Riverside Moves Forward with 100% Ownership Interest in the Thor Copper Project, Sonora, Mexico
June 1, 2017 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), has regained a 100% interest in the Thor Copper Project (the “Project”), as the Company’s joint-venture partner, a subsidiary of Antofagasta plc (“Antofagasta”), has elected not to complete the C$5M in exploration expenditure required to earn a 65% interest in the Project. The Thor Copper Project is located in north-eastern Sonora along the main copper producing belt of Mexico. Riverside and Antofagasta completed an initial proof-of-concept drill program to test for a Laramide aged porphyry-intrusive system. The first four (4) drill holes ever drilled at Thor confirmed the concept, with three of the four drill holes intersecting a large Laramide-aged porphyry style quartz-sericite-pyrite stockwork system. The initial drill holes did not return sufficient gold or copper assays for partner Antofagasta to continue, but the limited drilling that was completed was successful in hitting alteration and providing support for further exploration.
Riverside will regain a 100% interest in the Thor Copper Project with drill permits already in place, drill cores, maps, data and target areas defined. The Company also owns the 12.4 km2 Ariel Copper-Gold Project, which was won through the lottery-staking system and is strategically located 30 km ESE of the La Caridad Cu-Mo porphyry mine. Ariel covers an extensive zone of hydrothermal alteration, measuring 2.8 km in length by approximately 1.9 km wide. Riverside owns three quality copper porphyry prospects in northern Mexico, and will explore partnership opportunities to advance the copper portfolio going forward.
Riverside’s President and CEO, John-Mark Staude, stated: “We would like to thank Antofagasta for the very collaborative exploration effort at Thor. Riverside now has three copper-gold projects available for option as a package or individual prospects; all with good road access, clean ownership, no underlying royalties and prospective exploration targets already defined. We look forward to progressing our Prospect Generation exploration approach with these properties and welcome partners.”
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Thor Project was reviewed and approved by Locke Goldsmith, P.Geo, P. Eng, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic 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 prospect generator exploration company that leverages its 77,000 location mineral database, highly experienced and dedicated technical team and partnership network to acquire and develop high-potential projects. The Company increases the chances of discovery by advancing multiple assets simultaneously through partnerships, allowing Riverside to mitigate risk and conserve capital. Riverside has a diverse portfolio of gold, silver and copper properties throughout North America. The Company has approximately 44 million shares outstanding, more than $6,000,000 in cash and no debt. 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
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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.
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