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Riverside Resources and Hochschild Mining Sign Exploration Earn-in Option Agreement Valued at over US$31,000,000 for La Union Project Sonora, Mexico
Vancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - Riverside Resources Inc. (TS...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Resources and Hochschild Mining Sign Exploration Earn-in Option Agreement Valued at over US$31,000,000 for La Union Project Sonora, MexicoVancouver, British Columbia--(Newsfile Corp. - May 17, 2022) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (\"Riverside\" or the \"Company\"), is pleased to announce that it has entered into a Exploration Earn-In Agreement (the \"Agreement\") with Minera Hochschild Mexico, S.A. de C.V. (\"Hochschild\"), a wholly-owned subsidiary of Hochschild Mining PLC for Riverside's 100% owned La Union Gold-Silver Project (the \"Project\") in Sonora, Mexico. This new Agreement enables the Project to immediately move ahead with a robust exploration program and reflects the belief, by both parties, of the potential for rapid discovery of new gold-silver and base metal disseminated deposits on the 26 km2 Project. Highlights of the Agreement are summarized below:Phase I Earn-in Option: Hochschild can earn an undivided 51% by incurring US$8,000,000 in exploration expenditures over five (5) years.Upon completion of Phase I obligations, Hochschild can elect to form a 51:49 joint venture.Phase II Earn-in Option: Hochschild can elect to earn an additional 24% by incurring a further $3,000,000 in exploration expenditures and delivering a completed Feasibility Study (FS) over three (3) years.Upon Hochschild completing the Phase II Earn-in, Riverside will have the option to sell its interest in the Project to Hochschild for US$20,000,000, while retaining a 1% Net Smelter Royalty (NSR).Please see the Transaction Details section below for more information on the Agreement. The intention for the program is to initially conduct property wide sampling, improved mapping, and then geophysical work to rapidly refine drill targets. This would lead to expected drill testing in early 2023 and build upon the initial reconnaissance targeting work that Riverside has completed over the past two years. La Union is well described on Riverside's website.Riverside's President and CEO, John-Mark Staude, stated: \"We are delighted to partner again with Hochschild Mining as we have had a productive and positive relationship working together on several past projects. Riverside has invested in working up the project to an actionable stage and consolidated the tenures making this a highly prospective property that ...