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Riverside Resources Partner Commences Drill Program at Clemente Project
VANCOUVER, British Columbia, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V:RRI), is pleased to announce that
About this update from Riverside Resources Inc
[{"type":"text","content":"VANCOUVER, British Columbia, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V:RRI), is pleased to announce that partner, Silver Viper Minerals (TSX-V:VIPR) has raised over C$3,000,000 in their IPO with a firm commitment to proceed with drilling targets at the Clemente Project (the “Project”) in Sonora, Mexico. Silver Viper Minerals (“Silver Viper”) has mobilized a diamond drill rig to the Project and will test initial silver-gold targets commencing this week. Silver Viper plans to complete an initial 2,000 metre HQ core drilling program, marking the first ever drilling to be performed at the Project. The initial program will focus on the El Mundo and Nuevo Mundo prospect areas. The Clemente Project was staked by Riverside through the Company’s Mexico generative database, and later advanced during the Company’s exploration alliance with Hochschild Mining. Situated approximately 40 km south of the regional mining and agricultural centre of Caborca; silver, gold and base metal mineralization at Clemente is hosted by quartz shear veins, quartz stockworks and hematitic vein breccias. Riverside’s President and CEO, John-Mark Staude, stated: “We are pleased to see partner funded drilling commence at Clemente and look forward to the results and potential for new discoveries at the Project. Riverside is a Silver Viper shareholder and will receive additional cash and share payments if the option agreement progresses towards earn-in, with Riverside also retaining a 2% NSR on the Project.” Features at Clemente are similar to known mineral deposits in the western Sonora region of Mexico demonstrating strong structural control. Previous work at Clemente recognizes a complex post-depositional history including two phases of thrust faulting, subsequent folding and extensional faulting. The Project history and geologic model was summarized in the Sedar filed NI 43-101 Technical Report completed by Silver Viper using an independent qualified person as part of their IPO listing. As per the Option Agreement (see Riverside’s press release dated December 6, 2016), Silver Viper must complete $4,000,000 in exploration, pay $750,000 in cash payments and issue Riverside 2,000,000 Silver Viper shares (Riverside currently holds 1M Silver Viper shares) to complete earn-in for a 100% interest in the Project. Up...