Riverside Resources repatriates Ontario projects
Riverside Resources Inc. [RRI-TSXV; RVSDF-OTCQB; R99-FSE] has repatriated its three projects in the Beardmore-Geraldton greenstone belt (BGGB) of northern Ontario.
In February, 2021, Riverside offered the sale of its portfolio to iMetal Resources Inc. [IMR-TSXV; ADTFF-OTC; A7V-FSE, Berlin]. The purchase agreement was contingent upon a series of conditions that were not completed. At this time both parties have mutually agreed to dissolve the transaction and Riverside has now retained 100% ownership of the project portfolio of: Oakes, Longrose and Pichette located in the well-endowed and prolific BGGB.
The recovery of these projects occurs at an opportune time for Riverside, particularly since the region is experiencing a renaissance in mining activity. Specifically, the recent launch of construction at the Greenstone Mine (an Equinox Gold / Orion Joint Venture) near the town of Geraldton, bodes extremely well for Riverside’s own projects located along the Trans-Canada Highway and in close proximity to the Greenstone Mine.
During the past seven months Riverside acted as exploration operator completing a summer field program. During the agreement with iMetal, Riverside more than doubled the induced polarization survey (IP) grid as well as conducted a focused sampling and mapping program along the survey grid at the Oakes Gold Project.
Highlights of the BGGB portfolio can be found in the press release dated February 10, 2021, which summarizes the previous work done at Oakes and also Riverside’s work on the three properties.
Riverside’s President and CEO, Dr. John-Mark Staude, commented, “Regaining control of this three-project portfolio of further de-risked gold properties near the developing Greenstone Gold Mine provides Riverside with a unique opportunity to advance exploration ourselves. Drill target generation progressed this summer, we have a drill permit in hand and will start with further exploration work at Oakes with a view towards drilling initial targets there during 2022.”
Moving forward, Riverside wishes to advance the project with a drill program. De-risking has allowed the company to build confidence for additional project investment.
Regarding a separate matter, on November 16, 2021 Riverside granted 1,000,000 incentive stock options to directors, officers and consultants. The options are exercisable at $0.16 per share for five years from the date of grant. The options are subject to regulatory approval.
Riverside has over $5M in cash, no debt and less than 72M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. The company has properties available for option.