Riverside Resources expands Rare Earth Elements property portfolio with Taft Project acquisition, British Columbia
Riverside Resources Inc. [TSXV: RRI; OTCQB: RVSDF; FSE: 5YY] has signed an option agreement to acquire a 100% interest in the Taft Project. The project covers a total area of 3,000 hectares (30 km2) and is located in the highly prospective Revelstoke Carbonatite Belt region of British Columbia for Rare Earth Elements (REE) and gold mineralization.
This transaction aligns with Riverside’s strategy of targeting high-value mineral assets in favorable jurisdictions and taking advantage of government support led by technical quality as a focus. Riverside is actively strengthening its position by acquiring and staking high-potential critical metals projects. The company plans to begin a field program on the Project immediately.
“Riverside Resources has a long history of identifying and acquiring high-potential mineral assets in stable jurisdictions, and the Taft Project is another excellent example of this approach,” stated Dr. John-Mark Staude, President and CEO. “As the demand for critical minerals continues to grow, particularly in the fields of renewable energy, electric vehicles, and advanced technologies, projects like Taft play an essential role in securing North America’s access to these vital resources.
“With governments increasingly emphasizing the importance of developing domestic supply chains for critical minerals, including recent initiatives by the United States and Canada to support exploration and production, Riverside is proud to contribute to this strategic imperative. By acquiring and investing in projects like Taft, we are not only enhancing our portfolio but also progressing the global transition to cleaner energy and more resilient supply networks.”
Project Option Terms: As per the agreement, Riverside can earn a 100% interest in the Taft Project by making staged cash payments totaling CAD $125,000 over five years: $15,000 upon signing of the Agreement; (paid); $15,000 on or before the 1st anniversary of the Effective Date; $20,000 on or before the second anniversary of the Effective Date; $20,000 on or before the third anniversary of the Effective Date; $25,000 on or before the 4th anniversary of the Effective Date; and $30,000 on or before the final anniversary of the Effective Date.
Additionally, Riverside will commit to a minimum of $320,000 in exploration expenditures over the same period: $ 60,000.00 by the first anniversary of the Effective Date; $ 60,000.00 by the by the third anniversary of the Effective Date; $60,000.00 by the fourth anniversary of the Effective Date; and $80,000.00 by the final anniversary of the Effective Date.
The exploration program will begin with stream geochemistry studies initiated this summer, followed by soil and rock geochemical prospecting. Fieldwork will include geological mapping and reconnaissance traverses, building on earlier government studies and prior prospector reports. The focus is to delineate the Rare Earth Element potential associated with carbonatite intrusions, which are key mineralization targets for both the property and the company within this belt. Additionally, the program will investigate gold anomalies identified in initial surveys, building on previous exploration efforts in the area. Riverside’s planned investments include geological mapping, sampling, and targeted drilling to further define the resource potential of the project.
The Taft Project presents a high-potential opportunity to discover critical mineral resources. Its favorable geological setting and strategic location within a supportive jurisdiction highlight its importance in Riverside’s portfolio. Geological mapping of the REE-rich terrane has identified promising areas along the belt, supported by favorable geochemistry and indicator minerals. Current sampling and exploration efforts, in collaboration with local prospectors, aim to refine targets through access, sampling, and mapping. These activities are paving the way for a focused exploration program in 2025, targeting both REE and gold zones.
Riverside has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties.