Riverside and Questcorp to drill Union Project, Mexico
Riverside Resources Inc. [TSXV: RRI; OTCQB: RVSDF; FSE: 5YY] provide shareholders with an update on exploration progress at the Union Gold-Silver Project in Sonora, Mexico. The project is under option to Questcorp Mining Inc. [CSE: QQQ] which recently announced the commencement of their Phase 1 field program.
As part of the advancing exploration program, Riverside and Questcorp are lining up for the first-ever drill program at Union, which will follow up on new geophysical and geochemical surveys that have confirmed and refined high-priority mineral exploration Carbonate Replacement Deposit (CRD) targets for gold and base metals. The initial program will comprise over 1,500 metres of diamond drilling with possibly approximately seven holes ranging from 150-350 metres per hole designed to test at least three historic mine areas including the Union, North Union, and Famosa zones. Historical records suggest these zones previously produced an estimated 50,000 ounces gold equivalent, primarily from shallow, inclined shafts exploiting mantos and chimney structures of gold-rich CRD-style systems.
“With drill targets now defined by first ever ground and airborne detailed geophysics, further supported by surface sampling, the Union Project is now entering an exciting new phase of exploration,” said John-Mark Staude, President and CEO of Riverside Resources. “This will be the first-ever drill program on a historically productive but underexplored system at Union and we believe there’s real potential for a meaningful discovery. We’re pleased to be working with the Questcorp team as both technical collaborators and significant shareholders, with our stake in Questcorp increasing potentially to 19.9% over time. It’s a strong alignment, and we’re excited to help unlock the value we believe this district holds.”
Riverside has completed an initial Induced Polarization (IP) geophysics orientation line over the Union Mine, along with a second line over the Union North Mine. An airborne drone magnetic survey was completed over the property to provide structural context, follow up potential intrusive feeders and give information about pediments and potential faults beneath the post-mineral young cover units.
Ongoing surface geochemistry and mapping continues to strengthen the targeting pipeline, particularly across exposed gold-rich manto zones and along the margins of shallow post-mineral gravel cover. These efforts are focused on delineating the transition zones from covered to exposed mineralization and establishing structural controls that may influence ore continuity at depth.
Riverside Resources has received formal notice from Fortuna Mining, via its Mexican subsidiary Monumental Minerals, that it has completed Phase 2 exploration work at the Cecilia Project in Sonora, Mexico and will not be proceeding with the option agreement. As a result, Fortuna has not earned any interest in the project.
Riverside now regains full control of the Cecilia Project and is free to advance the drill-ready targets developed to date or market the opportunity to new potential partners. Over the past year, exploration activities, including drilling, identified gold mineralization in multiple holes and defined several high-priority targets. Most recently, Riverside completed an additional C$300,000 in target advancement work through the existing agreement, which has further refined drill targets now ready for follow-up.