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Riverside Resources ( (TSE:RRI) ) has issued an update.
Riverside Resources has completed the first phase of drilling at its Union Project in Sonora, Mexico, in partnership with Questcorp Mining Inc. The phase involved drilling over 1,600 meters across six targets, with more than 700 samples sent for assay. This exploration aims to validate and enhance the geological model of the historically mined Carbonate Replacement Deposit district, potentially leading to a large-scale discovery. The results of these assays will inform the next phase of exploration, focusing on the most promising trends indicated by the data.
Spark’s Take on TSE:RRI Stock
According to Spark, TipRanks’ AI Analyst, TSE:RRI is a Neutral.
Riverside Resources faces significant financial challenges with no revenue and negative cash flows, impacting its overall score. Despite these issues, positive technical momentum and strategic corporate actions, such as the Blue Jay Gold spin-out, offer some optimism. Valuation concerns persist with a negative P/E ratio, indicating potential risks.
To see Spark’s full report on TSE:RRI stock, click here.
More about Riverside Resources
Riverside Resources Inc. operates in the mining industry, focusing on mineral exploration and development. The company is involved in the discovery and advancement of precious and base metal projects, primarily in North America, with a particular emphasis on Mexico.
Average Trading Volume: 80,898
Technical Sentiment Signal: Buy
Current Market Cap: C$13.83M
See more insights into RRI stock on TipRanks’ Stock Analysis page.