Questcorp Mining starts Phase 2B at La Union with Riverside Resources

Questcorp Mining Inc. CNSXQQQ OTCMKTSQQCMF FRAD910 said on Friday that Phase 2B work has begun at La Union in Sonora, Mexico, targeting a gold-related geophysical anomaly extending more than 1 kilometre. The program will test that target with a planned 350-metre hole after an earlier hole failed to reach its intended depth.

Questcorp shares were unchanged at C$0.085 on the Canadian Securities Exchange at the Nov. 5 close, according to Google Finance's CNSXQQQ quote timestamped 4:00 p.m. EST, before the announcement.

Operator Riverside Resources Inc. CVERRI OTCMKTSRVSDF has started road work and drill-pad construction following the rainy season. Questcorp's Nov. 6 release says Riverside has secured a reverse-circulation rig to replace diamond drilling, seeking better penetration through faulted ground.

The initial targets are Luis Hill and Union Mine, where an 80-metre step-out will test the projected continuation of a mineralized structure. Questcorp holds an option to acquire the project; the program announcement gives neither a total drilling budget nor a date for results.

Luis Hill's induced-polarization anomaly coincides with a Phase 1 discovery interval of 42 metres grading 0.3 grams per tonne gold, reported on Jan. 12. The Nov. 6 program outline says the zone remains open along strike and at depth.

The earlier hole, UND26-018, passed above the anomaly without reaching target depth. The planned near-vertical hole will test the geophysical target, while mapped feeder structures provide additional exploration targets.

At Union Mine, the Nov. 6 release cites chip-channel sampling along an access wall that returned 20.2 grams per tonne gold across 30 metres. Silver averaged 226 grams per tonne along that sampled length; these are wall samples rather than drill intersections.

"The switchover from diamond drilling to reverse circulation should significantly increase penetration rates as we continue to build our geological model at La Union," Questcorp president and chief executive Saf Dhillon said in the release.

Under the option terms announced May 6, 2025, Questcorp can acquire a 100 per cent interest by meeting obligations including C$5.5 million in exploration expenditures over four years. Riverside remains operator during the option term.

The May 2025 terms also require C$100,000 in cash payments and staged share issuances bringing Riverside's cumulative holding to 19.9 per cent, assuming it retains its shares. Exercise of the option would leave Riverside with a 2.5 per cent net smelter return royalty on commercial production.

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The next step is drilling at Luis Hill and Union Mine, but Questcorp's Nov. 6 program outline sets no completion or assay-release date.