Riverside Resources Expands Ariel Copper Project with Acquisition of Adjacent Maria Luisa Copper Property, Sonora, Mexico
Riverside Resources announced the acquisition of the Maria Luisa Copper Property, further consolidating the Ariel Copper Project in Sonora, Mexico.
This acquisition adds 30% more land, expanding their control to 16 sq km. The Ariel project includes high-grade copper findings and is fully permitted for drilling.
The transaction involved a total payment of USD $200,000 without royalty or retained interest, giving Riverside 100% control.
Riverside aims to partner for drilling at Ariel and Maria Luisa, leveraging proximity to Mexico’s second-largest copper mine, La Caridad.
- Acquisition strengthens Ariel project, consolidating an additional 30% land.
- Riverside now controls a 16 sq km area in a highly prospective copper district.
- The project is fully permitted for drilling, expediting exploration efforts.
- A $200,000 payment was made with no royalty or retained interest, ensuring full ownership.
- Located within sight of La Caridad Copper Mining Complex, enhancing strategic value.
- High-grade copper findings and strong geochemical vectors identified.
- Potential partner opportunities for further development and exploration.
- Recent board addition of Bryan Wilson, bringing extensive mining expertise.
- Outstanding tax issues had to be resolved before the transaction, indicating potential administrative hurdles.
- The project has seen relatively little drill testing, implying exploration risks.
- Costs associated with updating drill permits for both Maria Luisa and Ariel targets.
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"), is pleased to announce it has completed acquisition and title transfer of the Maria Luisa Copper Property immediately north of Riverside's Ariel Property thus consolidating another
Please click the following link for a brief video summary of this news, the positive impact and opportunity for Riverside provided by John-Mark Staude, President and CEO: https://rivres.com/media-center/ceo-interviews-presentations
Concessions and Transaction
The Ariel project is now consolidated into five concessions that in total cover an area of 1,640 hectares (16 sq km).
| CONCESSION | OWNER | TITLE | HAS | VALIDITY | |
| ARIEL | RRM Exploracion SAPI de CV | 245325 | 1,241.98 | 23/11/2016 | 22/11/2066 |
| MARIA LUISA | RRM Exploracion SAPI de CV | 237383 | 100.00 | 09/12/2010 | 08/12/2060 |
| MARIA LUISA | RRM Exploracion SAPI de CV | 237384 | 99.49 | 09/12/2010 | 08/12/2060 |
| MARIA LUISA | RRM Exploracion SAPI de CV | 237385 | 99.63 | 09/12/2010 | 08/12/2060 |
| MARIA LUISA | RRM Exploracion SAPI de CV | 237386 | 99.63 | 09/12/2010 | 08/12/2060 |
The transaction to acquire the Maria Luisa Copper Property was finalized this quarter.and has now been officially registered with the Mexican Direction of Mines and titles transferred to Riverside. The title registration was completed in May 2024 under Riverside SAPI, the company based in Mexico as now the full title holder of the Maria Luisa concessions. Riverside resolved outstanding tax issues for the previously private owner, completed required filings and then reimbursed the property owner minus those costs with a total payment of USD
Figure 1
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Riverside's President and CEO, John-Mark Staude, stated: "We are delighted to consolidate Maria Luisa into the larger Ariel project as this has been a goal for several years and was able to be completed on highly favorable terms for Riverside. This now provides the opportunity to move forward with drilling at both Ariel and Maria Luisa. Riverside will look to partner this large, fully titled, easily accessible and proximal to La Caridad copper mine location. We appreciate the excellent work of the Riverside local Mexico exploration team who worked with lawyers and private owners to complete this for the benefit of all stakeholders."
Ariel Project:
The Ariel Project is strategically located within sight of the world-class La Caridad Cu-Mo porphyry mine operation (~10 Mt of Cu metal reserves), and 24 km SE of the Los Alisos Cu porphyry prospect. The property has seen relatively little if any drill testing and has extensive exposed and under shallow post-mineral cover targets. The project, originally staked by Riverside in late 2015 and then titled in 2016, was developed out of a strong reconnaissance regional prospecting program in the area when Riverside was working in partnership with Antofagasta Mining. Access to the property is good being less than 30 km on dirt roads from paved highways, some of which are used for servicing the nearby La Caridad mine and mill complex operated by Grupo Mexico Mining.
Figure 2
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Exploration Results
The Ariel project's exploration results have included high-grade copper findings and strong geochemical vectors. Positive field exploration, along with the integration of regional geophysics, has led to the definition of two high-quality target areas: Ariel and Maria Luisa. The copper system is dated as Laramide age and is part of the major Arizona-Sonora copper belt which has over 10 mines of large copper operation, and significant new copper discoveries coming along currently as well. The geologic mapping, alteration analysis and sampling has helped focus targeting toward high priority drill exploration targets which have been permitted and title in hand for Riverside. The project stands out for its color anomaly aligning with favorable geology caused from oxidizing of outcropping pyritic sulfide system with quartz-sericite alteration and porphyry Cu-style veining stockworks.
Extensive rock samples have been geochemically analyzed using certified assay laboratory and portable X-ray fluorescence instrument as well as a mineral analyzer that employs near infra-red spectrometry to identify minerals typically formed by hydrothermal processes. This sampling delineates two large primary porphyry targets (Ariel and Maria Luisa Targets) as shown on the map and please see the website for more extensive information and cross sections.
Geology
The Ariel Project comprises an eastward-tilted sequence of Late Cretaceous andesitic to rhyolitic rocks of the Tarahumara Formation intruded by Paleocene (ca. 57 Ma) quartz monzonite and granodioritic porphyries comparable to the age of the La Caridad Porphyry main mineralization event. Post-mineral Miocene regional tectonic events caused down-faulted blocks to the west, where basalt and conglomerate cover from the Baucarit Formation developed. This covers the targets with post mineral units similar to those found in the Cananea and Caridad districts as well as extensively northward in Arizona.
Surface expression of porphyry copper potential includes:
- Feeder veins: Quartz‐bearing structures that served as conduits to mineralizing fluids. Possible vectors toward concealed source. The veins walls display visible amounts of advanced-argillic alteration and sulfosalts and are targets for gold-bearing deposits.
- Dickite-Alunite angular breccias: Correspond to coarse-grained (>2 mm), monomictic breccia with angular fragments of volcanic rocks highly altered to dickite and alunite. These breccias are interpreted as hydraulic to phreatic breccias with a dominant high-sulphidation component and directly linked to a concealed porphyry target.
- Sericite-Pyrite pebble breccias: Correspond to pebble-size (>20 cm), polymictic breccia with milled fragments of porphyritic rocks. The clasts display porphyry-style stockwork of quartz-jarosite. The breccia matrix is composed of rock flour and juvenile fragments. This constitutes one strong evidence of porphyry copper system activity.
The Ariel project, now including the Maria Luisa concessions, now presents two major targets that can be easily accessed and drilled. This project is within view of the giant copper mine at La Caridad and has similar geology and geochemical indicators. where Riverside looks to now partner following its Prospect Generator business approach.
Corporate News
Riverside is delighted to welcome Bryan Wilson join the board of directors. He was elected at the Annual Shareholders Meeting on May 10, 2024. Mr. Wilson brings extensive knowledge of mineral exploration and mining, having recently worked in Mexico, as CEO for Angel Wing Metals Inc. and previously Director of Exploration Business Development with Centerra Gold at the Toronto corporate headquarters. In addition to these achievements, Mr. Wilson has worked throughout Canada and is familiar with 100's of Canadian mining camps, reflecting his over 40 years of mining industry expertise. Mr.Wilson has been a technical advisor to Riverside and now moves into the role as Director.
Qualified Person:
This news release was reviewed and approved by Julian Manco, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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FAQ
What is the significance of Riverside Resources' acquisition of the Maria Luisa Copper Property?
How will the acquisition of Maria Luisa Copper Property impact Riverside Resources (RVSDF)?
What was the cost of acquiring the Maria Luisa Copper Property for Riverside Resources?
What are the future plans for the Ariel Copper Project after acquiring Maria Luisa?
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