Vancouver - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ('Riverside' or the 'Company'), has commenced an initial 2,000 m diamond drill program at the Cuarentas Gold Project with exploration partner Hochschild Mining Plc (LSE: HOC).
The initial drilling campaign will consist of 10 holes over the historical Santa Rosalia Mine and Santa Rosalia Sur gold vein target areas. These targets are located 1 km apart and form part of a large epithermal vein system. Other notable epithermal vein systems in the district include Premier Gold Mines, Mercedes Mine, immediately to the west and Silvercrest Metals, Las Chispas Mine, to the southeast. Riverside's program will test the strike and depth continuity of the gold-bearing veins from the historical mine workings. Riverside's recent exploration work defined the Santa Rosalia target as part of a bigger system with a total of 5 parallel geophysical resistivity anomalies, which are interpretated as possible hidden quartz vein zones along the northern part of the property.
To the best of Riverside's knowledge, the Santa Rosalia Mine area has never been drilled. The Company has contracted Globexplore out of Hermosillo, Sonora to carry out the drill program. As part of the drilling program Riverside will be using oriented core technology that should add significant understanding on the downhole vein and fault orientations allowing for more detailed interpretations and targeting for subsequent drilling campaigns. The current drill program will form part of Hochschild's US$700,000 minimum exploration commitment in year one.
Riverside's President and CEO, John-Mark Staude, stated: 'We are excited to begin drilling and pleased with the strong IP indicators from the new work which builds upon the channel sampling and trenching we have already completed. Our team has enjoyed the collaboration and joint technical expertise working with Hochschild Mining as a mining partner, and we look forward to testing these initial discovery targets together.'
'This is an exciting time for Riverside and its shareholders, as we enter the final quarter of 2020 with exposure to new discoveries through several different partner-funded drill programs. We have more than $3M in the treasury and over $1M in common shares of Arizona Metals who is planning a phase 2 drill program in Q4 2020 at their Kay project. In addition, we expect to commence a drill program at our partner-funded Cecilia Project in the coming weeks and are progressing copper generative work with BHP,' Staude concluded.
About Riverside Resources Inc.
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has no debt and less than 68M shares outstanding with a strong portfolio of gold-silver and copper 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.
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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.