Business
Riverside Resources Sells Its Geraldton Greenstone Belt Canadian Portfolio to iMetal Resources Inc for Shares And 2.5% NSR
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2021) - Riverside Resources Inc. ...
About this update from Riverside Resources Inc
[{"type":"text","content":"Riverside Resources Sells Its Geraldton Greenstone Belt Canadian Portfolio to iMetal Resources Inc for Shares And 2.5% NSRVancouver, British Columbia--(Newsfile Corp. - February 10, 2021) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (\"Riverside\" or the \"Company\"), is pleased to announce the sale of the Company's Oakes, Pichette and Longrose Projects in northwestern Ontario for eight (8) million common shares, a 2.5% NSR and cash considerations to iMetal Resources Inc. (\"iMetal\") (TSXV: IMR) (OTCBB: ADTFF) (FSE: A7V2). The Riverside projects are located in the Beardmore Geraldton Greenstone Belt (BGGB), northeast of Thunder Bay, Ontario. iMetal has exploration projects in the Abitibi Greenstone Gold Belt and upon closing of this transaction Riverside will be a cornerstone shareholder in this new collaborative Canadian-focused gold exploration company. Highlights from the three Riverside projects include:The Oakes Project is 8000 hectares and host to several gold bearing shear zones. Channel sampling by Riverside (2019) of Trench 1 in the HG shear zone returned values of 31.9 g/t gold, 19.7 g/t gold and 6.9 g/t gold over 0.5 to 1.0 m intervals.The Pichette Project is 1,650 hectares and hosts gold in banded iron formation. Historic drill intersections of 4.78 g/t gold over 0.65 m and historic surface grab sample highlights of 24.55 g/t gold, 21.42 g/t gold and 16.01 g/t gold. Source (PME) 1990 42E12NE0168.The Longrose Project is 360 hectares and adjacent to the historic Leitch and Sand River Mines and hosts gold quartz veins. Drill highlights include 30.8 g/t gold over 0.15m and 10.28 g/t gold over 0.45m from quartz veins (Longrose Gold Mines, 1947).Riverside's President and CEO, John-Mark Staude: \"We are pleased to sell our mineral claims and join these projects with iMetal Resources' portfolio of Abitibi gold projects toward building a strong collaborative business. Collectively these projects will create an exploration company with tremendous upside for high-grade gold in some of the highly endowed greenstone gold belts of Canada's top two gold producing provinces. Riverside retains a 2.5% NSR on each property plus a significant share position in the equity of iMetal; collectively giving Riverside shareholders exposure to future project and corporate successes as iMetal moves towards active exploration...