Riverside Resources Acquires 100% Interest in Union Mine
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Riverside Resources Acquires 100% Interest in Union Mine

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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Wed, 03/08/2023 - 04:47

Riverside Resources announced that it signed an Option Agreement to acquire a 100% undivided right, title and interest in the Union Mine, located in Sonora’s Union District.

The Union District is known historically for producing high-grade zinc, gold and silver in carbonate replacement deposits via major mines in northern Mexico and the southwest of the US. The Union Mine historically produced 50,000oz of gold from the upper oxide zones of manto and chimney bodies. 

Moreover, the company reported that further expansion through a focused exploration is wide open along strike and at depth for both oxide and into sulfide ore targets. The specific tenure has been of interest to Riverside for several years, the agreement finally consolidates this key inlier ground. The property is in good condition with established infrastructure, surface access and the opportunity to complete option purchase for 100% interest. 

"Riverside is excited to be progressing the Union District and this deal consolidates the heart of the broader Union Project, giving us a line of sight towards 100% ownership. 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," said John-Mark Staude, President and CEO, Riverside Resources. 

The company paid US$170,000 and can complete its earn-in to own the undivided 100% interest with a second payment of US$100,000 within the next 60 months of signing the agreement. 

“Large projects are some of Mexico’s differentiators over other countries,” explained John-Mark Staude, CEO, though he said there are still challenges to overcome first. 

Riverside Resources is a company dedicated to mineral exploration in Mexico. It has focused its work on developing large projects in the country such as Los Cuarenta, which is 100% Riverside-owned, and Cecilia, which it also owns fully.

Sonora is considered the largest contributor to the country’s mining industry with an outstanding share of 34.2 percent, according to CAMIMEX. Of the 1,190 active projects throughout the country, Sonora is home to 267 projects, representing 22 percent of the national total. The main metals the state produces are copper, which represents 81.1 percent of the country's total production and gold, which represents 29.8 percent, reported MBN.

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