VANCOUVER - Riverside Resources Inc. (TSXV:RRI) (OTCQB:RVSDF) (FSE:5YY0) announced Tuesday the start of its Phase 2 exploration program at the La Union Project in Sonora, Mexico, according to a press release statement.
The program follows a 12-hole Phase 1 drill program announced on January 22, 2026, which identified sediment-hosted gold at Luis Hill, with results showing 42 meters grading 0.3 grams per ton gold. Questcorp is funding the Phase 2 work.
Field teams have been deployed across four target areas to conduct geological mapping, geochemistry, geophysics, and structural analysis. The program will focus on sediment-hosted gold targets identified during Phase 1 drilling, where gold was found in sedimentary rocks below the primary Carbonate Replacement Deposit host units.
Additional work includes underground sampling at the Union Mine and targeting at the Famosa North area, where lead and zinc anomalies have not been drill-tested. The Famosa mineral concessions were consolidated into Riverside's land package on March 18, 2026.
An expanded aeromagnetic drone survey will extend coverage across the mineral property to support drill targeting ahead of a drilling program planned for early summer 2026.
Phase 1 drill hole UND25-9 at Luis Hill returned 42 meters grading 0.3 grams per ton gold in sediment-hosted rocks. Phase 2 field work aims to define additional drill targets in this area.
The Union Project hosts multiple target areas with three distinct mineralization styles: carbonate replacement deposit mineralization, sediment-hosted gold, and structurally controlled gold mineralization within quartzite units.
Riverside operates the project through its Mexican subsidiary in partnership with Questcorp. The company reported having over C$5 million cash with no debt, a position confirmed by InvestingPro data showing the company holds more cash than debt on its balance sheet. With a current ratio of 5.13 and a market capitalization of $14.44 million, the exploration company maintains a "GOOD" financial health rating according to InvestingPro's comprehensive analysis. The stock trades at a P/E ratio of 23.63 and has delivered a 22.86% return over the past year, though shares remain 25% below their 52-week high.
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