite alteration and porphyry Cu-style veining stockworks.
Extensive rock samples have been geochemically analyzed using certified assay laboratory and portable X-ray fluorescence instrument as well as a mineral analyzer that employs near infra-red spectrometry to identify minerals typically formed by hydrothermal processes. This sampling delineates two large primary porphyry targets (Ariel and Maria Luisa Targets) as shown on the map and please see the website for more extensive information and cross sections.
Geology
The Ariel Project comprises an eastward-tilted sequence of Late Cretaceous andesitic to rhyolitic rocks of the Tarahumara Formation intruded by Paleocene (ca. 57 Ma) quartz monzonite and granodioritic porphyries comparable to the age of the La Caridad Porphyry main mineralization event. Post-mineral Miocene regional tectonic events caused down-faulted blocks to the west, where basalt and conglomerate cover from the Baucarit Formation developed. This covers the targets with post mineral units similar to those found in the Cananea and Caridad districts as well as extensively northward in Arizona.
Surface expression of porphyry copper potential includes:
Feeder veins: Quartz‐bearing structures that served as conduits to mineralizing fluids. Possible vectors toward concealed source. The veins walls display visible amounts of advanced-argillic alteration and sulfosalts and are targets for gold-bearing deposits.
Dickite-Alunite angular breccias: Correspond to coarse-grained (>2 mm), monomictic breccia with angular fragments of volcanic rocks highly altered to dickite and alunite. These breccias are interpreted as hydraulic to phreatic breccias with a dominant high-sulphidation component and directly linked to a concealed porphyry target.
Sericite-Pyrite pebble breccias: Correspond to pebble-size (>20 cm), polymictic breccia with milled fragments of porphyritic rocks. The clasts display porphyry-style stockwork of quartz-jarosite. The breccia matrix is composed of rock flour and juvenile fragments. This constitutes one strong evidence of porphyry copper system activity.
The Ariel project, now including the Maria Luisa concessions, now presents two major targets that can be easily accessed and drilled. This project is within view of the giant copper mine at La Caridad and has similar geology and geochemical indicators. where Riverside looks to now partner following its Prospect Generator business approach.
Corporate News Riverside is delighted to welcome Bryan Wilson join the board of directors. He was elected at the Annual Shareholders Meeting on May 10, 2024. Mr. Wilson brings extensive knowledge of mineral exploration and mining, having recently worked in Mexico, as CEO for Angel Wing Metals Inc. and previously Director of Exploration Business Development with Centerra Gold at the Toronto corporate headquarters. In addition to these achievements, Mr. Wilson has worked throughout Canada and is familiar with 100's of Canadian mining camps, reflecting his over 40 years of mining industry expertise. Mr.Wilson has been a technical advisor to Riverside and now moves into the role as Director.
Qualified Person:
This news release was reviewed and approved by Julian Manco, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within 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. [email protected] Phone: (778) 327-6671 Fax: (778) 327-6675 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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