VANCOUVER, British Columbia, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V:RRI), is pleased to announce that partner, Silver Viper Minerals (TSX-V:VIPR) has raised over C$3,000,000 in their IPO with a firm commitment to proceed with drilling targets at the Clemente Project (the “Project”) in Sonora, Mexico. Silver Viper Minerals (“Silver Viper”) has mobilized a diamond drill rig to the Project and will test initial silver-gold targets commencing this week.
Silver Viper plans to complete an initial 2,000 metre HQ core drilling program, marking the first ever drilling to be performed at the Project. The initial program will focus on the El Mundo and Nuevo Mundo prospect areas. The Clemente Project was staked by Riverside through the Company’s Mexico generative database, and later advanced during the Company’s exploration alliance with Hochschild Mining. Situated approximately 40 km south of the regional mining and agricultural centre of Caborca; silver, gold and base metal mineralization at Clemente is hosted by quartz shear veins, quartz stockworks and hematitic vein breccias.
Riverside’s President and CEO, John-Mark Staude, stated: “We are pleased to see partner funded drilling commence at Clemente and look forward to the results and potential for new discoveries at the Project. Riverside is a Silver Viper shareholder and will receive additional cash and share payments if the option agreement progresses towards earn-in, with Riverside also retaining a 2% NSR on the Project.”
Features at Clemente are similar to known mineral deposits in the western Sonora region of Mexico demonstrating strong structural control. Previous work at Clemente recognizes a complex post-depositional history including two phases of thrust faulting, subsequent folding and extensional faulting. The Project history and geologic model was summarized in the Sedar filed NI 43-101 Technical Report completed by Silver Viper using an independent qualified person as part of their IPO listing.
As per the Option Agreement (see Riverside’s press release dated December 6, 2016), Silver Viper must complete $4,000,000 in exploration, pay $750,000 in cash payments and issue Riverside 2,000,000 Silver Viper shares (Riverside currently holds 1M Silver Viper shares) to complete earn-in for a 100% interest in the Project. Upon earn-in, Riverside will retain a 2% NSR on the Project.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Clemente Project was reviewed and prepared under the supervision of Ron Burk, 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 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 that is driven by value generation and discovery. The company has more than $4,000,000 in cash, less than 45M shares issued and a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and leverages its large database and diverse portfolio that has benefitted from more than $15M of investments over the past decade. In addition to Riverside’s own exploration spending, the Company also aims to diversify risk by securing joint-venture and spin-out partnerships to offset corporate costs and generate more discovery chances, while advancing multiple assets simultaneously. 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.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
| John-Mark Staude President & CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com | Raffi Elmajian Corporate Communication Riverside Resources Inc. relmajian@rivres.com 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.
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