Riverside Resources (RRI.V) has announced BHP has agreed to fund an additional US$5.4M for exploration activities in Sonora where both companies are actively looking for copper projects. The US$5.4M comes on top of the US$1.3M that had already been allocated for the ongoing generative phase of work.
The US$5.4M will be spent on four projects and two of those projects will likely be drilled soon, each for 4,500 meters.
Riverside has already applied for the drill permits for Chuin and Palofierro, while the magneto-telluric surveys at Sinoquipe and Penitas will be started once the right contractor has been signed up.
If anything, this increased budget (which has now been quintupled) shows BHP is taking the generative work in Sonora very serious. We are positively surprised to see two projects are already sufficiently advanced to start drilling activities and although we certainly aren’t expecting the joint venture partners to strike it rich on the first attempt, the assay results and interpretation of the rocks will be very helpful to further determine the areas of interest and getting an understanding of the targets.
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