Riverside Resources Inc. has reported that the BHP – Riverside Exploration Funding Agreement (EFA) will be extended into a fourth year. Building on the past three years of BHP fully funded generative exploration work, the EFA will move into the next exploration phase focusing on five copper projects in Sonora, Mexico with a currently approved $1.1 million in exploration funding to work on the Llano de Nogal district and $500,000 in ongoing High-Value Work programs in the Sonora Projects.
“Now that our partnership with BHP is focusing on a priority group of copper projects, the extensive data, relationships and additional targets we’ve generated within the broader EFA area can also be leveraged and pursued by Riverside,” Riverside President and CEO John-Mark Staude said.
BHP and Riverside will progress the Sonora Projects looking for large Tier 1 scale porphyry copper targets and work toward drilling where the majority ownership and funds from BHP could earn a minimum of 80%. Once any of the Sonora Projects are named a Designated Project and moved to the Operational Phase, the partnership continues through funding by BHP of at least $4 million into each project with Riverside retaining an NSR on projects, should BHP earn interest and Riverside does not choose to continue as JV partner.