Riverside Resources Provides Corporate Outlook for 2021
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2021) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company") is pleased to provide a brief outlook on its goals and objectives for 2021. Riverside enters the new year with two joint-venture partners actively advancing gold-silver projects in Sonora, Mexico. The Company formed an option partnership agreement with Hochschild Mining on its Cuarentas Project, where an initial 1,500 m drill program has recently wrapped up. In addition to the joint venture at Cuarentas, Riverside also signed and has initiated work on a farm-out option agreement with Carlyle Commodities Corp focusing on advancing the Cecilia Gold Project. Preparations are currently underway for an initial drill program to commence in the near future on a couple of the 10 high priority drill targets on the >60km² district land tenure.
During 2020, BHP and Riverside continued to make progress despite the Covid-19 related challenges and will look to extend the Exploration Funding Agreement for another year as the program advances well and targets continue to progress. During the new year the BHP program will remain focused on discovering large copper deposits in Sonora and has developed a strong portfolio of prospective projects that progressed while still meeting necessary health and safety protocols. For 2021 the Company will look to have news flow on the copper front as new data has been flowing in and strong technical collaborations are progressing high quality targets.
Canadian work by Riverside's technical team in 2021 will focus on advancing the four key properties in two distinct greenstone belts in western Ontario. The Oakes, Pichette and Longrose projects will be an immediate focus for partnering to expand upon the 2020 technical work. A recent $600M buyout transaction of Premier Gold Mines' Geraldton Gold Mine sites around where Riverside's tenure is located. Riverside staked and then worked on a 230 km2 land package during 2020, the High-Lake Greenstone Belt in Canada's top gold producing province of Ontario. In 2021 this greenstone belt will be progressed by Riverside and potentially partnering on portions, or all of this large target-rich tenure.
After much work, Riverside completed the Plan of Arrangement spin-out of its Peñoles Project into a new special purpose vehicle, Capitan Mining. As part of the transaction, Riverside's shareholders received proportionate shares of the new company, which has been trading since September of 2020 (TSXV: CAPT), with initial drill results already reported and strong news flow of new results expected to continue during 2021.
The Company continues to maintain a tight share structure (less than 69M shares outstanding); no debt and over $3M cash in the bank. The list below outlines some of the key catalysts and opportunities the Company is working towards in the first half of 2021:
- Extend its strategic funding agreement with BHP for at least another year into 2022 for generative copper exploration in northeastern Sonora, Mexico; including acquiring properties and progressing toward drilling select projects
- Completing an initial partner-funded drill program at the Cecilia Gold Project with targets identified and permits in hand
- Complete further interpretation work and detail follow up drill targets to refine regional property-wide targets at the Cuarentas Gold Project in Sonora, Mexico
- The Company seeks to advance its portfolio of projects in Ontario's greenstone belt to take advantage of the renaissance taking place in gold mining in northern Ontario
- Riverside is targeting new Canadian joint-venture partnerships in 2021
- New project acquisitions expected to continue expanding the Company's portfolios in Canada and Mexico
- Riverside holds marketable securities worth over $1,000,000 CDN and has developed a portfolio of retained NSR's on previously partnered projects
Riverside's President and CEO, John-Mark Staude, stated: "2020 was a challenging year for the world and yet Riverside was lucky to have strong projects, a strong local team, and partners to work through the year such that we are set up exceptionally well entering 2021. We are grateful to our shareholders and stakeholders as we have worked to be safe and follow protocols while progressing the business of discovery and property assets that we control. Riverside is looking forward to building and growing through 2021 as we continue to be bullish on the prospect of another strong year in the gold space. The Company has been strategically positioning itself with high-quality projects and partnerships and is geared up for a productive year ahead."
Riverside Resources Inc. will be exhibiting at the virtual AME Roundup Project Generators Hub from January 18 to 22 and the PDAC virtual show from March 8 to 11. Make sure to stop by our virtual booths for a detailed update on the Company's plans for the year ahead.
AME Roundup | January 18th to 22nd (Virtual Event)
PDAC 2020 Virtual Convention | March 8th to 11th (Virtual Event)
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 69M 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. 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.
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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