Kalgoorlie East Drilling Yields Up to 12.10 g/t Au; Canadian Project Shows 10.15% Cu
Riversgold Ltd has exercised its option to increase ownership to 80% in the Kalgoorlie East Northern Zone Gold Project, submitting a mining lease application while delivering significant shallow gold intercepts. Concurrently, its Saint John project in Canada reports high-grade copper, gold, silver, and antimony assays, with drilling approvals secured.
- Option exercised to increase Kalgoorlie East Northern Zone ownership to 80%
- Mining lease application submitted for Northern Zone project
- Multiple significant shallow gold intercepts from recent RC and AC drilling
- High-grade copper, gold, silver, and antimony rock-chip results at Saint John project, Canada
- Wodgina East iron ore tenement granted; Andover lithium applications withdrawn
Kalgoorlie East Northern Zone Project: Ownership and Exploration Momentum
Riversgold Ltd (ASX: RGL) has taken a decisive step forward by exercising its option to increase its stake to 80% in the Northern Zone Gold Project, located just 25 kilometres east of the Kalgoorlie Super Pit in Western Australia. This move underscores the company's confidence in the project's potential, which is further bolstered by the recent submission of a mining lease application (M25/389) to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS).
The quarter saw an intensive drilling campaign comprising 11 reverse circulation (RC) holes totaling 1,289 metres and 32 vertical aircore (AC) holes for 1,805 metres. Results have been encouraging, with multiple significant shallow gold intercepts reported, including standout assays such as 7 metres at 3.62 g/t Au from 39 metres and 10 metres at 8.89 g/t Au from 46 metres. These intercepts are part of a broader 600-metre-wide porphyry system, with the Leapfrog gold mineralisation model guiding ongoing exploration efforts.
Comparative Project Benchmarks and Future Resource Potential
Riversgold draws conceptual parallels between Northern Zone and Saturn Metals’ Apollo Hill Project, located 175 kilometres north. Apollo Hill’s Preliminary Economic Assessment (PEA) highlights a sizeable low-grade heap leach operation with a resource estimate exceeding 1.8 million ounces of gold. Northern Zone’s expanding footprint and high-grade intercepts suggest potential to rival or exceed this benchmark, positioning it as a significant emerging gold asset in the region.
Saint John Project: High-Grade Multi-Element Discoveries in Canada
Across the Pacific, Riversgold’s Saint John Copper/Gold/Silver/Antimony Project in New Brunswick, Canada, continues to impress with multiple high-grade rock-chip results. Notable assays include 41.6 g/t gold and 26.8 g/t silver at the Little Lepreau Prospect, and exceptional copper and silver grades at the Prince of Wales Prospect, such as 8.99% Cu and 42.6 g/t Ag. The company has secured full approval for a 2,000-metre drilling program, aiming to expand on these promising surface results.
Petrophysics testing on a copper mineralisation sample from Prince of Wales revealed very high induced polarization (IP) chargeability values (210–220 mSec) and low resistivity, indicating strong sulphide mineralisation. These findings support the deployment of Drone MobileMT geophysical surveys to efficiently delineate and prioritise new targets, complemented by ground IP/resistivity surveys.
Other Project Developments: Tambourah, Wodgina East, and Uranium Prospects
In Western Australia, the Tambourah Project confirmed a 12-kilometre strike length of anomalous copper and gold mineralisation, with historical rock chips assaying up to 21.78% copper and 101 g/t gold. While no fieldwork was conducted this quarter, planning is underway for a follow-up drill program to test these high-grade zones.
The Wodgina East Iron Ore Project tenement was granted during the quarter, with reconnaissance exploration identifying potential channel iron deposits (CIDs). Geological mapping and rock chip sampling suggest the presence of goethite-hematite pisolitic iron units, with historical samples grading up to 56.67% Fe. A site visit is planned for early May to further assess these targets.
Meanwhile, the Onslow South uranium exploration licence application remains pending. The project is strategically located near significant uranium resources held by Cauldron Energy and Paladin Energy. However, Riversgold has withdrawn its Andover Lithium Project applications following a strategic review aimed at reducing portfolio holding costs.
Financial and Operational Summary
Riversgold reported exploration and evaluation expenditure of approximately AUD 141,000 for the quarter, primarily directed towards drilling, sampling, assays, and geological consultancy. The company ended the quarter with a cash balance of AUD 802,000, reflecting a net cash outflow from operating activities of AUD 399,000. Payments to related parties, including directors’ fees and consulting, amounted to AUD 116,000.
With ongoing assay results pending from 414 samples at Northern Zone and regulatory processes underway, Riversgold is positioned to refine its mineral resource estimates and advance project development. The company’s diversified portfolio across gold, copper, iron ore, and uranium offers multiple avenues for value creation.
Bottom Line?
Riversgold’s expanding gold and copper footprints, coupled with strategic tenement progress, set the stage for a pivotal growth phase.
Questions in the middle?
- When will the mining lease for Northern Zone be granted, and how will it impact project timelines?
- What are the next steps and expected timelines for the Saint John drilling program in Canada?
- How will the withdrawal of Andover Lithium applications affect Riversgold’s future exploration strategy?
