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Riverside Resources and Questcorp Mining Execute Definitive Option Agreement for La Union Project, Sonora, Mexico
Vancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - Riverside Resources Inc. (TSXV:...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Resources and Questcorp Mining Execute Definitive Option Agreement for La Union Project, Sonora, MexicoVancouver, British Columbia--(Newsfile Corp. - May 6, 2025) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (\"Riverside\" or the \"Company\"), is pleased to announce that further to its press release dated September 6, 2024, Riverside's wholly-owned subsidiary, RRM Exploracion, S.A.P.I. DE C.V. (the \"Vendor\") has entered into a definitive option agreement (the \"Option Agreement\") with Questcorp Mining Inc. (\"Questcorp\") dated May 5, 2025, for the 2,520.2 hectare La Union carbonate replacement gold- polymetallic project (the \"Project\" or \"La Union\") located in Sonora, Mexico (the \"Transaction\"). \"We are thrilled to finalize this agreement for the La Union Project, which is a strong asset in Riverside's portfolio. Securing up to C$5,500,000 in exploration funding from Questcorp is an excellent step forward in advancing this larger Carbonate Replacement Deposit (\"CRD\") project,\" said John-Mark Staude, CEO of Riverside Resources. \"Riverside is pleased to have the updated NI 43-101 Technical Report completed and we see an active exploration program launching in the coming weeks with Riverside as the Operator of the exploration program. Riverside is expected to become a shareholder of Questcorp with an initial 9.9% equity interest, subject to final approval by the Canadian Securities Exchange or confirmation that such approval is not required. The first-year work program of C$1,000,000 in exploration expenditures will launch the first round of exploration at the project.\"The La Union ProjectThe Project is summarized on the Riverside website and is a project that Riverside acquired and further consolidated additional inlier mineral claims. The Project initially identified from Riverside's work in the western Sonora gold belt through work with AngloGold Ashanti Limited, Centerra Gold Inc., and Hochshild Mining Plc, among others as partners and funding relationships for gold exploration. Initial work by members of the Riverside team, drawing on more than two decades of geological compilation and analysis, identified this region as highly prospective. At the Project, historical mining by the Penoles Mining Company focused on chimney and manto replacement bodies within the upper oxide zones. A...