Riverside Resources (RRI.V) has now completed the acquisition and the title transfer of the Maria Luisa property, which is located immediately north of Riverside’s Ariel project. The Maria Luisa claims total just under 400 hectares, representing a 32% size increase compared to the 1,242 hectares Ariel property before the acquisition.
Riverside was able to acquire the property thanks to the existing tax liability on the asset and Riverside struck a deal with the private owner to get the property in good standing again while acquiring the asset on a royalty-free basis for a total payment of US$200,000. According to CEO John-Mark Staude, the company had been eyeing the consolidation for several years now as Riverside considers the Maria Luisa property a useful addition to the Ariel project, which is located less than 20 kilometers east of the La Caridad copper mining complex. Riverside has already updated the drill permits which now cover both the Ariel and Maria Luisa drill targets.
Disclosure: The author has a small long position in Riverside Resources. Please read the disclaimer.
