Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Vancouver- based Riverside Resources (TSXV: RRI) received this week a new drill permit approval from the Sonora Environmental Agency.
In a press release, the Canadian miner said that the permit is aimed at supporting the company’s ongoing exploration and drilling campaign at the Los Cuarentas gold project in Sonora, northwestern Mexico.
Los Cuarentas is located 17 kilometres northwest of SilverCrest’s Las Chispas deposit and 15 kilometres northeast from Premier Gold Mines’ Mercedes gold operation
Recently, Riverside Resources concluded a rock-chip sampling and target mapping program at the project. This allowed its field team to collect additional channel samples along the primary targets and develop a better understanding of the structural setting.
Premier’s geologists identified two additional vein systems and found surface exposures with high-grade gold, with top values at 18 g/t, 12.3 g/t, 7.3 g/t, and 3.0 g/t Au. Approximately 30% of 31 samples returned anomalous gold (>0.2 g/t Au).
The team also identified three well-defined drill-ready targets and three new prospective structures, namely El Sombrerito, El Sombrero Norte and Santa Rosalía Norte.
“We are pleased with the progress and high-grade gold results above and around the former mining operations at Santa Rosalia and other target areas,” John-Mark Staude, Riverside’s president and CEO, said in the media release.
“We look forward to progressing this project potentially with a joint-venture partner and are excited to be located in between two highly valued mining and development operations.”
