Riverside Resources Inc., has regained a 100% interest in the Thor Copper Project, as the Company's joint-venture partner, a subsidiary of Antofagasta plc, has elected not to complete the C$5M in exploration expenditure required to earn a 65% interest in the Project.
The Thor Copper Project is located in north-eastern Sonora along the main copper producing belt of Mexico. Riverside and Antofagasta completed an initial proof-of-concept drill program to test for a Laramide aged porphyry-intrusive system. The first four (4) drill holes ever drilled at Thor confirmed the concept, with three of the four drill holes intersecting a large Laramide-aged porphyry style quartz-sericite-pyrite stockwork system. The initial drill holes did not return sufficient gold or copper assays for partner Antofagasta to continue, but the limited drilling that was completed was successful in hitting alteration and providing support for further exploration.
Riverside will regain a 100% interest in the Thor Copper Project with drill permits already in place, drill cores, maps, data and target areas defined. The Company also owns the 12.4 km2 Ariel Copper-Gold Project, which was won through the lottery-staking system and is strategically located 30 km ESE of the La Caridad Cu-Mo porphyry mine. Ariel covers an extensive zone of hydrothermal alteration, measuring 2.8 km in length by approximately 1.9 km wide. Riverside owns three quality copper porphyry prospects in northern Mexico, and will explore partnership opportunities to advance the copper portfolio going forward.
Riverside's President and CEO, John-Mark Staude, stated: "We would like to thank Antofagasta for the very collaborative exploration effort at Thor. Riverside now has three copper-gold projects available for option as a package or individual prospects; all with good road access, clean ownership, no underlying royalties and prospective exploration targets already defined. We look forward to progressing our Prospect Generation exploration approach with these properties and welcome partners."
For more information on the Company's projects available for partnership, please visit the Company's website at www.rivres.com or contact Riverside directly by email at [email protected].
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Thor Project was reviewed and approved by Locke Goldsmith, P.Geo, P. Eng, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.