Riverside Resources (TSXV: RRI) this morning provided an update to the ongoing work program at its Cecilia Porject in Sonora, Mexico. The gold-silver project is currently undergoing rock sampling and drill pad construction in advance of a drilling program being planned for the project. The latest data to be released from the project is the result of channel sampling conducted at the San Jose and North Breccia targets.
An initial batch of 21 rock channel samples were collected from the project, of which the very first results have begun to be received. Highlight values of 43.2 g/t gold, 5.6 g/t gold and 2.5 g/t gold have been received thus far from the channel sampling. The company also received soil sampling results from the Casa de Piedra target, which are yet to be announced, along with a topographic DEM from a drone survey.
The current interpretation of results from the exploration being conducted on site suggests that the San Jose and North Breccia structures may intersect each other at depth, which would provide the potential for a possible bonanza grade of mineralization. Historical work has defined a strike length of over 300 meters that is up to 20 meters wide.
Upcoming results from the Cecilia Project include the next batch of channel samples from the primary targets, including the four defined targets of San Jose, North Breccia, Central Target and East Target. The results are expected to refine mineralization along strike. Riverside will also look to conduct an induced polarization survey, along with a drone aeromagnetic survey which is currently underway. Detailed structural mapping is expected to follow. Finally, drill preparation is ongoing on site.
The Cecilia Project was optioned to Carlyle Commodities Corp on July 15, 2020. Under the agreement, Carlyle would be granted a 100%, undivided right, title, and ownership of the project while Riverside retains a 2.5% net smelter royalty, while Riverside manages as operator. Under the terms of the agreement, Riverside is to receive cash payments of $200,000 over three years, 4.5 million shares of Carlyle, the 2.5% NSR, while Carlyle is expected to spend $2.5 million on exploration and drilling over three years.
Riverside Resources last traded at $0.34 on the TSX Venture.
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