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Riverside Consolidates the Union Project Area with Acquisition of the Past-Producing Union Mine
Vancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - Riverside Resources Inc. (T...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Consolidates the Union Project Area with Acquisition of the Past-Producing Union MineVancouver, British Columbia--(Newsfile Corp. - March 1, 2023) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (\"Riverside\" or the \"Company\"), is pleased to announce that it has signed an Option Agreement (the \"Agreement\") to acquire a 100% undivided right, title and interest in the Union Mine, within the Union District of Sonora, Mexico. This district has historically produced high-grade zinc, gold and silver in carbonate replacement deposits (\"CRD\"), which is a significant style of deposit forming major mines in northern Mexico and the southwest USA. The Union Mine historically produced ~50,000 ounces of gold (\"Au\") from the upper oxide zones of manto and chimney bodies according to past reports. The potential for further expansion through a focused exploration is wide open along strike and at depth for both oxide and into sulfide ore targets.This specific tenure, located within the Company's 100%-owned Union Project, has been of interest to Riverside for several years and this Agreement finally consolidates this key inlier ground. The Union Mine property is in good standing with established infrastructure, surface access, and the opportunity to complete option purchase for 100% interest in these claims provides the Company with a clear path to start testing priority targets across the consolidated land package in this district. Riverside's President and CEO, John-Mark Staude, stated: \"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.\"Agreement Details:Riverside paid USD$170,000 and can complete its earn-in to own an undivided 100% interest by making a second payment of USD$100,000 any time within 60 months of signing the Agreement. Upon completion of the earn-in, a 1.25% Net Smelter Royalty (\"NSR\") will be retained by the underlying owner.Riverside can purch...