Drilling Approval at Saint John Project Sets Stage Amid High-Grade Discoveries

A Promising Start to 2025

Riversgold Limited (ASX: RGL) has kicked off the new year with a series of impressive assay results from its Saint John Project in New Brunswick, Canada. The latest rock chip sampling campaign has delivered high-grade mineralisation, with standout samples reporting up to 8.99% copper (Cu), 42.6 grams per tonne (g/t) gold (Au), and 240 g/t silver (Ag). These results bolster the company's confidence in the project's potential as a significant multi-metal discovery.

Strategic Location and Jurisdictional Advantage

The Saint John Project covers approximately 101 square kilometres immediately west of the city of Saint John and just 50 kilometres from the US border. Situated in New Brunswick, a Tier-1 Canadian mining jurisdiction known for its stable regulatory environment and notable antimony production, the project benefits from excellent infrastructure and accessibility. This strategic positioning enhances the project's attractiveness for future development.

Multi-Element Mineralisation Across Multiple Prospects

Sampling has so far focused on limited surface outcrops within a roughly 25-kilometre zone of felsic intrusions. Key prospects such as Prince of Wales, Little Lepreau, and Hideaway have yielded significant assay results. For instance, the Prince of Wales prospect returned rock chip samples with 8.99% Cu and 42.6 g/t Ag, while Little Lepreau delivered gold grades as high as 41.6 g/t Au. These multi-element results underscore the polymetallic nature of the mineralisation, including copper, gold, silver, lead, and antimony.

Drilling Approval and Next Steps

Importantly, Riversgold has secured full approval from the New Brunswick Department of Natural Resources and Energy Development (DNRED) to undertake a 2,000-metre drilling program. This marks a critical milestone, enabling the company to test beneath key outcrops and advance the geological understanding of the deposit. Chairman David Lenigas highlighted the significance of this approval, noting the team’s focus on refining drill targets and the excitement surrounding the project's early-stage success.

Historical Context and Exploration Strategy

The Saint John Project area has seen sporadic exploration dating back to the 1950s, including diamond drilling and geochemical sampling by various parties. However, Riversgold’s systematic approach, combining modern geophysical surveys, detailed rock chip sampling, and digital data management, is providing a clearer picture of the mineralisation potential. The company’s option agreement to acquire 100% of the project from Geosearcher Inc. and Robert Murray further consolidates its position.

Outlook and Market Implications

With ongoing fieldwork and assay submissions, Riversgold is steadily building a compelling case for the Saint John Project as a significant polymetallic discovery. The combination of high-grade surface samples, a supportive jurisdiction, and imminent drilling activity positions the company well for value creation. Investors will be watching closely for drilling results that could validate the surface findings and potentially unlock a new resource base.