Riverside Resources Inc. (TSXV:RRI) provided updates from their activities at the Naranjo and Huacana projects in Mexico.
As quoted in the press release:
The drilling of three magnetic high anomalies was completed by Riverside at the Naranjo Project in Jalisco, Mexico, an iron-oxide copper gold (IOCG) target. The drill results intersected formational magnetite and did not discover a large iron body as had been hoped, following positive indications from airborne geophysics. With this target successfully tested, the Alliance has shifted focus to the more advanced Huacana Project.
Riverside’s President and CEO, John-Mark Staude, said:
We are pleased to have completed drilling at Naranjo, and although disappointed not to make a new grassroots discovery, we were able to give our stakeholders a shot at a big success while limiting the share dilution and direct costs through our Prospect Generator business model.