Riverside Resources has concluded the acquisition and title transfer of the Maria Luisa Copper Property, which lies immediately north of its Ariel Property, in Sonora, Mexico.
This move consolidates an additional 30% of the area, creating a direct drill target for the Ariel project.
With this acquisition, Riverside now fully controls a 16km² area within the Laramide age porphyry Cu-(Au, Mo) district.
The Ariel project, now including the Maria Luisa Copper Property, has undergone extensive mineral exploration by Riverside.
This includes geochemistry, geophysical interpretations, mapping, mineral chemistry, remote sensing and sampling.
The project is fully permitted for drilling and is positioned as a prime, undrilled target, located just 18km east of Mexico’s second-largest copper mine, the La Caridad Copper Mining Complex, which has been operated by Grupo Mexico Mining for the past four decades.
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By GlobalData
The transaction for the Maria Luisa Copper Property was finalised this quarter and has been officially registered with the Mexican Direction of Mines.
The title registration was completed in May 2024 under Riverside SAPI, the Mexico-based company now holding the full title of the Maria Luisa concessions.
Riverside noted that it has 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 $200,000 with no royalty or retained interest, which ensured its 100% control.
All concessions are now in good standing, with data readily available.
Riverside has also updated the drill permitting to cover both the Maria Luisa and Ariel drill targets, with a drill permit already in hand.
This sets the stage for a robust second half of 2024 for the property. Strategically located within sight of the La Caridad Cu-Mo porphyry mine operation and 24km south-east of the Los Alisos Cu porphyry prospect, the Ariel Project is poised for exploration.
The property has seen little to no drill testing and includes extensive exposed and under shallow post-mineral cover targets.
Riverside president and CEO John-Mark Staude said: “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 favourable 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.”
