Dr. John-Mark Staude's prospect generator, Riverside Resources (RRI:TSXV) has signed an agreement with a private Mexican company to acquire a 100% interest in the Cajon gold project with their strategic alliance partner, Hochschild Mining Plc. The Cajon project is located near Goldgroup's (GGA:TSX) Cerro Colorado mine and Timmins' (TMM:TSX) San Francisco mine. Recent exploration work completed by the private company found 10 separate target areas with potential for high-grade mineralization.
One of the targets, San Blas, is potentially an open-pit prospect with high-grade gold samples over a 600m by 3km extent. Previous exploration work in this area consisted of 336 rock chip and float samples with 96 samples in the range of 0.3 - 175 g/t Au, including 47 samples of 1 - 175 g/t Au. During due diligence Riverside sampled 36 rock chips which returned assays up to 9.29g/t gold. Geological mapping is now underway.
President and CEO of Riverside Resources, John-Mark Staude, commented: "We are pleased to have made quick progress in evaluating and acquiring quality, high-potential prospects in the Megashear Gold Belt of Sonora. We believe the strategic alliance with Hochschild Mining provides shareholders with great potential for new precious metal discoveries, as the companies continue to collaborate and uncover opportunity."
Under the terms of the agreement, Riverside and Hochschild have agreed to pay $15,000 immediately and the concession payments within 30 days then another $20,000 and $25,000 over three and four years, respectively (payable in cash or Riverside shares).
Riverside's partner, Hochschild, will be able to earn a 65% interest in the project by incurring $5 million in exploration expenditures over 4 years. The company is planning an active and well-funded exploration program at Cajon during 2014.
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