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Riverside Resources Options Cecilia Gold-Silver Project to Carlyle Commodities Corp. with Plans for Immediate Progression on Multiple Targets
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2020) -  Riverside Resources Inc...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Resources Options Cecilia Gold-Silver Project to Carlyle Commodities Corp. with Plans for Immediate Progression on Multiple TargetsVancouver, British Columbia--(Newsfile Corp. - July 15, 2020) -  Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: R99) (\"Riverside\" or the \"Company\"), is pleased to announce that it has entered into a Definitive Option Agreement (the \"Agreement\") with Carlyle Commodities Corp (\"Carlyle\"), for Riverside's 100% owned Cecilia Gold-Silver Project (the \"Project\") in Sonora, Mexico. The Agreement would grant Carlyle 100% undivided right, title, and ownership to the Cecilia Project for an aggressive work program, cash payments, shares over-time and a 2.5% NSR with Riverside managing as operator. Riverside developed several targets after consolidating claims and expanding the Project further through the Mexican lottery to grow to a consolidated ~80km² tenure package. Highlights of the Agreement include:Cash payments of C$200,000 over 3-years to Riverside;Share payments of 4,500,000 shares to Riverside;C$2,500,000 of exploration and drilling expenditures made by Carlyle at the Project;2.5% NSR to RiversidePlease see the Transaction Details section below for more information on the Agreement. The planned work program will be developed in the coming weeks with Carlyle Commodities Corp and can build upon previous sampling, mapping, and structural work that the Company completed. The soil lines combined with the 3D modeling of past drill holes and projection of the surface mapped geology to depth begins to develop a range of precious metals targets that can be tested. A value add of a drone aeromagnetic survey is a critical next step to get a good picture of the ~80 km2 property tenure which will aim to define the deeper feeder structures that could be controlling near surface mineralization.Riverside's President and CEO, John-Mark Staude, stated: \"We are excited to be working together with Carlyle to progress the various exploration targets at the Cecilia Project and particularly our shared keenness for discovery of high-grade mineralization on the district scale property package that Riverside consolidated and worked up.\"Riverside will act as the project operator during at least the first twelve months of the Agreement, following the closing date with the option to exten...