Riverside Resources has consolidated the Famosa Area by acquiring three mineral concessions in the Union Project district in Sonora, Mexico.
This was achieved following the final payment and transfer of mineral titles from Pacific Comox to RRM Exploración, Riverside's fully owned Mexican subsidiary.
The consolidation grants Riverside clear ownership, enabling it to progress with exploration and potentially advance towards mining, subject to future development outcomes.
Currently finalised with a payment of $125,000 (C$171,414), the transaction saw Riverside acquiring the La Famosa and Dana 7 concessions, with their validity spanning from 1994 to 2044 and from 2003 to 2053, respectively.
These concessions hold the mineral titles numbered 199006, 220840 and 220841.
Overall, the deal was completed for $175,000. There are no net smelter royalties (NSR) or other royalties attached to these concessions.
Riverside initially entered an exploration agreement with Pacific Comox in August 2021, which included an option to purchase the claims over a five-year period ending in 2026.
The Famosa Area is known for hosting carbonate replacement deposit (CRD)-style mineralisation and gold deposits within dolomite and quartzite units.
This acquisition strengthens Riverside's position within the Union district and supports ongoing exploration initiatives targeting CRD-style gold-silver-polymetallic mineralisation.
Working alongside Questcorp under an option agreement, Riverside benefits from exploration expenditures funded up to C$5.5m, while retaining equity exposure and a 2.5% net smelter return on the project.
With full control of Famosa concessions, Riverside enhances its exploration capabilities in the southern portion of the Union Project.
Riverside Resources president and CEO John-Mark Staude said: “We are pleased to complete the consolidation of the Famosa area within the Union Project, securing full ownership with no royalty burden for the transaction on these key concessions.
“This strengthens our district-scale land position and provides greater flexibility as we continue advancing exploration at Union with our partner Questcorp.”
In May 2025, Riverside announced the successful completion of its arrangement to spin out shares of Blue Jay Gold to its shareholders, effective 22 May 2025.
