Riverside Resources (TSXV: RRI) has consolidated its Union Project in Sonora, Mexico. The consolidation follows the firm securing interest in the Union Mine, found in the center of its Union Project.
Riverside has managed to acquire an option for a 100% undivided interest in the Union Mine, which historically produced zinc, gold, and silver found in carbonate replacement deposits. Over 50,000 ounces of gold have been produced from the mine historically, with the potential existing for expansion along strike and at depth for oxide and sulfide ore targets.
“Riverside is excited to be progressing the Union District and this deal consolidates the heart of the broader Union Project, giving us line of sight towards 100% ownership. We believe there is excellent potential to extend mineralization beyond the areas that were historically mined at Union and Union Norte. Controlling the historical mine areas and local infrastructure puts us in a position to move ahead more aggressively with other discovery targets within the surrounding areas as well,” commented Riverside Resources CEO John-Mark Staude.
The Union Mine property is said to be in good standing, and has established infrastructure and surface access.
The option agreement consists of a US$170,000 upfront payment that has been made by Riverside, and a second US$100,000 payment anytime within the next five years, which will earn the company a 100% interest in the asset. Upon completion, a 1.25% NSR will be retained by the property sellers, 0.25% increments of which can be repurchased for US$250,000 each.
The company intends to conduct ground-based geophysics to refine the known underlying larger structures on the property, while drill permitting is currently underway. Targets are being refined for planned drilling set to occur later this year.
Riverside Resources last traded at $0.135 on the TSX Venture.
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