- Riverside Resources (RRI) has signed an agreement to acquire a 100-per-cent interest in the Union Mine, within the Union District of Sonora, Mexico
- This district has historically produced high-grade zinc, gold, and silver in carbonate replacement deposits, which is a significant style of deposit forming major mines in northern Mexico and the southwest USA
- According to past reports, the Union Mine historically produced 50,000 ounces of gold
- Riverside Resources (RRI) was unchanged, trading at $0.135 per share
Riverside (RRI) has signed an agreement to acquire the Union Mine in the Union District of Sonora, Mexico.
This district has historically produced high-grade zinc, gold, and silver in carbonate replacement deposits, which is a significant style of deposit forming major mines in northern Mexico and the southwest USA.
According to past reports, the Union Mine historically produced 50,000 ounces of gold. There is potential for further expansion through focused exploration along strike and at depth for both oxide and into sulfide ore targets.
“We believe there is excellent potential to extend mineralization beyond the areas that were historically mined at Union and Union Norte. Controlling the historical mine areas and local infrastructure puts us in a position to move ahead more aggressively with other discovery targets within the surrounding areas as well,” explained Riverside’s President and CEO, John-Mark Staude.
The company paid US$170,000 and can complete its earn-in by making a second payment of US$100,000 any time within 60 months of signing the agreement.
The next phase of proposed work on this land tenure includes refining the larger structures likely responsible for the carbonate replacement bodies. Drill permitting is now underway.
The company views the consolidated Union Project as one of its top assets and will move to rapidly refine targets for drilling later this year.
Riverside Resources is engaged in the acquisition, exploration, and evaluation of assets in the Americas, including Canada, the United States, and Mexico.
Riverside Resources (RRI) was unchanged, trading at $0.135 per share at 10:00 am ET.