John-Mark Staude's Riverside Resources (TSXV:RRI) has one of the best business models in the mineral exploration business. His firm generates ideas and gets partners to pay for them. And unlike the dozens of groups that say they are in this line of business, Riverside actually does deals and moves the company forward on a regular basis.
At the start of this week Riverside announced that they had staked the Compuerta Copper Project in the NW Mexico Laramide Copper Belt as part of their alliance with Antofagasta. Early rock chip sample results returned up to 0.7% copper from outcrops at surface. The project is located 6km south of the Washington Cu-Mo deposit and 75km SW of the La Caridad Cu-Mo mine. Antofagasta can earn into 65% of the project by spending $5 million in exploration over the next four years.
Read: Riverside Resources Stakes the Compuerta Copper Project in Sonora, Mexico
Then yesterday Riverside announced that they had commenced a 3000 meter drill program on the Penoles Project in Durango, Mexico, to follow up on the high grade gold and silver results generated in last year's 5 hole program. Partner Morro Bay Resources is committed to spend $750,000 in exploration work during the first part of 2014. Morro Bay can earn 51% of the project by paying US $1.35 million in cash to Riverside and paying USD $1.5 million worth of Morro Bay shares (or cash) by June 30, 2014.
Riverside’s President and CEO, John-Mark Staude stated, “Riverside is pleased to see partner-funded drilling begin at the Peñoles project and looks forward to further results from the historic Jesus Maria silver mine area, the San Rafael vein system, and further drilling on the Capitan Hill zone. Field evaluation exploration work is also being completed on a number of additional targets on the property and Riverside continues to evaluate the big scale potential as the Peñoles Project is advanced.”
Read: Partner-funded Drilling has Commenced at Riverside's Penoles Project in Durango, Mexico
Last but not least, earlier this week Mr. Brent Cook, one of the better respected geologists and exploration investment newsletter writers out there, who runs the Exploration Insights service ($2k/year), complimented Riverside on an interview with BNN Television, Canada's Business News Network.
"They've done a fantastic job not only bringing in partners but getting the partners to fund most of their G&A costs through charges on top of their work. I think it's a great stock and I think it's probably reasonably priced right now and it's certainly one that I own."
Watch: Brent Cook on BNN's Market Call Tonight (Riverside comments start at 4:25)
Dislcaimer: Riverside is an advertiser. Please read their Cautionary Note Regarding Forward Looking Statements. This is not investment advice. Do your own due diligence.