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Riverside Options Revel REE Project for $450K Cash
Riverside Resources options its Revel carbonatite REE project to a private company for $450K cash and $2.2M exploration. Riverside retains a 3% NSR and will partner on a high-resolution geophysical survey.
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Riverside Resources has signed an option agreement with a private British Columbia company that allows the optionee to earn a 100% interest in the Revel carbonatite rare earth element project. The optionee will pay Riverside $450,000 in cash and spend up to $2.2 million on exploration over five years, with Riverside retaining a 3% net smelter royalty if the option is exercised. If the option is not completed, the project returns to Riverside.
President and CEO John-Mark Staude said the agreement brings dedicated funding to advance the 12-kilometre-long Revel carbonatite REE system while allowing Riverside's team to remain involved in the program. The company will also conduct a high-resolution geophysical survey with partner funding to refine and expand targets, he said.