Northern Zone Drilling Yields Up to 7.47 g/t Au; Saint John Project Hits 8.99% Cu
Riversgold Ltd has submitted a Mining Lease application for its Northern Zone Gold Project near Kalgoorlie and reported outstanding high-grade rock chip results from its Saint John Copper Gold Silver Antimony Project in New Brunswick, Canada.
- Mining Lease application submitted for Northern Zone Gold Project near Kalgoorlie
- High-grade gold mineralisation expanded and remains open in multiple directions
- Outstanding multi-element rock chip results from Saint John Project in New Brunswick
- Recent capital raising and R&D refund bolster company’s funding position
- Exploration focus sharpened with rationalisation of lower-priority projects
Northern Zone Gold Project Progress
Riversgold Ltd (ASX: RGL) has taken a significant step forward at its Northern Zone Gold Project, located just 25km east of Kalgoorlie, with the submission of a Mining Lease application (M25/389) to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS). This application consolidates all drilling data to date and marks a pivotal milestone in the project’s maturation.
The recent aircore drilling program has delivered encouraging results, with multiple intercepts of shallow, high-grade gold mineralisation. Notable assays include 8m at 4.86 g/t Au from 34m and 4m at 7.47 g/t Au from 49m, confirming the presence of a substantial gold porphyry system. The mineralisation remains open in several directions, suggesting further upside potential as drilling continues.
Riversgold is leveraging advanced Leapfrog 3D modelling to refine its understanding of the mineralised envelope, guiding future drilling campaigns. The company draws parallels between Northern Zone and nearby projects such as Saturn Metals’ Apollo Hill, which supports the potential for a sizeable low-grade heap leach operation. Additionally, proximity to Black Cat Syndicate’s Myhree shallow open pit mine offers a conceptual framework for potential mining and toll milling strategies.
Saint John Copper Gold Silver Antimony Project Delivers High-Grade Results
Across the globe in New Brunswick, Canada, Riversgold’s Saint John Project continues to impress with multiple high-grade rock chip samples from key prospects such as Little Lepreau, Prince of Wales, and Hideaway. Highlights include 41.6 g/t Au and 26.8 g/t Ag at Little Lepreau, and 8.99% Cu with 42.6 g/t Ag at Prince of Wales.
Situated in a Tier-1 mining jurisdiction with excellent infrastructure, the Saint John Project covers 101 km² west of the city of Saint John. The company’s Executive Chairman David Lenigas expressed optimism about the discovery, emphasizing the rapid permitting process for drilling in Canada compared to Western Australia. Riversgold plans to advance trenching, chip sampling, and geophysical surveys before commencing drilling in the coming months.
Strategic Rationalisation and Financial Position
Riversgold has undertaken a strategic review of its portfolio, withdrawing from grassroots projects to focus capital on higher-potential assets. This approach reflects the challenging exploration cost environment in Western Australia, where pre-drill expenses have escalated significantly.
Financially, the company is well positioned following a recent A$1.2 million placement and a $471,649 R&D tax refund. Riversgold reported approximately $532,000 spent on exploration and evaluation during the quarter, primarily directed towards drilling, sampling, and geological consultancy.
Other Project Updates
Additional projects such as Tambourah in Western Australia and Wodgina East have seen ongoing geological assessments, with historical data and rock chip sampling confirming copper and gold mineralisation trends. The Onslow South uranium project remains prospective, adjacent to significant uranium resources held by other ASX-listed companies.
Riversgold’s disciplined approach to exploration and capital allocation, combined with promising results from its flagship projects, sets the stage for further value creation as drilling programs advance and resource definitions progress.
Bottom Line?
With Mining Lease applications underway and high-grade discoveries expanding, Riversgold is poised for a transformative phase—investors will watch closely as drilling accelerates.
Questions in the middle?
- How will the timeline for Mining Lease approval impact the pace of development at Northern Zone?
- What are the next steps and expected timelines for drilling at the Saint John Project in Canada?
- How might Riversgold’s strategic focus shift if exploration costs in Western Australia continue to rise?
