Sonora’s Copper Potential Will Be UnlockedBy Paloma Duran | Tue, 06/01/2021 - 10:40
Riverside Resources Inc. and BHP have agreed to continue financing exploration in Sonora for a third consecutive year. Both companies said they are excited to continue to develop together a growing portfolio of copper opportunities in the Laramide Copper Belt.
Sonora is considered a prolific state for copper deposits and has some of the largest copper mines in the world, such as the Cananea mining district. Porphyry mineral systems are only found in specific geological environments, which has demonstrated Sonora's significant potential for new exploration projects.
The company has five assets in Mexico: La Silla Gold-Silver Project, Sandy Gold Project, Tajitos Gold Project, Ariel Copper-Gold Project and Las Cuarentas Gold-Silver Project. The first project is located in Sinaloa, while the rest are located in Sonora.
In Sonora, Riverside has identified conductors, developed gravity models and began its drilling permitting process to continue its exploration program, which is expected to take place during the second half of the year.
For third consecutive year, BHP Exploration Financing Agreement (EFA) will provide the necessary budget for additional exploration activities in Sonora. This year, BHP has a budget of US$1.3 million, during the first year the budget was US$600 thousand and for the second year it was US$1.3 million.
BHP generative financing is part of a larger financing package for copper assets that the BHP-Riverside Program has in its portfolio. Riverside explained that the BHP program will focus on discovering larger copper deposits in 2021, and seeks to have additional flows on the copper front as new data has been collected and strong collaborations are identifying high-quality targets.
"Riverside is very pleased to be advancing the copper exploration program with BHP. The global demand for copper continues to increase and securing this additional year of increased funding puts Riverside in a great position to pursue copper opportunities more aggressively with our funding partner,” said Riverside's President and CEO, John-Mark Staude. He added that the company has many projects that continue to advance positively and that with the new financing they will be developed even more.
The company reported its 2021 priorities, which will include extending its strategic agreement with BHP for at least one more year until 2022; acquire properties and drill select areas of its projects; as well as complete an initial drilling program on the Cecilia Gold Project; complete additional interpretation work to refine the regional targets in the Cuarentas Gold Project; and acquire new projects in Canada and Mexico.
“2020 was a challenging year for the world and yet Riverside was lucky to have strong projects, a strong local team, and partners to work through the year such that we are set up exceptionally well entering 2021.The company has been strategically positioning itself with high-quality projects and partnerships and is geared up for a productive year ahead," said Staude.